The real estate industry has many career opportunities for young people and those who want to be their boss and Real Estate Negotiation skills is essential.
Although being your boss in a small business has many advantages over being an employee of a big company, it might have some serious difficulties. Running your own business is not that easy as some think, especially during the age of the pandemic.
Of course, if you acquire the necessary skills and build a good strategy, it’s entirely possible. One of the most critical skills every real estate agent should have is negotiation. Unfortunately, many realtors, even those with high marks at university, can’t communicate with people well.
If you think you have problems with negotiation, you’d better look at these Real Estate Negotiation Tips
1. Show courtesy in every situation
Remember that a customer-centric culture is what you need to make loyal customers. One special moment to make the customers believe their demands are at the heart of your strategies is when you negotiate with them.
You need to provide an enjoyable customer experience by being courteous when negotiating with your customers.
Being timely, well-dressed, calm, and respectful will significantly affect the negotiation process. Try to be as polite as you can regardless of the customers’ opinion.
2. Take a win/win approach
Although the only reason you’re doing this job is to make a profit, you shouldn’t solely think of your own profit. Try to avoid making every issue into a crisis.
So take a win-win approach and put your feet in your customers’ shoes. This is best for you because you will focus on a solution in which both sides benefit.
3. Be assertive and demand what you want
Although we said you have to be polite and consider your customers’ interests, that doesn’t mean you have to give up what you want.
If you want to be a successful negotiator, you have to be assertive enough to challenge everything and reach your objectives.
Remember that everything is negotiable in a real estate deal, so don’t assume the terms of the deal are fixed. Be ready to say NO whenever you see they want to refuse to give what you want.
Many agents with little experience use aggression to achieve a result. But, as we mentioned earlier, you have to shift toward being assertive to get your interests without being disrespectful.
So try to get your own interests with respect and avoid negotiating aggressively, or otherwise, your small real estate business will lose the competition.
4. Start negotiation with the market value
Many agents start the negotiation by asking the price from the client, which is a great mistake. You have to calculate the property’s market price based on the region, age, amenities, and other factors to make the customer believe your price.
Try to avoid starting with a high price as the customer might be disappointed, and then you will be forced to make a retreat. Although you might find customers who want to cut the price from the starting point, you can make them accept your offer by being assertive. Of course, it’s recommended to accept the discounts to make both sides happy.
To succeed in the discussion, you need to have deeper knowledge than the other side. Fortunately, some platforms like Condoly make it possible for you to know the condo market price and other important factors of condo assignment deals like the estimation of the future price. This way, you can be sure about the best price for selling your condo.
5. Be honest and always tell the truth
This is another important factor many agents forget. We already said that being courteous is necessary for your negotiations. Now it’s good to mention that honesty also has the same importance as courtesy does.
You don’t have to use a lie to make it easy for you to convince the customer and close the deal. Remember that your hands will soon be caught in the competitive market, and you’ll lose your brand identity.
6. Be patient
Patience is another important factor in negotiations. Remember that whoever wants to close the deal sooner will usually be forced to give up their interests. So don’t be in a hurry as the other side will take advantage of it and make you offer concessions against your initial objectives.
7. Learn about the goals of the other party
Starting a negotiation without knowing the other party and their goals is a serious mistake many beginners make.
You have to try to become familiar with the other side to be ready for their actions. This way, you can build a win-to-win procedure and be assertive enough to reach your own goals.
Predicting the other side’s objectives helps you take the best approach and convince them to accept your terms.
8. Make them believe that they’re determining the terms
This is a fact that if a party thinks that they’re leading the deal, they’re highly likely to agree with your term. This will give them a sense of victory, and they feel comfortable.
This is actually a trick, and you can perform it by using affirmative phrases to make them think they’re in charge. In fact, you have to know a bit of psychology to be able to use both the right and left sides of your customer’s brain.
Real Estate Negotiation is not as easy as many beginners think and requires lots of skills and experiences. Try to work on your skills and become ready to communicate with different customers. It would help if you were flexible enough to work with various personalities and convince them to close the deal with you.