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Getting To Yes In The Worlds 2 nd Oldest Profession. Mastering The Art Of Getting To Yes In The Worlds 2 nd Oldest Profession. Mastering The Art Of Negotiating™ FRANK MEARS, ABRM, CDPE, CNE, CSP, GRI, SRS, SRES Frank Mears Seminars Inc. 2011 Frank. Mears. com 1

I. WHY NEGOTIATE? Its Unavoidable n n n Children Significant other Boss Co Workers I. WHY NEGOTIATE? Its Unavoidable n n n Children Significant other Boss Co Workers Vendors Frank Mears Seminars Inc. 2011 Frank. Mears. com 2

II. READ THEIR MINDS. n n Be Psychic Appear to be Psychic Gather information II. READ THEIR MINDS. n n Be Psychic Appear to be Psychic Gather information with the skill of a private detective. NEGOTIATION IS A PART OF LIFE Frank Mears Seminars Inc. 2011 Frank. Mears. com 3

III. Positional Negotiation STRATEGIES Soft /Compliant vs. Hard/Competitive Frank Mears Seminars Inc. 2011 Frank. III. Positional Negotiation STRATEGIES Soft /Compliant vs. Hard/Competitive Frank Mears Seminars Inc. 2011 Frank. Mears. com 4

Principled / Collaborative n n n Problem solvers Separate the people from the problem Principled / Collaborative n n n Problem solvers Separate the people from the problem Be hard on the problem soft on the people Focus on interest not positions Invent options for mutual gain Frank Mears Seminars Inc. 2011 Frank. Mears. com 5

IV. KNOW THE RULES 1. You Can and Should Negotiate Most negotiations are not IV. KNOW THE RULES 1. You Can and Should Negotiate Most negotiations are not lost at the bargaining table. They are lost because the parties never got to the table. 2. Check Your Ego Sometimes we are our own worst enemies. This is not the place to show off your cleverness. Frank Mears Seminars Inc. 2011 Frank. Mears. com 6

3. Avoid the ‘Sympathy’ Trap Negotiation is not social work; it is not charity. 3. Avoid the ‘Sympathy’ Trap Negotiation is not social work; it is not charity. You are responsible to look out for your clients interest. 4. Take the High Road Anything you do to destroy trust will harm the negotiations. 5. Be The “Squeaky Wheel” Sometimes it pays to be a little aggravating and persistent Frank Mears Seminars Inc. 2011 Frank. Mears. com 7

6. Beware of Knowing “Too Much’ Showing off how much you know can work 6. Beware of Knowing “Too Much’ Showing off how much you know can work against you. 7. Confront a “Psychological” Attack Allow it and you lose. Draw attention to it and its power vanishes. 8. Ask a lot of “Why” Questions It may get them to open up and reveal their true motivations. Frank Mears Seminars Inc. 2011 Frank. Mears. com 8

9. Be Flexible Negotiation is a “give and take” process. Must gets Intend to 9. Be Flexible Negotiation is a “give and take” process. Must gets Intend to gets Nice to gets 10. Question authority Sometimes the authority is only voicing an opinion. Find an alternate authority. 11. “Listen” You’ll discover what they really want. Frank Mears Seminars Inc. 2011 Frank. Mears. com 9

12. Search for Options. Seldom is there only one right answer. Know when you’re 12. Search for Options. Seldom is there only one right answer. Know when you’re deadlocked on a particular issue. “ Lets put that aside for now” and continue on. 13. Challenge the Written Word. Just because its in writing doesn’t mean it’s true. 14. Defend and Value Concessions. Negotiations are give and take. Never concede anything without asking for something in return. Frank Mears Seminars Inc. 2011 Frank. Mears. com 10

15. Be Informed “Knowledge is Power” 1. Do your Homework. 2. How 16. Try 15. Be Informed “Knowledge is Power” 1. Do your Homework. 2. How 16. Try To Obtain An Offer That Can Be Closed. Do the possible first. Leave the impossible to later. Remember some deals can’t be made no matter what. Worse that not making a deal is making one in which you loose. Frank Mears Seminars Inc. 2011 Frank. Mears. com 11

