Real Estate Agents – Learn To Negotiate And Increase Your Real Estate Sales
November 11, 2018 / /
Recently I sat down with my buddy Greg Markov, a local real estate agent and investor whom I met in the “short sale days” when I was first launching my career as a real estate agent.
Like me, Greg has negotiated thousands of short sales and of course, with that, it has brought him a ton of experience when it comes to the world of human behavior when it comes to negotiations.
Greg is now a well-known negotiation expert who travels the country teaching courses to help realtors learn how to negotiate. I interviewed him to get some tips that we can use with our real estate business.
First of all, what is Negotiation? What can a realtor negotiate?
Anything! You can negotiate your compensation. You can negotiate on behalf of clients. You can negotiate with banks. It’s not haggling for a good deal. It’s any conversation that happens during any buying process.
What’s the Most Important Thing When It Comes to Negotiations?
You might be surprised that it’s not about being good at bluffing or having a great poker face. The most important thing in negotiations is having the information. When you take time to make the calls, ask the questions, and gather the information, you’ll have everything you need to negotiate.
Why are Negotiation Skills Important?
Negotiation training has been prevalent in the executive world for decades. Investing resources in learning these skills will pay off with every client you meet and every deal you make. Think about your value proposition in the future. If you want to attract new clients, getting an edge over the others real estate agents in your market, and make more money, you need the skills to get there. Negotiation skills will add to your value so you can stay ahead as the real estate market continues to evolve.
Is it Possible to Negotiate When You’re at a Disadvantage in the Market?
Of course! It’s all about context. There are always two options in front of you: be taken advantage of or negotiate to maximize your client’s gain. You always have the option to negotiate. You have to know how to do it.
Can You Negotiate with Someone Who Isn’t Good at Negotiating?
Yes. Most people aren’t trained in negotiation. Only about 3.5% of real estate professionals have had training. This means that 96.5% of the agents you’re dealing with haven’t had training, which means you should do everything you can to be that skilled agent. This is going to be a one-sided conversation. Do you want to be the one with the advantage or the one with no advantage (trust me, your clients want you to be the one with the advantage) You want to know how to do your part and how to play the part of the other side as well to make it work for both parties.
Can a Negotiation REALLY be a Win/Win?
Unlike negotiation strategies we heard about in the 80s that were focused on manipulating others to get what we want, we now know that it’s all about compromise. A win/win negotiation means maximizing your gain with a process while satisfying the other side. Will everyone gets exactly what they want? Probably not, but everyone should feel like they got what they needed.
How Can You Come Out On Top?
It all starts with research. When you put in the time to understand the people you’re working with (what they care about, what they find important, what they want out of this transaction) you’ll find it easier to negotiate in a way that leaves everyone feeling like they got their win.
An experienced, skilled agent who understands negotiation on a new level can get more for their client and improve their own sales business.
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free real estate agent facebook group [20k+ Members!]
Join our tribe of agents all looking to help each other take their real estate business to the next level. Learn lead gen, scripts, tactics, and best practices you need to build the real estate business of your dreams!
About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.