Justin Fenn and Dan Yozwiak are commercial real estate brokers for leading real estate investment firm Marcus and Millichap. After years of successful collaboration, the two joined Negotiate Anything to discuss the most important ingredients for building a successful team.
3 characteristics of a great team
Whether you’re starting a new business or looking to strengthen an existing department, it’s important to prioritize teamwork. According to Fenn and Yozwiak, successful teamwork comes down to three things: trust, open communication, and shared goals.
“Be side by side with a teammate who both have the end goal in mind,” Yozwiak explained.
For Fenn and Yozwiak, the ultimate goal is to know what works best for their customers, an approach they believe has contributed significantly to their long-term success. Second, make sure your goals are not only shared with each other, but measurable.
“You need guidelines and goals that you can not only set, but measure,” Fenn explained.
Conflicts and disagreements are natural for any team or association. Key to victory: Honesty.
“Justin and I are not afraid to have candid conversations,” Yozwiak shared, adding that he would recognize when best efforts were not being applied to the occasion. Brainstorm the strategies individually, then return to the table to identify which ideas work best.
“It’s much more effective to force people to come to their own conclusions than to force decisions on someone else,” Fenn explained.
Another important note: embracing differences is very beneficial to your team’s success.
Both are seasoned realtors, but Fenn and Yoswiak come from two different fields: offices and retail. Rather than seeing this as a drawback, they took advantage of diversity by carefully weighing together their strengths and opportunities for improvement.
“The ability to predict where things are going, where they are underserved, and where they can provide the most value to their customers gives them an advantage over those who don’t,” Fenn explained. To do.
Top Negotiation Tips for Real Estate Brokers
The first conversation a broker has with a client is the most important for a successful real estate negotiation. As an agent or broker, this interaction could show how well you can stand up to your clients in the field.
“One of the most important negotiations is with the client when negotiating commissions,” explains Yozwiak. “When you work for a client, you really set the standard for who you become.”
While on the discussion board, the two suggest a simple strategy. State your commission percentage in the most realistic (and confident) tone possible. Say nothing more and wait for a reply.
“Say what you need to say and don’t say too much,” Yozwiak continued, “because the more you talk, the more you’ll find out what you didn’t mean to say.”
Assuming that the speaker’s silence means that they are in some way dissatisfied, we impose ourselves on continuing to speak until we believe the right thing has been said. However, it is counterproductive to successful negotiations.
The truth is, you can’t be sure what other people are thinking when they are silent.
This leads directly to another important negotiating tip. Meet in person if possible.
“Whether it’s a partnership deal or someone is buying your product, you’ll want to meet face-to-face so you can see their reaction when you present this article,” Fenn said. explained.
Face-to-face interactions give negotiators the advantage of reading non-verbal signals. When you submit an offer, you can easily see how the other person will react to it. These clues can shed light on your answer.
Finally, Fenn and Yoswiak advise listeners not to give up anything without getting something in return. This is essential advice for those working in real estate, as it is common to negotiate more or less for time and money.
Advice for new associations
For those joining a new team or starting a new business partnership, Fenn and Yozwiak share some useful tips.
“Early on, be prepared to have tough conversations about what you really want out of your partnership,” they shared. , you will be ready for a happier, more honest partnership.
Follow Justin Fenn and Dan Yozwiak on LinkedIn. Click here to listen to the full episode.