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Negotiating

Sale. Negotiating. What?. Commission Asking Price of Listing Terms Length of listing Offer to Purchase Counter Offers Just about everything. Truth is relative. Common misconceptions: We can always come down on price We should make a low offer

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Negotiating

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  1. Sale Negotiating

  2. What? • Commission • Asking Price of Listing • Terms • Length of listing • Offer to Purchase • Counter Offers • Just about everything . . .

  3. Truth is relative • Common misconceptions: • We can always come down on price • We should make a low offer • or, we can always come up in price • We shouldn’t take the first offer • If we get our price, we left $ on table • We net more when we save on commissions • This is our bottom line

  4. What is generally TRUE • It only works when it’s perceived as win-win • The small stuff will kill you • or how to buy a refrigerator • Knowledge is power • ‘Confidence through competence’ • Seeing the end from the beginning

  5. What is generally TRUE • People can handle the truth • People will listen only after they feel that they have been heard • You don’t have anything until it’s in writing • Time is everyone’s enemy

  6. Understanding Buyer/Seller Motivations • The power of consequences • can project & calculate downside risk • Moving targets • People don’t always say what they mean or mean what they say • Perceived value • of your service • of their property • Educating to the ‘rules of the game’ • Winning the battle--losing the war

  7. The Process • In summary: B. E. E. P. R. 1. Build relationship (Making the Connection) 2. Establish expertness (Confidence through competence) 3. Educate to industry position (appropriate Positioning over time) 4. Presentation (A tailored marketing program / Contract) 5. Regular feedback & follow-through

  8. How do we build rapport? • Create similarity • Visually? • --- Mirror • Vocally? • --- Pace • Verbally? • --- Ask questions • --- ‘Structuring verbiage’

  9. Categories of Interaction • Proposal • Build • Support • Disagree • Defend / Attack • Giving Information

  10. Categories of Interaction Proposal Build Support Disagree Defend / Attack Giving Information • Testing Understanding • Summarizing • Seeking Information • Matching

  11. Research

  12. Negotiation Research unskilled skilled • Counter Proposal 3.7 1.3 • Defend / Attack 6.8 1.6 • Irritators 10.1 2.1 • Seeking Information 9.1 21.7

  13. Negotiation Research unskilled skilled • Test Understanding 8 18.8 • Argument Dilution 3 1.6 • Building 1.7 4.9 • Comment Labeling 1.2 5

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