CHAPTER 21 Tips to Negotiat o Negotiate
You can swing a deal in your favor during negotiations, or have it turn into a negative for your company. During this step, it’s almost a must to have a broker on your team. The owner is most likely using a broker who is a professional in negotiations. The best negotiations will target all areas, not just the price. You can’t negotiate successfully from a bad place. If you are running out of time before you need a space, don’t have other options or don’t know the market value you have, you have no place to come from in these talks. You need to negotiate from a place of power. Your broker will prove themselves by negotiating for your preferred timeline, any fixes that you want before you own the building, and your down payment. When the owner or their agent tells you the terms, make sure you get them in writing before submitting the first counteroffer. Usually, they will have already emailed it to you. You need to have the initial terms in writing in case the owner’s agent is misunderstood or alters the instructions. That way, you can easily prove that your first offer was made in good faith from what you were told. It’s also much easier to misunderstand any deal if it is only relayed verbally. That could lead to the wrong response. Plus, having it in writing will let you research parts of it or compare it to other deals. You can also run it past a real estate attorney. Once you get the initial deal terms, work with your team to come up with a counteroffer. Here are my top tips to use to succeed in 123
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