When it comes to getting the most from your house prices, it’s vital to make sure your agents’ negotiating skills are as good as they possibly can be. It’s such an important part of a successful estate agency business, yet it’s so easy to overlook.
Prepare for how the negotiations will go
Have a plan in mind for how you want the negotiations to go. Be clear in your own head about your ideal outcome, and then rehearse each step from ideal to the deal you’re actually willing to strike. Do not ‘show your hand’ however, or you will give away valuable ground.
Discuss it with your clients and understand how far they are willing to go and what is most important to them. If you can be clear from the start on their expectations, you’ll win their trust and the sale will run much more smoothly.
Prepare for the worst case
To understand how well the negotiations are going to go, make sure you outline the best-case and the worst-case scenarios in any situation. It’s likely to end up somewhere in the middle, and if you’ve worked hard and done your research, you have every chance of ending up closer to the best case.
It’s important to be ready to deal with the worst-case though, just in case it happens. The very best negotiators will be able to leave with both sides feeling like winners.
Do your research
Planning and preparation is key. Get as much information about the deal from anyone you can. That includes your client, obviously, the other agent and the other party, as well as secondary information, for example about property prices, from information held on land registry sold prices.
Gather information
You will need to know who’s moving, when, where they are going, and what the current situation is. Have they had any offers? Are they part of a chain? It is also worth gathering information like how long a house has been on the market. It goes without saying that information should be gathered ethically and within the bounds of the law.
Stay objective
One of the most common reasons for negotiations to break down is when an agent gives an opinion to one party that they take as a definite fact, or through sharing inappropriate information.
Stick to your ‘rules’ even when it looks tough, and you will eventually build your strength in negotiation, and ultimately your confidence. It will make your business less stressful and more productive, which makes for more satisfying work.
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