Negotiating is a skill Realtors must master!
The most effective negotiators are Realtors who don’t let personalities and irrational behavior interfere with their mission. They are capable of making the other party believe they got the best deal they could under the circumstances.
Improving your negotiating skills will win you more deals, clients and income! Here are a few ways to improve your skills. Be sure to read them again from time to time. Let the negotiations begin!
- Determine your desired outcome before you start negotiations. It is critical to understand what your clients want before you ever set foot in a negotiation. That way, you’ll know when to push forward and when to stop. Knowing your bottom line prevents you from agreeing to terms that are unacceptable.
- Know your audience. This is by far the most important principle in negotiating. Do your homework and find out as much as possible about the buyer or seller sitting across the table. Find out about the other Realtor and deals he/she has made.
- Listen, listen, and listen! The best negotiators are detectives. They ask probing questions and then stop talking. The other party will tell you everything you need to know. Follow the 80/20 Rule: listen 80% of the time and talk 20% of the time.
- Lead with optimism. Aim high and expect the best outcome. Successful negotiators are optimists. A proven strategy for achieving higher results is opening with an extreme position. Sellers should ask for more than they expect to receive, and buyers should offer less than they are prepared to pay. People who aim higher do better.
- Never threaten and don’t get emotionally involved. Most deals are only possible if both people feel they’re getting something out of it. If the person across the table feels attacked, or doesn’t like you, they probably won’t back down. Be calm, patient, and friendly, even if the other person starts losing their cool. Make sure you leave any pride or ego at the door.
- Never walk away feeling you “pulled one over” on someone else. Negotiations should leave both parties feeling satisfied with the outcome. Be willing to give up things that don’t really matter to you in order to create a feeling of goodwill.
Keep these strategies in mind each time you step into negotiations, you will be well on your way to earning a better income, eliminating frustration, and having a more satisfying life.
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