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Hey, I'm Kwame Christian and you are about to step into the world of Negotiate Anything, the number one negotiation podcast in the world where we teach you how to make difficult conversations easier while getting more of what you want in the process.
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Let's make every conversation a winning negotiation.
I love talking to folks who are in the real estate space, especially in LA and New York because the environment is so competitive because we don't just have the negotiation expertise that's required to close these deals.
The marketing and sales at the front end is so important because you have to stand out.
It's so incredibly competitive.
And so you have to get people's attention first, demonstrate that credibility and then make it clear that, hey, I'm an option for you without pushing too hard.
And how do you balance that when it comes to the competitive ecosystem you find yourself in?
Because that in itself is a negotiation too.
Absolutely. So the cowboy hat's great.
If you don't know anything about real estate, the cowboy hat doesn't matter.
So you need something to qualify yourself.
All right. So the qualifier, you could wear a SpongeBob outfit.
It really doesn't matter, but you need a qualifier.
It doesn't matter how you look.
It matters what you know.
For example, someone walks into an open house and I'm wearing my sweats and my t -shirt and all the other agents are wearing suits.
Just based off appearance alone, you're going to go with the guy who is wearing the suit.
But what's your qualifier?
This is the question that you really have to understand and know.
My qualifier is, okay, which house are they walking into?
What are the other houses in the neighborhood that look like that, that are at that price, three bed, three bath, whatever that they're looking for.
What's the difference?
Okay. One, two, three main street down the street, how is it different?
Is it a one story, a two story?
If an older couple walks into my house and I'm wearing sweats and I don't look qualified, what am I doing to qualify myself?
So they walk in and I say, Hey, how are you doing?
Oh, we're doing good.
You know, we looked at the house.
It's not really for us.
We're looking for like a one story because our knees are bad.
We're getting old. Oh, did you see one, two, three main street down the way?
It's a cool house. I didn't really like how the fireplace is positioned, but it's kind of a nice option.
You could go in, you've got the primary on the lower story.
It's still got a pool.
It might be an option for you.
Or there's also two to five main street down the street even further.
Now the guy wearing sweats seems like the best option because holy cow, he knows the market, right?
So how are you going to qualify yourself?
The other way to qualify yourself is working for a reputable brokerage.
So when I go into a meeting with someone and they're thinking about listing their house with me, when I say I'm from the agency, it's one of the most prestigious brokerages in the world.
Now, there are other brokerages that don't have that same level of expertise.
You may hear a name and say, I don't know if I trust the brand, right?
So you don't know if you really trust it.
So the agency is trustworthy.
So what are these qualifiers?
The brand that you work for, your knowledge is really the most important piece and knowing the market and knowing what's going on and giving examples of what you've done.
Now, when you're breaking into the real estate agency, it's like a plastic surgeon, right?
Do you want to be the first client for who goes in for surgery with this guy?
Absolutely not. That is the most ludicrous thing.
It's the same thing with real estate.
So you got to find a good mentor in whatever field you're in.
You got to find a good mentor who's going to be your qualifier instantly, because you might not know all the things that you need to know, but when you have a mentor, you could easily use slap their brand on your pitch.
So yeah, my name's Nico.
I work directly with the CEO of the agency Maurizio Eumanski, Titan in our industry who's closed incredible deals for the last 30 years, and they're totally hands on with me.
So that's like instantly like, oh wow, that's amazing.
And then bring Maurizio to the listing appointment, show that he's there, and then get his advice as you're moving forward, you're going to get osmosis.
You're also going to lose the deal if you don't bring in a mentor.
If you don't have a mentor, you might risk losing the deal because you don't really know and think about real estate.
The thing about it that I've learned in the last year, there are a million and one things that you have to know to get a transaction done.
When people say, oh, I'm not going to use an agent.
I'm like, good luck.
