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Real Estate Negotiation - The Art Of The Compromise
By Steve Gillman
Real estate negotiation is a book-length subject, and one of those reasons why it can sometimes be a mistake to sell your property on your own. A good real estate agent, after all, should have some good negotiating skills learned from experience. However, there are some things you can learn a piece at a time, and this is one of them.
Of all the techniques of real estate negotiation, and of negotiation in general, the compromise is one of the most common. In fact, it is so much a normal part of negotiation, that people often forget that it is a "technique." Both sides expect to have to compromise on many points, and it is the easiest way to settle a difference. How you arrive at that compromise, though, is crucial.
Negotiating A Compromise
It is common for someone to say something like, "Look, we're only $6000 apart now. You want to $204,000, and I want $210,000. Why not split the difference and make it $207,000?" This idea of "splitting the difference" has become a cultural norm. Even if it isn't agreed to, it seems reasonable and non-offensive to suggest it.
The question however, for the smart negotiator, is how this "difference" is arrived at. Where did negotiations begin, and how did they proceed? Did you start at $230,000, and the other side $200,000? Did you give a little or a lot at each step? What about the other side?
Using the example above, suppose you had only dropped your price to $216,000,
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How to Protect Your Customer Data and Your ReputationWhen it comes to safeguarding customer data, the stakes are higher than ever in today's wired world. A single security breach can create a legal and regulatory nightmare. How vulnerable is your organization to hackers and disgruntled employees? What can you do to protect your company?<br><br>Sponsored by Cisco, this 30-minute BizWise TV broadcast for small and mid-sized businesses outlines the legal, ethical, and business obligations you face. A panel of security experts will show you how to assess your vulnerabilities, implement an effective security plan, handle an employee suspected of committing a security breach, and execute "damage control" through effective PR if a breach does occur.<br><br><br><br>BizWise TV features TV Style Broadcasts on topics relevant to SMBs. Tune in for a new topic on the third Thursday of every month or watch the previous broadcasts on demand at your convenience.Intrusion Prevention Case Study: Mainova AG - EnergyThis case study examines Frankfurt, Germany energy supplier Mainova AG's reliance on McAfee for its network security.Corporate Incident Response: Why You Can't Afford to Ignore ItThis Foundstone Professional Services paper explains the need for an effective corporate incident response plan and highlights common problems associated with inadequate incident response. It also discusses the steps you need to take when creating a corporate incident response plan and serves as a general guide to the phases that should be included in a comprehensive plan.Making Your Business Disaster Ready with Virtual InfrastructureDownload this white paper to learn how a virtual infrastructure built on VMware server software can help make your disaster recovery strategy more effective and affordable. The paper emphasizes the need for business continuity and disaster recovery (DR) planning in today's enterprises and explains how a virtual infrastructure enables you to:<ul><li>Extend disaster coverage to more applications</li><li>Reduce recovery time</li><li>Make DR processes more reliable</li></ul>Master Time Management With a Final 7 Time Management TipsTime management is a hot topic these days. With more pressure on most people to do more with less, people are constantly turning to gurus in this area to try and improve their time management skills. This paper seven more tips to help people in their quest to master their time usage.Action Plan in Time ManagementAction plans are lists of responsibilities that instruct a person "To carry out to achieve an objective." The list centers on the goals immediately needing achievement on demand. The list or action plan enables one to center his attention on the specific obligations required of him. The marketplace has several software programs that help those people that have busy schedules and time management is a struggle.Business Continuity Preparedness HandbookAT&T's Business Continuity Preparedness Handbook provides a broad range of information to support your business continuity planning efforts.<br><br>The 16-page handbook examines business continuity in the context of two potential catastrophic events a pandemic influenza and a hurricane strike and highlights why taking a proactive approach to business continuity planning is essential for all disaster scenarios.