This is a challenging market to deal in real estate. Have we bottomed out or are there still tough times ahead? This question can’t possibly be answered but the fact is we have to forge ahead and make wise decisions as we strive to chase our passion. We must be prepared and growing in our profession to be successful. To that end, it is important to ask yourself if there is any part of the equation more important than negotiating the deal? This is where success is determined.
Let’s face it, we all can not be the Donald! You know, Donald Trump. Yet we must work at each aspect of our career to achieve our goals. John Wooden said in regards to preparation (and in this case, preparing to negotiate the real estate deal, “Failing to prepare is preparing to fail”. So then, let us look at the art of negotiating and a couple of tips we can use.
To be a good negotiator, you should:
Listen Perhaps there is no greater tool in negotiating than being a good listener. Listen through the negotiations for stressors. These are points that are important to us and will almost always cause us to use a higher pitch in our voice or maybe a higher volume in our voice. Listen with your eyes for expressions on the face as they speak. Catch those metaphors and know what they may be saying by using these word frames.
Take Notes Nothing shows more respect than to take notes as others speak. It says what you are saying is so important that I don’t want to miss anything! It screams respect to the point the other party will respect you to the same degree. If not, the notes will force a less than honorable person to speak with clarity and make them think twice before misleading you.
Get the Facts Get all the facts. Know what the other party wants from this deal. When your first negotiation meeting is over, stop and in your mind ask yourself, what are the three or five things these individuals want here. Then ask them to recap the meeting with not only what they want to happen in the process but what you want as well. This will serve all well for the next meeting. Remember also that feelings and opinions are facts as well. They may not be facts to you but if they are important to the other person they must be considered as facts.
Communication Skills Communication skills are a must. If you have the right people with the right price at the right time it can be lost with a single wrong statement. All ways is improving your communication skills with every negotiation. Don’t deceive yourself; you can always get better no matter where you are at this time. Evaluate not only yourself but your opponent as well. There are some great resources out there like Toastmasters International and other clubs to help in communication. It’s worth the time and effort as you see great improvement in not only your negotiation skills but in other areas of your professional and personal life.