Are you ready to negotiate like a pro? In this week’s episode we talked about dollar producing activities versus non-dollar producing activities. We all know the big dollar producing activity is lead generation, after all without leads, you have no clients or customers.
Another dollar producing activity is negotiations
Negotiating is one of the reasons buyers and sellers hire us to help them sell and buy real estate. In fact, in a recent study by the National Association of Realtors, 46% of buyers expected agents to negotiate better contract terms and 33% expected their agent to negotiate a better price. Some of those surveyed probably selected both while some selected only one or the other. I think it is safe to say that at a minimum half of the people you work with expect you to negotiate a better deal for them than they could get on their own.
I am going to say this figure is probably even higher, but the historic market of the last few years people didn’t feel any negotiation was possible. Buyers felt they were just lucky to get a house and sellers thought the market was what caused their high prices and probably didn’t think negotiation had much to do with it.
How to negotiate like a pro?
In the episode I mentioned the Harvard Program on Negotiation. If you have not heard of this before, stop what you’re doing and go take a look. I signed up for the e-newsletter years ago and consistently receive valuable content pretty much daily. For just under $2,000, you can take an online course from the Program on Negotiation at Harvard Law School. Imagine if you could walk into a listing appointment armed with that certificate on your resume! On the website there are all kinds of Free reports and videos. This is an amazing toolbox for your negotiation education.
I believe that if you want to be treated like a pro, go be one. Learn to negotiate like a pro from any classes or courses you can. As the market shifts, the real estate market will become even more of a skills based market. This will weed out the weak agents who do not take the time to learn to be a better negotiator. This key dollar producing activity can make or break your career. You have the lead, now go out and negotiate the deal!
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