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Episode Info:

Do you want to become a master negotiator? Do you want to secure property deals and grow your business? If the answer is yes, this episode is for you.

Your host, Kevin McDonnell interviews world renowned negotiation expert and best-selling author of bare-knuckle negotiation, Simon Hazeldine.

Kevin and Simon discuss the key skills you need to have to become a master negotiator, mistakes to avoid and techniques to follow to ensure you end up with the deal you deserve.

KEY TAKEAWAYS

  • What do you see as the key skills of a master negotiator?
  • Being a good negotiator is a critical part of your skill set, have a successful property portfolio, property investment, investment business. What makes what makes a really good negotiator is research shows, for example, a good negotiators gather twice as much information as they give, they focus a lot of time, a lot of efforts, a lot of energy in doing what I call getting inside the other person's head and understanding things from their point of view.
  • Good negotiators are also very well planned and prepared. Make sure that people are thoroughly planned and prepared, that they follow a planning process that increases your confidence that helps you consider options before they come up.
  • A good negotiator doesn't do every deal and a good negotiator does every deal that makes good commercial sense. Knowing when to walk is another important thing for people.
  • Patience is also a good thing to be acting unhurriedly even if you are in a hurry, remaining as calm and objective as you possibly can because emotions can obviously flare, human beings are very emotional creatures.
  • Be very polite and respectful is also a good thing.
  • A good negotiator does less what is called irritating behaviours, finger pointing, aggression, sarcasm and insults.
  • Keeping it professional is an important thing to do, particularly if you want to be doing repeat business with that individual or that organization.
  • Good negotiators have the ability to step into their shoes of a seller and see it from the seller's point of view.
  • Price is a factor in any negotiation. Usually, it is very rarely if ever, the only factor and if it's just got narrowed down to price, you might be missing other opportunities to add value to the deal for the other parts. It is always about the people, the people who own that property that you want to buy must be willing to also sell it to you or want to do a joint venture with you.
  • If you find out what's most important to people and then you show them how you can help them get what's most important to them, that's selling a negotiation in a nutshell. Solve their problem instead of trying to buy their house.
  • What are the biggest mistakes people make in negotiating?
  • Moving too quickly to sort of doing the bargaining, how much are we going to pay and then that they don't spend enough time planning and preparing. They don't spend enough time understanding the perspective of the other person.
  • New property investors, property developers are sometimes very anxious to get some notches, some numbers and get some deals done and sometimes pursue a deal far too long when they should walk away because they feel nothing's happening and it's not working. If your first five deals that you sign up roll pretty badly, you're going to have those bad boys in your portfolio for a while.
  • Definitely move fast but move faster when the deal is right.
  • Tips for getting better results in a negotiation.
  • Do your homework and do your research. Knowledge is power, walk the streets, have a look, get to know the areas, monitor things, watch what's happening.
  • Ask more questions, do less talking and more listening. Find out if you can construct something that is going to meet what that person needs, solve their problems and take away their pain.

BEST MOMENTS

  • “People think that negotiation is the sexy exciting cut and thrust, but that's only going to be sexy and exciting if you've done your homework in advance.”
  • “The more time you invest in the deal, the harder psychologically it is to get out it.”
  • “Neuroscience research shows that 95% of the influence on our decisions is from more emotional primitive regions of the brain.”
  • “Average man or woman in the street thinks negotiation is open high, drop down, meet me halfway and back and forth but it’s much more than that.”
  • “Empathy is different to sympathy, empathy just means I get how you're feeling, I understand how you’re feeling, I understand why this is important to you.”
  • “Word of mouth is very powerful and also a very bad form of marketing, depending on what's being said about you.”
  • “Understand that if you feel a bit uncomfortable, that's called being human and that's really normal and that's not a bad thing.”
  • “The more you learn, the more you earn.”
  • “The more desperate you are, the worst deal you will do.”
  • “If you don't ask, you have rejected yourself.”
  • “You make your own luck through the work and the effort and the focus that you put in.”

VALUABLE RESOURCES

ABOUT THE HOST

Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom. 

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ABOUT THE GUEST

Simon Hazeldine is a world renowned negotiation expert and best-selling author. Simon is an international speaker and has worked as an expert consultant in the area of sales, negotiation, business performance and applied neuroscience with Fortune 500 and FTSE 100 companies.

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