By Vanessa Saunders – Founder & CEO – Global Property Systems
Real estate negotiations have always been shrouded in mystery. Many sellers remain blissfully unaware of all the offers presented, and numerous buyers, despite their earnest efforts, never really grasp why their offers are rejected. They’re left without feedback, direction, or the chance to make a better bid. But why? Let’s dive deeper into this conundrum and discuss how BATNA, combined with blockchain, is transforming the real estate negotiation landscape.
As someone who has navigated the complex waves of the real estate industry for years, I’m a firm believer in understanding one’s BATNA – The Best Alternative To a Negotiated Agreement. It’s not just a fancy acronym; it’s a beacon for any negotiation. Knowing your BATNA equips you with the power to set realistic expectations, avoid settling for less, and, most importantly, identify when to exit a negotiation gracefully. As a seller, your BATNA could be waiting for market upturns or exploring different marketing avenues. For buyers, it might be revisiting their wishlist or considering alternative neighborhoods.
However, traditional real estate practices don’t always provide the transparency needed for every party to understand their BATNA fully. Enter Blockchain. In 2019, I took a deep dive into Blockchain Technology at MIT Sloan, further reinforcing my belief in its transformative potential for the real estate sector. And at Global Property Systems, we’re embracing this with open arms.
Blockchain shines a light on the once-murky waters of real estate negotiations. With its decentralized ledger system, offers are presented transparently. Sellers can see every bid, ensuring no viable offer is left unread or unconsidered. On the flip side, buyers gain clarity on where their offer stands in real time, allowing them to adjust and refine it if needed.
This level of transparency isn’t just about keeping stakeholders informed; it’s about revolutionizing trust. No more second-guessing if there was a better offer out there or wondering why your bid wasn’t accepted. Blockchain presents an unfiltered, open view of the negotiation table.
So, as we step forward into the future of real estate, let’s commit to a more transparent, equitable, and informed negotiation process. With tools like BATNA and innovations like blockchain, Global Property Systems is leading the charge in redefining real estate negotiations. It’s time to make sure everyone has a seat, and a voice, at the table.
Want to learn more about how BATNA and Blockchain will affect your real estate transaction? Connect with Vanessa by clicking here.