Opportunities are arising in many of Canada’s larger cities due to current market conditions. With increased inventory and less competition, buyers have more choices, and motivated sellers are open to negotiation.
Successfully navigating discussions as a Realtor can be challenging. Many deals fall apart due to poor negotiation tactics. Experts emphasize the importance of understanding emotions and psychology in decision-making.
Negotiation is a skill that can be learned with the right training and confidence, according to Suze Cumming, a real estate negotiation coach and former top-producing Toronto agent.
Preparation is key
Top business schools recommend four hours of preparation for every hour of negotiation. Understanding stakeholders, their responses, and values is essential in addition to financial knowledge.
To gather information, leverage your team and brokerage as resources. Share experiences, seek advice, and learn from others.
Extracting information and navigating difficult agents
Skilled negotiators know how to extract valuable information even from guarded agents. Ethical information-sharing benefits both parties and builds trust.
Openness and vulnerability can help close deals by establishing connections. Encourage collaboration and research the other party to enhance negotiations.
Disarming aggression and balancing competition and collaboration
Balancing competitive and collaborative strategies is key in negotiations. Recognize when to shift gears to disarm aggressive counterparts and maintain control.
Diffusing aggression is crucial in negotiations. Recognize signs of aggression and adjust tactics accordingly. Taking a time-out can help in emotionally charged situations.
Adapting strategy to market conditions, beyond price
Establishing a relationship with clients is crucial in negotiations. Focus on developing and executing a strategy together, not just listing the property.
Negotiations involve more than just price. Consider other important factors like timing, conditions, and non-monetary issues. Avoid unnecessary conflicts over minor items.
Successful agents assess and adjust strategies based on economic conditions. In competitive situations, securing any advantage is essential.
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