Millionaire Negotiation Rules That Work In Any Price Range

Transcription

1 Millionaire Negotiation Rules That Work In Any Price Range Jack Cotton Jr. CRB, CRS SEMINAR HANDOUT LuxuryBusinessPlan.com 2018 Jack Cotton Speaks

2 If You Think Negotiation Skills Millionaire Negotiators Know 1. Jack s Three Rules 2. Prepare to Negotiate 3. Reaching Agreement 4. Common Negotiation Tactics 5. Offers 6. Commissions 7. The Billionaire Next Door What Is Negotiation? Cambridge Dictionary of American English Negotiate: (discuss) to have formal with someone in order to reach an agreement Harvard Business Essentials The means by which people deal with their Jack: All the above but It is NOT something that should happen at a moment Are You A Negotiator? We are born : If you let me have more candy and ice cream 2

3 Jack s Three Rules Of Negotiation Jack s First Rule of Negotiation Build Standing Standing Affects Negotiations Main Entry: standing Part of Speech: noun Definition: position, rank Synonyms: cachet, capacity, consequence, preeminence, place, prestige, reputation, station, stature, status Source Thesaurus.com Goal of Standing As close to a Head off Your Processes Pre-Listing Listing them in advance in your market as possible You actually want people to be a little Standing on Expertise Grow Your Standing record The more you know about 3 LuxuryBusinessPlan.com 2018 Jack Cotton Speaks

4 The more you have The more you attain Created via Process Standing on Process 7 Steps to the Right Price Step 3 for the Right Price 4

5 Step 4 for the Right Price Steps 5-7 for the Right Price Your Personal Brand Stand The way you dress is a powerful part of your brand look like a million if you are going to talk about Luxury Real Estate. 68% of all communication is visual Create Your Look Look Your Part Standing on Preparation Mental Practice 5

6 Reaching Agreement Three Criteria of Agreement 1. Win-Win 2. Efficient 3. Preserve Relationships Positional Bargaining Problems With Positional Bargaining Prevents win-win Inefficient Parties Dig in Endangers relationships egos inflame Complex agreements Face-saving Options Never Yield To Pressure 6

7 Standing Against Tactics Are They Dirty Tricks? the tactic Question the tactic, not Last Resort Negotiation Tactic #1 Negotiation Tactic #2 Lance Morrow Negotiation Tactic #3 7

8 Negotiation Tactic #4 Limited aka. Blame the Spouse Limited Authority Need to consult with my. Negotiation Tactic #5 Negotiation Tactic #6 Negotiation Tactic #7 Low-Balling Negotiation Tactic #8 8

9 Negotiation Tactic #9 Negotiation Tactic #10 Jack s Second Rule of Negotiation Never Assume Getting To Yes Negotiating Agreement Without Giving In By Roger Fisher, William Ury & Bruce Patton Don t Assume Ask Getting to you them Discrete inquiries KNOW their Ask directly Indirectly Useful Questions Find out as much as you Pre-listing Ask what their interests/objections are Previous buying and selling experience 9

10 Not Assuming Reinhard Selton Economics Noble Prize Negotiating is not listening to what they say, but out what they. Jack s Third Rule of Negotiation Detach From Outcome Jack s Three Rules Be willing to walk away. What do you need to be at that level? Rich Full pipeline Business plan Unknown "In a negotiation, he who -Unknown wins." 10

11 Negotiating Offers You Are Not The One Negotiating Offers When a seller is presented with low offer Stay on his side and blame Mr. The buyer s interpretation of the market data Advance Take Away 3 Negotiating Offers Never argue with the seller or defend a bad offer. his and his right to have it ALWAYS try for a a counter offer No Counter 11

12 Yes To A Counter Painting Yourself Into A Corner Negotiating Offers Unless you REALLY mean it Burning Bridges 12

13 Commission Negotiation USP s Quantified Market preparation checklist Obsessive photography Obsessive copywriting Negotiation skills Accompany ALL showings This adds up to Manage expectations... 13

14 The Billionaire Next Door Billionaire Next Door If you make yourself a Stay away from the for Billionaire Next Door Jack s Three Rules Be Willing to Can Be a Game Information is MOST important Allies Higher Power Billionaire Next Door Press 14

15 Billionaire Competition Billionaire Bullet Getting To Yes Negotiation Skills Summary Jack s Three Rules Preparation & Alleviation Reaching Agreement Common Tactics Offers Commissions The Billionaire Next Door 15

16 Notes: 16

17 R esources JackCotton.com Order Jack s books & DVD s Sign up for FREE weekly video Luxury Real Estate training newsletter Extensive FREE video library LuxuryBusinessPlan.com Download a FREE Business Plan Template LuxuryRealEstateUnplugged.com Monthly LIVE Group Coaching with Jack Cotton Private Facebook Group First Tuesday of each month Market Preparation Checklist Jack for FREE 14 page Guide: How to Create A Market Preparation Checklist JackCottonRealtor.com Jack s agent website Jack@JackCotton.com Questions for Jack? 17 LuxuryBusinessPlan.com 2018 Jack Cotton Speaks