According to Kaine Lanyon from Marshall White Real Estate, the best negotiating advice he can give is to slow down the selling process.
“The fast talking, the nervousness that often comes up in negotiation – the best piece of advice I was given was just relax, slow it down, they’re not going anywhere if they’re making their first offer. Or if it’s a vendor that’s trying to beat your fees down, they haven’t started walking out the door and they haven’t shown you the door,” he told the latest Domain Insights video, hosted by Kevin Turner.
“While you’re in front of them, and it’s face to face and it’s still rolling, you’re in the game.”
However, learning the right tempo can be tricky – especially with multi-million dollar listings on the line.
“Most of us are practicing on our potential clients out in the field, and if that doesn’t go the right way it’s costing us a lot of money. So like anything, the more you train, the better you’re going to be."
Mr Lanyon said that scripts, dialogues and once a week training at the office have helped him and the rest of the Marshall White team perfect negotiation before coming face to face with a client.
“The average buyer feels that when they go to buy a piece of real estate it’s going to be done in half an hour," he said. "Quite often it takes two, three or four days."
“Particularly in a private sale it’s important to let them know, because quite often they’re offering below full listing price, and it takes time for the vendor to make that decision.”
But as always, communication is key to a successful close, according to Mr Lanyon.
“If we’re seeing the seller and we’ve got an offer of $980,000 on a listing price of $1.2 million, the first thing we have to remember as agents is that we’re just the messenger," he said.
“At the end of the day if the offer that comes in from the market is $980,000 it is our job to convey that and get the response from the vendor. Depending on what that response is, and how far the listing price is away from market value, the client makes a decision and you might advise about how to handle the next part of the process.”