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December 21, 2023

Negotiating Beyond Price

Challenge: Change the game on fee defence and marketing to be paid for by the agent to win the business.

The current business environment is challenging for many real estate agents, loans are difficult to get, buyers have more options due to more houses being on the market..

This pressure is now being felt by agents to cur their commissions or fee to sell houses and in some cases also pay for marketing.

The top agents never seem to buckle under this pressure to cut fees and pay for marketing the property.

SO why are we learning to overcome these problems that the majority of agents are facing.

Two main problems-

Cut your fee
Pay for marketing if you want to sell my house

The challenge:

- How to communicate the value to remove the fixation on price as a determinant to value only.
- Learn how to negotiate from a position of power not weakness
- The benefit in developing high end negotiation skills is the psychological effect on the identity of the sales person is immense.
- The business benefit is profound as it set in please an aura of confidence that attracts other vendors to sell their houses with you. You learn to become the go to sales agent in your area. The other benefits are of course the impact on your personal life and the lives of your family.

By developing and ability to Read People and Negotiate is a skill with many benefits.

What did I do for them?

Showed them how to negotiate beyond price by understanding the psychological needs of the client and then to identify the unmet needs, their trigger points. They also learn the importance of being able to justify their price but not to apologise for it. I showed them how to negotiate on multiple issues at once and not to focus on one.

They learnt the importance of setting an anchor at the start of the meeting which became the reference point for the duration of the sales process. Obviously utilising some of the negotiation tactics it becomes so much easier to communicate the value.(Major note here. All trainers talk about building value, BUT none of them can actually tell you how to do it.)
What is the impact of this game changing strategy?

The business the agents wins is highly profitable for them and also it gets the best result for the client as well. Why it prevents a client in choosing a low cost agent who will compromise on delivering the best result for the vendor, because they have nothing to play with. No time, no budget, no heart in the deal. By choosing a low cost agent the vendor gets a poor result.

At the end of the day the vendor wants a good result and the reason why they focus on price is because it seems the only variable most agents can influence and the only variable the agent can compete on.

By removing that leverage, you can dominate that market, build market share and become the go to person. Interestingly by potentially increasing your fees, YOU Become a Game Changer.