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4 Essential Negotiation Skills for Every Real Estate Agent

Mar 10, 2021

4 Essential Negotiation Skills for Every Real Estate Agent
During the Great Recession, our team of short sale processors and negotiators successfully negotiated over 1500 short sales for agents throughout California and beyond. This experience not only taught us a lot of the distressed property market and the economy, but also about the most effective ways to complete a successful negotiation. From that experience, we’ve come up with what we believe to be 4 essential negotiating skills or tactics that every real estate agent can and should use in order to be successful—not only in negotiating a short sale, but in any purchase and sale transaction when negotiating on behalf of a client.

4 Essential Negotiation Skills for Every Real Estate Agent

  1. Be a good listener. If you talk non-stop, there is little time to “hear” the other person or side in a negotiation. When you let someone else do most of the talking, this will give you the opportunity to hear where there might be wiggle room to get some of what you want accomplished during the negotiation. 
  2. Do not rush to settle terms. There are very few instances when you should rush to settle terms. But, in most cases, even if you know you are going to accept the terms, it is often best to tell the other side that you need to consider it. That’s because the more impatient person usually shows their cards, and you may even be able to get more out of the negotiation than you had hoped—just because you waited.
  3. As a lot of questions. This technique can be used very effectively to often get the other side to think they came up with an idea or solution that was actually yours. Socratic questioning (something like what teachers or litigators use) is a method that focuses on discovering answers through questions. 
  4. Never lose your cool. If you want to kill a negotiation and leave your clients high and dry, the very best way to do that is to lose your cool—to be rude and unprofessional in your dealings with the opposing side. Best to buddy up and make the other side your best friend in order to get what you want out of a negotiation.
When it comes to negotiating short sales, not only do we use these 4 techniques but a whole slew of others. If you or anyone you know needs help with a short sale, please do not hesitate to contact our office.
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