Negotiation is a necessary skill if you want to become a great agent. In my Coaching Tip today I’ll tell you how you get what you negotiate, and take you through the steps to make that agreement between buyer and seller happen.
You need to understand the rules of negotiation beginning with making sure you’ve got all the information you need. This includes the purchaser’s name, solicitor’s identity, settlement timeline, deposit amount, express conditions and purchase price. The next step then is to identify how you’re going to negotiate, and I’ll tell you how to arrange to get an offer set in a way that’s legally binding.
Understand that the majority of negotiation happens in the first round. You want to right away get the buyer up into the price point where they need to be, and I’ll give you some examples of ways to do that. Avoid pivot pricing by getting the buyer to make their best offer from the start. It’s also crucial to get your timing right, and making offers with time limitations is an effective way to do this.
Specific performance is important in all negotiation, and that means getting specific things done quickly, in their proper order, and according to set time limits. You get what you negotiate, so be firm, be clear about expectations, stay in control of timing, and remember you’re negotiating not only around the numbers, but more importantly around the emotions that drive the deal.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.