Monday, 2 January 2017

What Do Negotiation Skills Comprise of in Real Estate?

As we’ve discussed in previous blog articles, a good real estate agent has a number of important skills. Being a position in which you are working closely with people, excellent social skills are a must. The ability to properly manage expectations, convince and persuade people of certain points of view and ultimately being able to negotiate a price that both parties are happy with all falls under this category and can be the difference between a good real estate agent and a great one.

While these skills are touched on during various licensed real estate agent courses, this is often something you usually need to work on with experience.

Understanding The Needs of Both Parties

Negotiation skills can help you get a sense of the potential buyer’s position and use this knowledge to ensure you get the maximum sale price for your client. How willing is the potential buyer willing to pay? How badly do they want to purchase the property? How far should you push back? These are all things that a good real estate agent is able to get a sense of early on in the negotiation process.

Like in any sales focus, both parties invariably keep their cards close to the table, so being able to read people’s body language and other social cues can be very helpful.

Appearing to Be Neutral

While you’ll always be trying get the highest possible price for your client, it’s your job to facilitate the process. A good negotiator will avoid approaching the situation as one wherein they are trying to cheat or take advantage of the potential buyer. Rather, a good negotiator is a trusted advisor that helps both parties reach the ideal agreement help ensure the needs of both are met. If you can earn the trust of both parties, you are in a much better position to do this.

Making The Situation Comfortable for All

Talking about money can be tense at the best of times with people you’re very close with. When it comes to large sums of money and the transferring the ownership of a property, the potential is there for things to get heated if you don’t manage the situation correctly. Ultimately, you’re there to help both parties come to an agreement and often the best way to do that is to ensure everyone is comfortable and in good spirits. If all parties are relaxed, things are going to go much smoother.

Being very positive yourself and adding a little humour here and there can be an effective way of ensuring this is the case; people will often feed off the energy you’re bringing so be aware of the importance of this.

Every great real estate has their own unique approach to how they deal with and negotiate with clients. But there are certain strategies and things to remember that nearly all agents subscribe to and it’s well worth while thinking about them when you’re starting off in the real estate industry.

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