Negotiation is a game of strategy, and those who master it can achieve great success in the property market. But how do you know if you're a good negotiator? Do you always aim for a win-win, or do you have a secret fallback position that you rely on?

In this episode, we explore the art of negotiation with renowned property expert Michael Yardney, who has developed a range of tactics to influence and persuade others to do what he wants them to do. With his book "Negotiate, Influence, Persuade: How to Persuade Others to Do What You'd Like Them to Do," Michael delves into the psychology of deal making, exploring how to achieve your desired outcomes by understanding the other party's perspective.

We also discuss whether commonly used negotiation strategies such as aiming for a win-win or meeting in the middle are still effective in today's market, or whether it's time to ditch them and study the psychology of deal making instead.

While we'll be viewing negotiation through a real estate lens, Michael's book emphasises that negotiation is a life skill that can be applied to any situation. Whether you're negotiating a property deal or trying to do something otherwise, understanding the psychology of deal making will certainly help you achieve your desired outcome.

So if you're looking to improve your negotiation skills and achieve success in the property market, be sure to tune in to this episode and learn from one of the best in the business.

Episode Highlights:

00:00 - What is the art of negotiation?

02:41 - Michael’s inspiration behind his book "Negotiate, Influence, Persuade”

04:47 - Realising that all life is in negotiation

05:49 - What is the best negotiation?

08:31 - Let’s talk about the three key areas of power in negotiation

12:43 - Don’t go into a negotiation without knowing the end result

17:16 - Don’t be tricked into making another offer

20:47 - What are the two motivators of negotiation?

24:33 - What are the benefits of having a good buyer’s agent?

29:02 - How to negotiate in a buyer’s market?

35:55 - The key thing buyers need to know about negotiation

38:21 - The biggest negotiating mistake property owners make

40:18 - The pros and cons of having different levels of vendor disclosure in different states in Australia

42:54 - How to make an offer after doing your due diligence

45:39 - What are some of the biggest biases in real estate negotiation?

50:41 - What is anchoring bias and how is it used in the real estate market?

57:52 - Michael Yardney’s property dumbo

About Our Guest:

Michael Yardney is a highly respected and influential figure in Australia's property market, with an impressive list of credentials that includes being #1 bestselling author of 9 books and being voted one of Australia's 50 most influential thought leaders. He is also a trusted property commentator whose opinions are regularly quoted in the media, including major newspapers, finance and property magazines, and on Sky TV and commercial radio. What sets Michael apart is that he is not just a theorist but also a successful property investor and developer, and as a director of Metropole Group of Companies, he leads a team of professionals who help clients grow, preserve and pass on their wealth.

Connect with Michael Yardney:

• Connect with Michael on LinkedIn: https://www.linkedin.com/in/michaelyardney/
• Follow Michael on Instagram: https://www.linkedin.com/in/michaelyardney/
• Follow Michael on Twitter: https://twitter.com/michaelyardney
• Discover Michael’s books on Amazon: https://amzn.to/40Dvtuj
• Visit Michael’s website: https://propertyupdate.com.au/

Resources:

• The Elephant in The Room Property Podcast Episode 029: Negotiation masterclass | Fiona McKenzie, Resolving Matters https://www.theelephantintheroom.com.au/podcasts/029
• Negotiate, Influence, Persuade: How to Persuade Others to Do What You'd Like Them to Do by Michael Yardney https://www.amazon.com/Negotiate-Influence-Persuade/dp/1925927245
• The Elephant in the Room Property Podcast Episode 001: Who is Really Making the Decisions When You Bid at Auction? https://www.theelephantintheroom.com.au/podcasts/1
• Visit our website https://www.theelephantintheroom.com.au
• If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast - [email protected]
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