Negotiation Strategy and Psychology

So let's get into the Tuesday training.

We do this every single Tuesday.

We do training mainly for agents, you know, but the general public also can enjoy some of these topics.

And I think negotiation is one of those things that certainly you get better at with experience.

But I think.

One of the main things that we need to talk about is understanding motivation of each party, which kind of, in a sense, gets to finding common ground.

So say, for example, Mike, you're in a negotiation or even presenting an offer.

I know that as frustrating as it can be to receive a bunch of phone calls as a listing agent, don't you find that it's really important to contact that other agent, say the listing agent, and find out what's important to the seller? So I'm going to hit pause for a second and tell me about that.

Have you learned anything when you're talking to the other agent sometimes that isn't just price?

Absolutely.

First and foremost, answer your phone.

I mean, that speaks volumes.

If you actually answer your phone and talk to the other agents and just have a friendly conversation and ask a few questions and then be quiet, let them talk.

And as they're talking, they're going to reveal a lot of what their sellers need.

And it's going to help you leverage your negotiation to better your buyer's position.

Absolutely.

Some of the things that we learn is that, sure, every seller wants a higher price.

Every buyer wants a lower price.

So price is the number one thing that we find out about.

But, you know, what about other factors? Like, is it really all about the money or is it?

Well, I just had one this week where.

Is

it about the flexibility of closing dates? Is it about convenience? Yes.

Oh, you froze up there, Mike.

Yeah, I just had one this week where the seller was looking for a place to live.