High stakes negotiation training blows all away

And its members love the experience and events are always booked out with waiting lists.

The latest speaker on offer in Ray White’s Leadership Academy was high powered US professor Dr Victoria Husted Medvec, a world leader in high stakes negotiation.

Some 250 Ray White members, plus its corporate team, were blown away by Dr Medvec’s high energy sessions to help them differentiate themselves during negotiations.

Ray White managing director Dan White said it was a natural evolution of the Leadership Academy to hear from Dr Medvec.

“We believe in providing our leaders with the opportunity to learn from global experts, ensuring we stay at the forefront of our industry,” Mr White said.

“Negotiating is integral to what we do and important for us to keep improving as an organisation. Dr Medvec has worked closely with some colleagues of mine and they have seen incredible results and I’m sure we will too.”

Dr Medvec is the Adeline Barry Davee Professor of Management and Organisations, on the faculty of the Kellogg School of Management at the prestigious Northwestern University in Illinois.

She is a global leader in high stakes negotiation and decision-making who has worked with a significant number of Fortune 100 companies, including Google and Facebook.

Dr Medvec, who travels regularly to Australia for clients, said every negotiation was a high stakes negotiation at Ray White.

“Ray White members care intensely about their customers and deliver the most to every single customer. Whether it is a $1 million deal or a $50 million deal, Ray White members want the best for their customers, making every one of their negotiations high stakes and requiring that they use the very best skills to achieve great customer results,” she said.

She said there were five traps that expert negotiators encounter: negotiating the wrong deal, failing to differentiate yourself, focusing on a single issue, failing to establish ambitious goals and using a single offer.

“I think agents must reveal the importance of their capabilities not simply as a linkage but as a network and a provider of information, access to information that is not publicly available, insight, and negotiation strategy to ensure that people continue to see why they want to sell with Ray White and with an agent as opposed to selling with another agent,” Dr Medvec said.

“I am passionate because I love working on deals, seeing the results these strategies reveal, and being a part of the excitement of the transactions. That keeps me really interested. I am sure your agents are interested because they, too, have great strategies and can get involved and vested in the results they drive.”

Dr Medvec’s biggest tip for negotiators was to remain calm.

“The reality is that emotions are contagious, it's called ‘emotional contagion’. Whatever emotion I want to see on the other side is the emotion I should reveal in myself. Emotions are like a mirror; whatever I show is what I will get back from the other side, so it's essential to know that the emotion you are displaying is the emotion you will get from the other side.

“Often, the other side may react passionately; they might get angry, throw their arms up, and scream, but there is no advantage to showing that behaviour back to them.

“You want to stay calm, which will make them more relaxed, and when you are calm, you can be more creative in identifying unique solutions.”

Dr Medvec said it was so impressive that Ray White offers this kind of training to its agents.

“This level of training reveals the group’s commitment that Ray White has to serve their customers in the very best way. People are attracted to real estate because they like to do deals and negotiate, and generally, people in the industry have some basic skills. I think it's impressive that Ray White doesn't want people to serve their customers with just the skills they walk in with, whatever that level is, but rather to enhance, improve, and hone those skills to give the very best to their customers.”

Ray White Canberra founder Ben Faulks said the Leadership Academy was one of the reasons he loved being part of the group.

“One of the best parts of being inside Ray White is the professional development on offer. The family gives us access to great thought leaders and trainers that we can’t otherwise reach and it's one of the reasons we find such value in our group.”

He said his biggest takeaway from Dr Medvec’s session was to make sure to focus on the differentiators “from the client's perspective, rather than what is important to us’.

Ray White Tugun | Elanora principal John Parkes said he loved Dr Medvec’s high energy session.

“It’s so important to take advantage of these sessions that the family puts on as it takes you away from the business. We are so busy and life can be so hectic so it’s important to take a step back and look at your business holistically,” he said.

Ray White Aspley’s Roxanne Paterson said that she appreciated Dr Medvec’s reminder that ‘when you start negotiating about price, you are actually negotiating for your competitor’. “That stood out for me and by learning to stand on your own two feet you acknowledge why you are so valuable. Sometimes you get stuck doing what you have always done and it’s important to stop because nothing changes if nothing changes.”

Ray White Mt Gambier principal Tahlia Gabrielli said her biggest takeaway was to always be well prepared for any negotiation.

“I think everyone should work out what their differentiators are and clearly identify them. There’s honestly been so much I took from Dr Medvec today, she was amazing. I love coming to these days. I love networking with Ray White friends and meeting new people and levelling up my skills to be a better business owner in my market.”

Ray White Ferntree Gully managing director Patrick McConnachie said he loved the camaraderie of the Leadership Academy.

“I come to these events and see the same people and I then follow them personally and professionally. Then I will catch up with them outside these events and stay in touch.

“I also liked Dr Medvec’s tip to ‘stop being blinded by your own ego’. If you stop thinking only of what your needs are and if you start thinking about what the other person is trying to achieve, you’ll get a better outcome. That really resonated with me.”