Negotiation is a dying art. I hate to admit it, but far too many REALTORS® are simply not negotiating anymore. Let the hate mail commence…
Truly though, real negotiation, sitting down at the table and hashing out a deal on behalf of our clients is really what it’s all about. Far too often I hear reps saying, “I’ll just email this over, and we’ll see what the seller comes back with.” Really? You might just as well cross your fingers and hope for the best while you’re at it. This isn’t negotiating!
So, what is negotiation?
‘Negotiation is a method by which people settle differences. It is a process by which compromise or agreement is reached while avoiding argument and dispute.
In any disagreement, individuals understandably aim to achieve the best possible outcome for their position (or perhaps an organization (sic) they represent). However, the principles of fairness, seeking mutual benefit and maintaining a relationship are the keys to a successful outcome.’ Source: http://www.skillsyouneed.com/ips/negotiation.html
I like this definition a lot more than others I’ve come across for the following reason: it defines a successful negotiation as one where fairness and mutual benefit are the driving motivations. I always looked for ‘win-win’ solutions when I was actively trading, and where one party feels that they ‘lost’ I never felt as though I did a good job of negotiating.
McCoy: Lieutenant, you are looking at the only Starfleet cadet who ever beat the no-win scenario.
Kirk: I reprogrammed the simulation so it was possible to rescue the ship.
David Marcus: He cheated.
Kirk: I changed the conditions of the test; got a commendation for original thinking. I don't like to lose.
Saavik: Then you never faced that situation... faced death.
Kirk: I don't believe in the no-win scenario.
Star Trek II, The Wrath of Khan
So, I went searching for some great negotiating videos on YouTube. Bite sized chunks of information provided in video format are so popular now, that I thought it would be useful to share some that I’ve found to be the most useful. Turns out that there’s a lot of noise out there around what good negotiating and what that might look like.
In the end, I went back to an old favourite that was first introduced to me by my former partner and mentor, Bill Pyle. Roger Dawson was an extremely successful Realtor in California and has gone on to produce some absolutely fabulous training materials over the years. Bill shared, “Secrets of Power Negotiating” with me over 17 years ago, on cassette tape no less, and it blew my mind. The beauty of these ideas, I think, is that they’re timeless. There isn’t anything here that relies on technology or social media, just plain old human nature. Roger has such a clear understanding of this that his ideas come across almost effortlessly because, when you hear them, you almost instinctively understand them. It’s one ‘aha’ moment after another.
It is in your best interest, and in that of your clients, to be a better negotiator. Get out of the office, and your comfort zone, and actually present your offers. Allow your colleagues in the profession to present their offers. Let’s show our clients our true worth!
“You cannot make money faster than when you are negotiating; it’s the highest and best use of your time.” – Roger Dawson, Power Negotiator
So, here are my Top 6 Negotiating YouTube Videos:
My #1 Video: Be prepared to walk away.
Referring to a Higher Authority.
Asking for More. (ignore his snarky English impersonation…)
Nibbling. One of my favourites and one of the most insidious :)
Trading off. Use this to stop your counterpart from grinding on you.
Splitting the difference. Don’t offer it, but don’t be afraid to accept it. Let them feel like they ‘won’.
If you have some favourites of your own, I'd love to hear about them!
Wishing you continued success in all that you do,