Embracing the drudgery involved is the best thing that any truly committed negotiator can do.
• Work toward a clearer understanding of the issues important to both landlord and tenant. For example, I have vivid recol- lections from the tenant showings about important lease terms, but I was getting diff erent messages once the meeting was over. Also, I assumed that the landlord would dig in its heels and stick with the terms that it required in the past— but this time it was diff erent. Probing both sides led me to change my mind about the range of parameters for the deal.
• Ask those sometimes-awkward ques- tions that are necessary to understanding each side's best alternative to a negotiated agreement. I start every showing by asking the broker how much time is available. If she answers "20 minutes," I say to her cli- ent, "In 20 minutes, what will you have to see to either rule this space option out, or
put it on your shortlist?" T en I show them those specifi cations.
• Insist on a face-to-face meeting to discuss a lengthy RFP before responding to it. In- person meetings can accomplish a lot, not the least of which is a better understanding of the landlord's full set of interests.
Avoiding Deal Fatigue Successful real estate brokers share an innate doggedness that's critical to get- ting across the goal line when deal fatigue sets in. However, that very same level of per- sistence can become a trap, causing a broker to lose sight of the forest for the trees. To prevent this, it's imperative to back away and take the necessary time to prepare before launching headlong into negotiations. During the negotiations for the American Red Cross deal, I employed the principles
Higher Education for Today's Real Estate Professional WARDCENTER
for Real Estate Studies
laid out in a negotiation worksheet devel- oped by my company that we have coined the "Prepared to Win-Win" worksheet. T is habit enabled me to accomplish a number of things, including a constant focus on my client's objectives and an understanding of the tenant's needs and viable alternatives that served its best interests. Aſt er using this negotiations worksheet
for nearly fi ve years, I have found it to be an incredible resource. It allows me to prepare with confi dence, especially when juggling multiple transactions. Most importantly, the worksheet helps me formulate the right questions to ask to stimulate dialog and fos- ter novel solutions.
John Culbertson is founder and partner of Cardinal Real Estate Partners LLC in Charlotte, N.C. Contact him at jculberston@cardinal- partners.com. To download a copy of the "Prepared to Win-Win" worksheet, visit www. cardinal-partners.com and click on Resources.
To learn more about these and other courses, visit www.ccim.com/education/ward-center or call (800) 621-7027, ext. 3100.
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