<br><br>Topics include:<ul><li>AT&T's own business continuity preparedness efforts</li><li>Planning assumptions for pandemic influenza and the 2006 hurricane forecast</li><li>Best practices recommendations</li><li>AT&T solutions that support business continuity strategies</li><li>AT&T customer support during business continuity "events"</li></ul>The Inexpensive Instant Message: Creating an E-Mail NewsletterHow does one share accurate, timely information with employees, customers and the community - and do it faster, better and less expensively than using the normal media outlets? The person should turn to e-mail. Faced with a barrage of negative media coverage as a result of innovative steps that provided a few surprises during the 2000-01 upheaval in energy markets, Chelan County PUD (Wenatchee, Wash.) came to this realization: The media were not going to tell their side of the story for them; they had to do it ourselves.Using Crises as Publicity OpportunitiesThere are two kinds of Crisis Management: Internal (for when something happens within a company or externally that affects the company directly) and External (for when something happens in the world that indirectly affects the company). The authors' recommend that every company have a written plan on how to handle a range of both internal and external crises. This paper deals with external crisis management, and how one can, with advanced planning, gain positive publicity for the company when an external event occurs.Telling Everyone You're Ok - A Key Element in Crisis CommunicationsHave a person ever noticed that one of the first side effects of most disaster situations is that the phone lines in the area immediately go down? The author believes that the first thing people think about in disasters is how it affects the people they know, or maybe just know of. That's why the phone lines go down - calls to check.Impact of Past Crises on Current Crisis CommunicationPrevious research based on Situational Crisis Communication Theory (SCCT) suggests that an organization's past crises history affects the reputational threat posed by a current crisis when that crisis results from intentional acts by the organization. The study reported on in this paper provides a wider test of crisis history to better assess its role in crisis communication. Results from the present investigation showed that a history of similar crises intensified the reputational threat of a current crisis even when the crisis arose from the victimization of the organization or from an accident, rather than from the organization's intentional acts.Sample Source: Crisis Management Plans - Part IIThis paper includes specific action steps to take in the event of a crisis. Schools should create detailed procedures for each type of crisis that may threaten the school environment. Each process will vary, according to the type and severity of the emergency. The paper also describes the process in which the school recovers and restores its community.Sample Source: Crisis Management Plans - Part IEvery morning, millions of students pour into school buildings all across the country. Families depend on schools to ensure that the environment in which their children learn and play is as healthy and safe as possible. Emergencies can take many forms, including severe weather and natural disasters, medical incidents, terrorism, and other threats of violence. Although many of these incidents are rare, it is vitally important for schools to be adequately prepared in the case of an actual crisis.Media Communication Takes on New Dimensions With RMPIt is puzzling why many companies are doing little to prepare the local press for the information that will soon become public. This may stem from the industry's long-standing mistrust of the media. The good news about the U.S. Environmental Protection Agency's (EPA) Risk Management Program (RMP) rule is that it could serve as the catalyst for improved relations between the chemical industry and the news media. The bad news is that both are going to have to learn a new set of rules. Before the RMP rule, a chemical company's communications with the local media took place on two levels - routine and crisis.Crisis Management and Disaster Recovery: The New Reality - Response to 21st Century ThreatsThe unfortunate truth is that many companies have failed to recognize that physical events or nagging perceptions can be their undoing. As keepers of corporate reputation, people need to step up to one of their most important responsibilities: developing the capabilities for responding to threatening situations. In the process, if the planning is founded on ethical core values and implemented properly, it can help avert loss of public confidence. Today, up to 25 percent of every chief communicator's time requires attention to readiness planning. That planning had taken on new dimensions that will be discussed in this paper.
