Do your knees knock at the thought of sitting at the negotiating table? Most people think of an all out confrontation when they think about negotiating, but that’s simply not the case! You can be powerful without being a pit bull. So, when there’s money on the table and the future of your clients deal is hanging in the balance, how can you keep your cool? We have some simple strategies that will help reframe your thinking about this sometimes difficult skill and will keep you calm and in control of the situation every time.
Let’s remember some wise words from a few that have gone before us in this arena:
“Let us never negotiate out of fear. But let us never fear to negotiate.” – John F. Kennedy
“He who has learned to disagree without being disagreeable has discovered the most valuable secret of a diplomat.” – Robert Estabrook.
What many agents don’t consider about negotiation is that it begins with what you know, the information you have and how to use that information to help direct your buyers or sellers to an agreement. So, much of your negotiation skill will rest on how informed YOU are as their representation. Here’s our next 3 Know-How’s to negotiating:
5) Know the average list to sale price ratio for the subject property. Know what’s ‘normal’ in the property’s neighborhood, town and price range so that you can be armed with facts instead of emotion when facing your seller or buyer.
6) Know the OTHER client’s motivation, time frame and situation. You can ask the co-broking agent, but you can also find a lot of things with a simple search. With peoples lives splashed all over social media these days, you may get an insight into their motivation; upcoming baby, wedding, job promotion? Be a super sleuthing agent!
7) Know the expiration date of the subject property. Is the clock ticking? We’d rather see house listings turn into profits than pumpkins, so be aware that the closer it gets to the stroke of midnight, the parties motivation may change one way or another?! Listen to the rest of todays show to get all the scripts and scenarios you’ll need to sit confidently in your next negotiation.
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