How to Become a Master Negotiator as a Real Estate Agent
D. Sidney Potter Material in this seminar is for reference purposes only. This seminar is sold with the understanding that neither any of the authors nor the publisher are engaged in rendering legal, accounting, investment, medical or any other professional service directly through this seminar. Neither the publisher nor the authors assume any liability for any errors or omissions, or for how this seminar or its contents are used or interpreted, or for any consequences resulting directly or indirectly from the use of this seminar. For legal, financial, medical, strategic or any other type of advice, please personally consult the appropriate professional.
Slide 2
About the Webinar Speaker •
D. Sidney Potter – Real Estate Professional and Author
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Member of the NAHB (National Association of Home Builders) and NAR (National Association of Realtors), and former commercial real estate broker and mortgage operations consultant Author of The Flip: The True Life Story of How a Successful New Tract Home Investor Went From Zero to Hero, Back to Zero. (Tate Publishing, 2010)
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Quoted in the Los Angeles Times and Wall Street Journal
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Negotiated, brokered and presided over hundreds of transactions since 1992, as both a principal and broker - with primary areas being Arizona, Nevada and California
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Most recently served on the Board of Directors for two major HOA’s in Las Vegas, NV
How to Become a Master Negotiator as a Real Estate Agent
Slide 3
Overview / Outline of the Webinar •
General negotiation strategies
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Specific negotiation strategies
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Choosing a negotiation strategy
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Negotiation strategies for buyside agents
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Negotiation strategies for sellside agents
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Why negotiation skills are important to agents
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 4
Overview / Outline of the Webinar •
What are the benefits of master negotiation strategies?
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Building trust is a negotiation strategy
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Build the foundation for manipulation
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 5
General Negotiation Strategies •
Don’t Kill Your Enemies
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Ethics matter
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Don’t re-open previously discussed issues
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 6
Specific Negotiation Strategies •
Combative or cooperative approach?
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Surprise auction
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Two bites from the apple
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Low ball (and build up)
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Take It or Leave It (aka BATNA)
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 7
Choosing a Negotiation Strategy •
Market conditions will dictate
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Seller’s market (How to negotiate)
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Buyer’s market (How to negotiate)
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Balanced market (How to negotiate)
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 8
Negotiation Strategies for Buyside Agents •
Check your ego at the door
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Establishing and building trust
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Be a cohesive team
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Don’t believe what you think!
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Loose lips sink ships!
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Price is just one consideration
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 9
Negotiation Strategies for Saleside Agents
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com Š ExecSense, Inc.
Slide 10
Why Negotiation Skills are Important to Agents •
Negotiation is 9/10th of everything (Don’t underestimate it)
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Negotiations are “fundamental” to all parties in transactions
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It builds confidence of real estate agent
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It builds persuasion and influence over others
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 11
What are the Benefits of Master Negotiation Strategies •
Helps you get more and give less
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Provides “know how” on how to get important information
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Strengthens relationships by the use of collaboration and trust
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May substantially decrease deadlocks and/or impasses
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Builds pride and professionalism by providing clients with superior value
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Can result in repeat real estate business as a result of superior service
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Creates ability to “see around corners”
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 12
Building Trust is a Negotiation Strategy •
Listen
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Find common ground
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Timely respond to counteroffers
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Reassure seller of closability
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Give a few war stories (and bleed a little)
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Practice the Golden Rule (for the most part)
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
Slide 13
Build the Foundation for Manipulation
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com Š ExecSense, Inc.
Slide 14
Conclusions •
To be a good negotiator, you have to know how to gather facts. (Hunter n’ Gatherer)
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Keep focused on objective
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Sharpen your mental acuity (if required)
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Anticipate. Learn to “see around corners”
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Build rapport and understand motivation of all parties
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Competence, Confidence and Character – are the hallmarks of top negotiators
How to Become a Master Negotiator as a Real Estate Agent D. Sidney Potter
www.ExecSense.com © ExecSense, Inc.
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