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How can you evaluate the success of a real estate negotiation?

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Real estate negotiation is a complex and dynamic process that involves multiple parties, interests, and objectives. Whether you are buying, selling, leasing, or developing a property, you need to be able to assess the outcome of your negotiation and learn from it. In this article, we will discuss how you can evaluate the success of a real estate negotiation using some practical tools and frameworks.

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1 Define your criteria

Before you enter a real estate negotiation, you should have a clear idea of what you want to achieve and what you are willing to compromise on. You can use a negotiation analysis matrix to identify your best alternative to a negotiated agreement (BATNA), your reservation price, your target price, and your zone of possible agreement (ZOPA). These criteria will help you measure your performance and satisfaction with the deal.

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Christian Scheuerl

Real Estate Professional I MBA, LL.B
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While classic criteria from Harvard's negotiation technics may apply, always consider, that the real estate world is much smaller and people always remember when they have been played. There is in most cases nothing like a perfect market with transparent information. So be prepared to work with limited information and a keep in mind that you most likely to do multiple deals with the same counterpart. So it is important how other parties remember you and you ethical behavior. This is why professional organizations like RICS put a spotlight on ethical behavior.

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2 Compare your results

After you reach a real estate agreement, you should compare your results with your initial criteria and expectations. You can use a negotiation scorecard to evaluate how well you achieved your goals, how much value you created or claimed, and how much risk you reduced or avoided. You can also compare your results with the market conditions, the benchmarks, and the alternatives.

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Judy Goldfarb

Premier Realtor, Coldwell Banker Residential Brokerage
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In my opinion, the "success" of a negotiation should not be evaluated by having the other party meet more than half way. And intangibles will always play an important role in residential sale back-and-forth. Ease/timing/inclusions/contingencies- all factor into the satisfaction equation.

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3 Analyze your process

Besides the outcome, you should also analyze the process of your real estate negotiation. You can use a negotiation diary to record and reflect on your actions, decisions, emotions, and interactions during the negotiation. You can also solicit feedback from your counterparts, advisors, and observers to gain different perspectives and insights. You should examine how you prepared, communicated, bargained, and closed the deal.

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4 Identify your strengths and weaknesses

Based on your analysis of the results and the process, you should identify your strengths and weaknesses as a real estate negotiator. You should recognize what you did well and what you can improve on. You should also acknowledge the factors that helped or hindered your negotiation, such as your relationship, your power, your strategy, and your ethics.

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5 Learn from your experience

The final step of evaluating your real estate negotiation is to learn from your experience and apply your lessons to future negotiations. You should develop an action plan to enhance your skills, knowledge, and confidence as a real estate negotiator. You should also follow up with your counterparts and maintain a positive and professional relationship.

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6 Share your best practices

One way to reinforce your learning and improve your real estate negotiation skills is to share your best practices with others. You can join a community of practice, a network, or a mentorship program where you can exchange ideas, tips, and stories with other real estate professionals. You can also contribute to blogs, podcasts, or publications where you can showcase your expertise and insights.

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Christian Scheuerl

Real Estate Professional I MBA, LL.B
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However, you always need to be careful when sharing details about a negotiation. Under EU anti Trust and competition laws, sharing information about a specific area of practice can be deem illegal and can carry tremendous fines. So better never go into details on how you achieved a specific result during a negotiation.

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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?

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How can you evaluate the success of a real estate negotiation?

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2

3

4

5

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1 Define your criteria

2 Compare your results

3 Analyze your process

4 Identify your strengths and weaknesses

5 Learn from your experience

6 Share your best practices

7 Here’s what else to consider

Corporate Real Estate

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How can you evaluate the success of a real estate negotiation?

1

2

3

4

5

6

7

1 Define your criteria

2 Compare your results

3 Analyze your process

4 Identify your strengths and weaknesses

5 Learn from your experience

6 Share your best practices

7 Here’s what else to consider

Corporate Real Estate

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