When it comes to closing a deal, there are many different factors that can contribute to success. People often ask me, "What makes a good dealmaker?" There are a lot of different ways to answer that question, but I believe that the most important attributes of a good deal maker include the ability to evaluate all aspects of a deal, minimize risk for both parties, and ensure that both parties feel like they are winning. Every deal comes with expectations, risks and an upside. Remember that all parties should walk away feeling good, feeling like the relationship is strengthened, and opening the door for possibilities of deals in the future.
Here is a list of the most important attributes of a good deal maker and the best ways to ensure you can close the deal.
FIND YOUR VALUE IN THE DEAL AND SHOW CONFIDENCE IN IT
First and foremost, a good deal maker knows their value in the deal and shows confidence in it. As Eleanor Roosevelt once said, "I know what I bring to the table. So, trust me when I say I'm not afraid to eat alone." A good deal maker knows what they bring to the table, and they are not afraid to walk away from a deal if it doesn't align with their goals. They are able to level the playing field and show confidence in their abilities, allowing the other party to feel that they can trust them.
USE CREATIVITY AND INNOVATION TO GAIN AN EDGE IN NEGOTIATIONS
Another important attribute of a good deal maker is the ability to use creativity and innovation to gain an edge in negotiations. As Steve Jobs once said, "Innovation is the only way to win." A good dealmaker is able to find creative ways to solve problems and structure a winning approach for both parties' goals. They are able to make things more efficient, profitable, and beneficial for all parties involved. They think outside the box and are able to add value by being an innovative thinker.
STAY PERSISTENT AND STAY THE COURSE TOWARDS YOUR DESIRED OUTCOME
A good deal maker is also persistent and stays the course towards their desired outcome. As Albert Einstein once said, "Life is like riding a bicycle. To keep your balance, you must keep going." A good deal maker is able to continue to follow up, be friendly with finesse and resourceful, and have conviction. They understand that setbacks happen, but they continue to show up, be reliable, and optimistic. They bring value to the table, even when the other party is difficult to work with.
NEVER GET TOO HIGH, NEVER GET TOO LOW
A good deal maker is also able to keep their emotions in check and read the situation. As Buddha once said, "Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment." A good deal maker never lets their emotions get the best of them. They use their emotions to their advantage and never let them control them. They are able to listen and read the situation, and they do not show emotion or tells that can create a sense of threat or instability.
REAL ESTATE IS A RELATIONSHIP GAME
A good deal maker also understands that real estate is a relationship game. As Rabindranath Tagore once said, "I slept and dreamt that life was joy. I awoke and saw that life was service. I acted and behold, service was joy." A good deal maker wants to learn what's driving the other party and builds rapport by communicating in a way that allows the other party to feel comfortable. They listen and learn the story of the deal, and they educate themselves on the seller's situation so that they can approach them in a way that adds value to them.
TRUST YOUR INSTINCTS AND BELIEVE IN YOUR ABILITIES
Lastly, a good deal maker trusts their instincts. As Tony Gaskins once said, "If you don't build your dream someone else will hire you to build theirs." A good deal maker believes in themselves, speaks with conviction, and knows their value. They are willing to work no matter what and are able to trust their instincts when it comes to negotiation.
In conclusion, being a good deal maker is not just about closing a deal, but it's also about ensuring that both parties feel like they are winning, minimizing risk for both sides, and strengthening relationships for future deals.