17. Empathize With The Other Party. Understand what they want and why they want 17. Empathize With The Other Party. Understand what they want and why they want it. You don’t have to agree with their position. Just understand it. 18. Get the other party to invest TIME The more time invested, the more to lose if it doesn’t go through. 19. Set a Deadline No deal ever closes without a deadline. Frank Mears Seminars Inc. 2011 Frank. Mears. com 12

Remember. Everything we do as negotiators is to try to help our clients get Remember. Everything we do as negotiators is to try to help our clients get what is important to them. We owe absolute loyalty to their interest above all other interest including our own. Frank Mears Seminars Inc. 2011 Frank. Mears. com 13

V. When You Should Avoid Negotiating 1. When your client will lose everything. 2. V. When You Should Avoid Negotiating 1. When your client will lose everything. 2. When you’re “Sold Out” When you’re running at capacity, Don’t Deal. 3. When the demands are Unethical, Illegal or Immoral. It’s your Character, Reputation and License. Frank Mears Seminars Inc. 2011 Frank. Mears. com 14

4. When You Don’t Have Time You’ll make mistakes When under the gun, you’ll 4. When You Don’t Have Time You’ll make mistakes When under the gun, you’ll settle for less than you could otherwise get. 5. When You’re Not Prepared. You’ll think of all your best responses on your way home. Don’t negotiate until you’re ready. Frank Mears Seminars Inc. 2011 Frank. Mears. com 15

VI. Negotiating Contracts A. Listing Agreements 1. Price a. Cost b. Market Value c. VI. Negotiating Contracts A. Listing Agreements 1. Price a. Cost b. Market Value c. Market Price d. Motivation e. Bottom Line Frank Mears Seminars Inc. 2011 Frank. Mears. com 16

2. Commissions are negotiable. What is your company policy? Frank Mears Seminars Inc. 2011 2. Commissions are negotiable. What is your company policy? Frank Mears Seminars Inc. 2011 Frank. Mears. com 17

a. Flat fee b. limited service c. Unbundled services company d. Entry Only There a. Flat fee b. limited service c. Unbundled services company d. Entry Only There are various business models available for the consumer to choose from in today’s market place and they all have a right to be there. The consumer has the right to choose the model that is best for them. You are to never talk negatively regarding a competing business model Frank Mears Seminars Inc. 2011 Frank. Mears. com 18

Sell Your Value n n Know your list to sell ratio v. MLS DOM Sell Your Value n n Know your list to sell ratio v. MLS DOM v. MLS Team concept, inspectors, lenders etc Objective trained negotiator Frank Mears Seminars Inc. 2011 Frank. Mears. com 19

Servicing The Listing 1. 2. 3. 4. A set day and time each week Servicing The Listing 1. 2. 3. 4. A set day and time each week that you will contact them. Have a performance checklist 30 day price and market review. A written breakdown of every minute spent on their behalf. Frank Mears Seminars Inc. 2011 Frank. Mears. com 20

B. Purchase & Sale Agreement 1. The Offer a. Price vs. Terms b. The B. Purchase & Sale Agreement 1. The Offer a. Price vs. Terms b. The Deposit c. Financing (Pre Approval) d. Time e. Contingencies Frank Mears Seminars Inc. 2011 Frank. Mears. com 21

2. Presentation a. When and Where? b. Who will Present? c. Update CMA d. 2. Presentation a. When and Where? b. Who will Present? c. Update CMA d. Assemble showing records (listing agent) e. Start thinking like a Seller f. Sell the buyers a real people Frank Mears Seminars Inc. 2011 Frank. Mears. com 22

THE STEPS 1. Review with the seller a. Market Conditions b. Seller Urgency c. THE STEPS 1. Review with the seller a. Market Conditions b. Seller Urgency c. Sell the Buyers Frank Mears Seminars Inc. 2011 Frank. Mears. com 23

