Word Wednesday: Negotiation

By
Education & Training with U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business.
http://activerain.com/droplet/4YTx


"In business, as in life, you don't get what you deserve.  You get what you negotiate."

-Chester L. Karrass

Negotiation is a big word. It's not a big word because of the number of letters but how big of an impact negotiating is in your life.  Whether you are a good or bad negotiater will have a big impact on how your life goes.

When you think about it, nearly everything we do in life involves some kind of negotiation.  


Successful negotiation is about getting what you want by seeing things from the other person's point of view. You must find a way for the "other" side to see that what you are striving for is in their best interest.  

Negotiation is a particularly big word in real estate.  You do it all day, every day.   Buyers want to buy low.  Sellers want to sell high.  How do you get them to come to an agreement?  You negotiate, of course.  

Sellers must prepare their homes with the buyer's eye in mind.  Buyers must present their offer from the seller's point of view.  Buyers must show the sellers why taking their offer is in their best interest, even if it is for less money than they wanted or expected.  

Many, many years ago, I negotiated for my neighbor to give me some shares of their water rights.  Water rights are a much coveted commodity in this agriculture zone of Washington State.  I needed a partial share of water rights, so I could sell a 3/4 acre parcel of property which would have been almost worthless without it.  I got the water rights and was able to sell the vacant property for a substantial sum on money.  

How did I do this?  Certainly not by telling them what I wanted.  It was all about them.  Honestly, I can't remember what my approach was, but it worked.  I had to convince the neighbor that signing some of their water rights to me was in THEIR best interest.  They didn't give a rats patootie what I wanted.   I can assure you that whatever I did was not underhanded in any way.  But, it worked.  The neighbor never indicated any regret in signing the rights over to me.  We are still friends.

As you go through each day (personally and professionally), if you become an expert negotiator by always looking at things from the other person's point of view, you can get everything you want and/or need.

How good of a negotiator are you?  Your life and business depends on it!







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"The best way to predict the future is to create it!" -Peter Drucker

Carol Williams: 
The Real Estate Agent's Survival Guide.  

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Rainmaker
2,410,403
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Carol.  Apparently I can hold my own.  We doubled our number of agents in one year and I hope to almost double it again this year.  Busy day for me as I suspect I'll get two more new agents today..... 

Jan 18, 2017 04:21 AM #2
Rainmaker
2,352,517
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I've been negotiating in the business world for some 45 years... I love negotiating and developing a negotiating strategy. And I'm always reminding my clients that when they "hire" me they don't just hire me to show them homes or market their homes... that's only half the "story." They are also hiring me for my negotiating skills.

Jan 18, 2017 04:55 AM #3
Rainmaker
4,557,831
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is very good reading for prospective home buyers and home sellers.

Have an outstanding week.

Jan 18, 2017 05:47 AM #4
Rainmaker
261,303
Victoria Ray Henderson Marshall Henderson
Buyer's Edge Company Inc - Bethesda, MD
Real Estate for Home Buyers with Buyer's Edge

Thank you Carol for a great post! Negotiating water rights for your land with your neighbor and still staying friends? You are amazing! Thank you and I am glad I found you here on Active Rain!

Jan 18, 2017 05:52 AM #5
Rainmaker
3,388,574
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Carol Williams ,

You are right learning the art of negotiation will make or break your business. If you listen and learn what is important to the other side it's amazing how give and take can turn into a win/win for everyone.

Jan 18, 2017 05:59 AM #6
Rainmaker
2,968,805
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Carol. This is terrific and I agree it is all about thinking of the other person's agenda when negotiating.

Jan 18, 2017 07:33 AM #7
Rainmaker
2,554,703
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Carol Williams,  Boy this is a major one that we have to do daily and on every deal.  Hope you have a great day!

 

Jan 18, 2017 07:45 AM #8
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good morning Peter Mohylsky .  Thanks for stopping by.  As I thought back more on that issue, I started to remember how I formulated my approach.  I don't think most people realize how much their life would change if they looked at it with more of a negotiator's mind.

Jan 18, 2017 08:01 AM #9
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Excellent James Dray .  Sounds like you're doing just fine!

Jan 18, 2017 08:01 AM #10
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good morning Nina Hollander .  Negotiating is such a HUGE part of being a truly excellent agent.  I can see why you are!  Negotiating is the differentiating factor, IMHO.  

Jan 18, 2017 08:03 AM #11
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good morning Roy Kelley .  Thanks for stopping by.   As I thought back more on that issue, I started to remember how I formulated my approach.  I don't think most people realize how much their life would change if they looked at it with more of a negotiator's mind.

Jan 18, 2017 08:03 AM #12
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good morning Victoria Henderson Marshall Henderson .  To be honest with you, I kind of shocked myself by pulling that off.  LOL    As I thought back more on that issue, I started to remember how I formulated my approach.  I don't think most people realize how much their life would change if they looked at it with more of a negotiator's mind.  Have a great day!

Jan 18, 2017 08:04 AM #13
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good morning Dorie Dillard .  What you say is so true. It's all about win/win.  I believe negotiating is the differentiating factor in a truly excellent agent.  

Jan 18, 2017 08:07 AM #14
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good morning Sheila Anderson .   If you're thinking win/win, you can't lose.   Have a great day!

Jan 18, 2017 08:08 AM #15
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good morning Will Hamm .  Being a good negotiator is what differentiats the good agents from a truly excellent agent, IMHO.  I don't think most people realize how much their life would change if they looked at it with more of a negotiator's mind.    Have a great day!

Jan 18, 2017 08:09 AM #16
Rainmaker
57,970
Beth Bromund
Coldwell Banker Weir Manuel - Rochester, MI
REALTOR (248) 651-3500

Looking at the other's point of view is great advice.  I know of multiple deals that have fallen through because the seller was offended by such a low-ball offer.  To a buyer it's just a business transaction, but to the seller, it's their beloved home and super low-balling can be taken as a personal insult.

Jan 18, 2017 11:49 AM #17
Rainmaker
1,957,726
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

This is fabulous information and something to really strive to get good at. I failed miserably this week when I tried to negotiate with a 5 year old to get his hair cut. LOL

Jan 18, 2017 01:46 PM #18
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Beth Bromund .  That happens quite a bit.  If a buyer wants to lowball, they'd better have an agent that knows how to keep the seller from being offended.  It's a definite skill.  Thanks for reading and commenting.

Jan 18, 2017 02:13 PM #19
Rainmaker
920,072
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Sharon Tara ,  You made laugh!  5 year olds can be the toughest to negotiate with and, yet, they are great negotiators at gettinng their way.  LOL

Jan 18, 2017 02:13 PM #20
Rainmaker
560,768
Jane Chaulklin-Schott
TEAMCONNECT REALTY - (407) 394-9766 - Orlando, FL
TeamConnect Luxury Homes - Orlando, Florida, 32836

Carol, I am in the midst of some meaningful negotiation at the present time. It could result having a huge impact on the lives of a number of people. I will keep in mind something you wrote:  If you are thinking win/win, you can't lose. I certainly have win'/win in my mind and in the process of transferring that thought to my subconscious, too.

Jan 19, 2017 10:31 PM #21
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