Like the amount of paperwork, the amount of disclosures, the knowledge that you have to have knowing what to do and when it's, I believe there's like 200 plus items that you need to execute in order to close a real estate transaction.
Think about all the people involved in that.
Think about all my inspectors that I have to call when I'm looking through a house.
Think about my transaction coordinator who's helping with all the paperwork.
What to speak of the car forms that you have to be a realtor, a California association of realtor forms to be a realtor to access.
Think about the hundreds of forms that I have access to.
Are you going to have a lawyer draft all that?
I mean you could, but you have a billion dollar organization backing all these contracts and they're the industry standard.
So it makes sense to go with a realtor who knows the forms, who can help you through all this stuff.
But yeah, so anyways, a bit of a tangent, but yeah, that's a little tidbit on qualifying yourself and having the proper knowledge.
And it's not just what you wear and getting the leads.
It's also actually knowing your business.
Hello, my friends. Before we get back to today's episode, I want to ask you a question.
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Hey, I'm Michael Kovnak, host of The Next Big Idea Daily.
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So I actually got started like full -time, actually the second half of 2021.
So I entered the market at an extremely competitive time, which actually I think was a blessing in disguise because I didn't have any like prior conceptions or ideas about the market and how many bad habits based on a market that was no longer relevant.
And I actually think that that was really tough for a lot of agents to deal with because they were like, well, it's always been this way.
And I'm accustomed to listing homes at X price and having this result.
I just really had to, you know, be very studious and be a sponge and understand the market that I was in.
And of course, being just extremely competitive in general, I think really helped me because I was like, this is like a sporting event.
And I was treating, and I do still treat real estate as if it's a sport.
And my kind of idea is that I'm going to put in the time.
I'm going to put in the time that other people just aren't willing to do.
So, and if you think about it like a sport, I want to be the last person to leave the gym.
And I'm going to be the last person making that phone call on that negotiation because I just want, you know, to go the extra mile.
But anyways, so yeah, if I could join the second half of 2021 and I led my team in sales or closings for clients that last quarter, and that was pretty cool because, you know, I entered a market that was very competitive with some really great top producing agents.
And there was kind of a question where everybody was looking at me like, what's going on?
Like, you know, is this like beginner's luck?
Like, is this going to, you know, kind of like, you know, trickle out or, you know, but then 2022 was my first full year in and I did, I think like around $25 million in sales, which in our marketplace is, you know, pretty great.
And it's also just a great, a super competitive space.
Yeah, so I just, you know, finished out 2023 as being a top producing agent in a very niche market.
And that's great, you know, I just continue to work extremely hard to put my clients in position for success in a market that's very, very competitive.
And in order to do that, you have got to figure out how to win in multiple offer situations.
If you cannot do that as an agent, you won't be successful and your clients are not going to find homes in the marketplace that we're in, which is a tough reality, but it's the reality.
Absolutely. And it's really interesting too, because there are all sorts of different businesses and backgrounds that are represented in our audience, but we can all understand what it means to be in a competitive market.
But when it comes to real estate in particular, and the circumstance regarding multiple offers, that's pretty nuanced.
So can you give us a just a general overview of what that looks like before we actually get into the negotiation skills and strategies?
Yeah, so we're living in a state that, you know, there are more buyers than there are homes that are on the market.
So we are facing an inventory shortage and a housing shortage in many parts of the United States, but especially in Central Ohio, and that's not something that's going to be corrected anytime soon.
And I'll just make a little plug there that people that are saying, I'm going to wait to buy shouldn't.
Obviously, what's most important is that you find, you know, the home that you're looking for and that you're happy with, but waiting will cost you because it's a simple, you know, principle of supply and demand.
So what happens in these scenarios is that a home will come to market and that home will not have just one interested buyer, they'll have 2, 3, 4, 5, 6, you know, there are homes that receive 15 offers.
And as a buyer, you need to understand and be working with an agent who truly, truly is an expert in your marketplace, so that they can set expectations for you, but then also so that they can position your offer for success.
