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Real Estate of Mind Podcast

The Hostage Negotiator Tactic Agents Don’t Talk About

Do you sometimes struggle to WIN the lounge room listings battle?
Are you GUILTY of taking responsibility for things beyond your control?
Are you the ‘favourite’ or the ‘FOOL’ in commission discussions?
Do you fall into the TRAP of explaining your value?
What is an ‘accusations audit’ and how can it help you deliver BAD news?
Are you ready to concede you are not in control of your results but ONLY the process?

In that case, you might be ready to consider how Steve Shull’s insights from Chris Voss’ hostage negotiation techniques, could transform your results. It’s well-worth your time.

In a 50 minute podcast with Elite Agent’s Samantha McLean, Steve recently outlined how his philosophy centres on a disciplined process, a commitment to full fee commissions, and a relationship-first mindset.

If you didn’t have time to listen to this intriguing podcast, here’s a detailed exploration of Steve's advice:

1. Philosophy on Commission Fees

Steve is adamant that real estate agents must charge a full fee—rather than succumbing to the pressure to discount their services. He argues that when agents work for less than their full worth, they are effectively working for free. This insistence on charging a full fee reflects the true value of the service provided, ensuring profitability and reinforcing the perception of professional worth.

2. The Biggest Mistake Agents Make

‘Stop chasing a deal and focus on building a business’. The most common error, according to Steve, is chasing individual deals at the expense of building a sustainable business. Many agents focus on immediate wins, often neglecting the long-term benefits of a disciplined process. They also tend to clutter their customer relationship management systems with unqualified contacts, treating their databases as dumping grounds rather than tools for nurturing meaningful relationships.

3. The ‘Favourite or Fool’ Approach

A standout element of his strategy is the ‘Favourite or Fool’ method. Steve recommends a brief introductory call—ideally around 15 minutes—to ascertain whether a potential client genuinely sees the agent as their preferred partner. If a client readily agrees to this initial conversation, it suggests they are inclined to trust the agent. Conversely, resistance during this call is a clear indicator that the client may not be serious or might later attempt to negotiate fees downward, effectively categorising the agent as the ‘fool’ in the process.

4. Relationships Over Transactions

For Steve, real estate is fundamentally a relationship business. Rather than focusing solely on closing individual deals, agents should invest in long-term relationship building. When clients feel understood and valued, trust is established far more quickly. This trust is what ultimately leads to repeat business and referrals, making the agent’s role more sustainable over time.

5. Handling Unrealistic Seller Expectations

When sellers harbour unrealistic expectations - particularly regarding pricing - Steve advises a dual-pronged approach. First, encourage sellers to articulate their dream scenario, then probe by asking what the worst-case (nightmare) scenario might look like. This method helps to anchor expectations in reality. If a seller remains rigid and unyielding, it becomes clear that the agent might not be the right fit, and it is better to exit the engagement gracefully than to expend unnecessary effort trying to change their mind.

6. Delivering Bad News Effectively

Put responsibility where it belongs! Steve’s technique for delivering bad news is both simple and effective. He suggests beginning with an ‘accusations audit’ by signalling upfront - 'I’ve got some really bad news, you're going to hate me’ - and then pausing to allow the client to prepare emotionally. Once the stage is set, the bad news is delivered calmly and objectively, followed by an open question such as, ‘How do you want to proceed?’ This method reduces defensiveness and encourages a constructive dialogue.

7. Building Trust Quickly with New Clients

Drawing from tactical empathy - a core insight from Chris Voss - Steve emphasises the importance of making clients feel understood. Agents should utilise active listening and no-oriented questions that prompt clients to share their true thoughts and feelings. This approach, which centres on empathetic engagement rather than aggressive persuasion, accelerates trust-building and sets a collaborative tone for all subsequent interactions

8. Thriving in Today’s Competitive Market

Finally, Steve’s overarching advice is to stop chasing individual deals and instead focus on perfecting the process. He stresses that while agents cannot control external market outcomes, they can control their daily actions, from rigorous CRM management to regular relationship nurturing. By concentrating on the process - through time blocking, disciplined follow-ups, and strategic communication - agents can create a robust, resilient business that stands the test of time.

In summary, Steve Shull’s blueprint for success in real estate is a call to reframe the way agents approach their work: prioritise relationship-building, charge what you’re worth, and focus relentlessly on the process rather than the outcome. These strategies not only enhance individual performance but also contribute to a more sustainable and professional industry overall.

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