KGCI: Real Estate on Air - Negotiation Skill & Strategies that Work

Episode Date: October 30, 2024

KGCI Real Estate on Air. I'm Ian Wheatley. We're here, day three broadcasting from EXPCon in Miami. We're checking in with Cliff Freeman. His podcast, Cliff Notes, streams here on KGCI Real Estate on Air. Cliff, thanks for joining us this morning. You've got a busy one. Thanks, Ian, man. I'm super stoked to be here. And this has been an incredible event so far. And it ain't over yet. No, no, no, no. We still got a couple hours to go. It's been a lot of fun so far. Still a lot of fun to be had. Also still a lot of knowledge to learn. you're going to be moderating a panel negotiating skills and strategies that work. Life is a negotiation, and there's a lot of negotiating skills that do work. There's, you know, married folk know. There's also a lot of negotiating skills that probably don't work so well. So let's kind of talk 20,000 feet here for a minute.

What are some of those negotiating skills that do work, particularly in real estate? Well, you know, just to kind of frame this conversation a little bit, negotiation is what makes the world go around. A lot of people get into this business and they think it's just showing houses and doing the basic tactical functions in real estate. But your negotiation skills are what are going to take you from being a novice new agent all the way up to being a super producer. And honing in on those skills, especially since the NAR settlement and what's been going on with the commission lawsuits, this has really become the single most important thing that any real estate agent can work on as far as their skill sets go, because now we have completely

changed the way that buyer agents are going to get paid in transactions. So in the past, you know, it was you get a call, you show up, you go open the house up, you know, you do your stuff and you go get closed, and you just get a paycheck automatically. But now, going forward every time you engage a client you're going to have to articulate that value and negotiate your commission which for buyer agents has been something that was done away with when clear cooperation was introduced back in the old days when Barney rubble and Fred Flintstone and I were selling real estate we had to start out with negotiating our commissions and articulating our value but that's why I'm super excited to be facilitating

this panel because in my opinion, it is the number one consideration going forward, especially if you're a newer agent in the business. Let's talk a little bit more, a little bit deeper on those newer agents, and especially in this post-NAR settlement world. I know even in my own personal production business hasn't taken a hit, but it's, there are certainly some systems that needed to be adjusted, right? There's some process changes that needed to occur, but at the end of the day, I know how to articulate my value. I know how to have these conversations. I've had these conversations over many, many, many years at this point. So for a newer, let's talk about those newer agents that are starting out. How do they effectively negotiate their value? Well, that's a great question.

And that is something that every single new agent needs to consider. What is the value proposition? What are you offering? And, you know, money flows to differentiate. If you're not doing something above and beyond what the typical real estate agent is doing, you're not going to be able to command the money that you really deserve if you're good and if you're an expert in your field. So it all starts with negotiating. So articulating your value. So the question is, how do you do that?

Well, you know, if you just look at negotiations, really everything that we do in life involves some type of negotiation. And you're a young father. You know, every time your kids come up, you have to engage in negotiation. If they want a piece of chocolate or a piece of something or whatever, you know, it's all about negotiation with your spouse, your friends, your employer. Every day, we negotiate just about everything that we do. Now, the question is, now that this is part of how we're going to earn a living, how do we look at this? What is the best way to negotiate? You know, if you haven't taken training in negotiation, number one, I would say you really got to get schooled up on this. Years ago, they had a certified negotiation expert class that I happened to take. And it really

helped me understand the importance of things like building rapport with people. You know, some people think that negotiation is a one-way street and there's a winner and a loser. But in a good negotiation, there are two winners. Both sides can come out and be happy from the result. And if you're getting in real estate transactions and you're not getting those win-wins, then something is off-kilter. Something is off-track. So learning the skills of how to build rapport,

how to win friends and influence people should be the number one book on your list. If you're just getting into real estate, that's got to be on your bookshelf. There are others as well. But that one will help you understand the importance of getting somebody to open their door, open their mind. And if you're not dealing with someone open-minded, Ian, you might as well be talking to a wall. You know, I just got to share this real quick. But one of my good friends that I coached with for years, he and I coached other agents together, his favorite saying was, a man's mind changed against his will, is of the same opinion.

still. And if you're a good negotiator, you're not going to be getting that other person than a headlock and throwing them to the mat. That's not the goal. The goal is to make them come to the right conclusion and influence them. Chil Dini wrote a great book called Influence.

Another great book for your list of things to read if you're getting into real estate. Even if you've been doing this and you haven't read his book, it's called, influence it. It's one of the best books ever written on the subject. I'll have to check that one out because Dale Carnegie and James Clear are typically annual reads in my repertoire. We're chatting with Cliff Freeman, host of Cliff's Notes. That one streams here at KGCI Real Estate on air. We're talking about a panel he is moderating today at EXPCon. We're here in Miami negotiating skills and strategies

that work. Cliff, why don't we talk a little bit, maybe a little bit deeper on the panel? Who's going to be there and what are we discussing? Yeah, well, I am, I'm super stoked to have some really great agents on the panel. And, you know, the good news is it's going to be a very small, intimate panel. So we're going to be able to really dive in and do some discovery to get to the meat on the bone on this one. Denise Blevins is a great agent who has extensive knowledge in this business and is one of the top negotiators. You're going to want to get to meet her somehow if you never have. Angelo DiPaula is going to be on the panel along with Teresa Bennington.

And I'm just super excited to have been chosen to help facilitate this. I mean, this is, you know, this is proximity is everything, right? And I feel like I'm in the right room for this one to really bring out a lot of nuggets for folks. Yeah, it sounds like it's going to be a lot of fun. Cliff, for those folks that are unfortunately not, with us here in Miami this morning. And they wanted to connect with you a little bit. How can agents get a hold of you?

Yeah, sure. Hey, I've, you know, I'm on social, on Instagram, Facebook, Cliff Freeman. And of course, you can always reach me at my EXP email address, which is cliff. Dot Freeman at EXP Realty.com. I'd love to hear from you if you enjoy this and if you'd like to know some more. And, you know, like I said, I think that negotiation skills from this point forward should be the single most important thing that agents focus on until they are just really masters of negotiation. Because the difference between somebody who is a master at negotiation and somebody who's not is at least six figures a year. Amen. Amen to that. Cliff, I'm looking at the clock. I realize you got to get going.

Thanks for checking in with us this morning at KGCI Real Estate on air. Hey, love it. Ian, thanks, man. We'll catch you when we're done here. Thanks a bunch.