This summer we’re looking at the state of the luxury agent & broker in today’s increasingly complex real estate market. In October, we’ll gather in Beverly Hills at Luxury Connect to share best practices, network, and create blueprint for the luxury agent/broker of tomorrow. Don’t miss it.
One of the biggest values that real estate agents bring to their clients is giving them access to a negotiation expert — someone who’s worked on real estate deals and can help them understand when an offer is worth accepting or whether they need to get closer to the listing price before they hit “send.” Negotiation is a key skill to succeeding in real estate, and that’s especially true at the high end, where everyone wants to feel like they’re getting a good deal.
Negotiation expert at the Marshall School of Business, professor Peter Kim, specializes in teaching tactics and strategies to enhance negotiation skills for students; he’ll be speaking at Luxury Connect, October 16 through 18 at the Beverly Wilshire Hotel, to school attendees on what they need to know before starting the back-and-forth with the other party.
“One basic starting point when learning about negotiation is learning about the assumption that everything you want, your counterpart wants the opposite, so you fight back and forth,” Kim explained. “That element is certainly still there in real estate negotiations, but there are also techniques that can help move beyond that confrontational depiction of negotiation, and there are some creative things you can do to find solutions that are more amenable to everyone.”
For example, entry-level negotiators might think that there’s only one thing that matters in a real estate deal: price. But experienced agents know this isn’t true, and Kim says that expanding the focus of the deal beyond just one issue (like price) is how you move beyond an oppositional stance in negotiations. “If it’s a single issue, like price, it can only go up or down, and any gain for one side is a loss for the other,” Kim noted. “The way to move beyond it is to think of a multi-issue situation.” So talk to your clients about other perks they might be able to offer someone on the other side of the negotiating table, like control over the sales timeline, the ability to select the inspector or the title agency, and other facets of a real estate deal that are important but that don’t always see the light of day when it comes to negotiating.
Kim will talk about how to negotiate like a master, using prominent real estate deals as examples for Luxury Connect attendees, and will also host a question-and-answer session where you can get his advice on any negotiation mysteries or challenges you’ve encountered.
Thinking of bringing your team? There are special onsite perks and discounts when you buy those tickets together too. Just contact us to find out more.