Many agents go about negotiation the wrong way, sometimes by being overly pushy, in it for the wrong reasons or even backing clients into a corner. Trust me, this is the wrong approach to a negotiation strategy!
There are seven fundamentals of winning negotiation. These fundamentals can set you on the path on becoming best negotiator in your agency and area – whether you are well established or just starting out in the biz.
The 7 Fundamentals of Winning Negotiation
- Your Personal Values – reputation is everything
Integrity and honesty rate high on clients’ wish lists when selecting an agent, so you’ve got to walk the walk if you’re going to talk the talk!
You’ll get caught out fast if you don’t.
By clearly defining your values, it is easy to make on-the-spot decisions when talking with sellers and buyers. Have lines you will never cross and make it clear to your clients these are the ethics you stick to.
The key isn’t to simply promise these qualities as a way of winning business, but to demonstrate with each client, whether they are buyers or sellers, this is what you will deliver.
- Believe in What You Do
There’s no point sticking with the real estate game if you’re not a passionate player.
When you believe in what you say and do, people come to understand you’re true to your word.
Ask yourself:
Do I believe in my own abilities?
Do I believe I act with integrity and honesty?
Do I believe I do my best with every client?
If you do not have this faith and belief in yourself, what’s holding you back? Try to tap into a positive and self-assured mindset – your customers will pick up on this as a measure of your credibility.
- Superior Knowledge Base
Knowledge is power, and never more so than in negotiation.
Being informed is like wearing a coat of armour and being equipped with a bow and arrow – you can deflect every rebuttal and fire back with indisputable facts.
Take the time to hone your knowledge base of the current market and the true value of a property. This will make a massive difference to your confidence when you negotiate as you will always be equipped to have the last word.
- You Don’t Sell Property
This statement might surprise you, but hear me out! The fastest way to get what you want and grow your market share is to help other people get what they want.
So, you’re not selling a property, you’re helping someone to buy a property.
What you are selling is a lifestyle, a dream and the opportunity to take the next step on the real estate ladder and along the road to financial security.
People don’t care unless they know how much you care.
Connect with your clients on a personal level and get to know them before showing them how much better their life will be with your help.
- The Law of Reciprocity
Give and you shall receive!
Another secret to being a good negotiator is to do it with a smile on your face. If you project positive energy as part of your negotiation strategy then there’s a far greater chance you’ll get a positive response and a positive outcome. Sell the benefits of the purchase and be the buyer’s friend.
- WIIFM – People Buy Value
WIIFM is the radio station every single person on the planet is tuned into. It stands for ‘What’s In It For Me?’
Whenever you speak with a buyer or seller, tune into their station and talk in their language, not yours.
Highlight the benefits of a quick sale to your client and remind the client they’re making a long-term investment, not only financially but in their own happiness.
- Make Me Feel Important
The truth is every human being you meet wants to feel important.
Address this need! You will have to do it slightly differently with each client; which is why it’s worth taking some time to get to know them from the start.
By making people feel important, they’ll be more inclined to make decisions in your favour.
You may have noticed being a good negotiator relies on psychology and an understanding of what makes people tick.
It also requires the drive to make people happy – something the most successful real estate agents I’ve come across always say is the very best part of their job.
By being a good negotiator you are making dreams come true – yours as well as theirs!
Tune in to our NAVIGATE webinar series where you’ll hear more about how you can propel your business forward in the new market.
Michael S
