alexis bolin negotiating contract to close
TRANSCRIPT
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Alexis Bolinwww.AlexisSellsHomes.com
● The #1 ERA Agent Nationwide three times● Currently ranked in the top 10 ERA agents in the nation● #2 in the Nation for Closed Sales with Home Warranty● Recognized as one of the Top 25 Most Powerful Women in NW Florida● Nominated for the Area Women in Business Award● Named to "Who's Who"" in Residential Real Estate● Named "TOP 300 Real Estate Agents in the Nation" by NAR Magazine● Ranked Among the Top 1/10 of 1% of all Real Estate Agents Nationwide● Over 5000 closed residential real estate transactions.
Home Inspections
Appraisals
The Other Agent
Repairs Titles and Liens
Contract Terms
6 NegotiationsWhat you’ll
learn today
What to Ask the Buyers Agent
4 Scripts
Best Way to Cushion a Low Offer
Finding Common Ground
The Other Agent and Other Parties to the Transaction
What you’ll learn today
Negotiationnoun | ne·go·ti·a·tion | {ni-ˌgō-shē-ˈā-shən}
A discussion aimed at reaching an agreement
A bargaining process between two or more parties seeking
to discover a common ground and reach an agreement or
resolve a conflict
consider89%
an agent to represent them -- NAR Homes Profile of Buyers & Sellers
Negotiation Skills to be
Very Important when selecting
80% of vital issues...
20% of time allotted -- NAR Homes Profile of Buyers & Sellers
...are resolved in the last
Learn everything you can about the other parties in the negotiation
The “Others”
Google the buyer or seller
Facebook & LinkedIn
Check other agents sales on MLS
2. It’s the Little People who get Things Done
3. Never Underestimate the Power of the Person Behind the Desk
How I Get Houses Sold!
1. It’s What you know along with Who you Know That Makes Things Happen
5. Send Thank You Notes
6. Gifts Birthdays, Holidays
7. Referrals
8. Small Things go A Long Way
4. I Always Pay it Forward
How I Get Houses Sold!
1. Thank you2. Compliment3. Never argue4. Be polite/positive5. Ask Questions6. Answer in brief7. Know when & how to answer
Negotiating Conduct
Negotiating PrioritiesResolve easiest issues 1st
Ask Why questions
Have other agents working with you
Give yourself an alternative
Don’t give-up something without getting something in return
Be prepared to defend your client's position with Facts not Emotion
What other homes are on their list?
Questions for Buyers Agent (A)
My job is to get your offer accepted as written, but I need your help. Can I get it?
Can you give me 3 Comps to support the offer price so I can defend it to the seller?
What have you seen that is priced better than this home?
If the seller can’t take the price offered should I just have them reject it or should they make a counter offer?
What do you think needs to be done to make this sale work?
Questions for Buyers Agent (B)
If you or your buyer could say two things to the seller to convince them to take their offer what would those two things be?
What can you tell me about your buyer that will make the seller feel good and take the buyer’s offer?
Questions for Buyers Agent (C)
If this was your listing where would you have suggested the seller price it?
What’s more important to the buyer, the sales price, getting the closing costs paid by the seller or the closing date?
Questions for Buyers Agent (D)
Article 3
NAR Code of Ethics
Realtors shall cooperate with brokers except when cooperation is not in the client’s best interest
Article 3-6
NAR Code of Ethics
Realtors shall disclose the existence of accepted offers including offers with unresolved contingencies to any broker seeking cooperation
I have a way to get that done
Under the new TRID Rules, neither the lender nor the Realtor can call the Appraiser.
Working with the Appraiser
Working with the Lender, Title Company, etc
Get control of the closing transaction
Buyer and Seller Authorization Forms
The Four OF NEGOTIATIONC’sCONFIDENCE
COMPASSION
COMPELLING
COLLABORATE
CONFIDENCE
It’s not arrogance
It’s in your tone when you speak
It’s key to negotiating effectively
It’s not something we are born with
Your show of confidence makes people more likely to trust you
Be prepared Have a positive attitude Get Organized Believe in yourself Motivate yourself
Confidence Boosters
C
COMPELLING
Leave your personal feelings out of it
Be able to present your case
Know your subject better than your competitor
Speak from a position of authority C
COMPASSION
To feel what is being said and be able to interpret it
Ability to show empathy and sympathy Have appreciation for other opinions
Try to understand the other party’s C position
Start with things the parties can agree with Each party sacrifices to reach agreement Normally an agreement won’t be reached without meeting each party's major needsNot all negotiations are meant to work out
COLLABORATE - COMPROMISE
C
“Honesty is the First Chapter in the Book of Wisdom.”
