May 10th, 2023 | Buyers

The Art of Chess and Real Estate Negotiation: Maximizing Time and Strategy

Chess is a game of strategy where every move is made with intention and every piece has a purpose. To succeed, players must think ahead and develop their game plan to match any possible outcome. My brother and I were taught the game by our uncle when we were young, and we spent hours developing our skills.

One of the key mistakes that beginners make is losing focus and failing to utilize their opponent’s time to their advantage. This is even more important when playing with a finite clock, where each person has a set time limit to complete their game. By using your opponent’s time wisely, you can effectively double your game time and increase your chances of success.

The same principle applies to real estate negotiations, which have an irrevocability period much like a chess game with a clock. When making an offer, you provide the other side with a set time to respond. The trick is to use your time wisely, not just the time given to you by the other side.

Sometimes, the time provided for review may be strategically short, effectively a “take it or leave it” offer. In these situations, it’s essential to stay calm and utilize your opponent’s time to your advantage. Think about all the possible scenarios and how you might be able to leverage the information to your advantage.

While price is often the determining factor in a deal, it’s not uncommon to strike a deal based on other factors. Creative deal-making requires time and strategy, so make sure to use all of it.