Great recruiters are great coaches. They have a great sense of the business and pass the knowledge to their agents. This will be the first of a series of articles that address critical areas that agents need coaching. It is called the empowerment series.
One of the most crucial skills sellers’ want from their agent is their ability to negotiate. Most agents have no strategy. No strategy means it is not addressed in the listing presentation. This makes the agent vulnerable to discounting agents.
Below is actual dialogue that is based on principle.
“Mr. And Mrs. Seller…the most critical piece in the process of getting your home sold is the negotiation. Let me specifically detail how I will negotiate an offer on your home.”
“When we receive an offer I will immediately call the buyer’s agent and thank them for their hard work. Commend them for a job well done…recognizing the fact how much hard work it takes to find the right home for buyers and go through the contract process. I will also commend them for making the offer on (my sellers’) home.”
“I want to enroll the other agent. We want to make this a win-win. Most agents negotiate win-lose or they have no negotiating strategy at all. Did the other agents explain their specific negotiating strategy? Wouldn’t you agree that is the most important part of getting you the highest price?”
“OK back to this offer. I will let the agent know that we will get back to them promptly.”
“No matter what the offer looks like…even if it is way too low we do not have to get upset. Reason: We don’t have to sell it for that price!”
“At that point I will show you a snapshot of the market…houses sold and currently in competition with you. Then we will come up with your counter offer price. At that time I will gather all the evidence possible that proves that you counter offer makes your house the best house at that price in the entire area. I will attach this evidence (comparables) to the counter offer.”
“I will put a cover letter on the counter offer covering a few items:
- Thanking the buyers for their offer.
- Letting them know their agent is working hard for them and has earned my respect.
- Letting them know that our counter offer, based on the evidence attached, makes the property the best house in the area for this price. And to please review it with the agent.
- Letting them know that the sellers (you guys) are very thankful for the offer and want to insure that all parties are pleased with the contract and want to create a win-win.”
“Mr. and Mrs. Seller wouldn’t you agree this is by far the best way to get the highest price for your home?
Did the other agents demonstrate their skill and understanding in negotiation?
Would you agree the ability to negotiate could get you 2, 3, 4 or 5% more for your home? So…you may be getting a listing fee discount of 1% but it may cost you much more on what you actually receive from selling your home.”
If you want your agents to have more value at the listing presentation, coach them to be more skillful. That is the value you should bring to your agents. Oh yea. Provide that kind of value and you will stop recruiting and start attracting.
