Just about every stage of a sale or lease transaction in commercial real estate involves levels of negotiation in some way or form. It directly follows that as brokers or agents, we should all be focused on improving those special personal skills of reaching an agreement and a positive outcome for our clients. How are you as a top negotiator?
Think about the facts of a listing and the stages of what we do. Here are the key stages that all require diplomacy and debate.
- Do you have all the facts?
- Are you prepared for bargaining with your listings and the local property challenges?
The Key Stages of a Property Negotiation
These are important stages of any property listing:
- Making a direct cold call
- Seeking a meeting with new people or prospects
- Explaining the marketing process for a property
- Converting a property listing to exclusivity
- Getting marketing funds approved
- Qualifying a property enquiry before giving out too much information
- Creating a property inspection opportunity
- Discussing price or rental requirements
- Attracting an offer on a property
- Presenting an offer to the client in a factual way
- Showing comparable listings in a relevant way
All of these things can be practised and improved. Time in the industry will usually help the process, but you can fast-track your skills in any property type or location by daily or weekly role-playing in your business team.
Here are some facts about brokerage property negotiation: