Get what you want: How to work a deal! -07

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Discover the secrets to getting what you want. In today's episode, how to work a deal, we'll break down simple tactics and share real stories to help you negotiate confidently. Tune in to boost your deal making skills and reach your goals.

You're listening to Real Estate Energized, where real estate meets real life. I'm Dill Ward.

And I'm Nicholas Nascimento, and we are not just realtors. We're your guides to the world of real estate with a deeper twist.

If you're thinking about moving sometime in the future, are already in motion with an upcoming move, or are a real estate professional who recognizes there's more depth to real estate than just a transaction, then join us on a journey as we unlock the real stories of personal growth that happens while buying and selling real estate.

Each week, we'll bring you unique perspectives and profound life lessons we've seen through our clients and our own experiences. Let's get started.

Hey, Dill. How are you doing today?

Hey, Nicholas.

We got negotiating on our topic board today, and this is really fun.

Oh my god. I love talking about getting what you want.

Oh, man. It's like the best thing that you can use everywhere.

You know, I think I'm just really good at this topic because being an only child sets you up in life to really work multiple parties to create an outcome you like.

Yeah. I'd say from being, you know, one of many children, it wasn't always an opportunity for me to really push for, like, well, I really want to do this without there being, well, their needs supersede yours, so you're out. It's like there's always a hard line. But for an only child, how did you negotiate?

I know. I can't imagine how hard that is, like, having to work a whole family trying to get to an outcome. No. But I just love that if you're persistent and you're curious and really willing to think about all the parties at play, you can accomplish just about anything.

Yeah. And I think you use that a lot in our real estate business and, for our clients. And, I love seeing how you get this, like, energy to you when you're in negotiation and you're starting to feel like you've got a position figured out, and I just love watching that kind of flourish in your eyes. It's great.

I know. Often, after showing a whole bunch of houses, I'll come home. And, I mean, getting to write an offer is exciting, but getting to work a deal is like, that's, like, the real energy. I'll just share kind of some of the basic frameworks that I go through when approaching an opportunity to start a negotiation. So, here's the key. Negotiation starts at the beginning of the communication. So, long before you're in the ring making an offer, especially in real estate. Right? You could apply this to a lot of things, but specifically in real estate and specifically if you're the agent working the deal in behalf of a client.

Now if you're a client, it's a little bit different. But if you're the agent working the deal, from the minute that you make contact with the other agent about the property in question before the client even has fallen madly in love with it is already at the beginning of the negotiation because you're presenting your energy. You're presenting how you approach the inquiry, how you approach the other party, the respect you give them, or even the property. Right? And I think that's a kind of a lost thing. I've noticed in watching how other agents conduct their communications with me when it's my listing or my property for sale, I'm always intrigued how they're sort of missing that we've already started the game.

Like, you know, when somebody answers the phone, they go, you haven't even said anything. And they're like, what? Well, I was going to call that our property, but it sounds like you've got something else on your mind. And I just walked into a very awkward room, you know, that sets the tone for, like, what you can expect the next few conversations to be like. It's like this, why are you interrupting my life with this inconvenience? Whereas, like, if you show up and you get a call from someone and you're like, oh, I'm so excited you called. This house is perfect for your clients. I'm sure of it. You know, even if you don't know, it's like you're being happy about it. Something you're working on shows some enthusiasm.

Absolutely. And the way you negotiate is actually your brand. Like, the way you do anything is the way you do everything. And when you make that first call to someone or even a text message, when you send the first text message, the way you communicate about what is the perceived opportunity will set the stage for the other person buying in on you winning. And this has been especially important over the years where we had just everything was multiple offers. And it's really easy to overlook that because, you know, frankly, as a real estate professional, we've all been kind of tired. We've worked really, really hard. We've been going, going, going, and the lost form of communication is kind of eroded.

But I think a skilled and masterful negotiator, someone who just always wants to get what they want or at least win a little bit. I mean, that's the thing. A good negotiation doesn't have to be 50-50. It just, everyone has to feel like they got a little something out of it and are willing to move forward.

Yeah. I think knowing, like, the general outcomes are probably, like, one of the key factors before you go into negotiation. So, like, that's me just going into a logistical place. From that, like, there's still the emotional side of things where it's kind of preparing yourself for, like, the ideal situation, but also being aware that there are other varieties of outcomes that may not be the ideal you wanted, but could still be something you would be happy with or something you would be just okay with.

Yeah. And, again, just this is sort of the agent-to-agent perspective. The opportunity to enroll yourself into the other person's world. So, if you have never talked to this person before, one of my favorite things to do is just to call and be like, hey, George. I'm showing your listing today. I'm going to sell it. And they're like, what? That's funny. Who are you? You know? Just like just like showing up with, like, this energy.

