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27
May
Real Estate

Negotiation tips in Real Estate

Robert J. Ott
May 27, 2020

In Real Estate as in life, you don’t’ get what you deserve, you get what you negotiate. Learning and truly understanding how to negotiate will go along way on helping you get the best deal for your clients. Chris Ross, a former FBI negotiator, lays out a blue print on how to properly negotiate a deal. If you can apply the tips below in your real estate strategy, you can make a huge impact for your client.

#1 - Mirror their own words back to them.

One of the best ways to establish a rapport with the other agent and make them feel like they can open up to you is with a laser-like focus on what they have to say. Use tactics like slowing down the conversation, repeating their words back to them, and changing your tone of voice will help you be more likable and trustworthy to your counterpart.

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#2 - Get them to say "THAT’S RIGHT!"

The moment you’ve convinced someone that you understand their ideas and feelings is the moment a negotiation breakthrough can happen. Get them to say “that’s right” in a conversation. What this does is that it shows the other agent that you are listening to them where they feel like you accept what they are showing you by summarizing and reaffirming how they feel and what they want.

# 3 - Practice empathy

Show your counterpart that you see what kind of emotions they are going through. Proactively label their fears. Phrases like “It sounds like you are afraid of…” “It looks like you’re concerned about…” go a long way in disarming them. Also think of the worst things that the other agent could say about you and say them before they can. Frame the weak parts of the deal, puts you in control of the narrative.

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# 4 - Resist Compromise & Create the illusion of Control

Frame the conversation in such a way that the other agent will unconsciously accept the limits you place on the discussion. Navigate deadlines to create a sense of urgency and anchor the other agent’s emotions so that not accepting your offer feels like a loss. Resist the comprise by creating the illusion of control. Don’t try to force you’re the other agent to admit that you were right, give them a way out. Ask questions, that begin with “How?” or “What?” so the agent has to use their mental energy to figure out the answer. This gives them the illusion that they are in control.

# 5 - Get to a “NO”

A common misconception is getting the other agent to say “yes”. Being pushed for “yes” makes people defensive, but saying “No” makes the speaker feel safe, secure, and in control, so get them to say “no”. Ask no-oriented questions, like: “Is now a bad time to talk?” and “Have you given up on this deal?

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# 6 - Closing the Deal!

Don’t let your work fall apart when you’re close to securing a deal. Identify the other decision makers in the game and spot liars by paying attention to body language and voice patterns. Test if the other agent is being honest by getting them to reaffirm their agreement at least three times with a yes. Make sure you close the deal and close it strong.

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