-- Thomas Jefferson
You can not change reality
Never make their problems your problems
All you can do is manage people’s expectations of reality
Sympathize with your prospects
2 minute break 2 minute break
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Back Again! Back Again!
Back to Alexis
1 Preparation
Five Steps to Successful Negotiation
Always negotiate from the position of strength
Know your market better than the competition
Have the very latest information.
Know the true motivation of the buyers, sellers and the other agent
You are a Better Negotiator
If You have No Have To’s
Five Stepsto Successful
2 Discussion
Negotiation
Ask questions to learn about the situation, the issues, and the participants
Understand all the participants needs and interests
Work within a range that includes minimums and maximums
Set reasonable goals for what you hope to achieve during the negotiation
Whatever happens, Remember It’s Not Your Fault
You have No control over the Market or Property Conditions
Learn how to pay attention to the
unsaid
Five Steps to Successful Negotiation
Proposition 3
Never offend the buyer, seller or other agentAlways strive for high moral ethics
Strive to find common groundNever get into an argument
It should always be a Win – Win for all parties
It’s not about You, it’s about the party you represent
You don’t sell by Telling
Sell by Asking
questions
Ask Open Ended Questions
Why? is that?
What? do You mean by that?
When? do you have to be there?
Who? else is going to be involved in the decision making?
How? are you going to do that?
Why: Why is it important to you?
Addition: Is there anything else that would cause you to …?
Meet: If we could meet those objections, would you …?
Else: What else is bothering you?
Bury: If we could take care of that?
Amounts to: Then what it amounts to is …?
Ask Open Ended Questions
4 Bargaining
Five Steps to Successful Negotiation
Learn everything you can about the situation,the issues and the participants
Understand all the participants needs and interests
Set reasonable goals for what you hope to achieve during the negotiation, and rank them by priority
Anticipate the others parties comments and prepare your responses
Always remain calm, pleasant, and unflappable
My job is to get you from where you are to where you want to be
I don’t know if I can help you or not, that depends upon the decisions you make today
I am here to help you but you are the one who will ultimately have to make the right decision
5Agreement
Five Steps to Successful Negotiation
Find ways to reach a Common Ground
with the Other Agent
Make sure YOU are not the Issue
Find ways to agree with the other party
Set a deadline for an answer
Know when to stop negotiating
Remember that some deals just can’t be closed no matter what you do
Don’t just stick to the bottom line priceNever respond with an offer that isn’t likely to be accepted
Always give yourself an alternativePrice is one thing and Net is another
“I have great news, we have an offer on your home.”
“We are $___________ closer to selling it today than we were yesterday.”
“Don’t be upset at this buyer Be upset at the other buyers who looked at your home and didn’t even
make an offer.”
Cushion a Low Offer
Show the seller an example of contract where a seller turned down a good offer only to accept a much lower one 6 months later
Explain to the seller, “I don’t want you to make this same mistake.”
Getting the Seller to be Realistic
Keep the sellers focused on what their reasons are for selling
Keep the buyer focused on why they chose this home over the others
“Know why the best homes sell first?” Because they are the Best Homes
“Other folks who sold their homes in the last few years
felt they gave it away at the time, but now they are glad
they sold when they did.”
If the buyer or seller can’t accept the first offer, always counter the offer
Explain to your client that is always better to “keep the line of communications open” if you want to make a sale
You can’t make a deal work when No One is Talking!
Never let the deal die on your side
The Buyer must want to Buy and the Seller must want to Sell...
MORE than You Need to Make the Sale
In controversial moments, my perception is always right
I always see both points of view
the one that’s wrong and mine
“The only difference from where you are right now and where you’ll be one year from now are the books you read and the people you associate with.”
Charlie Tremendous Jones
Never argue with an idiot…
...people watching may not be able to tell which one IS the idiot!
Facts of Life
Wouldn't it be nice if whenever we messed up our life we could
simply press
Facts of Life
...and start all over?
Questions?ALEXIS BOLIN, CRS emeritus
Broker-Associate
ERA Legacy RealtyPensacola, FL
CELL - 850-777-0275 Email- [email protected]
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