A Practical strategy to understanding how a good negotiator will get you a greater net outcome!
The 4 items that are essential in a negotiation
Is the ability to avoid becoming emotionally and personally involved and to stay objective. This is relevant from both the sellers position and the agent you employ.
Selling is a hugely emotional. If you detach yourself from the outcome and follow a strategy that is designed to determine the highest price, then when you engage an agent who is detached from the sale, that is not a commission only agent that gets a direct contribution from the sale then you will get the best outcome.
In negotiation knowledge is power.
As a seller if you have knowledge and understand the strategy that is being applied and it is open and transparent, then you have the ultimate control.
The agent also requires knowledge of the person they are negotiating with. This is harder to achieve during an open home. Having a buyer swan into an open house to then start negotiations puts the agent and you in a vulnerable position as the agent knows little about the emotional cues of the buyer.
Relationship is everything.
People will forget what you said. People will forget what you did. But people will never forget how you made them feel. (Maya Angelou)
Mutual trust with the agent you employ is essential. Recommendations will be offered by the agent you engage. Suggestions will be viewed as less risky and more acceptable when they are suggested by someone you like and trust.
Creating a relationship is crucial throughout a negotiation.
This also goes for the relationship the buyer has with the agent. A buyer will be more likely to consult with the agent and follow their advice during a negotiation when they know and like the person.
Allows you to know how risky the negotiation is and who the power. Without have the first 3 items in place the negotiation process is weakened and poorly prepared for. He who has the power in the negotiation wins.
There is nothing worse in a negotiation than a desperate agent looking for a sale. Weak negotiators do not have the first 3 items in place and are therefore incapable of taking calculated risks