A Guide To Negotiating
Last week, we talked about the four ways to handle objections and now I want to talk about a guide to negotiating.
Although you ideally want to be in a place where you don’t have to negotiate at all, knowing how to negotiate is a key skill to have when you are working in luxury real estate.
Your Negotiation Guide
Some of these tips are not totally ethical and above board but I want to share what they are so that you can recognize when they’re being used against you. You need to know both sides of what is happening during negotiation so you can react and handle the situation accordingly.
Silence.
There’s a quote I read once from Time Magazine, “Never forget the power of silence, that massively disconcerting pause that goes on and on and may, at last, induce the opponent to babble and backtrack nervously”. Although you may get nervous remember don’t babble and backtrack. Just sit there and smile.
The Good Guy, Bad Guy Routine.
Although this is something a lot of couples do, most people in Real Estate aren’t that versed and practiced in it. When people do this when dealing with real estate they will feel more confident and push the boundaries more over the phone or via email. The best way to overcome this in Luxury Real Estate is to always have all parties present when doing a transaction such as negotiating or presenting with them and to them.
The most important thing when we talk about #negotiation tactics, especially dirty tricks, is to separate the people from the tactic. Click To TweetWince.
Some people are really good at this and it can really be intimidating, especially when you’re dealing with them one on one. When you give a price opinion, your marketing plan, your commission charge, or your marketing fee charge, they make a winced look. You may want to start to get defensive and backtrack, but you just have to smile and recognize it for what it is. It is a tactic. Don’t let it work on you.
Limited Authority.
This one cracks me up because husbands do this all the time. When it’s time to negotiate, they’ll always blame the spouse. So again, having all parties present is the best way to overcome that.
Bottom line – don’t use dirty tricks, but certainly, recognize them. When they are used on you out of the blue, they can be intimidating and they can get you to do things you would not otherwise ordinarily do. Don’t be intimidated by them, just recognize them.
Leave a comment below and tell me – what is your negotiation trick has someone tried on you?
Until next time, make it a great week.
1 Comment
Patti Kloepping
03/31/2022Once again your message comes through loud and clear….. just when I need a pep talk to stay on top. (if that is even possible during these wild markets). This is my 25th year as a Realtor and I thought I had seen and heard it all but the past two years have opened a whole new experience ! Some shocking but mostly all good…..
You have been right all along >>>I agree the Luxury market clients are a group to handle with care and confidence. Not that much different than all clients but never to be taken for granted.
Thank you for your weekly message, I appreciate your no nonsense, straight to the point help. Best wishes to you as the season opens on lovely Cape Cod