Karteikarten
Negotiations
Karten in diesem Stapel (26)
- 1PRE-CONDITIONINGimposed before negotiations begin i.e. "Don't even bother bringing in am offer unless is full price.
COUNTER: the set aside. sit down, talk and see if we can come to a mutual agreement. Set pre-conditions aside and see if we can agree on ever - 2ANCHORINGan attempt to establish an reference point, i.e. list price or beginning offer. People grab an anchor whether it is relevant or not.
COUNTER: a person with an aggressive first offer has an advantage as that offer will be the anchor from which subsequent offers are adjusted. - 3HOT POTATOOne party taking their problem and making it their counterpart's problem.
COUNTER: Return the hot potato and force them to make a choice or give them one of your "hot potatoes" - 4THE USE OF HIGHER AUTHORITYCan't sign off on a deal without someone else's approval.
COUNTER: Ask if counterpart needs this even before negotiations begin. If they do then appeal to their ego by suggesting that the "higher authority" will surely respect their recommendation. - 5THE POWER OF LEGITIMACYOffer in writing supported by data which support your assumptions.
COUNTER: supply your own data that favor your assumptions. - 6NIBBLINGOnce an agreement is consummated, one party continually asks for more. Those who use this strategy will withhold certain items that they want until their counterpart is most vulnerable.
COUNTER: Draw the line early in the nibbling process. - 7THE VICEResponding "You will have to do better then that" to an offer in an effort to get counterpart to negotiate against themselves.
COUNTER: Ask them to be more specific and do not continue to negotiate until they are. - 8SPLITTING THE DIFFERENCEMost humans want to achieve a sense of fairness.
COUNTER: Use anchoring to split the difference when the split is based on two numbers that your side perceives to be unfair. - 9THE DEADLINEGiving a time frame in which your client will withdraw the offer.
COUNTER: Politely acknowledge the deadline to the other agent and advise your client to move at a pace that is in their best interest , not the othe parties' - 10THE WITHDRAWN OFFERA buyer verbal withdraws their offer to purchase.
COUNTER: Walk away and test the validity of the bluff. - 11THE OTHER BUYERA scare tactic used to create fear by alluding to another interested party.
COUNTER: Evaluate its validity based on other factors i.e. pricing, counterpart's reputation - 12BIG FAVOR, LITTLE FAVORAsking for a large concession in hopes of receiving a smaller one.
COUNTER: simply decline the smaller concession also. - 13SILENCEMake a proposal or condition and remain silent until the other party speaks.
COUNTER: Remain silent or use one of the other strategies. - 14THE FLINCHA subtle sound or facial expression that communicates displeasure and is used to plant doubt in the other person's mind.
COUNTER: Ignore it or give the other person a taste of their own medicine. - 15RELIABLE AND TRUSTWORTHYA multiple offer situation can create great leverage for the listing agent. Don't lose that leverage with an unhealthy reputation. Be an agent that other realtors look forward to doing business with.
- 16THOROUGHLY PREPARE AND BE AWAREMany believe that great negotiators are smooth talkers. The best negotiations are great listeners. Be in an "awareness zone" of the personalities involved ...of the other agent, sellers and buyers along with their issues. Be prepared with the facts of the market. Also understand yourself and your personal emotions that can serve as stumbling blocks to the negotiation process
- 17SET RESONABLE EXPECTATIONSUnder promise and over deliver...never guarantee anything.
- 18DEMONSTRATE CREATIVITYCreativity allows you to draw from parallel experiences to solve a problem by changing the framework or terms of a deal.
- 19CONSIDER COUNTERPARTS PERSONALTIY AND NEGOTIATION STYLEAdapting to your counterpart's style builds comfort and trust. Ex. A detailed, analytic person needs detail and statistics. The Golden Rule: Treat others as you would like to be treated. The Platinum Rule: Treat others as they would like to be treated.
- 20COMPENSTATE FOR WEAKNESSNot good a math; bring a calculator / Have a hard time with detailed contracts; know the standard contracts forms inside-out/Have a poor memory; take lots of notes and review them. Never reveal your weakness but compensate for them, and take advantage of your counterparts.
- 21ASSERT THE CLIENT'S POSITIONPresent your clients needs and try to get them their wants. If you don't ask for something, chances are you won't get it. Be assertive but not aggressive, and when you are presented with a contrary position to that of your clients needs, acknowledge the position and then present yours.
- 22GUIDED BY COMMUNCIATION WITH THE CLIENTYou cannot communicate too often with a client. Communicate any change of circumstances or thoughts on strategy as soon as prudent and give them the advantages and disadvantages of all options.
- 23ASK FOR MORE THAN SHE/HE EXPECTSOpen negotiations with more than you expect without insulting the other party because:
A. You just might get what you ask for
B. If you give something up later, the concession feels like a gain to the other party.
C. It gives you a tool to concede if there is a deadlock should the other side get stuck on a particular position.
D. If you cannot reasonably defend your opening position and you insult the other party, you may end up with no one to negotiate with. - 24ANALYZE EACH EXPERIENCEOnce you close a deal, evaluate what worked well and what could have worked better. The same issues often repeat themselves in real estate and learning from them every time will improve your skills in negotiations.
- 25GUIDED BY PRACTICE, PRACTICE AND MORE PRACTICENegotiating is an art, not a science. Through training, role playing, picking up cues from others in the office whose negotiating skills you admire and from your own personal experience, you will develop a feel for what to do in any negotiating situation.
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- Karteikarten am Negotiations, erstellt von mavreal am 27/06/2016.
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- mavreal
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