Mastering Real Estate Negotiation by Imran Zaidi
Negotiating a winning deal in real estate demands a blend of skill and practice. Central to this process is active listening - an indispensable tool to understanding the other party’s needs, fostering trust and uncovering common ground. Equally critical is eliciting a calibrated ‘no’ early in the negotiation. This strategic move not only conveys an illusion of control to the other side but also allows you to pose open-ended questions, gathering valuable information and fostering a cooperative atmosphere. During negotiations, focus on ‘what’ to discern the priorities of the other party. This targeted approach facilitates concessions that provide you with leverage when advocating for your client’s interests. Craft a compelling vision for the other side, aligning deal terms with their overarching goals because, as the saying goes, ‘vision drives decision.’
Imran Zaidi Branch Manager Right at Home Realty, Mississauga imranz@rightathomerealty.com 905.890.6084
The use of mirror and labeling techniques can build rapport by reflecting emotions and identifying feelings. Maintaining a positive dynamic proves contagious, encouraging collaboration and compromise. Implementing these techniques disarms the other party, ensuring they are equally invested in your satisfaction. The ability to walk away is a powerful negotiating position. Know your limits, and have alternatives ready. This preparation communicates strength and determination, often prompting the other party to reconsider their stance. While the concepts outlined above aim for mutually beneficial outcomes, in situations where common ground proves elusive, walking away becomes a victory in itself.