 |
 |
|
|||
|
|
Improving Transaction Negotiating Skills Successful prospecting and marketing may be in vain if you can’t convince a prospect to make an offer or a home owner to accept it. The give and take of negotiation is a fundamental part of the real estate sales process. Successful negotiation requires both sides to move toward a common goal — a closed transaction. 12 Ways to Become a Better Negotiator 1. Learn everything you can about the situation, the issues, and the participants. 2. Understand all the participants’ needs and interests. 3. Set reasonable goals for what you hope to achieve during the negotiation, and rank them by priority. 4. Work within a range that includes minimums, targets, and maximums. 5. Anticipate the other parties’ comments and prepare your responses. 6. Remain calm, pleasant, and unflappable. 7. Build trust by clearly stating what your client wants and respecting what the other parties want. 8. Create an atmosphere of joint problem solving that focuses on the benefits to all parties. 9. Remain flexible and open to a range of options. 10. When other people speak, listen attentively and hear them out fully. 11. Use empathic comments and sympathetic gestures and facial expressions to smooth over difficult situations. 12. Always underpromise and overdeliver. Sources:"Making the Deal: Quick Tips for Successful Negotiating" by George Hartman (Wiley & Sons, 1992); "Power Real Estate Negotiation" by William H. Pivar and Richard W. Post (Longman, 1990) 5 Negotiating Tactics That (Almost) Always Work 1. The Silent Treatment. Silence makes most people uncomfortable. After you’ve made an important point, look directly at the other party, smile, and wait. The longer you go without saying anything, the uneasier the other person will become. Eventually he or she will say something—anything—just to break the silence. The response will often be unguarded and give you valuable information. 2. The Flinch. The flinch is a small sound or facial expression that communicates displeasure. Although a flinch is subtle, it can plant serious doubts in the other person’s mind. Try flinching in reaction to a monetary offer or when the other party starts the negotiations too aggressively. Don’t be surprised if even the most experienced negotiator becomes more flexible. 3. The Deadline. Deadlines keep situations under control and get results. Begin a meeting by saying you must leave in an hour. Then, whenever the discussion starts to slow down or wander off track, move things along by reminding them that you must leave soon. Use longer-term deadlines, such as setting a date when an offer will expire, to motivate people to take decisive action. 4. The Competition. Mentioning the competition is a good way to keep the other side from feeling too secure. If you represent the buyer, remind the listing agent and the seller that the buyer also liked several properties in addition to theirs. If you are the listing salesperson, hint that another offer may be on the way. Don’t lie, but don’t miss the opportunity to use the competition to your advantage. 5. The Departure. Preparing to walk away from the negotiation can get dramatic results when the other party is being noncommittal, or refusing to make a counteroffer. If the negotiation has reached a stalemate, start gathering your papers and packing your briefcase in a matter-of-fact manner. If you have read the situation correctly, the other party should quickly offer a constructive response. Sources: Adapted in part from “Strategy: The Negotiation Game Continues,” The Empire State REALTOR®, March 1997; and “True Negotiation: An Exchange of Satisfaction,” The Real Estate Professional, September/October 1990. For the Advanced Salesperson: Negotiating By E-Mail > |
Keep It Ethical Although the agent owes absolute fidelity to the client’s interest, all parties must be treated honestly. (Article 1) |