Negotiating Your Next Property Deal? Here's What Most Investors Get Wrong (Brett Warren interviewing Michael Yardney)

Negotiating is a part of living; we do it all the time.

When you walk down a crowded street, you negotiate the path you take.

A couple negotiates their relationship before and during marriage. Although you may not realise what's happening, for example, you take out the garbage tonight and I will do the dishes.

And of course of the negotiation is one of the skills developed by all savvy property investors and business people.

Over the years I've noticed that some people are very good at getting terrific deals. Most others simply get what the other party is willing to give.

What's the difference? In my mind, it's that the first group knows how to negotiate.

It's actually more than that, they know how to influence and persuade others to do what they would like them to do.

So today I'd like to discuss the topic of negotiation, influence and persuasion with Brett Warren, National Director of Property at Metropole.

In this conversation, we discuss the essential skills of negotiation, influence, and persuasion, emphasizing that life itself is a series of negotiations.

We explore the psychological aspects of negotiation, the importance of emotional detachment, and the power dynamics at play.

We also debunk common myths about negotiation, highlights common mistakes, and shares practical tips for becoming a better negotiator.

Takeaways

· Life is a negotiation, whether in property or personal matters.

· Emotional control is key in negotiations.

· Building rapport creates trust and facilitates negotiation.

· The first offer can set the tone for negotiations.

· Many people make the mistake of being too emotional during negotiations.

· Preparation is crucial for successful negotiation.

· Listening is more important than talking in negotiations.

· Understanding psychological biases can improve negotiation outcomes.

· Success in negotiation often comes down to mindset and resilience.

Chapters

02:16 – Why Life Is One Big Negotiation

05:12 – The Power of Time, Information and Options

08:14 – Emotional Control and Reading People

10:37 – Rapport, Trust and Ethical Influence

13:07 – Myths, Mistakes and Smarter Strategies

16:17 – Anchoring, Biases and Winning the Right Deal

Links and Resources:

Answer this week's trivia question here - http://www.propertytrivia.com.au/

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Brett Warren - National Director of Property at Metropole

Michael Yardney – Subscribe to my Property Update newsletter here.

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