Sometimes we get frustrated when negotiating with a prospect who nickels and dimes, and nickels and dimes, and nickels and dimes. Every time you give on their asks, they will come back for more asks. Always remember, IF YOU GIVE, YOU MUST GET.
One story of mine highlights this in practice: during the recession, I was leasing a 7,900sf-space. I got a home renovation prospect who wanted me to paint and install new carpet in the space for him, as an incentive.
I was already giving him a sweetheart deal, but I agreed to paint and install the new carpet for him if he agreed to sign a full personal guaranty.
He agreed.
When he got the leasing papers, he called me and asked why his wife needed to sign the paperwork since she had nothing to do with the business.
I let him know a personal guaranty in Florida means nothing if you don’t get the spouse’s signature as well.
He didn’t want to do it.
I said, “Ok, she doesn’t have to sign it, but you don’t get the space painted and new carpet installed.”
He said that wasn’t the deal.
I told him it was his choice, “Either your wife signs or you don’t get the carpet and paint.”
He said he didn’t think he could do the deal.
I said “Fine, I understand.”
He called me back 45 minutes later and I didn’t take the call. I waited for another few hours and received another call from him. Again, no answer from me.
I called him back a few minutes after the second call and apologized for being busy.
He said, “No problem, we’ll take the deal. My wife will sign.”
So the take-home point is that in negotiations, “If you give, you MUST get.” I could have just given in and painted and carpeted the space for them without his wife’s signature just to get the deal done. But again, remember that, as a leasing agent, your job is to provide the most value to the shopping center, NOT to get deals done quickly. This will differentiate you as the rockstar in this industry!
