Whether you're looking to close a business deal or just improve your everyday interactions, the art of negotiation is key to getting to a YES.
But what if you’re not a natural negotiator?
How do you build a relationship with the person on the other side of the table? Or learn to navigate difficult conversations?
On this episode of the Financial Freedom with Real Estate Investing, Garrett is back to explain how his experience selling Cutco knives helped him become an expert negotiator.
He describes how he prepares for a negotiation, discussing what it means to command the relationship and how to respond when emotions run high.
Listen in for Garrett’s tips on gaining leverage in a negotiation and learn how to secure the negotiator’s edge in a legal dispute, contract negotiation or real estate deal.
Key Takeaways
How Garrett honed his skills as a negotiator
- Selling Cutco knives door-to-door
- 10X average order size in 4 years
How Garrett landed a popular domain name
- Understood motivations of 2 owners
- Pitted parties against each other
- Get them to question valuation
How Garrett prepares for a negotiation
- Do homework on fellow negotiator
- Determine clear goals, objectives
- Clarify deal breakers
What it means to command the relationship
- Build trust and rapport
- Professional regardless of situation
What to do when emotions run high
- Show that you understand their position
- Blame third party (boss or investors)
- Distance self to let people cool down
Garrett’s tips for getting what you want
- Have other side present numbers first
- Practice ‘dropping down’
- Wait it out in legal negotiations
- Find one path forward
- Negotiate with the right customer
Connect with Garrett Lynch
High-Stakes Problem-Solving as a Class D Operator on FFWREI EP318
Owning Property in Chicago’s Most Dangerous Neighborhoods on FFWREI EP343
Navigating Setbacks to Find Success in Real Estate on FFWREI EP406
Connect with Michael Blank
Apartment Investor Network Facebook Group
Email [email protected]
Resources
Watch Michael’s Apartments 101 Masterclass
Explore Michael’s Mentoring Program
Join the Nighthawk Equity Investor Club
Schedule a Call with Michael’s Team
Learn More About Michael’s Platform Builders Masterclass
Review the Podcast on Apple Podcasts
Financial Freedom with Real Estate Investing by Michael Blank