And then, like, after the showing, typically, a listing agent will reach out to a buyer's agent and ask for feedback. And this is another opportunity to build your brand, to become someone who is just always has a lot of energy and is always actively trying to move things forward. So, this is another time to show how diligent you are and caring and kind, really. You know? So, I'm like, oh, sorry, George. Yeah. Just like it didn't work for this particular buyer, but I really love it, and the listing looks great. And I'm going to keep it in mind for the next person. Let me know if there's anything I can do to help you. Right? And this is so powerful in another situation where your number offer number 5 on George's listing. You know? Just like you win with those emotional brownie points when you're just kind and energetic on those listings that are stale and aren't, you know, super easy and hot to sell.

Yeah. And especially, like, in that scenario with 5 other offers, if you're the agent who's got the best energy, but maybe, like, you're the 2nd place for, like, the other terms and whatever. You're still going to be putting yourself in a good position to be someone that the agent's like, well, this person actually seems like they are enthusiastic about selling your home. So, I really do think we should, you know, take their offer seriously and put more weight into, like, the, you know, working with them and finding an agreeable situation because they seem like agreeable people.

Exactly. And I want to put this out there to anyone who's looking to hire an agent to negotiate for them. The way they bring their energy to you in that interaction is probably how they're going to bring it to other people in the world in your behalf, and that's so important. I mean, I cannot stress enough how positivity, energetic, optimistic, solution driven translates into being a favorable, party that someone might give a little more intel to, a little push. I mean, I won so many multiple offers just because the other person was like, alright. I'll tell you. You know, you're in 2nd place. You need to come a little higher. And I think that that is overlooked a lot of times when considering the skills needed for someone you want to hire to represent you.

Yeah. I think that it's important to take that side of information and then apply it to the next phases. So, like, you've gotten past that initial conversation where you're like, hey. I'm just going to go show your house, and I'm super enthusiastic about it. And I think my clients are going to love it. At least I hope they do. And then, like, you come back and your clients love the house, and you're, like, you're finding out that there's multiple offers. Like, what would you say is, like, a good way to bring energy to that? If there's, like, other offers and you know that you may not necessarily have, like, a sky is the limit type of opportunity for the buyer.

Yeah. And you have to remember, if you're competing with one other party, you're competing. You got a 50-50 chance. You know? If there's 5 other offers or 1 other offer, you're in a competing environment. And money is important. Absolutely. But the essence and element of showing compassion for the other side, and whatever their situation and struggle is so important before even trying to put together what the price you want to offer because there's so much value in the other elements of an offer, including time. I mean, a lot of people have their house on the market, but they don't really know where they're going. They don't know if it's going to sell. They don't know how much they're going to make, so they haven't made a lot of concrete plans about where they're going to go. And so, affording them the time to make those plans, make those decisions, either through a rent back or just a longer closing, you know, or vice versa. The house is vacant, and we don't know. Like, how exhausting is it for them paying on a vacant house, paying utilities, paying taxes, paying HOA, paying all that stuff. Like, these are all key elements, because sometimes clients will just say, like, oh, what should I offer on this? I'm like, woah. Woah. Woah. We got a lot of research to do here. We got to understand the motivations and the needs of the other party before we even kind of craft the price.

Yeah. And it's good to have on hand questions that can help you elicit that information from a listing agent. And also, to like, to understand what the priorities might be for somebody, you know, if in different walks of life. Like, even sometimes it might be somebody who's just ahead of an estate, and they're completely detached from the outcome. But they'd rather to have a transaction with somebody who's, like, more optimistic and positive than somebody who's just like, so this is a trashy property, and I don't really want to be representing the buyers in this, but here I am.

Yeah. And one of the most important things, I think, in your representative, someone that you've hired to negotiate in your behalf, is that they can be a little bit more emotionally sensitive and compassionate. And you could be a little more hurtless if you want to or vice versa. Right? You can be a bleeding heart, and they can be a little tough for you and coming to the table to really, you know, try to get you the best deal. I think those are important counterpoints of someone working in your behalf. And if you're the agent, you know, knowing that you got to use that skill of persuasion to elicit as much information as possible because all information can help drive better decisions.

Yeah. And there are ways to be persuasive that stays in the positive side of that definition, where it's like persuading toward a positive outcome because it's going to be a mutual benefit for both the sellers and the buyers to, like, end up in an agreeable place where they've departed ways at the house with good feelings and the new buyers are moving in with good feelings, working towards that outcome.

Yeah. I think a lot of people overlook casting the vision of how this offer, even though it's a lowball, is amazing because it solves some problems for the seller and has other redeeming qualities. I think we can't just kick an offer over to their side and be like, here it is. Take it or leave it. You know? You really have to sell it like, there's an opportunity to really bring in all of the understanding where the buyer's coming from and how the buyer considered the seller's needs, even if they completely didn't, but we just work to make it look that way.

Well and this is dialoguing from the buyer's perspective. But even as a seller like, having a positive, like, outcome in mind for the buyer can help them to be more agreeable if the terms they've presented initially, like, they ask for you to repair more than you're willing to do. Like, you may be able to say, I can't really do that, and they won't be mad at you because you said no. They'll just be like, well, we tried, you know, and you end up with something that moves forward in an amicable way.

