The Art of Negotiation

On Episode 22 of REAL TIME, we had the pleasure of speaking with Wes Hall, one of North America’s most influential business leaders, about best practices, and trends in the art of negotiation. Hall shared some practical tips for how REALTORS® can re-enforce their existing skills to support their business as well as understand their own worth.

Hall’s story of success hasn’t been without substantial hurdles. From humble beginnings, Hall has since facilitated multi-billion-dollar mergers, solidified his position as a powerhouse in his field, and is on his way to becoming a household name as the newest dragon on the CBC’s Dragons’ Den.

“You never hear about the Canadian dream, but the Canadian dream is alive and well. For me having that picture, it’s really celebrating the Canadian dream, that you can come from a tin shack and you can end up at the top of corporate Canada on Bay Street,” he said about a photo of himself and his grandmother standing in front of their tin shack home before he moved to Canada.

Hall is paving a path for himself and so many others as he continues to be a bold voice for anti-racism through his BlackNorth Initiative.

Wes Hall

We asked Hall about common barriers when entering negotiations, like the emotions REALTORS® often have to navigate with their clients as they buy or sell real estate.

“If you don’t understand the emotional attachment that people may have to that piece of asset that they’ve cherished for so long, that have built their value… If you don’t appreciate it, that it’s my future, and don’t really treat it like that, then all of a sudden I don’t want to do business with you because doing any type of business, especially in that space, it’s about trust. I have to have trust and confidence in you that we’re going to have a good working relationship, you’re going to respect what I bring to the table, and I’m going to respect what you bring to the table,” he said.

In high-pressure situations, there are many things to keep in mind and priorities to manage, so Hall walks us through tips for maintaining composure and securing the best possible result for yourself or your client.

“Every single negotiation we go into, we have to figure out who’s on the other side of that negotiation. Some people are prepared to pay more than others, some people are just not,” he said.

We also discuss the importance of trust and strategy in negotiations. Hall outlined how he has helped his clients feel comfortable with leaving some of the biggest, most sensitive transactions of their lives in his hands, and how you can apply these principles to most negotiations.

Listen to Episode 22 of REAL TIME to learn about Hall’s journey to success, and how to become a more impactful negotiator.

Dawn Faithfull is CREA’s Communications Coordinator, so whether you know it or not, you’ve probably read something she’s written. Prior to joining CREA, Dawn gained experience in marketing, communications, and event management working for national restaurant brands, and international events and entertainment companies. If she isn’t working, you’ll find her practicing yoga, reading, or outside enjoying everything from water sports to cycling.

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