Daily Real Estate News  |  November 6, 2008  |   5 Negotiation Strategies Worth Following
Successful negotiating used to be about winning at all costs and grinding the other person into the ground.

At least that was associate broker Pili Meyer’s understanding when she started in the real estate business more than 20 years ago.

But during Wednesday's real estate course, Effective Negotiating For Real Estate Professionals, she said today's rules call for collaboration, tact, and trust.

“You can’t do real estate alone. And it shouldn’t be adversarial," said Meyer ABRŪ, GRI, with Coldwell Banker Uptown Realty in Port Angeles, Wash.

"You need good relationships with colleagues, competitors, and other professionals like lenders and title companies," she said. "Everyone’s help is required to help achieve your clients’ goals.”

Here are five smart negotiation principles worth following:

• Build trust by clearly stating your clients’ objectives and respecting those of the other party. At the same time, it’s critical to remain flexible and open to other options. Show empathy for other peoples’ difficulties.
• Ask lots of open-ended questions, those that require more than a “yes” or “no” answer.
• Never lose your temper or yell. If egos clash, ask for a break until tempers cool.
• Don’t underestimate the value of being nice. It’s not the same as being a doormat. If you listen to people fully, they will listen to you. You will be perceived as an honest and fair professional
• Remain calm and balanced under pressure. Show that you understand your clients’ priorities but are not personally vested in the outcome of the negotiation.

In the event of a deadlock, think outside the box. Brainstorm creative solutions that will add more value for your client and theirs, and try to reestablish common ground by building rapport. If all else fails, take a "time out" and change the location or venue for discussions.

The two-day course in Orlando was sponsored by the Women’s Council of REALTORSŪ. The 2008 REALTORSŪ Conference & Expo in Orlando officially kicks off on Friday, Nov. 7 and runs through Monday, Nov. 10.

—Wendy Cole