Contextual information

Martin is a Real Estate Agent. He has been assigned a new property to rent in Barcelona. The landlord would like to rent the apartment to a solvent profile as soon as possible and for the longest period possible.

Martin has published the following advertisement:

Cosy apartment in the city centre. Main characteristics: Living room, kitchen incl. dish-washer, washing machine, fridge, oven and microwave, 2 double bedrooms and 1 single room. All rooms have natural light. 1 exterior balcony and 1 interior balcony. Furniture included + heating and air conditioning. 100 sqm Price rental: 1200 eur per month + 2-month deposit + water + gas + electricity expenses

Location: L1 Metro Urgell (Metro) Available from 1st October

After said publication, Martin has received several calls and has carried out a selection of potential tenants. After the viewing, there are three profiles who show high interest on the apartment and would like to rent it. See below:

Profile A: 3 EU International Master students. They are interested in one year from October to June. They do not have any pay slip, but their parents can act as guarantors. At present, they are living in a hostel until they will find an apartment.

Profile B: 2 US Friends who are relocating to Barcelona for work for 6 months. They have a pay slip of 1300 euro per month each. They will relocate to Barcelona on 1st November.

Profile C: 1 Spanish Family: a couple + six-month baby. Only one adult is working and has a pay slip of 2000 euro per month. They would like to stay in the apartment for 4 years. At present, they are living in a familys house and they have no expenses. They are Agents friends.

ANSWER IN BULLET POINTS KEY ELEMENTS

1. The nature of negotiation

Identify which is the object of negotiation

Identify which are the parties in the negotiation and how is the relationship in terms of power among them. Graphic required.

Identify which are the variables of the negotiation and why.

Selling the need: according to the real estate agent, what is the need that he will be selling to each profile? Please explain it in your own words

for each case (profile A, profile B, profile C)

2 Research

What kind of research is the Real Estate Agent supposed to carry out? Description required.

What kind of research are the potential tenants supposed to carry out? Description required.

3. Negotiation Plan

A. Real Estate agent

What strategy and approach would you apply if you were the Real Estate Agent? Description required.

What BATNA can we identify? Description required.

Principles of Negotiation Explain the connection between principles of negotiation and the Real Estate agents job.

B Potential tenants

What strategy and approach would you apply if you were the potential tenant? Please explain it for each profile (A, B, C)

What BATNA can we identify in each case? Description required.

4 Presentation

During the viewing, what verbal and non-verbal communication tips would you advice to the Real Estate Agent? Would you apply different

techniques depending on the profile? Please justify your answer.

During the viewing, what verbal and non-verbal communication tips would you advice to the potential tenants? Would you act differently

depending on each case? Please justify your answer.

5. Bargaining

Profile A: what key elements do you think they can use to close the agreement and why?

Profile B: what key elements do you think they can use to close the agreement and why?

Profile C: what key elements do you think they can use to close the agreement and why?

6. Closure:

a. If you were the Real Estate Agent, with whom would you close the agreement and why?