2. EXPLAIN THEIR OPTIONS a. Accept b. Reject c. Counter 3. HIT THEM WITH 2. EXPLAIN THEIR OPTIONS a. Accept b. Reject c. Counter 3. HIT THEM WITH THE HIGHLIGHTS a. Net b. Time c. Risk Frank Mears Seminars Inc. 2011 Frank. Mears. com 24

$38, 000 October 15 20% down – Pre-Approved Frank Mears Seminars Inc. 2011 Frank. $38, 000 October 15 20% down – Pre-Approved Frank Mears Seminars Inc. 2011 Frank. Mears. com 25

4. Go over the net ( Verify the numbers) 5. Explain the Details of 4. Go over the net ( Verify the numbers) 5. Explain the Details of the offer a. Gain agreement along the way b. Acknowledge problems- Address later. 6. CLOSE, CLOSE a. Get Signatures b. Leave copy c. Deliver acceptance immediately Frank Mears Seminars Inc. 2011 Frank. Mears. com 26

VII. COUNTEROFFERS A. Review Points & Acceptance First 1. Differences 2. Alternatives B. One VII. COUNTEROFFERS A. Review Points & Acceptance First 1. Differences 2. Alternatives B. One Large vs. Many Small Changes. 1. Limit to one major item 2. Avoid being a PING PONG BALL C. Return offeror immediately D. Deliver Acceptance Immediately Frank Mears Seminars Inc. 2011 Frank. Mears. com 27

VIII. WIN SUCCESSFUL NEGOTATIONS SHOULD BE A WIN FOR EVERYONE INVOLVED. ALWAYS LEAVE SOMETHING VIII. WIN SUCCESSFUL NEGOTATIONS SHOULD BE A WIN FOR EVERYONE INVOLVED. ALWAYS LEAVE SOMETHING ON THE TABLE FOR THE OTHER PARTY TO FEEL GOOD ABOUT. Frank Mears Seminars Inc. 2011 Frank. Mears. com 28

MAKE EVERY NEGOTIATION A LEARNING EXPERIENCE! Remember negotiation is all about the interest of MAKE EVERY NEGOTIATION A LEARNING EXPERIENCE! Remember negotiation is all about the interest of your clients. Your job is to protect their interest and help them achieve a satisfactory outcome based on their needs and objectives Frank Mears Seminars Inc. 2011 Frank. Mears. com 29

Thanks For Participating TM Frank Mears Seminars Inc. 2011 Frank. Mears. com 30 Thanks For Participating TM Frank Mears Seminars Inc. 2011 Frank. Mears. com 30

Frank Mears Seminars Inc. 2011 Frank. Mears. com 31 Frank Mears Seminars Inc. 2011 Frank. Mears. com 31

Frank’s Extra Negotiating Stuff Here’s some things that you may can use in your Frank’s Extra Negotiating Stuff Here’s some things that you may can use in your day to day business Frank Mears Seminars Inc. 2011 Frank. Mears. com 32

Negotiating techniques “If you can’t overcome the objections, you will never get to YES” Negotiating techniques “If you can’t overcome the objections, you will never get to YES” 1. Agree with them “I can appreciate how you feel” 2. Question / Probe “To help me understand” 3. Isolate and commit on it “If I could prove it to you? ” 4. Handle it with a visual “May I show you something that” 5. Close “Now wouldn’t you agree” Frank Mears Seminars Inc. 2011 Frank. Mears. com 33

Real Estate Negotiating Issues n n “We don’t want to give you a long Real Estate Negotiating Issues n n “We don’t want to give you a long term listing” “We want to talk to several companies” “The other agent said he could sell it for more” “We have a friend in the business” Frank Mears Seminars Inc. 2011 Frank. Mears. com 34

Negotiation Issues Continued n n “The other company will take a lower marketing fee” Negotiation Issues Continued n n “The other company will take a lower marketing fee” “The other agent has more experience” “Lets try this price, we can always reduce it later” “We want to think it over” Frank Mears Seminars Inc. 2011 Frank. Mears. com 35

