Here are some actions to avoid in the negotiation process:
- Poor planning. Analyze the strengths and weakness of both parties, identify areas of mutual interest, and define the issues of likely contention.
- Failure to negotiate with the client first. Know what the buyers must have and what they are willing to give up. Otherwise, you don’t have any negotiation options.
- Failure to gather adequate information on the property and the seller. Discovering a problem when the negotiation is underway weakens your position.
- Unwillingness to make concessions. Your power is seldom sufficient to roll over the opposition. And if you do “win,” the sellers will often create later obstacles to the deal because of their anger.
- Premature concessions. Nervousness or overeagerness to make a deal usually indicates that even greater concessions can be expected.
- Ego involvement. Don’t let your desire to “win” sabotage the deal.
- Dishonesty. It never pays.