There’s talk lately of markets that are experiencing multiple offers.  Maryland, Phoenix, Ariz., Seattle, Wash. and Boise, Ill. are watching inventory drop and offers heat up!

As we watch this trend, we couldn’t help but think of a critical skill when it comes to multiple offers: Negotiation. Negotiation is a skill that can be learned and perfected with experience. Finding which needs are fixed and which needs are flexible is crucial when you’re working to secure the best possible outcome for your buyers and sellers.

We pulled together some best practices for negotiating and bringing the buyer and seller together; it’s called the Three P’s Approach.

1. Prepare

Preparation is the key to building confidence and ensuring a smooth negotiation process.

Think and act strategically

• Know your goal. Have a clear goal in mind for the negotiation, which is to reach a win-win agreement. A win-win agreement means that both the buyer and seller are, at a minimum, satisfied with the outcome of the negotiation process. Remind your client of their reason(s) for moving in the first place, and that when the contract closes, they’ll be able to move on with their lives. Keep them focused on their motivation.

• Know your client. Make sure you fully understand your client’s goals. Learn in which areas they are willing to negotiate and where they will stand firm.

• Think ahead. Anticipate what the other party wants out of the negotiation. Write down how you think they may counter the offer and how you plan to handle it.

• Set clear expectations. Prior to meeting with the other party, set clear and realistic expectations with your client. Aim to always under-promise and over-deliver. Stress to your client the importance of moving quickly to create a sense of urgency.

• Be informed. An informed mind is an empowered and confident mind! Ask open-ended questions and use active listening to find out as much as you can about the other party and their agent. This helps you know with whom you are negotiating, on what points you will negotiate, and where you and your client have leverage.

Comply with regulations

• Obey the laws. Every state and locality has its own set of laws that regulates zoning, mortgage qualification, and other real estate matters. Stay current on your local regulations and stay out of court!

• Know the documents inside and out. Become familiar with your local Board of Realtors’ governing forms. Take the time needed to understand the form templates and what belongs in each field.

Keep reading for No. 2 and 3.

Continue reading ‘Negotiating: The Three P’s Approach’

What are the makings of a legend?

Is it vision, strategy or innovation? Is it charisma, ambition or will? And do you become a legend on purpose? Or is it an organic occurrence?

History tells us it’s all of those things. A person becomes legendary because they are remarkable over and over again. They achieve great things despite odds and become synonymous with a certain level of innovation and ambition.

Similarly, a company becomes legendary when the people who choose to be in business with them believe in the vision and achieve their own dreams through that shared belief. They share in setbacks, successes, innovations and decisions and collectively move forward because of that collaboration. There are of course, various moments in history that illustrate this point.

A lesson in legend lore

In the book Great by Choice author Jim Collins outlines two explorers who sought to be the first in history to reach the South Pole. If you’ve read the book or heard the story, you know that one explorer Roald Amundsen was the first to get there by researching Eskimos, bringing along the right amount of time-test equipment and by taking his team 20 miles forward every day no matter the conditions. Robert Falcon Scott, on the other hand made the trek in quantum leaps on days when conditions were favorable, relied on untested equipment and “ran everything dangerously close to calculation.”

You can probably guess who made it to the South Pole first with all his men: Amundsen. Scott made it to only to find that he had been beat. He was found eight months later, frozen, just ten miles from their depot.

The moral of the story: Different behaviors cause drastically different outcomes.

Winning Behavior

We’re a resilient and competitive industry and we thrive because of it. We experience successions of successes and a slew of setbacks and there are those that are achieving great things despite odds and gaining positive momentum in a market full of obstacles. They behave like winners.

Every year, we find out who those winners are through industry-wide rankings such as the recently released REALTrends 500 Report. The findings are confirmation that our business practices are getting result and rank us accordingly. And well, let’s face it, we like to win.

We also start to see the same people show up on the list. Can we call them legends? Maybe not yet. But they are certainly on their way to earning that acclaim.

It’s exciting to see who comes out on top, who doesn’t and where we all stand. Keller Williams Realty was thrilled to see our brokerages sweep 11 categories which Inman News detailed in a recent article on their Website.

From Inman News:

What an IncREDible RED Day! Last week thousands of you from across the United States and Canada took a day off from work to Give Where You Live! In an email from the Keller Williams Realty International headquarters, Gary Keller, Mo Anderson, Mark Willis and Mary Tennant expressed their appreciation for living out the Keller Williams culture through such incredible acts of volunteerism.

