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What does 'Negotiator' mean?
Negotiator
A person who works in an estate agency and is responsible for helping the buyer and seller agree a sale price is sometimes called a negotiator (or 'neg' for short).
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How to Really Buy a Property
Chapter 10:
Working with Estate Agents
"... best advice is to try and treat the sales negotiator as a friend of a friend. There is no need to talk about what you have been up to at the weekend but showing an interest in that person and what they do may reveal a great deal of useful information and could place you at the front of the queue should the right property come..."
"... this kind of information is exactly the type of agent you should be looking for when you come to sell for exactly the same reasons.
A negotiator wants to see:
That you are well prepared for your search in terms of finances but are happy to discuss further options
That you have given some..."
"... always that the individual negotiator is usually paid on commission and they know they are more likely to get that payment (i.e. get a property to exchange) from a buyer who is prepared, focused and listening than someone who thinks they are fantastic and knows it all. The latter will often end up on an endless and fruitless..."
"... negotiator in a successful and professional agency is busy, especially in a busy rising market, and he will make a calculated decision on who to call first when that bargain of the month or that extra special property comes onto the market. They want to sell a new property faster than any of their colleagues and so the best buyers get the first call. Those who have not considered their finances or shown they are ready to have an open relationship go to the bottom of the..."
"... do this it is essential that you keep a list of all the agents you are registered with. Too many buyers register for say, a two bedroom flat, and then call up four weeks later asking about a one bedroom property they have seen on the net which looks perfect. Chances are it has already sold but the negotiator might have called you before it even went on the internet had he been aware of your change in requirements...."
"... need, need, need to build a relationship with an agent that makes sure you are the first one into a property. The negotiator needs to believe you are well motivated if he is going to spend time for you or with you. The easiest way for him to differentiate that is to split buyers between those who call up and register and those who register by email or over the..."
"... an example a negotiator may be registering ten new people by 'phone every day and getting two emails from applicants who want details sent in the post because they are thinking of moving in the next three months. Who do you think he will spend time with? This is also the reason why so many potential buyers never receive the details they request. Its not excuse making, it is simply the reality of a market where you are dealing with people paid on commission for what they sell...."
"... high rise block" are far more helpful to the agent.
Buyers who ask irrelevant questions compared to their requirements loose respect in the negotiator's eyes and a frustrated negotiator is not going to call you first about new properties.
Ask only questions where the answer will change your..."
"... are good and bad estate agents out there but it is the better and more professional ones that often have and get the widest selection of properties. Despite the press and the endless stories from family and friends do not stereo-type as gaining the respect of a good negotiator, by showing (and not just saying) you are a serious buyer can dramatically reduce the time you spend on your search and the stress it..."
Chapter 15:
How to Really Make an Offer on a Property
"... put it another way if the Estate Agent is being paid 2% of the sale fee and the negotiator is getting 10% of that then on a £240,000 flat the negotiator is going to be paid £480. If you have offered £235,000 and the negotiator is trying to get you to the asking price he is not trying to get £10 (the commission he would earn on the extra £5,000), he is trying to make sure you do not get..."
"... just as you start searching.
Hopefully you will have some idea of the current market (rising or falling) and the vendors motivations from your discussions with the negotiator. You will also need to balance this with your own desire for the property.
The graph below represents the..."
"... it on principle.
A very low offer may mean that you embarrass the agent. The vendor will feel the agent is not doing his job. As such the negotiator will then be reluctant to show you further properties and move you to the bottom of his mental list of priorities.
- Paying the Asking..."
Chapter 23:
Why Vendors Choose Bad Estate Agents
"... one or more of the following three mistakes
Base your decision on the fee the agent will charge
Be blinded by large agents with ten, fifteen or even twenty negotiators working out of one office
Believe lots of sold signs in the area from one agent must be good news
The basic principle when..."
