*** In Real Estate, the Wisest Negotiators Always Win

When most people hear the word negotiation, they usually picture stone-faced adversaries who glare at each other across a conference table and argue over every little point. That's not how I work. A better example is how I went about buying 40 Wall Street. I was interested in acquiring 40 Wall Street for years. I followed the building as the neighborhood changed, tenants moved out, and real estate values plunged. I watched as it changed hands and was finally purchased by the Hinneberg family, who ran it from Germany. I learned as much as I could about the family, including how they conducted business and the problems they were having with the property. When I decided to make my move, I knew that the family's agent handled all the business for the building. Although everyone dealt with the agent, I wanted to meet with the Hinnebergs face-to-face to find out what they wanted and to explain my vision. If you want to learn the truth, try to bypass the agents and handlers and go to the owner. So I flew to Germany and met the Hinnebergs. They were impressed that I devoted so much time and effort to meet them. It showed the depth of my commitment. The Hinnebergs reacted favorably when I assured them that I would turn the property into a first-class office building, which I have. We didn't sit down at a table and fight. Instead, we put our cards on the table and talked. We soon came to terms. All my preparation paid off, and we struck a deal in which we all won. I've been called a master negotiator because I usually get what I want. I negotiate to win, and then I win. My process, however, isn't necessarily what you would expect. I spend lots of time preparing for negotiations, which usually gives me the edge. I believe that the key to striking a deal is persuasion, not power. Persuasion is diplomacy at its best - the ability to convince people to accept your ideas.