Loading ...Watching this year’s election coverage, I was once again reminded that speech is an art form. Be it a political debate, a sports related dispute, a dinner-table discussion with your family, or a real estate transaction, the words we speak and the way they’re stated go a long way in determining how others perceive, interact, and hopefully compromise with us. The wrong amount of exuberance or spite injected into a phrase can make or break an argument or defense, and not only affect the way other agents perceive you, but in turn undermine any business deal you may have taking place. With that thought in mind, here are a few tips I’ve gathered together to make sure you don’t end up on the short end of the stick (like McCain) after your next negotiation:
Communicate with your client. While this may seem like a no-brainer, many agents fail to keep their client up to speed on the selling process, resulting in dissatisfaction and loss of business. When you make sure your buyer is in the loop, it not only makes you look more experienced and in control, but it puts them at ease and strengthens your relationship. This is as simple as including them in emailing lists, letting them know what to expect before entering meetings, and allowing them to take some ownership in the offer/counter offer.
Stay away from the teeter-totter… I never was fond of this particular playground asset, and these feelings hold true when related to negotiations as well. Try to keep the deal from going back and forth as much as possible. Write the best offer you and your client can agree on, and in turn hopefully you will find that the two of you receive the best possible counter offer in return. After all, you are both sitting on the same teeter-totter, and if you use and abuse the agent on the other end they will only reciprocate.
Just like mom said, “If you can’t say anything nice, don’t say anything at all.” Finesse is key in negotiation, and how you describe the opposition is how your client will view them. To use Bernice Ross’s example, your clients are parrots. If you refer to the seller as ‘greedy’ or ‘money-hungry’, you are projecting a negative image that your client will retain and reference all through the deal. If a good faith request is made later on, your buyer is more likely to become angry with the seller and more often than not it will go nowhere.
Don’t be a Crusader. You’re not in the desert wearing a black cross on your armor and riding towards a horde of Saracens, so don’t try to be a hero. Negotiations are about compromise, so TALK to the other side of the table, don’t demand. Like I said before, what you say and how you say it reflects directly on your business. Make sure you don’t gain the reputation of someone who is unwilling to collaborate and more interested in throwing out orders or no one will want to work with you.
Investigate the Seller. Find out why they are opting to sell their home. If they resist a direct questioning, reply with something like “We just want our offer to best suit your needs.” Say for example they are selling because of a job offer in a different area. Most likely that job offer has a ticking clock beside it, and if both buyer and seller are aware that there is some sense of urgency to the transaction, they are more likely to see eye to eye. But, if the seller is more concerned about making his money back and less concerned about trying to move out in a certain time frame, you know it is probably a waste of time. Extenuating circumstances dictate urgency which opens the door for compromise.
Well I hope these help some of you, and by all means let me know what you think!
Happy negotiating!