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REIQ Journal : March 2010
p NEGOTIATING SKILLS ARE often minimised or overlooked completely in training and coaching programs for real estate professionals. Yet negotiating is a dominant facet of a successful practitioner's business. Many real estate agents may have di culty successfully negotiating for ve main reasons: 1. They are in a di cult position as third- party negotiators; 2. They frequently have little or no formal training in negotiating; 3. Buyers and sellers are usually inexperienced at negotiation and often fearful and jaded toward it; 4. Buyers and sellers are usually negotiating over their largest and most important asset and investment; 5. Buyers and sellers are going through a life experience that can make them feel insecure. However, there are some basic rules that will help you add con dence and strength to your negotiating skills in thorny situations. They will make your business and your life less stressful, more satisfying, and more productive. At your presentations, prepare the seller or buyer for how the negotiations are going to go You might say something to the seller like: "The buyer is encouraged to submit their best o er in writing to you, taking into consideration the price is only part of the o er, terms and conditions such as a possible nance or building and pest condition may be a contributing factor to your decision in accepting, rejecting or counter o er. I would just like to remind you that I am working in your best interests as the seller/s of the property and will encourage the buyer to make their best o er possible". Then, as you review it, explain all the items that might be negotiated in your market. The language is similar for a buyer. Rule 2 Prepare the seller or buyer for the worst case Describe the best-case and the worst-case scenarios. Suggest their experience will be somewhere in the middle but probably closer to the best case because you have worked hard to help all parties feel like they have won while you're getting the most for them. When you prepare your client this way, you create their expectation for how it will go. This gives them tremendous peace of mind and con dence in you. It makes them much calmer during what is probably a very stressful time. Understand that if you don't prepare them, once the negotiations begin they may try to control how it will go. As a consequence, they may become tense, stressed, less cooperative and distrustful. Rehearse the words you'll use to prepare them for the negotiation and you'll nd the process will run more smoothly. Six rules to boost your By Rich Levin As billionaire entrepreneur Karl Albrecht once put it, negotiation is about starting out with an ideal and ending up with a deal. Learn what you need to do to get buyers and sellers moving towards closing. Rule 1 REIQ Journal March 2010 20 Industry Practice