Negotiating is not only a very important part of the real estate world, but also an important part of life in general. Negotiating is a way of coming to an agreement by reconciling through a variety of options and scenarios to reach an improved goal. All negotiations are unique and complex, which require a great deal of attention to detail.
Negotiating is another method of asking, so to attain a successful negotiation you need to decide to negotiate in the first place and understand that it’s not about merely winning or losing, but it is about making sure both parties are satisfied in the end.
It is important to remember your competence and power. You can boost your endorphins by having some time to yourself before the negotiations begin, where you can think and are thus able to open in a power position. This strategy can provide you with confidence and improve your overall performance. Maintaining good posture and having eye contact are also vital, as these show the other person you believe in your competence and skills. If you expect more, you will get more, so always remain optimistic and truly believe in yourself. If you want to reach your highest goals and close large deals, you’re going to have to aim high – start with an extreme position.
Before negotiating, it’s important to know the facts and any information necessary.
For example, if you are negotiating over a price, make sure you have researched what has recently been sold and what’s currently on the market. Being an experienced negotiator, or at the very least, being well prepared for what you’re about to argue for will always make you the person with the better outcome. Most times people assume that negotiations are just about money, but in most cases it is about solving a problem. Negotiations are very complex and long, therefore you should always be persistent, but also listen and understand to the other party. If you don’t listen you won’t be able to use what they’re saying in your favor, so always be sure the other person feels listened to and understood, as you will be more respected and taken more seriously this way. Listening always lends credibility. There are misconceptions about negotiations showing people that they should always talk, but in reality, listening is just as important as talking. Listening can show you where your counterpart is willing to compromise and where they stand.
Always be one step ahead and plot out possible objections to your party’s side and determine how you would overcome them.
If there is a problem or an obstacle, it is your job to show the other party that there is another way. Figure out which points your clients would be willing to walk away from and listen to your counterpart so you can truly anticipate what they want and need. It is also extremely important to be assertive without seeming aggressive, which will allow you to professionally take advantage of every point that is negotiable. Studies have suggested that negotiators who make their offer first will come out ahead. Take the initiative and making the first move hands you the psychological advantage.
Taking your time without rushing is another important factor in negotiations. Being patient is key as rushing can lead to skipping over important points.
Be prepared to lose something.
Don’t expect for every negotiation to end in a positive, perfect outcome. No matter how close you might be to closing a deal, make sure that in the back of your mind you know that you can walk away. You never want to seem too desperate to complete the deal; the option of walking away ensures that you won’t fall into the pressure of the other party. Negotiation requires a lot of give and take. The power between the negotiations may shift in your favor or in the counter-party’s favor, so it is important to safeguard your ideas and interests by refusing to be swayed by any arguments.
Taking risks are beneficial; always take the initiative and take advantage.
But remember to leave your ego at home and be neutral while negotiating if you want to see a difference. Don’t be afraid to voice your concerns, but voice them in an affable manner.
The biggest mistake people make in business these days is investing too much without getting something in return. You do not want the other party to have the luxury of feeling entitled, so you should make them earn their points. A negotiation is not a battle and it is important to keep emotions off the table. Never be the person that lets their emotions get the best of them. Negotiations should never be seen as personal attacks but rather an important aspect of business. They should never become personal and should stick to the business points and important details. If a situation ever becomes too hard or heated, it is acceptable to walk away and think of solutions before meeting again that will make the agreement much easier.
The power of a smile is also a very important factor and great asset of a negotiator.
A smile changes the tone of your voice and it can provide reassurance to the listener. If you also have a good sense of humor and are friends, these qualities are more powerful and convincing than a frown and having a bad attitude. Being very expressive also shows that you are passionate. Work your body movements, which will show that you are also interesting and persuasive.
The most successful negotiation is one in which both parties can leave the table feeling successful in some way as if they won or accomplished something.
It can be possible that later on in time you may be negotiating with the same person, so make sure the other party feel satisfied and respected.