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Know When To Hold Them and When To Fold Them

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Education & Training with Ludwig & Associates

Know When To Hold Them and When To Fold Them

“Prepare by knowing your walk away (condition) and by building

the number of variables you can work with during the

negotiation . . . You need to have a walk away . . . a

combination of price, terms, and  deliverables that

represents the least you will accept. Without one,

you have no negotiating road map.”

Keiser  

 

 

As I see it. . . . . . . .

Know when to hold them and when to fold them

 

Know your walk away position . . . . in a negotiation.  

 

A critical element in the preparation for a negotiation . . . . is to know your walk away position before you begin. Your walk away position . . . . becomes your road map for creating your course . . . . and a destination for a successful negotiation.

 

A negotiation can take on a life of its own . . . . and you can experience many twists and turns in the process. Your walk away position  . . . . keeps you focused on your objectives . . . . As a result you will maintain your prospective . . . . and won’t not become distracted by the twists . . . .  and turns you encounter along the way in the negotiations. 

 

In having a walk away position you control the emotional aspect of the negotiation.

 

As Kenny Rogers sang in the Gambler “You have to know when to hold them and when to fold them.” Your walk away position sets your course . . . . and destination for a successful negotiation.

 

©2016 Lou Ludwig Success Tips, Sales and Management Consultant Success Coach, Speaker, Trainer and Author

Comments (20)

Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

This is perhaps one of the most important thresholds to keep in mind for any negotiation, but never show your 'hand' until necessary, Lou Ludwig !

Sep 07, 2016 11:35 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Lou Ludwig and this is a skill that separates the winners from the rest.... it's a skill that needs to be learned...

Sep 07, 2016 11:42 PM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Knowing where you're willing to go and just as importantly where you will not go is imperative to having a negotiation strategy.

Sep 07, 2016 11:44 PM
Donald Urschalitz
Lubeck Realty Group - Jupiter, FL
P.A. Realtor ABR RSPS North Palm Beach County

Perfect having the plan is so important to know when to walk.

Sep 07, 2016 11:57 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Lou Ludwig - I went to 40+ hour certification class to be a Master Certified Negotiation Expert and knowing your "walk away position" is vital.  Thanks for sharing your insight. 

Sep 08, 2016 12:13 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

This says it all.  Now for my dumb question...Who is Keiser?

Sep 08, 2016 12:32 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Lou - having a walk away position is part of having a goal and sticking with it.  

Sep 08, 2016 12:52 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Good morning, Lou -- a valuable lesson that must be mastered.  

Sep 08, 2016 12:52 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Great reminders of how we need to guide our clients. Keep the emotions out of the negotiations and be prepared to let the deal die.

Sep 08, 2016 02:25 AM
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I always tell my new investor customers  - walking away is part of the negotiation process - sometimes we win, sometimes we lose

Sep 08, 2016 02:51 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

Knowing your walk away position to avoid emotional traps is great advice. I always loved that song!

Sep 08, 2016 03:48 AM
Roy Kelley
Retired - Gaithersburg, MD

This is excellent advice to share.

Have a great day and an outstanding week.

Sep 08, 2016 06:08 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

OK Kenny Lou Ludwig Rogers, and if you die in your sleep, you win.

Bill Roberts

Sep 08, 2016 06:25 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Lou... this is so true. And I'm right in the middle of one of those negotiations right now... and my clients and I have already determined that we know when we will fold.

Sep 08, 2016 06:46 AM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I have to agree with what Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 had to say. Not showing your hand is very important. 

Sep 08, 2016 10:07 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have found taht every deal is different and the reasons for folding are different every time also

Sep 08, 2016 11:47 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I counseled with an agent today about a home inspection and the extensive work teh bueyr's agetn was saying the buyer would require. My advise was to only go so far and be ready for the buyer to walk. You have to know when to fold them.

Sep 08, 2016 12:07 PM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Great advice Lou Ludwig,  Kenny Rogers came to mind when reading your title :) 

Sep 08, 2016 12:58 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Wise advice that a good negotiator should always know.  Thanks, Lou.

Sep 08, 2016 09:30 PM
Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Thank you Lou for this post. I think some folks do have to be reminded of this or so has been my experience.

Sep 09, 2016 08:35 AM