After many years in the real estate business, Hunter Estess of New Orleans knows that being clear about goals is very important in business.
The ultimate goal of any real estate transaction and negotiation is to make a profit. However, it is always important to remember that there are many forms of profit. The obvious one is monetary. Another one can include acquiring information about a property. Another form of profit is to feel good about an outcome.
In the beginning of a negotiation you should always strive for learning the other side’s position. The goal of every negotiation should be to structure a deal that meets the needs of both parties. To do so, you first need to find out what’s important for the other party.
You also want to find out what the words fair and reasonable mean to the other party.
It is important to know the knowledge, personalities, and skills of the people you are negotiating with and the people on your team. Are they sophisticated or simple? Are they trustworthy? If not, you should not get into a negotiation in the first place. It is much better to deal with honest people than to try and protect yourself from thieves.
After you get all the information you can, it is time to see what your instincts are telling you. The goal is to develop a set of instincts that you can trust based on your experience. If a deal just doesn’t feel right, if all your instincts are telling you to run away, that’s exactly what you should do. With years of practice, successful investors, like Hunter Estess, have developed amazing instincts that help them make really great deals.