And it's not always, you know, the dollar amount, that's very important to understand.
Because my clients, our offers are often accepted over clients, excuse me, other offers that had a higher dollar amount.
And I guess we can get into that a bit later about exactly what I'm doing to make sure that my clients are successful.
And our offers are accepted.
But yeah, so we're in bidding wars, essentially.
And I do think that it's a really great kind of way for anybody who like enjoys negotiations.
Because it's understanding how to position yourself for success if you want something that somebody else wants.
And you're going to be in situations like that for negotiations.
It's not always just you have a conflict and it's you versus them.
It could be you have this is the goal, and there are two people jockeying for that goal, three people jockeying for that goal.
And I often always like go to kind of like sports, because I feel like I'm like in this kind of competitive race to accomplish a goal.
Absolutely. And I think the analogy it works because we are it's multiple people competing over scarce resources.
And then that's when the competitive nature starts to come in.
And a lot of times that can cause a lot of emotionality.
And that's why it's so important to have an expert on your side who can help you guide your strategy and your approach.
And when I think about this multiple offer situation, I'm thinking about the expectation setting for clients, you mentioned that so managing their expectations.
And then after you manage those expectations, creating a competent offer that's actually competitive, and then we get into the negotiation side, can you speak first to the challenge of managing client expectations in these markets?
Absolutely. That's funny, because one of the things I was thinking about is, you know, gaining influence, and my ability to gain influence actually starts with being recognized as an expert in the market in which I'm selling homes.
So my clients, they aren't even my clients, just people follow me on social media that live in the community, and they start to think of Candice All Realtor as the realtor, you're going to go to, to buy or sell a home if you need to, and you all but you so I'm already starting to gain that influence
very early on. Oftentimes, I'm being connected with somebody through social media.
But very oftentimes, it's through somebody else in the community or referral, and then they've seen my work, they see what I do, they see that I'm winning for my clients in this marketplace, they see the caliber of homes that I'm selling and that already kind of sets the foundation of some trust.
Of course, I think the biggest thing in these scenarios is the clients want to know that they're working for somebody who has their best interest at heart.
My business model, from the beginning, has not been selling you a home.
My business model is to be your agent for life.
And I can't do that if I don't put your needs first and your goals first and just do what's best for you.
And then because we don't do actually personally don't do any paid advertising right now is through word of mouth.
And that's very, very powerful.
What my clients have to say about their experience with me is going to be echoed throughout this community because again, I'm in a niche market where everybody knows everybody else.
So taking care of your clients is extremely critical.
And so I have that foundation of trust and they can feel it, they can sense it.
One of the things too, when I'm thinking about being on a podcast talking about sales and negotiations, my opinion is that authenticity is the most important thing.
People are going to sense if you're trying to pull one over on them or be salesy with them, you have to be of service to the client and find out what they need and how your skillset is going to help them achieve that goal.
What I love about this is that we are right down to the fundamentals.
We're talking about building trust and being authentic.
And I think a lot of folks who are in business trying to negotiate, they're trying to find these one -liners, these zingers, these little things that they can say and do, but those persuasive endeavors will fail if you don't have a foundational level of trust.
And a lot of times they might say that these negotiation strategies or expectation management strategies with their clients are not working.
But I think if you rewind the tape and go all the way to the beginning of the relationship and you realize the problem isn't the strategies that you're using down the road, the problem is the fact that you don't have a strong relationship that is built on trust.
And so you've been able to mobilize that in a way that has led to financial success and you've been able to close these big deals, but again, it starts with trust.
So what is it that you're able to do early on in your relationship with the clients that really starts the ball rolling of positivity when it comes to building trust?
I think just getting to know them and understanding what their family needs.
So asking questions and being present and just coming from a position of service.
That's so important.
And my background in hospitality, I think has really helped me there.
