(This is Part 2 of a six-part series. Read Part 1, Part 3, Part 4, Part 5 and Part 6.) Good negotiation skills are akin to having a Global Positioning System, or GPS, in your car. Having them will take you where you want to go. Without them, you will be hopelessly lost in today's highly competitive, slowing market. Last week's article looked at three different approaches to negotiating more effectively. Today's article examines three critical mistakes that poor or inexperienced negotiators make. 4. Don't be a White Knight A major mistake many inexperienced negotiators make is negotiating as if they were one of the principals. A classic example is the agent who says, "I'm not going to let my sellers take a price that low!" This is known as the "White Knight Syndrome." I remember dealing with a listing agent who was notorious for wanting to control all aspects of the transaction. I cringed when my buyers wanted to place an offer on his listing. Prior to the offer presentation, I ...
by Brad Inman | on Mar 21, 2017
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