The nuts and bolts of negotiation

For most real estate agents, negotiation skills are essential building blocks to a successful career. Whether you’re debating service fees with a client or bedding down a sale price with a buyer, you’ll need to have your negotiation tactics well-honed to maximise your results. To this end, we have outlined three pointers for improving your negotiation skills below. 

1. Do your homework: before commencing any negotiations, it’s always best to do some background research on the parties you are negotiating with, and the subject you are negotiating about. Doing so will give you the knowledge needed to make informed and strategic decisions during the negotiation process – which will, in turn, increase your chances of coming up trumps;

2. Break a stalemate: an effective way to break a stalemate is often to offer the other party something of relatively low value to you, but of higher value to them. For example, you might offer to upgrade a seller’s advertising for free in order to secure a higher commission;

3. Closing: It is not uncommon for people to get highly emotional and lose focus during negotiation processes. When a party acts this way, there is a possibility that further negotiations could impede a positive outcome. As such, it is important to know when a negotiation process is becoming counterproductive, and to be able to walk away accordingly. 

Regardless of whether you’ve been selling real estate for 20 years or one week, brushing up your negotiating skills could help you to become a better agent – so try these tips out and see if they make a difference to your results.

Posted by Reality Bytes - Real Estate Training Blog on 30/08/2013 at 12:00 AM | Categories:

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