What do you do if your negotiation in Commercial Real Estate is hindered by conflicts?

1 Identify Issues

When you encounter conflicts in commercial real estate negotiations, the first step is to identify the core issues causing the discord. This requires active listening and asking clarifying questions to understand the other party's concerns and interests fully. By pinpointing the exact problems, you can address them directly, which is more productive than tackling symptoms of the conflict. Remember, the goal is to find a common ground that aligns with the objectives of both parties, leading to a mutually beneficial outcome.

3 Seek Mediation

If conflicts become too complex or personal issues interfere with the negotiation process, seeking mediation can be an effective solution. A mediator is a neutral third party who helps facilitate discussions and guide both sides towards a resolution. Their expertise in conflict resolution can provide new insights and open up pathways to agreement that may not have been evident before. Mediation can save time and resources in the long run by preventing stalemates and fostering a collaborative environment for negotiation.

4 Propose Solutions

Once you understand the underlying issues and have maintained objectivity, it's time to propose solutions. This involves brainstorming options that could satisfy both parties' needs and interests. Be creative and flexible in your approach, considering various alternatives that might not have been on the table initially. Present these solutions in a way that highlights their benefits for all involved, and be prepared to negotiate further on the details. Your ability to come up with viable solutions can significantly enhance the chances of resolving conflicts and closing the deal.

5 Build Rapport

Building rapport with the other party in a negotiation can go a long way in resolving conflicts. Establishing trust and a positive relationship makes it easier to communicate openly and work through disagreements. Show genuine interest in their needs and concerns, and be willing to make concessions that demonstrate your commitment to a fair deal. A strong rapport can often lead to more flexibility and understanding from both sides, which is invaluable when navigating tough negotiations.

6 Follow Up

After proposing solutions and working towards resolving conflicts, it's important to follow up consistently. Ensure that all parties understand the agreed-upon terms and that any commitments made during negotiations are documented and upheld. Following up demonstrates your professionalism and dedication to the transaction's success. It also helps to maintain the positive momentum built during negotiations and prevents any misunderstandings that could reignite conflicts.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?