The Art of Negotiation

Negotiation is not an exact science; it’s an art that requires practise, tuning, and fine-tuning. It requires strong communication skills, especially the ability to listen. It requires a shift in thinking from the “I win, you lose” mentality to “we all win” mentality.

As a real estate professional, negotiation is something you will be doing on behalf of clients. What will make you a good negotiator is your ability to close an agreement of purchase and sale with all parties feeling good about the negotiation. This is a “win-win” negotiation whereby all parties feel a sense of accomplishment, and are confident that the agreement will be honoured.

Keep the following tips in mind the next time you are involved in a negotiation.

Tip 1: Take your time 

People need time to think things over. You may only encourage a seller client to act quickly so as not to lose a good sale.

Tip 2: Don’t employ high-pressure tactics 

Do not force clients to make decisions they are not ready to make. It is unprofessional and will likely cause problems somewhere down the road.

Tip 3: Be positive 

Focus on the positive aspects of the negotiation, reminding the seller or buyer of how close they are to getting what they want. Do not focus on the negative.

Tip 4: Constantly clarify

Make certain you have and understand all relevant information. Ask for clarification. Misunderstandings derail negotiations.

Tip 5: Strive for agreement 

Agreement builds momentum. Look for points of agreement even in areas of disagreement.

Tip 6: Keep people talking

Keep the lines of communication open and active. Nothing will get accomplished if one party isn’t talking to the other in hopes that the other side will fold.

Stay Tuned 

Next week’s blog will feature the four stages of a negotiation.

More information: 

Mentoring Kit for New Salespeople: Training for Success http://bit.ly/1CvaJrh

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Do you have an example of a win-win negotiation in which you participated? Let us know.

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The Art of Negotiation