There are a number of skills you need to have to be a successful real estate agent, but without a doubt the most important skill is your ability to negotiate. That is what will separate you from other agents.
At the end of the day, even if they don’t realise it, that is what every seller needs in an agent.
You can practice being better negotiator by understanding some of the simple negotiation rules.
- Make sure you’re talking with the right people; don’t settle for intermediaries. There is nothing more frustrating than doing a fantastic presentation, outlining everything you offer and all the benefits only to find out that your message will then need to be relayed to the eventual decision maker. It is inevitable that your message will be diluted and misrepresented. Don’t waste your time. Make sure you are delivering your message to the people who can make the decision.
- Know what you want – and what the other side wants – and decide on what you absolutely need and what you can live without. You will find out these facts by asking questions. Easiest way to control any conversation is be the person who asks the questions. Asking questions is clear demonstration that you are interested and need more information. That is a great way to show interest. Asking questions like ”What is it you want to achieve?” “What are your expectations?”. The answers will give you a clear indication of the other person’s expectations and how you will be able to meet them.
- Remember – this is business. Do not take it personally. Your ability to handle failure and rejection will be in direct proportion to your ability to succeed in this industry. Check your emotions and ego at the door. You won’t be able to get every listing. You won’t be able to sell everyone a property.
- Be prepared to back up your points with data. Role play is the best way to ensure that you don’t make mistakes where it can cost you money. Prepare well and rehearse any objections you feel you may come up against and be prepared to support your views and opinions with stories and facts. The people you will be negotiating with are always testing your knowledge.
- Hold back your compromise point and let the other party feel like they won. You should always have a fallback position but don’t disclose what that is until you really have to. You can always slide down the slippery post but it’s hard to climb to the top. Always start with your preferred position and be prepared to compromise your position. It’s not a matter of winning or losing. It’s a matter of securing the business.