Coaching Tip – Basic Negotiation

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I see a lot of agents who don’t have a real understanding of what it takes to bring a deal together. My Coaching Tip today is all about basic negotiation, and I’m going to give you some tips that will surprise you.

It’s the simple things that make all the difference in negotiation. The most basic reality is that the buyer buys a property based on the feeling that you sell them. There’s a difference between a home that feels beautiful to live in and on that feels beautiful to buy. The customer experience you create is the first step in a successful negotiation. The customer should feel like this is a simple step into a home they can live in. You want to get that feeling right.

Once the mood is set you can discuss terms. Remember there are lots of things to consider apart from just price, like the entity, the solicitor, deposit amount, settlement timeline, and conditions of the offer. You can quickly put yourself in the best position from the client’s perspective by taking care of things like pest and building inspections ahead of time. That way the process becomes easier for them.

One thing I find really effective is to have a bit of fun with the customer. You might find this to be unusual advice, but a little well-placed humour with the right customer can smooth negotiations, especially around settling the dollar amounts on offers. I’ll give you a few examples to work with in the video.

Also, start to think about closing the deal in percentages rather than dollars. This is one of our favourite basic negotiation techniques because looking at percentage points bypasses any dollar amounts the client may have embedded in their mind. Give them that perspective on value so they can justify making the decision to purchase the property at that particular price.

I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.