john hurlbut
Win Win or No Deal is one of our core tenets . . .
The ability to negotiate effectively is a crucial skill for agents to possess when representing their clients in a real estate transaction. However, successful negotiations go beyond securing a favorable outcome for one party. To properly negotiate a win-win deal, here are three things you can do:
Understand the needs and motivations of all parties.
Take the time to learn about both parties’ goals, constraints, non-negotiables, and expectations. This knowledge empowers you to negotiate terms and prices that meet the seller's requirements while appealing to prospective buyers. When I’m representing a seller in a transaction, I absolutely love it when a buyer’s agent calls me to ask what’s most important to my seller.
Establish open and transparent communication.
Prioritize clear and frequent communication to ensure all parties are well-informed throughout the negotiation process. Transparency builds trust and fosters a cooperative environment, increasing the chances of reaching a mutually beneficial agreement. Also be sure you’re communicating the same things for each client. You can automate a lot of this communication because let’s face it, once you’ve told one client what they need to do to get a septic pumped, you’ll tell all the rest the same thing. So have e-mail templates you can use to make your communication consistent. See my video about real estate CRMs for some best practices around this topic.
Seek creative solutions and compromises.
Be willing to think beyond traditional negotiation parameters and find innovative ways to bridge gaps between buyers and sellers. By actively engaging in problem-solving and considering various perspectives, agents can uncover win-win solutions that may not have been initially clear. For example a buyer may ask for a roof to be replaced during the inspection phase because they don’t have the money to replace it after closing. However by offering a closing cost credit to that buyer that allows them to keep money in their pocket at closing to replace the roof, the seller doesn’t have to go to the trouble of finding and hiring a contractor to do the work. This is what we mean by Win Win.
In fact at Keller Williams, our core Values are the WI4C2TES, The W stands for Win Win or No Deal. It's first for a reason.