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How to Improve Listening Skills in Commercial Real Estate Brokerage

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In an average working week, as a broker or an agent, you will attend plenty of meetings with clients and prospects.  Your listening skills and meeting strategies will be tested; they should be refined and optimized for each situation that could evolve.

 

Improve your communications skills and your listening skills.  Strategically connect with ever more people in your location and with your property marketing activities.

 

Accurately listen as part of a property discussion or negotiation.  Watch what happens with all your conversations relating to commercial property, and know what is being said by the stakeholders. 

 

Take notes to support discussions and progress; send off an email soon after a discussion to detail the current position.  A full understanding will help you with your position of negotiation or the desired strategic outcome.

 

The Challenges of Negotiations and Clients

 

It is a fact that some clients will be more difficult than others when it comes to negotiation, listing, property documentation, and marketing.  The same levels of difficulty apply to prospects and the third parties to any transaction.

 

Through all stages of the property transaction, there will be issues to discuss and opportunities to create.  Improve your professional communications skills through practice and deliberation.  Set your communication systems in place to help you with prospecting, listing, and presenting properties.

 

Communication Rules

 

Here are some rules that can help you with all your listening skills, client connections, and negotiation opportunities:

 

  1. Where possible, choose the place and the time to meet with other parties as part of any property negotiation or inspection. Try to keep control of the discussion or negotiation through meeting location selection and timing.
  2. Check your property and listing information before you give it to others. Ensure that you have all the supporting documentation validated and ready to display or use in any inspection and or presentation.  Expect that you will get questions on property matters, so have your supporting information ready.
  3. Don’t just listen to the other person but watch what they say and observe how they do it as part of explaining their position or negotiating. The body language of the other party will give you some valuable indicators to work on progressing a transaction forward.
  4. Understand all the alternatives that can apply to the negotiation. Do the people or stakeholders in the transaction need to achieve an agreement, or can they walk away from the discussion?
  5. Take plenty of notes as part of a negotiation process and meeting or conversation. Your notes will help you in the future remember what was said and done or perhaps agreed.  Sometimes disputes occur between the parties in a property transaction, and your notes will be the only way to protect your position and recollection.
  6. Ask plenty of questions relating to a property and or client situation. When in any doubt, ask more questions. As you get the answers that you require, observe the other party in what they are saying and how they are saying it. Look for the problems of interpretation and message accuracy.
  7. Qualify any comments and restate the position of the other party. The stakeholders to a property transaction will have a position or belief so you will need to document that fact accurately and legally for the property and the client.  Don’t proceed with documentation until you know that all is correct.
  8. Any action that is agreed between the parties will need to be taken in a timely way. Timeliness is important and can sometimes be a ‘deal breaker’.  Know the legalities of the matter, and how you can document things accurately for the client’s position, their instructions, and the facts of the property.

 

Listen carefully and comprehensively as part of each property meeting and negotiation.  Establish your rules and your systems of communication control so that every negotiation can be directed and shaped towards the outcomes that the client requires.