And I think we have to remember too, especially in an environment where you've had a house on the market for a little while, I mean, if a buyer's not trying, I mean, they're kind of missing out. So, you kind of expect they're going to take a shot. Right? They're going to say, I want this, this, and this, and this. And sellers can sometimes get very upset, very angry, oh, I'm not going to fix all these things in the house and da, da, da. And as a representative, you can just allow them to be like, I get it. That totally sucks. I wouldn't want to do that either.

How about we just say no? You know? It's just like, I know my clients love when I tell them, what about saying no? And then you got to propose something else or you got to counter back. I think all negotiation is better when it just keeps going. Even if you seem like you're a football field apart, taking one little step, one little step, I know in my own business, sometimes we're 4 counter offers deep.

And, like, 4 weeks long.

Yes. And it's this is another thing that always, you know, strikes me, why people, I think we talked about this in another episode, but just how people will take a week to decide something, and then they kick it over to the other side and they're like, it’s been an hour. Why haven't they responded? You know? Because a lot of making good grounds in negotiation takes time. They have to simmer on it. They have to go through the emotional upheaval of, that's not what I wanted, but I guess I'll do it.

Yeah. Right? Yeah. I think it's one of those things where you have to have enthusiasm and patience. And I think those are the 2 key aspects of that, and it works on both sides of the transaction and as a real estate agent. Like, just being in those like, keeping those in mind when you're stepping into a negotiation position and you know that there's a little bit of bumpy road ahead, you know that you can be patient and you can look for the best outcomes.

I know. I feel like a little bit of an oddball because I almost never want it to be over. Just like, I'm always like, oh, let's just, how about we try one more little thing? How about we see if we can nudge it just a tiny bit more in our favor? And a lot of my clients have said, you just love this, don't you? Yes. I do. I really do. Because if there's room, you know, if the other party's still engaging and you think there's an opportunity, you only get one shot to sell your house, you know, or one shot to buy, and you got to make the best deal you can.

It's important to remember too that even if the money is in the bank and it's already transferred over and you've got keys, you could still be negotiating things. Like, you never know what curveball is going to come your way, and so it's important to have somebody on your side who's going to help you navigate all of the different pitfalls that can arise or that can fall in during the time that you're working your way into getting into that house.

And I just want to say outside of real estate too, one of the most powerful things is remembering that you can ask anyone for anything. Like, that's the key to life. Right? Whether you're asking a friend to go to dinner or trying to buy something on Facebook marketplace. Like, everything is a conversation where somebody began with asking and then trying to persuade. You know, like, maybe ask you for, hey. I'm going to go to dinner. And they say, oh, yeah. I'll go for Chinese. But you don't want Chinese. You want to get tacos. You're like, what do you think about tacos? And everything is an opportunity to help influence another person. Again, this episode's about getting what you want. So, first knowing what you want is kind of important.

And then, like, if you're talking about longer perspective negotiations outside of the real estate world, like, it can work its way into just dropping hints in not necessarily such a subtle way that people are confused whoever had any interest in the topic. But, like, if you want to go out for Chinese food and or you wanted to go out for tacos, like, you know, you could say early on the week, I want to have tacos this week. It's been so long since we've had tacos. And then, like, maybe the next day saying, hey. What are you thinking about, you know, later this week, we go and get tacos. Like, you kind of have to keep trickling it in to make sure that you're working towards an outcome. And this could be applied to other things, even in relationships where you're like, I feel like we're doing something off about the dishes, and we got to figure out how we can cycle this in to a nice, healthy rhythm, try and present potential direction for leading to a positive outcome.

I think I'm influencing you because that's some only child business right there. You start. You got to see what you want. You got to keep asking, keep asking, keep asking. When I think back about childhood, that was the key. You know? You'd hear no. You'd hear no. You'd hear no. You just keep asking. By the 5th time, you've worn them down. Just, yeah. In conclusion to this episode, I hope that you found some value in here to think about what you want, how you might get it. And if you're approaching the real estate market with a potential buy or sell, I hope some of these strategies will help you think a little bit bigger.

And I think that that is the best way to keep it in an elevation space like elevate your perspective of the outcome and keep yourself moving in a positive direction.

Thanks for joining us on this week's episode. If you are an agent and you feel like you're inspired in your heart, please join our free community, Agent Inspired, on Facebook. There's a link in the show notes. If you're thinking about buying or selling anywhere in the world and you want to be connected to another agent who really cares about what they're doing, reach out to us, and we'd be happy to help you.

As we close the door on another incredible episode of Real Estate Energized, we want to express our heartfelt gratitude to you, our listeners. If you're looking to buy or sell real estate anywhere and need a great agent or you are an inspired agent yourself, connect with us.

We hope you found inspiration and insight in this episode. Remember, real estate is not just about walls and roofs. It's about the stories and dreams that fill those spaces.

Stay tuned for more exciting stories and life lessons in the episodes to come. And if you have a unique real estate story or topic, you'd like us to explore, reach out in the links below in the show notes.

Until next time. Keep dreaming, keep growing, and keep finding joy in the journey. Thanks for joining us on Real Estate Energized!