What is “The Art of Negotiation in Realty”, Basic learning for realtors and customers?
Real estate dealing or negotiations is an art in realty industry because of money and high profit involve. Every brokers want to earn profit and where profit involves there people forget ethics of business. Real estate market is different in different parts of the world and it does not mean ethics are same in all parts of the world. Moreover, As a real estate agent income and number of deals determined the ability to close the deal.Dealing and negotiations is an art and takes time to learn. In real estate the art of dealing is essential to learn because as a broker you have to deal with two kinds of stakeholders and they known as customer who are general to contact you for buy and sell property and second is your own work related brokers because in different places one broker need to deal with other broker for realty. Observations show that deal with own field brokers is hard sometimes when one person is less knowledgeable in realty and willing to gain more profit than other broker.It’s hard to close the deal because one person is always in doubts about other brokers. Its happen where one broker is unaware the art of dealing or confuse about different aspects of steps of the deal. Whereas, Its a simple to close the deal when both brokers are expert and willing to complete the deal. Moreover, Negotiation is hard with own field broker than a general client.Because general clients come in market to buy or sell the property according to their needs.
In realty both kinds of stakeholders are a challenge for one realtor and hear realtors need to learn the following steps to groom him/herself in the realty industry to make the profile high.
There are the following steps a broker should understand and learn in the real estate market.
1) As a broker you have to be passionate to complete the deal rather than thinking about money. So as a broker clear your aim to deal rather than think about money
2) As a real estate broker you must have basic information and complete detail about the given property which you are willing to deal for your clients. It includes property worth, locality and property current value and main features. When we talk about features of a property it includes property location, and amenities (such as schools, colleges, restaurants, hospitals, banks, religious center and public transportation etc.
Keep yourself positive with a smile, welcome and appreciate and keep environment happy and positive
Show positivity with your body language, use simple words and make an eye contact during conversation. As a broker you are deal for someone to be positive and neutral during the talk. especially when you are dealing for someone with your own colleagues realtors.
Describe the all aspects of deal in meeting and if there are issues. Then, focus on resolving the other issues that need to be worked out with some form of compromise. If the other side doesn’t agree with the options you present, provide them with alternative options backed by solid evidence.
Here when you were open conversation in about step there is a chance of hyperness so control yourself and do not become emotional about deal as you are in front of your stakeholders and conversation infarct give the idea which side your deal is moving either success or failure.
4) The final step when both parties are moving to close the deal. As a broker you need to close the deal and complete the following steps.
End the negotiation
When all set before walking out of the room from another office or your own office show the positive feelings with a smile, shake hands and thanks everyone in participation and talk about legal paperwork and fixed the time for signing the deal.
As a broker come with clarity on written agreements where all parties are agreed and hey have a full understanding about written deeds. Moreover, here you customers can disagree if you do not clear your commission. So clearly mention in written form about your percentage of commission to avoid conflict at the end of the deal.
Review the Agreement and signed
Review the deal main points such as; Is the agreement is working? Is it achieving what you all wanted? Are people keeping their commitments? Can we think of ways to improve the agreement that benefits everyone? And signed it from both parties
5) After completing the all process of the deal. lets enjoy you as a broker on the completion of your deal make a party, enjoy with families and friends with good food. Remember the celebration of success actually motivate you for the bigger ground in your professional field.