8 STRATEGIES TO BRING YOU MORE NEGOTIATION POWER
Your ability negotiate on behalf of your client is critical when it comes to influencing a positive sales result.
You see, getting what you want over what the other party is simply willing to give comes down to how well your harness your negotiation power.
Here are eight strategies to give you stronger influence as an advisor in the negotiation — whether it’s a sale or a lease — and bring the two parties together to achieve a great outcome.
- Be a negotiator not a messenger
A messenger adds no value to the process. A negotiator recognises that value needs to be added when communicating between both parties.
So, as you are bringing the message across, think about how you can add value to it along the way. How can you advance the process and move closer to a sale — and a good price?
- Care — but not that much
This means you are not attached to the offer.
You may have an eagerness to get the deal done — especially if there is only one buyer willing to pay a particular premium for the property. Heading into the negotiation, you still need to demonstrate walk away power.
In other words:
“We can walk away from this negotiation and go somewhere else.”
- Go soft on the people and hard on the issue
Going soft on the people means to develop a positive relationship and communication with both the buyer and seller and position to them how much of a great fit they are for each other.
Before you are able to achieve a great outcome though, you may need to address an issue — such as the terms and conditions, the investment or the price point. This is where you need to go hard.
“Clearly you (the buyer) love the property and you (the vendor) want to sell it — but before we bring this together, we just need to address one little issue!”
When it comes to addressing issues, reiterate to each party that you are on their side and then reaffirm what you have already agreed on. Then, hone in on addressing the issue.
Isolate what has been agreed on and focus in on is yet to be agreed upon.
- Motivation comes before negotiation
Take a step back from the negotiation and ask your buyer:“Why is the property at the top of your list in terms of purchasing?”
Once you have re-established the motivation, you can step back into the negotiation process and help them see the true value of the property.
When it comes to the owner, who can often become fixated on a particular price, look at their motivation and then present an offer to them in such a way that they can see it in a more positive light.
- Never say yes on the first offer
Be bold with offers.
Play the third party referral tactic and utilise your power as a higher authority to refer to the buyer or seller to make the decision.
- Information is power
The more you know about the buyer and seller’s backgrounds, the better able you are to bring both parties together to achieve a brilliant result.
- Think in terms of outcomes
Your outcome might be to successfully sell this property to enable the owner to move to their next property and help the buyer to move in and enjoy their new home. Stay focused on that.
When you bring all of these strategies into play, you are utilising your negotiating power to add significant value to both the buyer and the seller.