The Art of Negotiation | TEDx


Published on Apr 20, 2015
Maria describes the most important skills behind successful negotiation, and she explains how to develop and master such qualities.

Maria Ploumaki works with global businesses, executing strategies and negotiations for them that significantly improve their value chain and competitive advantage. She has achieved extraordinary results in global procurement, supply chain management and market share improvement. Having handled USD 0.5 billion and having worked with more than 50 countries, recent projects have brought millions of dollars in cost reductions and profit increase.

She has been selected for the Swiss Economic Forum (SEF) as one of the Top 50 Women in Business in Switzerland. Besides that, Maria is a Global Shaper at the World Economic Forum (WEF) and has also been chosen by the Republic of Slovenia as one of 24 Young Global Leaders for the Bled Strategic Forum (BSF). She is a chartered Economist, MCIPS, Six Sigma certified and serves as an Ambassador at One Young World and President at the Oxford Business Alumni Association of Switzerland.

This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx

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Exclusive buyer’s agents work only for consumers and often can save them money.

Cover of "Buying a Home (Essential Financ...

Cover of Buying a Home (Essential Finance)

Exclusive buyer‘s agents work only for consumers and often can save them money… [they] are not tied to any particular property or agency, so they will show buyers any home, even those for sale by owner. Los Angeles Times. “Collections” January 07,1996 http://articles.latimes.com/1996-01-07/realestate/re-22075_1_traditional-agents

Source: Buyers Agents, Buyer Brokers, Buying a Home

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Buyers Should Beware Using Sellers Agent | Bankrate.com

Buyers should beware using seller’s agent

By Michael Estrin • Bankrate.com

There’s an adage that says you get what you pay for. The warning is especially relevant for homebuyers who work with the listing agent in a so-called single-agent transaction.

“I’ve heard too many war stories about buyers who think they’ll get a better deal by going directly to the listing agent of the property,” says Bill Golden, a Re/Max agent in Atlanta. “Most often, they do not get a better deal, and they end up not being represented properly in the negotiations.”

In fact, buyers who use the listing agent aren’t represented at all, which is why single-agent transactions seem abhorrent to many real-estate professionals.

“If you were being sued by someone, would you use the same attorney as the person suing you? Of course not,” says Deb Tomaro, a Re/Max agent in Bloomington, Ind. But data from the National Association of Realtors seems to suggest that as many as 10 percent of residential transactions could be single-agent deals. (The trade group doesn’t have direct figures on buyers using listing agents, but instead relies on member surveys, which track real estate firms, not individual agents.)

Confusingly, the terms “dual agency” and “single-agent” transaction mean the same thing, with the difference being that of perspective: The agent sees his or her role as that of a dual agent because the agent represents both parties, whereas a buyer would view a deal with only one agent as a single-agent transaction.

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Why do buyers work with the listing agent?

Typically, buyers who choose to work with the listing agent say they do so because they think they’re getting a better deal. But agents like Jon Sterling of Chase International in Tahoe City, Calif., have doubts.

“The idea that buyers can negotiate to get the listing agent to give up part of their commission because the buyers are unrepresented is a myth,” he says. “Sure, some people have been successful doing that. It’s the exception, not the rule.”

It also doesn’t make much sense when you consider that sellers, not buyers, typically pay commissions, according to associate professor Eric Chen, who teaches business at the University of Saint Joseph in West Hartford, Conn.

“If the buyer is working with the listing agent, be aware of the conflict of interest problem that exists,” says Chen. “Remember that the listing agent is interested in getting a deal done, and the higher the purchase price, the bigger the commission to the agent.”

Do buyers actually pay more?

Data are mixed on whether buyers in single-agent transactions end up paying more, according to Bennie Waller, a finance and real estate professor at Longwood University in Farmville, Va., who has co-authored two papers on the topic. But the reason for the mixed results, says Waller, most likely has to do with the time the property is on the market. Single-agent deals that happen within 30 days of listing typically sell for a 10 to 18 percent premium. But when the property sells within the last 30 days of the listing contract, the price actually drops by 5 to 6 percent.

What’s the harm?

The problem with the single-agent deal is that it makes it impossible for the agent to fulfill a fiduciary duty to both parties.

“The agent has an inherent conflict of interest when working with the buyer,” says John O’Brien, a Chicago attorney who handles real estate transactions. “It is very difficult for the agent to keep his knowledge of the buyer’s negotiating points, including their best price, from becoming known to the seller, either directly or through the agent’s advice to the seller regarding counter-offers.”

Beyond price, buyers should understand that a single-agent deal creates the opportunity for a problem on virtually every deal point, says Chen.

“Because of the conflict of interest, there is a real chance that the agent doesn’t have the buyer’s best interests in mind,” Chen says. “It doesn’t necessarily happen every time. However, the pressure, opportunity and rationalization are all there for the seller’s agent to act in their own client’s interest and against the interests of the seller.”

Not everyone sees an automatic conflict of interest.

“There are some who feel that it is an automatic conflict to represent both parties,” says Sterling Watkins, a broker-owner with Help-U-Sell of Folsom, Calif. “I happen to disagree. If no confidences are violated, each party has a chance to make a decision at every turn in the road.”

Although Watkins certainly has the minority opinion on the matter, it’s worth pointing out that most real estate firm contracts do contemplate the possibility of a single-agent deal. But, as Chen says, “that language usually looks an awful lot like a waiver.”

via Buyers Should Beware Using Sellers Agent | Bankrate.com.

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What is a Real Estate Buyer Agent? Real Estate Broker, Buyer’s Agent.

Real Estate Agents, Brokers and Brokerages

*Note that each state has its own real estate laws. This summary is a general view that may not exactly reflect the laws in your state.

In the United States a real estate agent is an individual who has passed a state mandated class on real estate and who is employed by a real estate broker or brokerage.

Real estate agents work in many different areas, from apartment leasing to commercial and shopping center development to time share sales, but the majority are involved with residential homes.

Real estate agents are often members of the National Association of REALTORs. This is the national trade association for residential real estate. The vast majority of residential home transactions involve REALTORS and most Exclusive Buyer’s Agents are members of the REALTOR organization.

A real estate broker is a higher level of licensing. A broker typically must have at least three years of experience as a real estate agent, then has taken additional classes. A broker can legally be paid by a consumer for real estate services. An individual real estate agent can’t contract directly with consumers and can’t be paid directly by consumers.

A real estate brokerage is a company. Each brokerage must have an associate broker who is the responsible individual. Often brokerages might have hundreds of real estate agents.

A buyer’s brokerage is a real estate company who specializes in representing buyers. If a company never represents sellers and never has listings it is termed an exclusive buyers brokerage or exclusive buyer’s agency. The national trade association for buyer’s brokerages is The National Association of Exclusive Buyer Agents (NAEBA).

via What is a Real Estate Buyer Agent?, Real Estate Broker, Buyer’s Agent.

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