The Real Estate Encyclopedia
How do I handle the Negotiation Process?
Category - Professional Development - Become a Real Estate Agent

Negotiating is an art. Many oriental cultures have perfected this art and are worth emulating. These cultures have learned that a good negotiator takes his/her time, learns everything there is to learn about the client or “opponent,” and tries to arrive at a win-win situation.

Negotiations should not become battles in which one party triumphs over the other but rather a way to identify both sides’ needs and coming to an agreement, which works for both sides.

An agent begins negotiating the moment he or she meets a new prospect. Essentially, you are negotiating with the prospect to allow you to become his/her agent. You want the prospect to be happy about the decision to select you and, therefore, you must both learn as much about the prospect’s needs as you need to “sell your self” by providing information about your strengths.

Once you are working with a client, you continue to negotiate regarding the homes you visit, which ones might work best and why, until you finally negotiate on behalf of your client to arrive at the best purchase price and terms of the sale. When negotiating with the selling or listing agent, keep in mind you both have the same ultimate goal in mind, which should be to complete the deal while best supporting your clients. Cooperating agents will facilitate the sale and find solutions when overcoming hurdles. Negotiating may include both agents giving up a minor portion of their commission, in order to complete the sale. This is especially important in a soft market. Always remember it is better to earn less percent of something that 100 percent of nothing!

 
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Professional Development - Become a Real Estate Agent
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