Negotiation Mastery with OQO London
Negotiation is tough, particularly when both negotiating parties are looking to gain something from the other side- in the case of real estate, money or a ‘good deal’.
In the property world, negotiating is part and parcel of the process, whether you are the buyer or seller, there’s almost no avoiding it.
Most people would never dream of walking into Gucci or Louis Vuitton and trying to haggle the price of a handbag, but it still amazes me that nobody has the slightest issue with trying to knock literally hundreds of thousands of pounds from an asking price.
On the contrary, it also astounds me that sellers often price their properties well above market value believing that their house is ‘the best in the street’ or an overzealous estate agent has convinced them that their property is worth ‘X amount’ simply to gain the instruction!
Somewhere there must be a compromise from both sides, and this is where negotiation comes into play.
Whether buyers and sellers like it or not, a third-party mediator is always required to police the process.
Tempers will often flare quickly, and emotions will spill over, often completely overshadowing common sense.
Many deals fall through due to either parties’ pride being at stake or they simply won’t give the other party what they want on principle.
The ‘take it or leave it’ attitude has ended many a transaction.
So, who does this mediation fall to, who is moderating these negotiations between the two parties- buyer and seller?
Traditionally this has fallen to the estate agent, who, of course, is employed by the seller and incentivised to negotiate the highest possible price for them.
Whist the agent does want to get a deal done, (which is in everyone’s best interests), their fee is geared, so that the higher the price achieved for the seller, the higher the fee for the agent.
The agent will be aware of the buyer’s situation and will actively leverage that in order to secure the best price for the seller- their fee-paying client.
Many ‘front line’ estate agents are young and inexperienced in dealing with these high stake’s situations.
They lack understanding of each party's motives, situation, and how to handle their stress and emotions.
This often leads to the agents becoming frustrated and trying to use pressure tactics to force the buyer in to proceeding under unfavourable terms.
The whole process is heavily weighted towards the seller despite the buyer holding the purse strings!
This is where a highly experienced buying agent comes into play.
OQO London has been negotiating for both buyers and sellers for over 25 years and understands the varying drivers of each side of the negotiating table.
Our years of experience allow us to handle any negotiation confidently and act in our clients' best interests without disrupting the status quo.
The skills necessary for this role closely align with those employed by hostage or crisis negotiators.
In order to keep control in any negotiation and to achieve the desired outcome for our clients OQO London will always apply the following skills to our approach:
Core Skills:
Active Listening – The ability to truly understand the concerns and interests of the other party (agent/ seller) by attentively listening, using techniques like paraphrasing, emotional labelling, and mirroring to build a strong rapport.
Emotional Intelligence – Effectively managing both personal and others' emotions to navigate tense or high-stress negotiations, promoting understanding and resolution.
Clear Communication – Articulating thoughts in a calm, concise, and persuasive manner, ensuring the other party feels heard and respected throughout the process.
Patience & Self-Control – Recognising that negotiations can span long periods, remaining composed under pressure is essential to achieving positive outcomes.
Rapport Building – Establishing trust and a connection with all parties involved, fostering cooperation and a willingness to find common ground.
Psychological & Tactical Abilities:
Understanding Buyer/Seller Behaviour – Identifying key psychological triggers and understanding motivations, needs, and decision-making factors to guide discussions effectively.
Deception Detection – Recognising inconsistencies in statements or potential manipulation tactics (Selling agent) to ensure transparency and fairness in the negotiation process.
Crisis Management – Handling unexpected challenges or disputes with composure, minimizing stress while protecting clients’ interests and moving toward a solution.
Strategic Thinking – Evaluating risks, predicting reactions, and adjusting tactics on the fly to ensure that both immediate and long-term negotiation goals are achieved.
Persuasion & Influence – Encouraging parties to make decisions that align with mutually beneficial outcomes, fostering agreement without coercion.
Personal Attributes:
Resilience & Mental Toughness – Maintaining focus and clarity during challenging or emotionally charged moments, staying grounded even under pressure.
Adaptability – Remaining flexible in approach, adjusting strategies as new information or shifts in the negotiation dynamics arise.
Empathy – Understanding the motivations and emotions of the other party to navigate discussions with insight and consideration.
Confidence Without Aggression – Asserting positions firmly but respectfully, maintaining control without provoking conflict or alienating the other party.
Teamwork – Collaborating effectively with colleagues, legal advisors, financial, and other professionals to support the overall negotiation process and reach the best possible outcome.
