Mandatory - Communication and Negotiation (L2) - done Flashcards
Mentioned in summary of experience
Can you give an example of where you have demonstrated Effective Communication Skills?
Agent’s Society Training - I presented to our Central London team on how we can use database to track market data. I used visual aids to support my presentation and paused to allow room for questions, which enabled me to get my messages across and be more engaging.
How would you prepare for a negotiation? What are key tips for negotiation
- Agree with your client’s objectives and negotiating strategy before starting the negotiations
- Detailed research and preparation
- Deciding what points you can concede on and which are non-negotiable
- Understand the other party’s position
- Develop a partnership/collaborative approach, rather than an adversarial approach
- Walk away when you need to
Tell me about a time when you had to demonstrate effective negotiation skills.
- Whilst acting for my client as an acquisition agent in Victoria, I was negotiating the Heads of Terms with the landlord’s agent.
- I established my clients objectives for the negotiation, which were to reduce the headline rent.
- I leveraged my relationship with the landlords agent, to pick up the phone and have a constructive, collaborative discussion to understand their clients (the landlords) motivations rather than a more formal, adversarial appraoch
- This enabled me to understand where we were likely to be able to achieve wins and tailored my approach accordingly
What makes effective communication?
- Clear
- Concise
- Courteous
How have you been able to improve your oral and written communication skills?
- Business meetings with clients
- Working collaboratively with other parts of the business
- Writing reports
Mentioned in submission
What are the five stages of a negotiation ?
- Prepare
- Define the ground rules
- Clarify
- Bargain
- Conclude
What is a negotiation?
A discussion to reach a mutually acceptable agreement
Have you undertaken CPD on negotiation?
Yes, I learnt that is important to put yourself in others shoes and try to see their perspective.
Tell me about how you best negotiate?
- Try to create a collaborative environment
- leverage good relationships - easier to negotiate with someone you know
- agree a strategy with the client
- understand the other party
- understanding ‘win win’ and what can be conceded/not conceded
submission - Client acquisition victoria
You have mentioned understanding the local market is important for negotiation - can you please explain this?
It is useful to know market dynamics to assist in negotiations for agency purposes/agreeing a lease. For example, good to know if the building has been vacant for some time, lack of demand in the market or if there is competition for the space. Can help to achieve best outcome for client and manage expectations for the negotiation
Please tell me about market dynamics in Victoria
£87.50 prime rent
Vacancy is low at 2.3%
Typical rent-free 1-2m per term certain
Mix of period buildings, CAT A + delivered by landlord
Few new schemes have recently been delivered by developers - Asticus, Orchard Place
Please tell us about your CPD on pitching and presenting?
- Learnt to tell a story to get your message across
- Ensure you understand who you are presenting to and tailor your style to the audience - use appropriate language
- Signposting can help - have a proper start, middle and end and direct audience.
What are different forms of communication?
- Verbal: speaking, phone, face to face
- Written: emails, letters, reports
- Non-Verbal: body language
- Visual: presentations/imagery
Why is communication important?
Clear, helps to achieve goals, build relationships, improve understanding and efficiency
