Chess and Real Estate
Avoid the Stalemate
Have you ever been in the real estate market as either a buyer or seller and found yourself in a Stalemate during your attempt to buy or sell real estate? Stalemate is derived from a situation typically in the game of chess, where the player whose turn it is to move has no more moves. One rule in the game of chess is that a stalemate subsequently ends the game, resulting in a draw or a no-win situation.
Let’s take a look at the term “stalemate” as a metaphor in real estate. When negotiations have reached an impasse and a resolution seems difficult or impossible, just like in the game of chess…nobody wins. The frequency of stalemates are on the rise in our current real estate marketplace. Here are some tips for both sides of the negotiations to keep the game alive and come to a mutual agreement.
- Keep a balanced frame of mind and try to look at the motivation of the opposing side
- Remove or keep all emotions out of the negotiations
- Be willing to negotiate in the first place
- Stay away from ultimatums, as that tends to offend people
- Don’t rush into a decision, take time to think about all options
- Be realistic and consider the consequences of a stalemate
- Keep the negotiations moving forward (remember the law of momentum, an object in motion stays in motion)
- Don’t let the opposing side feel as if they have been cheated
- Be willing to give up items that don’t matter in order to create a feeling of goodwill
- Don’t be arrogant or aggressive
The bottom line is to avoid stalemates and these no-win situations. Both parties whether buying or selling, whether in a buyers market or a sellers market, should leave feeling satisfied with the ultimate outcome.