Filed under: Negotiating Best Practices
The walls of regulation in Canadian real estate are bound to keep tumbling down, so it’s no good complaining about it. Our response to competitors charging less for their services shouldn’t necessarily be doing the same. If your business’ calling card is low commission rates, you’ll attract people who are fixated on price, not on value. That’s a losing game because any competitor can pull the rug out from under you in a second simply by charging less. So your response to this de-regulation should be providing more value to customers so that you can justify your higher fees. Show people that they’re truly getting what they pay for. Isn’t that what they deserve anyway? (more…)
November 5, 2009
The online discussion of this matter amongst real estate professionals and the public has been very heated and predictably polarized. Most of the public who commented think the changes were overdue, chastising real estate professionals as being overpaid and underworked and not bringing much (if any) value to the table for their buyers or sellers. Predictably, most Toronto area real estate professionals were vigilantly defending the status quo. Most of them made very self-serving comments, some with really warped logic. Here are some of the biggest offenders: (more…)
November 4, 2009
Several years ago, a Toronto real estate professional named Stephen Moranis (son of Toronto area real estate legend Sadie Moranis) teamed up with Lawrence Dale (a real estate lawyer) to try a new approach to selling real estate in Canada. They realized the Toronto area’s extremely hot real estate market (which enjoyed an unprecedented 8 years of consecutive growth until recently), along with the increasing maturation of the internet and technology, had made the average home seller faster and for more money than ever before. When homes almost sell themselves, it’s natural the public will call for changes in how real estate professionals get compensated for their work.
With so many Toronto area houses selling so quickly for at or above asking price, (more…)
November 3, 2009
It was once thought that the internet would make the real estate professional obsolete. Though that hasn’t happened, the internet has given consumers marketing tools comparable to the MLS, so many more home sellers today than yesteryear are trying their hand at selling their own homes. So you must prove you are worth your commission to FSBOs more than ever. Here’s how to do it: (more…)
July 17, 2009
Many real estate professionals think negotiating only occurs when an offer comes in. In reality, negotiating is always happening, whenever you communicate with anyone, whether it be friends, family, prospects, or clients. These are mistakes real estate professionals make when negotiating: (more…)
June 10, 2009
Few (if any) sales professionals go to school for talking on the telephone, yet your telephone skills are a huge factor in your success. Many real estate professionals have poor listening skills, even to the point of not remembering what was just said by the other person. You should be spending half your time on the phone listening to the other person, so if you aren’t a good listener, it’s time you became one. Here are some easy ways of improving your telephone listening skills: (more…)
April 22, 2009
As a real estate sales manager, broker owner, and real estate trainer, I’ve worked with thousands of real estate salespeople. After accompanying these people on sales appointments, I’d counsel them afterward on areas they needed improvement in. I eventually distilled the real estate selling process down to 6 basic steps. Once I adopted this selling system, I found my sales and the sales of these people I counseled increased as long as the 6 steps were carefully followed. This step by step selling system real estate is just like any blueprint for building or achieving anything. Just follow the steps and you’ll get the promised result.
These steps are (more…)
April 13, 2009
Great real estate negotiators are highly attuned to other people. They understand each prospect and client’s needs and wants and those of both the buyer and seller. They’re acutely aware of a room’s atmosphere and its effect on a listing presentation. They’ve refined their listening skills, are patient and flexible, and change when required. They exemplify awareness, listening, patience and flexibility. (more…)
April 9, 2009
Many people think negotiating only occurs during sales situations. Not so! Negotiating happens everywhere. It happens when you’re driving and making a lane change, or determining what you and your family will have for dinner, or where you sit or stand in a crowded subway. Your ability to deal with these situations determines your success in sales and life in general. So I define negotiating as gaining the favour and good will of people from whom we want something. (more…)
April 8, 2009
All home owners think their home is worth more than it really is. It’s understandable! When someone moves into a house, it’s just a house. But the longer the owners are there, the more they’ll make a house into a home. The home will be part of many cherished memories such as children being born, growing up, career milestones, and so on. So it’s very hard for home sellers to objectively assess their home’s market value on their own.
Some real estate professionals make the mistake of trying to win the listing by (more…)
March 23, 2009
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The walls of regulation in Canadian real estate are bound to keep tumbling down, so it’s no good complaining about it. Our response to competitors charging less for their services shouldn’t necessarily be doing the same. If your business’ calling card is low commission rates, you’ll attract people who are fixated on price, not on value. That’s a losing game because any competitor can pull the rug out from under you in a second simply by charging less. So your response to this de-regulation should be providing more value to customers so that you can justify your higher fees. Show people that they’re truly getting what they pay for. Isn’t that what they deserve anyway? (more…)
