This book is about the theory of intimidation, and the measures one can take to avoid being intimidated in negotiations. I didn't realize Ringer's book focalized on real estate negotiating, but his methods are cross functional to other situations. Ringer contends that the results a person obtains are inversely proportionate to the degree to which he is intimidated. This book is about the methods Ringer administers to essentially trade places with the principal. Instead of being the middle school

This book is about the theory of intimidation, and the measures one can take to avoid being intimidated in negotiations. I didn't realize Ringer's book focalized on real estate negotiating, but his methods are cross functional to other situations. Ringer contends that the results a person obtains are inversely proportionate to the degree to which he is intimidated. This book is about the methods Ringer administers to essentially trade places with the principal. Instead of being the middle schooler intimidated sitting in the principal's office, create an image that reverses the roles.



He outlines several theories, some of which are cheesy and common sense, but nonetheless, interesting. For example, "sustaining a positive attitude" in negotiations comes from realistically assuming that you will fail. You assume the worst because actual experience has proven the reality that no matter how well prepared you are, only a small amount of deals actually close. Basically, if you're willing to fail, you have nothing to lose. The difference is being prepared to win.



I liked his description on the brotherhood of lawyers in any deal. In his first real estate deal he represented a guy on an all or nothing basis. I didn't realize that commissions for brokers were often difficult to collect, and that in the end, many get walked over by the sellers. In this example, Ringer sold the property then got told at the end that his client couldn't afford to pay him. Instead of being intimidated, he brought his own attorney (which nobody does) to the close and got his fee. At the end of the day, there is an unspoken brotherhood between attorneys. No matter what goes on during the negotiation, the attorney's always leave hand in hand talking about Sunday golf.



A lot of Ringer's success was based on being "mysterious" to his client's and creating an aura that he was too "big" to work on the client's measely deal. This allowed him to make big commissions and make the seller think he had a superstar broker. He basically played the "hard to get card". It worked because all major real estate owners and executives worth tens of millions of dollars are wired similarly, and are accustomed to getting whatever they want at this point in their careers. They're intrigued by a broker who doesn't respond to calls right away, sends brochures without his name or contact information because it's assumed, doesn't make promises, etc. He'd take a lear jet to meetings with three associates, helping create his "rockstar" image.



He told a story of walking into a local bank in a black suit, briefcase and dark glasses just to cash a normal check. He was amazed by the different treatment he got. You should try the same some time for entertainment's sake.



I also picked up some tactics that could be helpful for when I'm looking for another property and how to come off as a serious buyer. Non serious buyers focus on important, but not critical information like location, construction, age of the property, etc. Real buyers are purely into the nuts and bolts of cash flow. They want to know what they make in rentals, and how much work needs to be done to get it operational.



Overall, there were a lot of pages I could have skipped over, but you pick up enough that it is a worthwhile read if you have an interest in real estate or work in a career like sales, purchasing or private equity where you are constantly negotiating with a brokers, sellers and buyers.

