Fredrik Eklund, the star of Bravo's "Million Dollar Listing" and a leading broker in New York City, is great at sealing deals.
In his 10 years in business, Eklund has closed on more than $3.5 billion in real estate.
He was also named the No.1 real estate agent in New York City by The Real Deal in 2014.
"For any deal to happen — especially a business transaction — the two sides need to get in a balance," Eklund advises in his book, "The Sell: The Secrets of Selling Anything to Anyone."
"My firsthand experience negotiating billions of dollars in deals has taught me what works and what doesn't," he writes.
Here are 10 tips Eklund outlines in "The Sell" on how to negotiate and seal any deal:
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1. Figure out the bottom line and use it to your advantage
According to Eklund, the bottom line is the "absolute worst deal you'd be willing to make" and should be an indicator of when to walk away before you invest your time and energy.
He writes:
The suggestion of walking away brings the negotiation to a screeching halt... My hope is that they will call me back or suggest another idea. If they do, my dance has paid off. If they don't, I walk from the room, leave the meeting, and consider another strategy to keep the negotiation from actually hitting the floor.
"I call it dancing close to the edge," he writes.
2. Don't give people what they want right away
"When I'm on a listing pitch, I never give my clients the price right there and then," Eklund writes.
According to Eklund, making clients wait a few hours to get the price of a property gets them a little frustrated, making them want what he's selling even more, and puts him in control. It also accomplishes three other things.
He writes:
1. It has made them want it, and therefore me, my services, more.
2. It is in writing, which makes it more solid, and in our world more true, like there is nothing else really to discuss. Putting it in writing basically says, This is the price, and I'm not asking for your thoughts on it.
And 3. Since it took so long, the impression is that there must be a lot of thought, knowledge, and research behind.
"As long as the waiting is whetting the appetite and not starving them to death, it strengthens your position," Eklund writes.
3. Negotiate in person
People are more connected to their phones and computers than ever, making it hard to even get them to meet in person. But it will be more effective when you do.
"A great negotiator, when needed, uses his emotions, family, heritage, spirituality, body language, fashion, sexuality, humor, and everything else in between to win, to make a deal happen," Eklund writes.
However, if the phone is your only option, Eklund highlights the importance of having an agenda, knowing what you want out of the call before making it, and using few words.
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