Game Theory In Coral Springs Real Estate Negotiation
Real Estate Negotiation Tactics
The term Game theory sounds like it might have something to do with how to win a Friday evening game night.
However, it is actually a very serious, highly studied logical field that mathematicians delve into.
Interestingly enough, when you study successful negotiation tactics—Coral Springs real estate negotiations included—you can start by looking at “game theory”.
But, there’s a problem. The deeper you dive into the subject, the more it tends to become more and more confusing and abstract. So unless you look forward to curling up at night with your favorite mathbook, you probably won’t get too far into game theory before your eyes start to glazing over.
Back to reality, Coral Springs real estate negotiations are not academic exercises. As such we cannot recommend studying “The Prisoner’s Dilemma” or any of the other highly studied game theory books. If you have been able to stay tuned for only a few of the most fundamental basics, it seems that in order to design a winning game plan in negotiation, there has to be one prerequisite (in game theory, it’s called an assumption).
That necessary assumption for developing a winning negotiation strategy is that all the parties must at least be reasonable. They have to at least be trying to make decisions (game moves) with the intention of benefiting themselves. In Coral Springs real estate negotiations, that usually includes giving or receiving the least or most amount of money within the most favorable time-frame for yourself.
So the lesson to take away from game theory’s approach to real estate negotiations in the real world:
First, remain reasonable yourself. In the course of negotiations, if your considerate proposal is rejected, don’t get angry—even if it is infuriating. Stay calm and cool, and acknowledge that you’ve received and will the response. Then develop the best counter attack that is in your own best interest. We can assist with that part.
Second, encourage rationality from the other side, or at least as much as possible. Even if they lose their cool for no reason, assume there IS a reason. Even if it doesn’t appear rational or even directly related to the terms being negotiated. It may even be due to mistaken communication. In the heat of the moment, it is very easy to forget that emotions may get in the way of self-interest. Red hot emotions can be calmed when met with relaxed reasoning.
One of the greatest advantages of working with Miranda Executive Realty is the total experience we bring to every Coral Springs real estate negotiation we are a part of. There are lots of steps that come before that “endgame” moment. Call us when you’re ready to talk about getting started!
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