the power of real estate negotiations
TRANSCRIPT
The Power of Real Estate Negotiations
Presentation by Gabrielle Jeans,
C.E.O of WebTech Dezine
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About Gabrielle Jeans
•Ms. Jeans began her real estate career in the early 70′s, and quickly established a distinguished record for sales and service excellence on behalf of her clients.
•By 1975 she ranked among the $1 million earners, and in 1978 she was invited to become the Sales Manager for Cimerman Real Estate Ltd. In 1980 she was appointed as Personnel Director and Training coordinator.
•In 1983, Jeans launched Future 1 Real Estate Ltd. in Toronto. She soon expanded to a second office, and within six years grew the company to combined sales staff of 105 with $6.8 million in gross revenues.
•Gabrielle’s reputation as an insightful business entrepreneur grew in parallel, and she was frequently called upon by other companies to provide strategic advice on staff recruitment, training and business development.
•The Toronto Real Estate Board approached her to design and deliver training seminars for sales managers and associates, and this program became a mandatory prerequisite to attaining membership with the Board and the MLS system.
•In 2000, Gabrielle Jeans established e2000 Training Institute Inc., a RECO-approved education provider that specializes in helping agents take advantage of the enormous business opportunities presented by the internet.
Today, Gabrielle Jeans is widely regarded as one of the foremost experts on business development in the North American real estate industry. Participants in her programs rank among the top 5% revenue earners in their offices and districts, and are the recipients of a multitude of national and regional awards for sales excellence.
• Today’s realtors, because they must disclose whether they are buyers’ or sellers’ sales agent, lose sight of the importance of considering the needs of both the sellers and buyers when negotiating an offer.
The Negotiation Process
• The process is worthwhile
• Every participant is in fact winning.
• No one’s self respect is threatened.
• The participants are achieving the majority of their needs.
• The process is always positive.
• The participants would not mind negotiating with you again.
These features should be exhibited in the Negotiation process.
Most Important Key to Negotiating
• Always make the client feel good about themselves.
Some Mistakes Negotiators Make.
• Poor Listening.
• Talking too Much.
• Making Assumptions.
• Creating Arguments.
• Getting too Friendly.
• Allowing too much time before the offer is presented.
• Giving up too Easily.
Poor Listening
• Most people are too busy wanting to be heard to really spend time and show interest by listening.
• The most important reason to listen to people is to learn what motivates them.
• By taking the time out to listen, you understand your client’s concerns and find something that will help in your negotiations.
• The next time your client is speaking, really listen: they might be telling you exactly what you need to know to close the sale.
Talking too Much
• Skilled negotiators listen attentively more than they speak.
• They plan what they are going to say and limit their discussions.
• They stick with facts and apply helpful problem solving techniques to arrive at an agreement.
Making Assumptions
• Making assumptions limits a salesperson’s success because it demonstrates an unwillingness to keep trying.
• It is important to be able to anticipate what the other side is going to do, before they do it. The biggest mistake salespeople make concerns price-when the buyer or seller says, “I will not pay a penny more” or “This is my final price.” Salespeople eventually learn that every buyer and seller, at some point, will make these statements.
• Expert Negotiators understand this and use their negotiating skills to work the participants towards an agreed-upon price. They quietly ignore the statements and, more importantly, do not make the assumption that the buyer and seller will not pay-or ask-more.
Creating Arguments
• Differences of opinion are common in negotiating.
• Skilled negotiators always use a co-operative approach in dealing with people.
• They understand that you can win an argument most times- but lose a sale every time.
• It is better to refrain from arguments and be flexible with your clients so you can achieve your desired goal.
Getting too Friendly
• Salespeople focus too much attention on trying to become “buddies” with their clients.
• Clients require helpful information, sound advice, good service and your expertise: not friendship with their Real Estate Sales representative.
Too Much Time before Offer is Presented.
• Time is the killer of deals.
• The longer clients have to think things over, the worse it is.
• Remorse sets in, and they often change their minds.
• Do not waste too much time before presenting the offer.
Giving up too Easily
• Negotiating takes time and patience.
• Salespeople believe buyers and sellers when they say, “I will not pay a penny more/take a penny less.” Every client says this; our job is to keep the offer alive.
• If you have not heard them say “No” at least five times, you have not tried hard enough.
Effective Negotiators
The characteristics of an Effective Negotiator include;
• Awareness – Buying and selling is an emotional decision. Find the emotional triggers and you will be able to close with ease.
• Listening – Salespeople should listen opportunistically, paying attention to everything their clients say, and show a keen interest in what they say.
• Patience – Give your clients 100% of your expert attention. Repeat your point as necessary. However, be patient during the negotiation process.
• Flexibility – Skilled negotiators change in order to blend in and be accepted. They understand that clients will not change their personalities to suit salespeople but the salespeople need to change to suit their clients.
Conclusion
• Negotiators need to be patient, aware, flexible and listen attentively to their clients needs because these factors make them effective skilled negotiators.
More...• For more in depth knowledge of the power of negotiation, Register for my
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