And it's just something you can feel when you're in or action with somebody if my clients are getting the sense that I genuinely want what's best for them.
I had a phone call with somebody yesterday and they're talking about selling their home and they're in a situation where do they sell it now versus do they sell it next year?
Their instinct, I'm sure is that I'm going to tell them to sell it now because that's what's best for the salesperson in a situation.
But I always table that.
I don't care what's best for me ever.
I care what's best for that client because if the client picks up on that, they're going to feel it.
They're going to know.
And if I don't do what's best for them and guide them with that genuine, truthful, solid advice, they're going to trust me.
So it was funny because I was just like talking to them yesterday and she said, well, we could maybe sell next year.
And I said, well, if you could sell next year, I think your home value will go up.
I think that you'll probably be able to sell your house for even more next year.
So let's work through like what fits best for you and your family right now.
Let me connect you with a local lender so you can get all the information that you need.
And that was it. I established a relationship and somebody who trusts me and knew that I wasn't going to sell them.
Well, right now is the best time to sell and then tell them some reason why they shouldn't wait until next year.
But I guarantee you if that person waits until next year, they're going to tell their friend or family member how I took care of them and I'm trustworthy.
And they're going to be thinking of me when real estate is on the top of mind for them because it's something that as human beings, like innately we know when somebody is trustworthy and worth referring our friends and family to.
When you think about the trust equation, one of the things that pulls away from the level of trust you have with somebody else is how self -interested you are.
So if they look at you and they say, oh, she is all for herself, that's the primary focus.
It's going to diminish the levels of trust.
And so breaking those patterns and not talking about the money first, actually showing that you care about the person and building that relationship.
It's a great strategy for building trust, but it's rooted in authenticity and true caring for the other person.
You can't really fake this.
You have to genuinely care.
And once you get them to that position where you have that level of trust, now let's say we're getting to this negotiation.
Let's say they look at a house, they love this house, but it is a very nice house and multiple offers are coming in and they want to put in a bid that you disagree with.
Now, when it comes to having that negotiation with your client, how do you work through that with them to position yourself to put forward the best offer?
Yeah. So there are many times where I tell clients who, for example, if a house hits the market, we go see it, they like it.
Let's say the house listed for 500.
I'm very early on setting the expectation when they're viewing the property, what I think the property is going to sell for.
I'm saying, hey, I want you to know the lens in which you should be viewing this home is that this is actually a 550 to 575 home.
So that when they're in the house and as they're getting just like we love it, they need to remove that sticker.
And then it's also just education, just letting them know that the most effective strategy in this marketplace is to conservatively list a home, to elicit multiple offers.
And I tell them, hey, as a listing agent, this is what I would do for my clients to elicit multiple offers.
And this is how it's done.
This is the psychology behind this approach in the current marketplace and why it works.
Because what happens when you conservatively list a property, so this is just, I guess, a nugget for any listing agents or anybody who's thinking about wanting to become a listing agent.
Conservatively listing that home will ensure that you receive an offer early on.
The biggest risk that a home has that comes to market in our current marketplace is the risk of receiving a stigma because there's no offer the first weekend on.
If that happens, the market goes, there's something wrong with that house.
So to ensure that that doesn't happen to the listing, you conservatively price it.
So as a listing agent, what I'm doing is I'm working to tease that first offer out.
Once I get the first offer, now I have market validation.
Now everybody else that's interested in that home says, I knew it.
I knew that home was a great home.
And then that's how you then create this bidding war.
So it's funny because as a listing agent, I'm creating the bidding war.
I know what to do. I know what strategies to put in place.
And then when I'm representing the buyers, I take that and I flip it on its head.
Right? So I am not the first offer in the door.
If my client says, I want to make an offer, I say, great.
Wait, wait, wait, wait, wait.
Now, before you sign off, I have something to tell you that I've never told you before.
Just kidding. I've told you before about it.
You should listen to it again.
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