365 Tips To Becoming A Successful Realtor®
Tip #24 - Negotiations. Seek First to Understand
Early in my career as a real estate agent in Vancouver Washington, I lost a deal for some of my clients. At first I was confused. I had followed my own rule, (Tip #10 - Negotiations. Ask And You Shall Receive Information! ), but the deal failed. My clients were upset and it was my fault.
The problem was that I didn't fully understand my clients' needs, wants, and motivations.
I am generally a tough negotiator. I like to get my clients the best deals on the best homes in the best areas. I advised them to make an offer that was lower than they had planned. I was hoping to meet the seller in the middle somewhere and ultimately get my clients a super deal on the home. Where I failed was that I didn't realize that my buyers really really wanted that home. They weren't concerned with the price. I didn't take the time to understand that the specific home was more important than the price.
Luckily, a home across the street on a bigger lot was listed a week later and we snapped it up right away.
The price was my motivation, not theirs. Not everyone is motivated by a great price. I learned (the hard way) that many buyers are just as motivated by the neighborhood, or the school district, or the flower garden or the..? I haven't made that mistake again.
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