instead of $210,000. The difference between that and the $204,000 on the other side would be $12,000. In this case, "splitting the difference," would mean a price of $210,000. You can see that it's important what you do before the compromise. Obviously, extreme initial positions can help here - if you don't just chase the other side away. Buyers use this technique all the time, and it works. An investor doesn't expect to get a property for 20% less than the asking price, but offering that plants a seed of doubt in the sellers mind as to the value, and it lowers his expectations. He might be happy with a compromise that gets him 10% less than the asking price - even if he would have rejected it out of hand as a first offer. Moving in smaller increments helps you win a better compromise. For example, as a seller, you can let the buyer come up $2,000 at a time from his first offer, while you drop your price by only $500 with each counter offer. At some point a compromise will be suggested, and it will be at a higher level thanks to your strategic moves. Being too obvious in using a real estate negotiation technique like this can scare the other side away, though. To make it more subtle, you may want to also negotiate for other points that are of little concern to you. This gives you something to "throw back in the pot" when it's time for a compromise. For example, if a buyer expressed some interest in having the washer and dryer stay with a house you are selling, you can dismiss the idea - even if you have no use for them. This gives you something for later. When the buyer hesitates over a proposed compromise, you can say, "Look, why don't you take the washer and dryer too, and we can sign this right now." Certainly you should learn at least several real estate negotiation techniques if you are investing in real estate or selling your own home. Learning the art of the compromise is a good start. By: Steve Gillman Article Directory: http://www.articledashboard.com Copyright Steve Gillman. To see a photo of the house we bought for $17,500, and get a free Real Estate Investing Course, visit: www.HousesUnderFiftyThousand.com
Here are some more mediation articles...
The Six Elements Of Power In Negotiations
By James Delrojo
One of the key elements in any negotiation is power, real or perceived. The more power you have the easier it is to achieve your objective. In this article I will discuss six elements that contribute Read more...
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The Secret To Negotiations For Fsbo Sellers
By Raynor James, Fri Dec 9th
When it comes to buying or selling a home, the idea of having tonegotiate can be intimidating. Most of us aren't aware we havenegotiating skills even though we skillfully negotiate daily.(Who Read more...
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Negotiation Tips For A Buyer's Market
By Bob Corcoran
"It is not necessary to change. Survival is not mandatory." W. Edwards DemingYou should be used to it by now - the buyer's market has settled into his big, cushy, leather, easy chair and he's Read more...
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Fight Or Flight In Relationship Conflict
By Margaret Paul, Ph.D.
The fight or flight response is a natural response to danger. Our bodies are created to fight or flee when danger is upon us, such as being attacked by a mountain lion. When faced with this kind of Read more...
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How to Protect Your Customer Data and Your Reputation
When it comes to safeguarding customer data, the stakes are higher than ever in today's wired world. A single security breach can create a legal and regulatory nightmare. How vulnerable is your organization to hackers and disgruntled employees? What can you do to protect your company?<br><br>Sponsored by Cisco, this 30-minute BizWise TV broadcast for small and mid-sized businesses outlines the legal, ethical, and business obligations you face. A panel of security experts will show you how to assess your vulnerabilities, implement an effective security plan, handle an employee suspected of committing a security breach, and execute "damage control" through effective PR if a breach does occur.<br><br><br><br>BizWise TV features TV Style Broadcasts on topics relevant to SMBs. Tune in for a new topic on the third Thursday of every month or watch the previous broadcasts on demand at your convenience.
Intrusion Prevention Case Study: Mainova AG - Energy
This case study examines Frankfurt, Germany energy supplier Mainova AG's reliance on McAfee for its network security.
Corporate Incident Response: Why You Can't Afford to Ignore It
This Foundstone Professional Services paper explains the need for an effective corporate incident response plan and highlights common problems associated with inadequate incident response. It also discusses the steps you need to take when creating a corporate incident response plan and serves as a general guide to the phases that should be included in a comprehensive plan.
Making Your Business Disaster Ready with Virtual Infrastructure
Download this white paper to learn how a virtual infrastructure built on VMware server software can help make your disaster recovery strategy more effective and affordable. The paper emphasizes the need for business continuity and disaster recovery (DR) planning in today's enterprises and explains how a virtual infrastructure enables you to:<ul><li>Extend disaster coverage to more applications</li><li>Reduce recovery time</li><li>Make DR processes more reliable</li></ul>
Master Time Management With a Final 7 Time Management Tips
Time management is a hot topic these days. With more pressure on most people to do more with less, people are constantly turning to gurus in this area to try and improve their time management skills. This paper seven more tips to help people in their quest to master their time usage.
Action Plan in Time Management
Action plans are lists of responsibilities that instruct a person "To carry out to achieve an objective." The list centers on the goals immediately needing achievement on demand. The list or action plan enables one to center his attention on the specific obligations required of him. The marketplace has several software programs that help those people that have busy schedules and time management is a struggle.
