Wed, 13 June 2018
Every human interaction is a negotiation. Whether you are communicating with employees, investors, friends or family, the language of give-and-take is at play. And the fact of the matter is, if you don’t ask, you don’t get. So, how can we leverage the ten commandments of negotiation to get more of what we want in the realm of multifamily real estate—and life in general?
Stefan Aarnio is an award-winning real estate investor, entrepreneur and author. He was named one of the Top 10 Real Estate Influencers to Follow by Entrepreneur magazine in 2017 and inducted into the Rich Dad International Hall of Fame in 2014. Stefan is the author of four books on real estate investment and negotiation, including X: The Ten Commandments of Negotiation.
Today, Stefan joins me to share the story of how he went from poor musician to millionaire real estate investor by becoming a student of negotiation. He walks us through his ten commandments of negotiation, explaining the importance of gathering information before you make an offer as well as having clearly written goals going into a negotiation. Stefan speaks to the idea of presenting an ‘offer of greater value’ and making people work for concessions. Listen in for Stefan’s insight around emotional decision-making and the key commandment of negotiation: Get what you want and get out!
Stefan’s journey from poor musician to millionaire real estate investor
The importance of negotiation in real estate and life in general
The cultural differences around negotiation
Commandment #1: Get what you want and get out
Commandment #2: Adopt a pleasing personality
Commandment #3: Prepare diligently and collect information
Commandment #4: Know what you want and have clearly written goals
Commandment #5: Gather information before making an offer
Commandment #6: Always present an offer of greater value
Commandment #7: Do not give concessions freely
Commandment #8: Take what they WANT, but give what they NEED
Commandment #9: Obey non-linear time in the negotiation process
Commandment #10: Become a student of human nature and irrationality
How the dynamics of negotiation change when a broker is involved
Connect with Stefan
Self Made: Confessions of a Twenty Something Self Made Millionaire by Stefan Aarnio
X: The Ten Commandments of Negotiation by Stefan Aarnio
Blackbook Journal by Stefan Aarnio
Direct download: MB_114_-_The_Ten_Commandments_of_Negotation_-_With_Stefan_Aarnio.mp3
Category:Commercial Real Estate -- posted at: 2:07pm EDT