This is the first article post in a series of blog posts on how to improve your negotiations skills. Real estate negotiating is one of the most important attributes for both investors and real estate agents. The business of selling and buying properties is a people business and requires relationship development skills. As a real estate agent or even as a regular seller or buyer you need good negotiation skills. The ability to close deals favorably is crucial to the success of your real estate transaction and to the success of any business as a real estate agent.
The best way to set yourself on the right track for improving your negotiation skills is to treat it as a process toward helping you understand people and their motivation, needs and wants. Despite popular beliefs, the negotiation process is based on trust, the opposite of deception. Successful negotiations require building relationships and rapport based on honesty. Get yourself familiar with human personality characteristics and use this knowledge to structure your offer accordingly. This will heklp you negotiate from a position of power since the other side will be more inclined to agree with your offer.
First impression can be a powerful tool in your negotiation arsenal. The best way to create a best impression is to add a dose of charisma. Add to the mix some confidence and laughter, hide your nervousness and make it look like you are relaxed. All these will help you establish a good relationship and build rapport.
Negotiator Personality Types
Master the principals of human relations based on humanc personality types. You can conduct a successsful real estate negotiation if you adapt your approach to these personality characteristics.There are four negotiator personality types:
The Analytical Negotiator - they tend to be overcautious, are very slow to decide on any course of action because they demand a high level of accuracy, and, therefore, they need lots of information before they’re comfortable with making a decision. In negotiating with the analytical negotiator you must propose solutions and outcomes that answer the question, “How has it been done before?' Analytical negotiators are usually consistent and predictable.
The Amiable Negotiator - is typically a traditionalist who is very interested in developing and maintaining relationships between the parties. The amiable negotiators hate high-pressure tactics and avoid conflict situations whenever possible. They value loyalty, sensitivity, and patience. The negative side of the amiable negotiator includes the tendency to be impulsive and sentimental.
The Extrovert Negotiator - is very friendly and open. The theme of the extrovert might be “Trust me, it’ll work out!” However, extrovert negotiators are enthusiastic, visionary, and has the ability to motivate others. They are willing to say “No” if their needs are not adequately addressed.
The Pragmatic Negotiator - is very business-like and efficiency-oriented. All thoughts are focused on the bottom line. The pragmatic negotiator can be recognized by the use of organizers and formal behavior.
Source: Institute for Supply Management - Personality Style Considerations in Effective Negotiation
The Amiable Negotiator - is typically a traditionalist who is very interested in developing and maintaining relationships between the parties. The amiable negotiators hate high-pressure tactics and avoid conflict situations whenever possible. They value loyalty, sensitivity, and patience. The negative side of the amiable negotiator includes the tendency to be impulsive and sentimental.
The Extrovert Negotiator - is very friendly and open. The theme of the extrovert might be “Trust me, it’ll work out!” However, extrovert negotiators are enthusiastic, visionary, and has the ability to motivate others. They are willing to say “No” if their needs are not adequately addressed.
The Pragmatic Negotiator - is very business-like and efficiency-oriented. All thoughts are focused on the bottom line. The pragmatic negotiator can be recognized by the use of organizers and formal behavior.
Source: Institute for Supply Management - Personality Style Considerations in Effective Negotiation
In our next blog post we will present the steps of real estate negotiations and a few tactics to help you succeed.
Here are a few great online resources to check out before you start working toward improving your negotiations skills:
Becoming a real estate negotiator has now also become easy as erp system is helping to easily negotiate the real estate property.
ReplyDeleteQuadra ERP Solutions Bangalore
True, it is highly recommended to use tools that can help you manage information that can prove to be useful during negotiations.
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