Real Estate Agent Guide
There are thousands of real estate agents according to the Canadian Real Estate Association. So in order for you to stand out and be the best, you need more than a license and knowledge of the real estate market. Most agents call it quits after a few years not because they lack the muscle to soldier on during tough times, but simply because they do not know how to negotiate. This makes them always fail to convince real estate investors to sell or motivate a buyer to splash out the cash on a property.
Here are some ways that you can be the best real estate agent and always be in a position to make the best deal.
Don’t Talk Just Listen
When you want to negotiate, listen first and speak later. When a client throws an offer on the table, do not react immediately. Mull over the offer before you respond. Most clients interpret this as disappointment and would review the offer. Master negotiators use this art to get less experienced people to make lower offers without having to open their mouths and make a counter-offer.
Information is King
The best real estate agent is the one with information at his disposal. During negotiations, it is important to know the objectives and the motives behind any deal. Negotiations are not always about money. It might be more about solving a problem rather than money. Some smart agents realize this and use it effectively to their advantage.
Imagine if there are 2 desperate agents jostling for an available property. One agent might think that the buyer with the most money wins and might want to ask for an extra month for his client to get financing. The second agent might ask the seller why his property is on the market. The seller might say that he has to take a job offer overseas and needs to move in the next 2 weeks. This savvy agent can close the deal by paying less in 2 weeks with no inspection contingencies.
The first agent offered more money but lost out. The second agent offered less and won. Why? He solved a problem and that was because he garnered information from the seller before making his offer.
Avoid being an agent who is driven by a “winning ego” rather than doing business properly and preserving business relationships. Some agents would clamor for their last penny in commissions; others just walk away with an ego massage and collect all their entitlements.
You can turn the tables on contractors or even buyers by doing the exact thing. You can tell them you do not like doing business with them because they are so persuasive and convincing. Flattery can get you into certain places. You would be surprised how this can work to your benefit and ensure that you come out tops in a deal. This does not only make the other person lower his defenses. He might also feel that he owes you one and offer you a better price in future.