Realtors© Mastering The Art Of Small Talk

realtors mastering the art of small talkWhy Realtors© mastering the art of small talk is so important

A friend of mine shared with me how he really struggled with social gatherings and events. He just didn’t have the gift of “small talk” and didn’t know how to do it well. The problem was he specialized in luxury real estate and his client base was high net worth individuals who loved to gather in social circles. He was always being invited to social functions and fundraising events but dreaded having to work so hard at making conversation with these people. He shared how he discovered a simple and powerful technique that changed his “small talk” dilemma for life which in turn dramatically impacted his business for the better. A simple acronym called F.O.R.D. which stands for Family… Occupation… Recreation and Dreams. Whenever he came face to face with a client for the first time and one of those awkward social “small talk” moments. F.O.R.D. came to his rescue.

1.) Family – Where did they grow up? Where is their family now? Do they have any siblings? Do they have any children? Now focus on their answers… ask more questions… sit back and listen.

2.) Occupation – What do they do for a living? How long have they been in that occupation? What did they do before? Now focus on their answers… ask more questions… sit back and listen.

3.) Recreation – What do they do for fun? Hobbies? Passions? Something they always wanted to try or do? Now focus on their answers… ask more questions… sit back and listen (beginning to see a pattern here?)

4.) Dreams – What is on your bucket list? Your dreams? Goals? Aspirations? Now focus on their answers… ask more questions… sit back and listen

This simple but powerful tool called F.O.R.D. would help engage his clients, deepen his relationship with them and show he cares. This powerful technique then sets the stage for him to share what he does for a living and causes the other party to be receptive. It is also a powerful “confidence booster” to shine amongst people rather than dread the whole experience.

Small talk has earned a bad rap, because to many people it represents meaningless and trivial conversation. But it doesn’t have to be that way. A recent study published in Communication Research has found that those who engage in any of seven types of quality conversation experience increased well-being and happiness, alongside a reduction in their stress levels. Small talk has its benefits as well; a 2021 study published in the Academy of Management journal found that, despite the distraction caused by engaging in small talk, “employees who engaged in more small talk during their workday reported increased positive social emotions, which translated into greater [organizational citizenship behaviors] and well-being at the end of the day.” Here are some more ideas for how to make small talk but increased well-being and positivity aren’t the only benefits of small talk. Engaging in small talk can open the door to interesting and meaningful connections—if you are aware and listening. These tips can help take the stress out of small talk and create a quality conversation:

1. Get your mind right. If you spend the week anticipating and worrying because you know you will feel uncomfortable, you’ve set yourself up for failure. Remember why you are going—to celebrate a friend on their special day, to meet others who share your interest or to connect with your coworkers.

2. Decide who you’d like to meet before you go. Look at who else will be there and plan to meet those who might share something in common with you. This might be someone who knows a mutual friend, a fellow baseball fan or a business owner living your dream.

3. Read a lot. The more you read, the more trivia or facts you pick up that can turn into conversation material. It can be online or in books and journals, but it can help drive a conversation with someone you don’t know much about.

4. Be interested in things to be interesting. I find people have nothing to say because they don’t seem to have any interests. That makes them uninteresting. However, people with hobbies and interests always seem to have a topic or an opinion to share, and they can use that as a launching point to get someone else involved in the discussion.

5. Make a game out of making small talk. Trick your mind into making it seem easier and more fun by playing a game with yourself. Commit to at least an hour. Plan to meet at least five people. Challenge yourself to learn two new things. This mental shift can help tame the anxiety and make the conversation more fun.

6. Relax and be present in the conversation. Rather than try to plan what you will say next, relax and focus on what the other person is saying. Listen. Be present in the conversation and the other person will notice. They will feel appreciated, and the conversation will flow naturally.

7. Take responsibility for meeting others. Don’t wait for others to approach you. Say hello first. If you always expect others to make the first move, you’ll be disappointed. And the more you do it, the more comfortable you’ll be. World renowned communicator Dale Carnegie said “The world’s greatest conversationalist, is someone who says little or nothing.” Isn’t it nice when someone says to you I feel like I could talk to you forever or I feel like we have known each other for some time now.

Strength and courage,
Wade

Negotiation Strategies For Real Estate Agents 2022

negotiation strategies real estate agents 2022It is amazing how little negotiation training most real estate agents have and most of the training they do have comes from battle scars and previous negotiations. When it comes to negotiation in all sales there are two schools of thought.

1. Win/Lose

2. Win/Win

Real estate is a zero-sum business. There are a fixed number of transactions every year in every market. Personal marketing and prospecting is a hunting expedition for those buyers and sellers. Every listing taken and every home sold reduces the balance available. That is why it is impossible mathematically for every agent in every market to become a high producer. It is simply a consequence of supply and demand. This should be a reality check and a warning to every agent. Become great at the skills essential for your success.

The Win/lose negotiation is, by its very nature, adversarial. There rarely are any long-term winners. If you want your business to be referral-based then beware… there will be none here.

The goal of win/win negotiation, on the other hand, is to reach an agreement that satisfies both parties. This includes the buyer/seller and the listing agent/buyer agent. In other words, everybody is happy and each side feels the other was fair. This is the holy grail of negotiation. Negotiation gets messy when trust becomes diminished.

A lack of trust does not necessarily infer dishonesty. More often it can come from a lack of preparation and a thorough understanding of the needs of the other parties. There is always a loss of authenticity when one appears incompetent or lucidly incoherent. So how can you improve your chances of achieving a win/win outcome? The answer is by knowing the type of person you are negotiating with. Knowing, or at least considering, his or her personality type can give you an honorable edge in negotiating. Let’s look at the four personality types we face in negotiating and understand their natural tendencies in negotiations.