"... first step is to be sure that the staff are motivated to sell. For this reason avoid agents that operate a "pooled commission". In this situation the fee goes into a central pot and then a percentage of that is shared between every negotiator who works there, whether or not they were involved in that particular transaction. The result is that the moment one negotiator has interest in your property the other negotiators lay off, knowing they will get a percentage of the deal. To them this is a simpler option than coming out at eight in the evening with an alternative buyer even if they might offer you an extra five or ten thousand pounds. That alternative buyer may be desperate to buy your property and more financially sound but they will never be told about..."
"... look for an agent where the individual negotiator gets paid part of the fee if they themselves find you a buyer and get paid nothing if they don't. In this way the negotiator will be at your door at eight in the evening in order to get that extra ten thousand for you and steal the deal from their colleague. It's brutal but you..."
"... the same note ensure that whoever values your property will get part of the fee if it sells. In this way you know they will give you a realistic valuation because if they are simply paid a flat fee for every instruction they will be tempted to overvalue and the negotiators who are supposed to sell it will become demotivated. You may be surprised how many managers or valuers are just targeted on getting the instruction and so simply over value and over promise in order to get your property onto their books and hit their individual..."
"... commission paid to a negotiator not on pooled commission is usually between ten and twenty percent of the fee the agent is charging. As such negotiating a low fee is not always as clever as you might think. If you feel very pleased with yourself for having bargained with a dozen agents and finally found one you could twist down to 1% consider..."
"... The fee on a £250,000 flat at 1% would be £2,500 of which a negotiator on 10% commission would get £250. If you pay 2% the negotiator gets £500. Which property do you think the negotiators will work harder on, not only to sell, but to ensure the agreed sale progresses to exchange?
If..."
"... be pursued and the process must be bought to a speedy conclusion. None of these things will happen if:
The negotiator does not understand the process himself due to lack of experience
The negotiator is not motivated because financially your deal is worth very little to him
The negotiator..."
"... will happen if:
The negotiator does not understand the process himself due to lack of experience
The negotiator is not motivated because financially your deal is worth very little to him
The negotiator leaves the agent halfway through to get a better paid job elsewhere
Any competent..."
"... of experience
The negotiator is not motivated because financially your deal is worth very little to him
The negotiator leaves the agent halfway through to get a better paid job elsewhere
Any competent negotiator should know everything in this book, as a minimum. To get an idea of the..."
"... to get a better paid job elsewhere
Any competent negotiator should know everything in this book, as a minimum. To get an idea of the myriad of events that can cause a transaction to fail simply read through the true stories in each chapter.
An agent that is prepared to negotiate to a..."
"...
Its easy for a vendor to be dazzled by the talk of large agents. They point to the fact that their office has ten, fifteen or even twenty negotiators operating out of one place. Its tempting to believe that with so many people on the case they cannot fail to sell your property for top dollar.
..."
"... more telling figure is how many negotiators they have per property on the market. As an example a large office with fifteen negotiators may have six hundred properties on the market so the ratio is forty properties per negotiator. The smaller competitor may have four staff and one hundred properties giving it a ratio of twenty five properties per negotiator. In this latter case competition between the negotiators fighting to agree deals on limited stock will be more..."
"... size of an agent's office should only become a crucial deciding factor when it becomes too small. As a minimum check the agent has at least two sales negotiators and a manager. That is two sales negotiators, not sales and lettings negotiators. Any fewer staff than this and holidays, illness or someone leaving will have a dramatic impact on their ability to sell your property for a good price, or even sell it at..."
"... Slow preparation of the details - Many vendors get sidetracked by the details. If the negotiators in the agent are well motivated they won't be waiting for details to get their hot applicants into your property. If they hesitate their colleague will be faster and get the deal (and the money).
..."
"... have not had many viewings - If the negotiators are motivated and the agent is solid then the staff will be busy. They will know that poorly qualified applicants result in lots of viewings but very little business. If the staff are paid on commission they will want to stay focused on only taking the right people to the right properties. A classic case is the vendor who has a two bedroom flat where the second bedroom is very small. A bad agent will drag every two double bedroom applicant round there and then tell you the feedback is that the second bedroom is too small. A good agent will ask the applicant, at registration, why they need the second bedroom. If it is too rent out they will discount your property. Much fewer but much more focused..."
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I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!
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