Karen’s Negotiating Tips

  1. Negotiation takes time- we all want it to move quicker than it does and it takes patience and understanding both parties’ interests, needs and wants.
  2. When representing a Lease for a Tenant you need to understand completely what the company does and why they need a specific location, logistics, employees, cost, growth, timing, etc.
  3. Everything needs to be in writing… nothing verbal but discussions which can be verbal and sometimes you can understand the deals better through verbal (not in writing) discussions but understand the process needs to be in writing to be legal and contract.
  4. Sometimes ego and emotions get in the way and can deter making the deal, so it is good to rely on a professional and experienced pro at hand.
  5. Ask for as much as you can as far as concessions are concerned so you can throw back if you give up something you need to ask for something in return.
  6. If you are not sure on a point or an issue you need to say you will get back to the person so you fully understand the value of that point.
  7. Many times there are unsolvable issues in a lease or a contract and you come to an impasse- try to resolve the minor issues first for the client and when there are non-negotiable items, get to them last so your client knows all of the great points in the transactions he is obtaining. They may outweigh the one large not obtainable issue.
  8. If there is too much drama, on occasions one or both parties decide to back out. Is it worth dealing with this transaction with one or more parties? It is better to convey to each party what great people they are –not wedge it with how bad one or both are to deal with. They should look like shining stars!
  9. Precedence is important and referencing to that is helpful in making a transactions happen.
  10. Do not accept a deal so quickly as one or both parties feels like they did not negotiate enough and would have waited or asked for more items. Always ok to give back concessions as you are getting more.
  11. Try not to get so fixated on one item and look at different options to overcome one issue.
  12. Ethics are important and you can see through many people and try to keep the self- respect during the negotiation.
  13. Make sure all items are clear and concise before going into a contract.
  14. Try to avoid making and breaking a deal over one item and try to avoid extreme demands and threats too.
  15. Try to keep the risk of the transaction to a minimum and represent the party as best you can without damaging your own reputation and remain professional in the industry.
  16. Never give up!