Posted by Cecilia on April 03, 2002 at 14:41:25:
Peter Fortunato says that when you are going to make an offer on a property, you should take some paper and write out at least five alternative ways you can creatively solve the seller’s problem while making a good deal for yourself. He says that this exercise will train you to start thinking more creatively and cause you to expand your repertoire of skills in solving ownership problems. This also causes you to make better deals for yourself, and the seller, because the first offer you think of might not necessarily be the best solution to the problem. How many times have you closed a transaction and then thought to yourself, “I could have made it better if only I had …”? Or, ?Darn, I should have??
This also prevents you from falling into “The Cookie-Cutter Trap.” Every situation is a little different. Obviously, the same offer will not work on every deal. Train yourself to think in terms of benefits, and learn which tools transfer those benefits to the parties which value them the highest.
Do this consistently and you cannot help but make better deals.
Think more creatively, and you set yourself apart from your competition.