We all know that the property market has changed in the last few months and will change a lot more in the coming months. Conditioning the client is not so much of an issue any more. The media is doing an excellent job of that.
Let Automatic Conditioning Happen
The media and market conditions are doing most of the conditioning needed with landlords, investors, and buyers of property. Keep things simple. Today we are the ‘solution service’ to get property enquiry and offer marketing solutions in today’s property market.
So here are a few ideas to help you with your negotiations and listing presentations with clients. The operative word to think about here is ‘listening’, and what you are doing about it. Are you really ‘listening’ to your client when listing? Can you do more with what they say?
Let Clients Talk It Out
Top negotiators today let the client talk out their thoughts as much as possible. From all of that exploration, you can get to understand the client’s real position and how they can move forward with their property targets and or limitations.
Prices and rents have changed and will change a lot more. The ‘goal posts’ are moving, but that is not our problem. We are the solution providers to act in getting a marketing plan together for the client and showing them a strategy to move ahead.
The Negotiation System
Here is a ‘base plan’ to help you with your client presentations and as part of using a ‘listening strategy’ to help you win some more listing business.
- Explore – Get the client talking so you can get to know what they think and expect. Question them about their perceptions of the property market today and their targets. You have to do that early in the discussion because they may be coming from a base of misinformation or inaccurate outcomes. Other agents may have ‘influenced’ the client to think incorrectly about marketing possibilities.
- Restate – When you think you know what the client wants and expects in their property situation, restate the facts in your words, so you know you are ‘working’ from the same channel of understanding. Clarity at this point helps you move on in the discussion.
- Alternatives and Timings – There are always different ways to do things in commercial real estate sales, leasing, and property management. As the ‘experts’ we are the best people to provide the alternatives and make clear recommendations on the choices available. Think about the variables in marketing, method of sale or lease, timings, and inspections. There is a strategy to put together here with every property that you have ‘exclusively’ listed. Give the client the timelines and recommendations so they can see that you are confident of listing progress and have strategies set to handle the property challenges and opportunities.
- Ideal outcomes – Ask the client to summarise what they would see as the best outcome given their targets and ideas. This information will help you know if you can achieve the result for the client. Are they realistic in their expectations? In all property situations, it pays to be direct and honest upfront with the client if the property marketing, pricing, or inspection process is to be complicated or protracted. At that point, you then ask for a lengthy exclusive listing period because you know you will need it.
Given all of these things, if the property is overpriced and or not matched to the market, you have the choice of taking it. As an alternative, you can always walk away from the listing. It’s your choice. Make the right choice.