New York, NY (PRWEB) February 17, 2006
“You can simply negotiate or you can successfully negotiate,” according to George F. Donohue, author of Real Estate Dealmaking: A Property Investor’s Guide to Negotiating (Kaplan Publishing, October 2005). Drawing on more than two decades of real estate experience, George Donohue offers a comprehensive look at the art of negotiating at each stage of a real estate transaction from every player’s point of view. Donohue is president of GMAC Real Estate International Properties Group (IPG) in New York City. He is a well-known international speaker and is currently part of the Learning Annex Real Estate Wealth Expo with Donald Trump. He is also the former director of Real Estate for the World Trade Center, where he negotiated with a wide variety of international clients. He reflects on these experiences and offers guidance for others in a chapter entitled “Negotiating Around the World -- Cultural Nuances.”
Nothing beats preparation, according to Donohue, who suggests that a skilled negotiator will spend ten hours of preparation to get ready for a one hour negotiating session. And that preparation includes not only mastering the facts and figures (interest, vacancy, rental, and absorption rates as well as the operating costs associated with the property) but also creating “indisputables” – a statement that defines a situation or a fact that no one in the negotiation room can dispute. “Prepare and plan your strategy like a good chess player and be prepared to declare your ‘indisputable’ at the right moment. When your opponent states, ‘You’re right,’ you know you’ve succeeded in declaring an indisputable.”
Preparing to negotiate includes developing alternative strategies and role playing. Donohue offers different scenarios for role-playing, noting that “all great professionals practice their craft by rehearsing and role-playing. Negotiators sharpen their skills by experiencing the trials and tribulations of actual negotiations.” Through use of the suggested role-playing scenarios, negotiators can hone their strategies and learn how to “push” the deal in the desired direction.
Real Estate Dealmaking offers a template for creating a negotiating dossier which can be adapted for the individual buyer or seller. The book’s novel approach of seeing the deal through the eyes of each participant -- the partner, banker, broker, lawyer, seller, contractor, property manager, tenant and buyer -- makes it an invaluable tool for every kind of real estate transaction.
Syndicated columnist Robert Bruss of Inman News named Real Estate Dealmaking one of the top ten real estate books of 2005. George F. Donohue is an excellent resource on real estate investing and negotiating strategies, and is available for corporate seminars and interviews. For more information about the book and author, see http://www.negotiatingrealestate.com.
Real Estate Dealmaking: A Property Investor’s Guide to Negotiating
George F. Donohue
Contact: Benita Gayle-Almeleh
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