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The practice briefing aims to provide real estate professionals and negotiators with a superior understanding of negotiation process design to maximise real estate disposition outcomes. The purpose of this paper is to discuss the aforementioned objective.

This is an expert opinion piece that merges the practical anecdotal knowledge from a real estate expert and a professional negotiator. This opinion piece results from the identification of an underappreciated pattern that the two experts uncovered while discussing several real estate disposition cases, namely the importance of designing a negotiation process to maximize the positive impact of real estate disposition strategies.

Proactively crafting a negotiation process and matching the same to leverage the chosen real estate disposition strategy, instead of relying on a standard negotiation approach across the board, enhances the odds of negotiating superior outcomes.

In this practice briefing, real estate professionals and even negotiators of other assets can become more aware of the plurality of value drivers, consider the most attractive potential buyers, then use these two variables to craft the optimum disposition strategy for their asset, as well as match a negotiation process out of four main possibilities: 1-to-1, 1-to-few, closed-to-many and open-to-many.

The originality comes from demonstrating based on the authors' expert opinion how negotiation process is an important variable in real estate transactions, and how the parties can shape the negotiation process to their conditions, variables and preferences.

The purpose of this briefing, which is Part II of a two-part series, is to address the challenges faced by real estate professionals in negotiations, advocating a shift from traditional win-lose strategies to a value win-win approach and providing a path for this transition. It highlights the importance of continuous negotiation learning and adaptation in an evolving industry, emphasising the need for a collaborative, ethical and interest-based negotiation strategy to achieve long-term success.

The briefing adopts a theoretical and practical approach, combining insights from negotiation theory with real-world applications in the real estate context. It introduces the seven elements framework as a foundation for value win-win negotiations, providing a structured method for real estate professionals to enhance their negotiation skills and outcomes.

The briefing identifies a historical preference for win-lose negotiation strategies in the real estate industry, driven by power dynamics and short-term gains. It highlights the limitations of this approach in a changing industry landscape and presents value win-win negotiation as a more effective alternative that focuses on mutual gains, ethical practices and long-term relationships. It differentiates value win-win from win-lose or win-win naïve strategies and provides value win-win advice to negotiate when faced with these other two strategies.

Real estate professionals are encouraged to embrace the value win-win approach by shifting their mind-set, building strong relationships and communication channels, focusing on interests rather than positions, generating mutual-gain options, persuading based on legitimacy and finally making the best possible decision to either commit or walk away to their alternatives. The briefing provides practical strategies and best practices for implementing this approach, including preparation, option generation and commitment to mutually beneficial outcomes.

The briefing contributes to the negotiation literature by offering a comprehensive and practical guide for real estate professionals to navigate complex negotiations. It presents a novel application of the seven elements framework in the real estate context, emphasising the importance of a value-driven, collaborative approach in achieving superior negotiation outcomes on average than other common negotiation strategies.

The purpose of this briefing is to highlight the critical importance of negotiation skills in the everyday lives of real estate professionals. It delves into how negotiators must improve their negotiations skills given the negotiation-intensive nature of real estate. It also helps to handle common pitfalls and challenges in negotiations, particularly in the increasingly volatile, uncertain, complex and ambiguous (VUCA) reality of the real estate industry. The briefing offers strategic insights for preparation and negotiation aimed at improving any real estate negotiator’s average performance.

The expert opinion piece combines a literature review on negotiation strategies with practical insights. It addresses the observed under appreciation of negotiation theory and skill, reflecting on real-world real estate negotiations. The goal is to enhance the use and recognition of negotiation theory in the real estate industry. The approach merges theoretical analysis with practical application, offering actionable recommendations to improve negotiation outcomes.

The negotiation-intensive real estate industry and the transformative impact of VUCA challenges on real estate professionals’ ability to adapt and continuously negotiate successful deals clashes with many real estate’s professional or fixed mind-set over negotiation historically being an art or a talent and mostly being stuck with win-lose strategies. Instead, negotiation is a science that can be learned and deliberately improved to counter stress-induced or fear-based responses that lead negotiators toward suboptimal negotiation strategies, such as win-lose or naive win-win. However, these dynamics are preventable. Well-equipped and well-prepared value win-win negotiators can adopt a growth mind-set, study modern negotiation advice and frameworks to thrive in the negotiation-rich real estate industry and convert even VUCA challenges into an amazing source of value.

Real estate professionals can become more aware of which and how current obstacles and poor choices negatively contribute to their negotiation performance. It contrasts win-lose and win-win strategic frameworks to enable real estate professionals to become more sophisticated when choosing their negotiation strategies. The briefing also helps real estate professionals expand their negotiation repertoire towards improved strategic flexibility when managing the evolving real estate profession reality and challenges.

The originality and value of the briefing lie in its comprehensive approach to addressing the negotiation challenges faced by real estate professionals. It offers a holistic view of real estate negotiation, advocating for a paradigm shift from traditional win-lose tactics to a collaborative, value win-win approach. The briefing integrates modern negotiation theory and emphasises ethical practices, providing practical strategies and best practices for professionals to improve their skills and adapt to industry changes. By empowering real estate professionals with knowledge and tools to navigate negotiations effectively, the briefing contributes to the overall success and professionalism of the industry.

This paper aims to discuss a foresight study conducted in Singapore’s national R&D agency to help science and technology decision makers identify key capability areas of R&D investment to support the manufacturing industry’s growth in the country and the region.

Using horizon scanning, scenario analysis and expert opinion, nine capabilities are identified as core areas to be developed to support the country’s future growth of product-service systems.

The results of a Delphi survey involving 30 industry and academic thought leaders recommend priorities of these capabilities. This paper concludes with a discussion of the study implications for theory, research and practice in the domain of servitisation and product-service systems.

The foresight study presented here on the future of servitisation in Singapore demonstrates one of the first fully fledged applications of foresight in constructing a coherent vision of future product-service system markets. In this study, the authors applied systemic foresight methodology (SFM) comprising the first six phases: initiation (scoping), intelligence (scanning), imagination (scenarios), integration (priorities), interpretation (strategies) and implementation (action).For future research, an ideal step would be to proceed with the final phase of the SFM, impact, to develop indicators for servitisation and to monitor and evaluate the transition process.

Manufacturing and services are no longer distinct concepts with a clear divide. Manufacturing firms not only become more service dependent but also produce and provide services for their consumers. This transformation towards servitisation implies fundamental re-organisation of the production and management practices. Furthermore, through new business models, new and loyal customers will be gained, which will in turn bring additional income, while making the companies less prone to economic and business fluctuations.

The results of this study have practical implications for policymakers of public and private sectors that are interested in playing a key role in future product-service system innovation. These have implications for developing the human and intellectual capital that are required for supporting the future innovation. Institutes of higher learning and vocational institutes should also consider incorporating new curricula and modules to build the capabilities for knowledge creation and transfer.

The findings of the present study on strategic growth areas and relevant critical capabilities provide new directions for research in the field of servitisation. Among the nine capabilities identified, the top three were advanced customer intelligence capability, socio-physical service quality, traceability and maintainability and integrated strategic decision-making. From the results, it is apparent that advanced customer intelligence capability is both an area of importance to Singapore and the world.