Closing real estate deals is the quintessence of success for real estate agents. After all, clients and fellow agents alike will remember you as a closer, but getting those deals nailed down and sealed are sometimes easier said than done.
What we end up finding in the successful real estate agent is an articulate negotiator who can really spin their wheels and seal deals. Here are some tips on negotiating for your clients and how to close deals:
1. Know Your Negotiating Power
Generally speaking, houses listed by a powerful negotiator are listed at nearly 25% higher than their non-negotiating counterparts. In addition, those homes sell much quicker resulting in you moving more inventory and a gang of happy clients ready to sing your praises. Understand how powerful your negotiation skills truly are and you’ll get more done at the closing table.
2. Negotiate with Compassion
Often times, we stick a negative connotation to the word “negotiation.” For many, it can be reminiscent of a board room bulldog and for others, negotiation has a stricter, more legal meaning; however, a good real estate negotiator uses compassion and emotion when working with clients.
All around, home ownership is an emotional attachment. Memories were made, family firsts were had, and folks just don’t like letting go of their lovely past; however, using empathy throughout your negotiations can make sealing real estate deals far easier for all parties. Think of it as your real estate bedside manner.
3. Be Mindful of the Physical
Often times when we set out to negotiate something, we forget how telling our speech, gestures, and opinions can truly be to others. If you stick to tip #2, then you’ve eliminated what can be a major turnoff to others; however, be mindful of your presence in any given negotiation situation.
Body language, tone, what you say, and how you say it all factor into a successful negotiation. Be mindful of your body language and try not to seem too imposing or intimidating. Also, keep your speech focused on the highlights of the home or object of negotiation while limiting your nerves to keep you from rambling on too much.
Stay focused, but be relaxed, calm, and inviting to anyone whom you may deal with all while maintaining your desire to negotiate what’s best for you and your clients.
4. Bring Facts to the Table
The bottom line for any negotiation is to have hard evidence and be able to put your money where your mouth is. If you’re negotiating a real estate deal on behalf of a client, make sure you’re 100% up to speed on where your client stands with their financing, plans, commitment, and preparedness to buy. Having to waffle in the 11th hour can cost you thousands of dollars in commission as well as valuable time.
The key thing to make sure of is that your client has the right financials set in place long before your start your negotiations on their behalf. Of course, you should already have a beat on the mortgage market, but if your clients don’t, consider sending them to Tidewater Mortgage Services. One call can get your clients preapproved and prepared for the home of their dreams while boosting your power of negotiation!