Dear Keller Williams Family!

Thank you for making RED Day a resounding success! Each of you played an important role in improving the lives of our neighbors. Thank you for giving so generously.

We are overwhelmed by the stories we’ve received of associates coming together to make a real and lasting impact on the communities we are so privileged to serve. RED Day is a powerful reflection of the incredible culture you’ve built. Thank you for sharing your time and talents. We are proud to be in business with you and amazed by your passion for service.

Yours in painting our communities RED!

Gary Keller, Chairman of the Board

Mo Anderson, Vice Chairman of the Board

Mark Willis, CEO

Mary Tennant, President and COO

The stories are still rolling in, yet here are a few that caught our eye!

Keller Williams Beaumont Market Center: Nearly 150 volunteers painted, sanded, sawed, swept and cleaned their way through Boys Haven, the group home for troubled boys. They brought in 125-150 contractors, electricians, plumbers, furniture people, and volunteers to do a one day extreme make over at Boys Haven. They worked in the kitchens, living rooms, and bedrooms, replaced some appliances,
Read more: http://www.beaumontenterprise.com/life/article/150-volunteers-turn-out-to-beautify-Boys-Haven-3550048.php#ixzz1uaxh6ojm

Keller Williams Atlanta Partners: The Keller Williams Realty Atlanta Partners will spend the day at Cambridge House, a non-profit group providing personal care to adults with Alzheimer’s, dementia and other function disabilities. Associates will spend the day at Cambridge giving it a new facelift, complete with painting, new flooring, furniture, appliances and other items. “Last year, we were honored to assist the family of the late Chris Landreau by painting and

installing hardwood flooring,” said team leader/managing broker Julia Nelson.. “Chris, an eight-year veteran of the Coweta County Fire Department, was diagnosed with lymphoma in February in June of 2012. We can’t tell you what an impact it made on each of us personally to give back to the community we know and love.”

Keller Williams Gig Harbor Market Center: Recognizing the need for the FISH Food Bank’s shelves to be stocked year-round, not just during the holiday season, roughly 60 agents from KW Gig Harbor canvassed neighborhoods with RED bags seeking donations for FISH.

Keller Williams Westlake LA Market Center: Spent the day helping out at the Hospice, My Stuff Bags Foundation, Rancho Saint Francis and the More Park Food Bank

Keller Williams Ann Arbor Market Center: Associates volunteered at the Huron Farms Subdivision, planting flowers, trees, and putting down mulch at Dexter homes that were devastated by a recent tornado.

Keller Williams Realty Port St. Lucie Market Center: Associates spent the day at the Council on Aging Building in Port St. Lucie painting, power washing and performing an overall spruce up of the building.

Keller Williams Realty Halifax Market Center: Associates spent the day at Feed Nova Scotia assisting them in providing food to families in need.

It’s nearly here! RED Day, Keller Williams Realty’s annual day of service is only a few days away and we know everyone is working hard to make this year the best one yet!

There’s no doubt that each year more market centers and more associates Give Where They Live; increasing the impact felt around North America.

And we to be sure the world knows all you are doing during the largest service event in the real estate industry through our favorite social networking sites! Here are a few ways you and your market center can spread the RED!

RED Day Twibbon: Decorate your Facebook and Twitter Avatar with this year’s RED Day Twibbon. http://twibbon.com/cause/KW-RED-Day/

RED Day on Facebook: We all know the sharing power Facebook has. Here are two ways to get more reach on your big day.

1. Tag “Keller Williams Realty, Inc.” in your photos and video. First, visit the Keller Williams Realty Facebook page. If you haven’t already “liked” us – be sure to do it! Whenever you upload a photo, tag us. Your photo will then show up in the news feed for nearly 40,000 of your fellow associates to see!
2. 2. Tag the organization you are helping in photos and video. Whether you are working with Habitat for Humanity, your local YMCA or Boys and Girls Club or a local organization, chances are they are on Facebook! Whenever you tag a photo or post about your day, tag them! You’re picture and the good you are doing will show up in both your news feed and theirs – extending your RED Day reach.

RED Day on Twitter: Join the conversation and share the good you are doing on Twitter. Use #KWREDDay or #REDDay. Another popular Keller Williams hashtag is #kwri. If the organization you are supporting is on Twitter, be sure and tag them in the Tweet!