New real estate agents often lose deals due to poor negotiation skills. Both buyers and sellers seek someone who can communicate confidently and achieve the best possible outcome. If you don’t know the skills, you get tense, uncertain, or worse, speak out of turn. Effective negotiation can differentiate between a closed transaction and a lost opportunity in a high-speed market like Las Vegas.
Listen More Than You Speak
One of the most potent negotiation methods is carefully listening to what your customers and the other party are saying. Active listening helps you better comprehend their needs, wants, and concerns, and it enables you to identify solutions that can suit everyone.
Once you know what the other party needs, you can make your offer responsive to those needs, thus having a better chance of success. Listening establishes trust and demonstrates that you are concerned about your client’s interests.
Know Your Market and the Property
Before negotiating, familiarize yourself with the property’s details and current market conditions. Information about property values, recent local sales, and possible flaws in the property can give you a winning edge during negotiations. It equips you with the information you need to argue your position and negotiate on advantageous terms logically.
Fact-checking will allow you to make smarter business choices and support your client’s side. It will also make you confident during negotiations, as you’ll be equipped with concrete information to back your offers.
Stay Calm and Professional
Negotiations can get tense, but remain level-headed and professional at all times. Whether handling a demanding purchaser or a seller unwilling to budge, remaining calm demonstrates that you’re in command and averts conflict.
A 2016 study showed that our brains enter survival mode when stressed in a negotiation. Logical thinking goes out the window, replaced by emotion. That’s why remaining cool is not just a matter of image —it enables you to think clearly and make better decisions. Your clients and colleagues will see your level head and be able to trust you.
Understand the Other Party’s Motivation
Knowing what the other party wants is a key to successful negotiation. Are they under pressure to sell? Do they want a particular kind of property? By knowing the motivation behind the seller’s or the buyer’s intentions, you can shape the transaction to suit the needs of both parties. This makes negotiations more cooperative and successful.
Once you know what the other party wants, you can outline offers and counteroffers that suit them. This allows you to agree more quickly and demonstrates that you care about the other party’s needs.
Be Ready to Compromise
Negotiating is not about winning; it’s about arriving at a compromise that satisfies all parties. Sure, you want to advocate for your client’s interests, but you also want to be flexible and willing to give. Occasionally, small compromises can result in significant returns down the line. Being willing to meet in the middle will close deals and ensure your clients become repeat customers.
Flexibility makes you more approachable and shows your problem-solving ability. It also facilitates good relationships with your customers, which could translate into repeat business and word-of-mouth referrals.
Learn to Negotiate Like a Pro with the Right Support
Effective negotiation can mean distinguishing between a good transaction and a great one. When purchasing or selling a home in Las Vegas, having someone who can negotiate equally, fairly, and intelligently is essential.
Michael Kenny, Broker with NW Realty Group, has a background of more than five years and a reputation as a conscientious, hands-on agent. He wants to ensure both parties are happy with their outcomes. Interested in discovering how negotiation can help your real estate process? Stop by today on our website and see how we can confidently assist you.
