While recognizing that negotiations are often about two competing perspectives trying to win their ... [+]
Ryan Serhant is a real-estate broker, author, and business and media mogul. He was also the star of Bravo’s Emmy-nominated Million Dollar Listing New York and its spinoff series Sell it Like Serhant. He joined Negotiate Anything as a guest to share his best advice for applying the foundations of negotiations to success in business and life.
Negotiating for the Other Side to Win
Any strong negotiator must begin with the proper mindset. For Serhant, it comes down to viewing negotiation as an opportunity to problem-solve.
“Negotiation for me is conflict mediation,” he said. “One side wants one thing, the other side wants another thing and you have to find a solution.”
While recognizing that negotiations are often about two competing perspectives trying to win their way, Serhant advises against entering into a negotiation without considering how you can help the other side win.
He continues, “I’m not negotiating to win. I’m negotiating for the other side to win because if they win, then I win by default because I got the deal done.”
This can be a difficult mindset to adopt, as it goes against the traditional ways in which we have come to think about negotiation. According to Serhant, one trick is to stop looking at negotiation as a game - an interaction that must have a clear winner and loser. Instead, view these conversations as a “meeting of the minds” - an opportunity for different parties to come together and find a solution that works for all.
To help the other side win, Serhant encouraged listeners to consider two things: what does the other side want, and what doesn’t the other side want.
“A lot of times you can take both of those lists and tie them back to a set of fears,” he shared. “Everybody, in good and bad, negotiates out of fear.”
After drawing connections between your counterpart's fears and their wants (or what they are hoping to avoid), strong negotiators can include action items for solving these problems in their proposed deal.
Endurance for the Win
Not all deals are closed in the first conversation, or even the second or third. In many industries, but especially real estate, it can take months or even years before you close a deal with a prospective client. Because of this reality, Serhant believes it’s incredibly important to be patient and persistent.
Even if this intellectually makes sense for some, in practice it can become difficult, as many people are afraid of becoming bothersome or annoying. Serhant has a strategy for overcoming this as well: always follow-up with value.
Instead of following-up to confirm that your previous communication was received, check-in with new information, offers, or deals. Serhant recommends reaching out without expecting a response, even if it’s just to say hello or see if they have questions you can answer.
If somebody makes it clear they want to be left alone, he recommends respecting that wish. That said, many sellers or negotiators give up long before that happens, a tactic he strongly advises against.
“Follow-up is free, quitting is forever.”
Becoming a Negotiation Composer
Every negotiation has the potential to be different. Similar to drafting the perfect ending to a song or movie, Serhant recommends taking time prior to each conversation to write down the specific end-goal you want to achieve. From there, make a road-map of exactly how you plan to get there, taking into consideration the various barriers you may encounter.
“Great negotiators figure out what their cadence is and how they do that dance,” Serhant explained. “Then sprinkle in some personality and some tough skin, and you can do great.”
To learn more about Ryan Serhant’s mega-successful approaches to business, visit www.sellitlikeserhant.com. To listen to the full episode, click here.
