Gathering data and using it effectively can help build your case negotiating commercial real estate deals.
When it comes to commercial real estate negotiation, there is a spectrum that exists. On one end lie people who are unaware or nervous. On the other are people who are savvy and confident. Most brokers are somewhere in between. You can move toward the confident side of the spectrum by equipping yourself to achieve successful outcomes. Here are some tools you can use.
- Identify your most important deal points. Nail down where you want to be at the finish line. Even better, write down that information. Prioritize your deal points, determining which terms are most important to your client. Identify where you would like to be in each priority area and put that in writing.
- Understand the other side’s key deal points. The negotiation table has two or more sides, and we can’t get to a destination without helping the other side. Encourage the other party to explain significant deal points. Then find ways to work within the framework of achieving their goals, addressing their concerns, and finding solutions to their problems. Doing this will clarify the value of bargaining chips, less meaningful deal points that you can give up to get a concession of value.
- Gather and leverage the data. When representing a buyer or seller it is important to do the market research specific to the client. Adding practical tools can increase your negotiating confidence and support successful outcomes for you, your team, and your clients.
When working with the Glenn Group, you get a team of professional and experienced commercial real estate negotiators.
Anyone of our team members are ready and willing to help you in your commercial real estate negotiation. Give us a call! David Glenn 417-434-4845, Luke Gibson 417-359-6868, Melody Lowery 417-437-9855, Tom Christensen 417-437-2915