Business Continuity Preparedness Handbook
AT&T's Business Continuity Preparedness Handbook provides a broad range of information to support your business continuity planning efforts.<br><br>The 16-page handbook examines business continuity in the context of two potential catastrophic events a pandemic influenza and a hurricane strike and highlights why taking a proactive approach to business continuity planning is essential for all disaster scenarios.<br><br>Topics include:<ul><li>AT&T's own business continuity preparedness efforts</li><li>Planning assumptions for pandemic influenza and the 2006 hurricane forecast</li><li>Best practices recommendations</li><li>AT&T solutions that support business continuity strategies</li><li>AT&T customer support during business continuity "events"</li></ul>
The Inexpensive Instant Message: Creating an E-Mail Newsletter
How does one share accurate, timely information with employees, customers and the community - and do it faster, better and less expensively than using the normal media outlets? The person should turn to e-mail. Faced with a barrage of negative media coverage as a result of innovative steps that provided a few surprises during the 2000-01 upheaval in energy markets, Chelan County PUD (Wenatchee, Wash.) came to this realization: The media were not going to tell their side of the story for them; they had to do it ourselves.
Using Crises as Publicity Opportunities
There are two kinds of Crisis Management: Internal (for when something happens within a company or externally that affects the company directly) and External (for when something happens in the world that indirectly affects the company). The authors' recommend that every company have a written plan on how to handle a range of both internal and external crises. This paper deals with external crisis management, and how one can, with advanced planning, gain positive publicity for the company when an external event occurs.
Telling Everyone You're Ok - A Key Element in Crisis Communications
Have a person ever noticed that one of the first side effects of most disaster situations is that the phone lines in the area immediately go down? The author believes that the first thing people think about in disasters is how it affects the people they know, or maybe just know of. That's why the phone lines go down - calls to check.
Impact of Past Crises on Current Crisis Communication
Previous research based on Situational Crisis Communication Theory (SCCT) suggests that an organization's past crises history affects the reputational threat posed by a current crisis when that crisis results from intentional acts by the organization. The study reported on in this paper provides a wider test of crisis history to better assess its role in crisis communication. Results from the present investigation showed that a history of similar crises intensified the reputational threat of a current crisis even when the crisis arose from the victimization of the organization or from an accident, rather than from the organization's intentional acts.
Sample Source: Crisis Management Plans - Part II
This paper includes specific action steps to take in the event of a crisis. Schools should create detailed procedures for each type of crisis that may threaten the school environment. Each process will vary, according to the type and severity of the emergency. The paper also describes the process in which the school recovers and restores its community.
Sample Source: Crisis Management Plans - Part I
Every morning, millions of students pour into school buildings all across the country. Families depend on schools to ensure that the environment in which their children learn and play is as healthy and safe as possible. Emergencies can take many forms, including severe weather and natural disasters, medical incidents, terrorism, and other threats of violence. Although many of these incidents are rare, it is vitally important for schools to be adequately prepared in the case of an actual crisis.
Media Communication Takes on New Dimensions With RMP
It is puzzling why many companies are doing little to prepare the local press for the information that will soon become public. This may stem from the industry's long-standing mistrust of the media. The good news about the U.S. Environmental Protection Agency's (EPA) Risk Management Program (RMP) rule is that it could serve as the catalyst for improved relations between the chemical industry and the news media. The bad news is that both are going to have to learn a new set of rules. Before the RMP rule, a chemical company's communications with the local media took place on two levels - routine and crisis.
Crisis Management and Disaster Recovery: The New Reality - Response to 21st Century Threats
The unfortunate truth is that many companies have failed to recognize that physical events or nagging perceptions can be their undoing. As keepers of corporate reputation, people need to step up to one of their most important responsibilities: developing the capabilities for responding to threatening situations. In the process, if the planning is founded on ethical core values and implemented properly, it can help avert loss of public confidence. Today, up to 25 percent of every chief communicator's time requires attention to readiness planning. That planning had taken on new dimensions that will be discussed in this paper.
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