Negotiating Issues Continued n n “We have to sell but we want to find Negotiating Issues Continued n n “We have to sell but we want to find a house before putting ours on the market” “We want to sell it ourselves in order to save the commission” Frank Mears Seminars Inc. 2011 Frank. Mears. com 36

Negotiating styles n Whatever’s fair n “Your friend” n Whiner Frank Mears Seminars Inc. Negotiating styles n Whatever’s fair n “Your friend” n Whiner Frank Mears Seminars Inc. 2011 Frank. Mears. com 37

styles continued n Guilt n The Nibbler n Hardball Frank Mears Seminars Inc. 2011 styles continued n Guilt n The Nibbler n Hardball Frank Mears Seminars Inc. 2011 Frank. Mears. com 38

Styles continued n 1. 2. 3. 4. Toddler eight laws… If I like it, Styles continued n 1. 2. 3. 4. Toddler eight laws… If I like it, it’s mine If it’s in my hand it’s mine If I can take it from you, it’s mine If I had it a little while ago, it’s mine Frank Mears Seminars Inc. 2011 Frank. Mears. com 39

5. 6. 7. 8. If it’s mine, it must never appear to be yours 5. 6. 7. 8. If it’s mine, it must never appear to be yours in any way. If I’m building something, all the pieces are mine. If it looks just like mine, it’s mine If I think it’s mine, it’s mine. Frank Mears Seminars Inc. 2011 Frank. Mears. com 40

Thanks For Participating TM Frank. Mears. com Frank Mears Seminars Inc. 2011 Frank. Mears. Thanks For Participating TM Frank. Mears. com Frank Mears Seminars Inc. 2011 Frank. Mears. com 41

TM Frank. Mears. com Frank Mears Seminars Inc. 2011 Frank. Mears. com 42 TM Frank. Mears. com Frank Mears Seminars Inc. 2011 Frank. Mears. com 42

Servicing The Listing 1. 2. 3. 4. A set day and time each week Servicing The Listing 1. 2. 3. 4. A set day and time each week that you will contact them. Have a performance checklist 30 day price and market review. A written breakdown of every minute spent on their behalf. Frank Mears Seminars Inc. 2011 Frank. Mears. com 43

Verify The Listing Will Sell 1. 2. 3. 4. 5. 6. 7. 8. 9. Verify The Listing Will Sell 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Priced competitively Easy to Show Full term Yard Sign Repairs Made Extras included Proper Marketing Fee Special Financing Possession at closing Unconventional Price Frank Mears Seminars Inc. 2011 Frank. Mears. com 44

Frank Mears Seminars Inc. 2011 Frank. Mears. com 45 Frank Mears Seminars Inc. 2011 Frank. Mears. com 45

Frank Mears Seminars Inc. 2011 Frank. Mears. com 46 Frank Mears Seminars Inc. 2011 Frank. Mears. com 46

Counter Offer Signal Patterns n n Counters can signal a pattern that trained negotiators Counter Offer Signal Patterns n n Counters can signal a pattern that trained negotiators recognize and utilize Which counter pattern do you utilize? Frank Mears Seminars Inc. 2011 Frank. Mears. com 47

Counter Signal Patterns List Price @ $150, 000 n 1 st Counter @ $147 Counter Signal Patterns List Price @ $150, 000 n 1 st Counter @ $147 k n 1 st Counter @ $145 k n Buyer counters @ $x n 2 nd Counter @ $140 k n 2 nd Counter @ $145 k n Buyer counters @ $x n 3 rd Counter @ $144 k n 3 rd Counter @ $135 k n Buyer Counters @ $x n 4 th Counter @ $143. 5 k n No seller counter n Does buyer expect more? n Buyer waits for ? $$$ Frank Mears Seminars Inc. 2011 Frank. Mears. com 48

20. Act Quickly Strike while the iron is hot. If you don’t someone else 20. Act Quickly Strike while the iron is hot. If you don’t someone else will. Frank Mears Seminars Inc. 2011 Frank. Mears. com 49