A Mini-Course In Real Estate Negotiating!

The one axiom you can count on as a real estate practitioner is you are going to be called on to negotiate…a lot.!  Sometimes it’s with your broker, other times it’s going to be with cooperating agents or, yet again, with your sellers and buyers! Negotiating is an art…not a science…and one that can be easily learned!

Consistent negotiating success hinges on being well-prepared to negotiate and developing an arsenal of strategies and tactics…that work!

A formidable tool at the disposal of ALL real estate agents is to shut-up and listen! As Stephen Covey might put it: Seek first to understand, to be better understood! Learn to listen more by learning not to interrupt; listen more by asking questions and taking notes; listen more talking less; and learn to listen with your eyes.

When negotiating, seek win-win outcomes... because anything less will ultimately end-up lose-lose! Negotiating is NOT a sparing-match where one party wins and the other loses!

There are many sources of Negotiating Power: knowledge, positive/ proactive attitude, time, communication skills, reputation, persistence, commitment and reputation… just to mention a few!  The negotiator who more fully understands and appreciates the power of these resources will more consistently prevail when negotiating!

Negotiating is much like playing sports where ‘perfect practice’ makes perfect! Like in football, live scrimmages (a.k.a ‘roll plays’) prior to the actual event can positively and dramatically impact a successful outcome! PDR: practice, drill and rehearse!

Be prepared to make concessions! To avoid being taken advantage of: 1. know what’s most important to you and your client; 2.be aware of intimidating tactics that are being used by your opponent; and; 3. avoid the sucker punches! How? By being better prepared! Remember: Knowledge is power!

For more detailed information on this critical subject visit: ifasttrac.com

Recommended Reading: You Can Negotiate Anything… Herb Cohen