Here is how to always have the upper hand when you’re dealing with negotiations. Whether it’s a landlord broker or whether it’s another property that you’re trying to negotiate. The most consistent way to always have the upper hand is to understand a winning hand for yourself. That’s the first thing. If you understand exactly what a win looks like for you. That’s based on market research, that’s based on deals done in the area, that’s based on all of the data that you can collect. You have used that and methodically looked at the data and said, “This is what a win’s going to look like for me.”
At the negotiating table you have a negotiating strategy on what you can give up in concessions, versus what you absolutely have to protect. If you work out that strategy and know what you’re going to walk away with? The most important point I have to say is you have to have your non-negotiable standards. You have to have some points in the negotiation where if they break that or get below it, it’s over. Okay? If you have that setup before you start talking when you walk in you’re going to be more concise, you’re going to be more direct and readable and it’s going to show the other side that, “Hey, look, the only way I’m getting any traction here is if I’m moving the needle on areas that are important to them.”
It’s something that … it’s an art. It is not complicated, it’s quite simple, but it’s complicated to execute for people that are not doing this all day. If you set the needle for what you want or what a win looks like and you’re very good at communicating that it gives the other landlord broker time to fashion their response to cater to what you want. Too often tenants will flip the script or have the script flipped on them, then the landlord broker is presenting their wins. You’re negotiating rents based on what they give you not what you give them.
You’re negotiating concessions based on what they give you. You can be negotiating for rent based on what they give you. If you’re negotiating from that perspective you’re going to almost always lose. If you know your parameters early, you know what a win looks like, and that’s backed up by market research and you present that, and you’re willing to walk away, you’ll always have the upper hand. I hope this information was helpful to you and thank you for watching.