1.) THE DOMINANT OR DRIVER

These are extroverted people who need to direct traffic, need constant challenges and love to win. They believe winning isn’t everything, it’s the only thing. These people are direct and oriented toward the bottom line. They typically are win/lose style negotiators, but won’t usually acknowledge it. The best way to negotiate with this type of person is to go to the bottom line and work backward. Offer alternative choices and let them make their own decisions. Never attack their position, give facts in a logical flow and give them the perception of winning.

2.) THE SOCIAL BUTTERFLY OR EXPRESSIVE

These people love to talk and interact. They are personable, want to be liked and make quick, impulsive decisions. They usually have a great sense of humor and are good team players. Third-party endorsements work best with this type of person. Quick tips for negotiation: Don’t bother them with the bottom line or facts and figures. Keep negotiations good-natured and light-hearted.

3.) THE COMPLIANT OR AMIABLE

Keeping the peace and avoiding conflict is most important to these people. They are amiable, patient and relaxed. They usually are unemotional during negotiations, slow to decide and will look for a long-term relationship. The best negotiation approach here is to show genuine interest in them personally. Listen, be patient and take your time. Don’t do hard sells! COMPLIANTS need to know you will deliver on what you promise.

4.) THE ANALYST OR ANALYTICAL

These are the perfectionists of the world. They are cautious, detailed, accurate and analytical with high standards. They want proof, facts, data and more data. Follow the rules with these people and avoid too much creativity. Be prepared with data and be direct with that data. To be successful with this type of person, it’s important for you to be organized and provide lots of detail. Go to the point and avoid small talk. They will tend to get stuck on a single point (usually price) and will want to win on that one issue only.

HOW CAN WE SPOT EACH STYLE?

First, it is important you know what personality type you are. Then keep your eyes and ears open.

1. If you are dealing with an outgoing person with a neat freak aura then most likely he or she is a DOMINANT personality. Dominant personalities also tend to like cutting-edge technology and acquiring that technology.

2. Someone who is talkative with a relaxed, lived-in look and casual appearance will probably be a SOCIAL BUTTERFLY. They also like to be on the cutting edge of technology and like to buy things.

3. COMPLIANTS just want to do what’s right for everybody. They sometimes appear a little insecure. They are the clients who want to do the right thing and are generally slow to decide. But they are very loyal and will be a consistent referral resource.

4. ANALYSTS always will ask for more detail. They also will want to know how you arrived at your CMA for example. They are fact based.

WHAT ARE THE COMMON ELEMENTS TO NEGOTIATE SUCCESSFULLY WITH ALL FOUR TYPES?

The main point to remember during negotiations is it’s about the client, and their wants and needs. Do your prep work, recognize the types of people you’re dealing with, and have these tips in mind to keep negotiations positive and smooth (win/win!):

•Ask a lot of questions.

•Don’t become emotionally involved.

•Be totally prepared with clear factual details.

•Treat people with friendship just as you would want to be treated.

 

Strength and courage,
Wade

Let Us Never Fear to Negotiate ~ JFK

The Art Of Negotiating… What’s Mine is Mine. What’s Yours is Negotiable.

“Let us never negotiate out of fear. But let us never fear to negotiate.” – John F. Kennedy

art of negotiatingHow many of you think you are a good negotiator?

How many of you take the time to read, listen and study negotiating?

My mindset has always been “Can I get a better deal?”

One of my mentors John Hamilton said “The only time I let go of a dollar is to get a better grip on it!”

It amazes me how little time is spent in our industry on training, practicing and focusing on the art of negotiating.

It is so important to remove the anxiety and fear and be like children when it comes to this skill.

Children are the world’s greatest negotiators.

They are enthusiastic, passionate and relentless when it comes to getting what they want.

Children have a knack for turning on the charm, getting our defenses down and then honing in on the goal like a shot from a sniper rifle.

My 8 year old son Jude and 10 year old daughter Goldie are the masters at playing the negotiating game.

How do you feel your negotiating skills are on a scale of 1 – 10?

Of course not many of us Realtors are a 9 or a 10 but if you can move from a 6 to a 7 this year and bump it up a notch the year after do you not feel it will make a difference in your bottom line and the satisfaction of your clients?

If you see the value in this then why not choose today to begin moving in that direction?

Dedicate an hour a week to reading a good article, ask a colleague you feel is a strong negotiator for a tip or two or work your way through a book on the subject and watch your confidence rise.

I truly believe being a better negotiator protects our clients best interest.

All great negotiators get a good deal for their clients and leave the other party feeling they did too.

The key to a good negotiator is they must be willing to lose it all. Push the limits. Walk away and live on the edge.

[ez_box title=”Here are some of my favorite negotiating tactics” color=”blue”]

    • Flinch – animated adverse reaction to something you heard
    • Crunch – getting a concession without giving one. “is that the best you can do?”
    • Bracket – limitations and controlling expectations ahead of time
    • Limited Authority – check with the powers that be
    • Trade Off – give a little, take a little more
    • Competition – providing alternatives to their home
    • Legitimacy – putting it in writing. Visuals
    • Bold Stroke – suggest a meeting point for all parties
    • Nibble – ask for just a little more
    • Silence – he or she who speaks first, loses[/ez_box]

Negotiating does not mean being over confident or arrogant.

Be sure to identify everyone’s concerns and understand their position.

You must always foster a spirit of cooperation and create the WIN-WIN scenario.

In order to improve and expand your skills in the area of negotiation subscribe to John Hamilton’s weekly e-newsletter at KeepNegotiating.com and learn from one of the greats in this field.

Strength and Courage,

Wade

Please Share, Tweet or Email these negotiating tips to someone who needs them… feel free to leave a  comment about your own effective tips

Social Media and Real Estate… Not Like Anything Else You Ever Heard