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Build stronger teams for better business

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Justin Fenn and Dan Yozwiak are commercial real estate brokers from leading real estate investment firm Marcus and Millichap. After a successful collaboration over the past few years, the pair joined Negotiate Anything to discuss the most important factors in building a high-performance team.

Three characteristics of a great team

Whether you’re embarking on a new business venture or strengthening an existing department, it’s imperative that teamwork be a priority. According to Fenn and Yozwiak, successful teamwork results in three things: trust, open communication and mutual goals.

“Match yourself with your teammates with your ultimate goals in mind,” said Yozwiak. “Once you do that, everything else handles itself.”

The ultimate goal for Fenn and Yozwiak is to provide the best service to our clients. This is the approach they believe is the main cause of the success they have achieved over the years. Then make sure that the goals are not only shared with each other, but also measurable.

“We need to have guidelines and goals that are not only definable but also measurable,” Fen shared.

Friendly opposition

Conflicts and disagreements are commonplace for any team or partnership. The key to overcoming: honesty.

“Justin and I aren’t afraid to have an honest conversation,” Yozwiak shared, adding that both would admit when the best efforts weren’t applied to the opportunity. From there, they take the time to brainstorm the solution individually and then go back to the table to identify which idea is best for them.

“It’s much more effective to allow people to reach their conclusions, rather than forcing someone to make a decision,” Fen explained in detail.

Another important caveat is that accepting the differences can be very beneficial to the success of your team.

Both are experienced real estate brokers, but Fen and Yoswiack have two different niche backgrounds: office and retail. Rather than seeing this as a disadvantage, the pair took advantage of diversity by carefully analyzing the combined strengths and opportunities for improvement.

“If you have the ability to predict where things are heading, where there are poorly serviced areas and where you can provide maximum value to your clients, you have an advantage over those who don’t think so,” Fen said. explained.

Best bargaining advice for real estate brokers

For successful real estate negotiations, it is of utmost importance that the broker first discusses with the client. As an agent or broker, this interaction can show how well you defend your clients in the field.

“One of the most important negotiations is with our clients when negotiating commissions,” said Yozwiak. “You have set the standard for what you will be when you really work for your clients.”

While discussing the committee, the pair recommends a simple strategy. State your commission percentage in the most factual (and confident) tone possible. Then say nothing else and wait for a response.

Yozwiak went on to say, “The more you talk, the more things you don’t mean to say, so say what you need and don’t talk too much.”

Assuming that the silence of the other person means they are somehow dissatisfied, we leave it to ourselves to keep talking until we believe that the right thing was said. This approach is natural, but it has the opposite effect on successful negotiations.

The truth is that you can’t be sure what others are thinking when they are quiet. For this reason, it is best to remain silent until they clearly communicate what they are thinking.

This is directly linked to another important bargaining tip from pain. Meet in person if possible.

“Whether you’re in partnership negotiations or dealing with people who are buying products, we want to meet face-to-face so you can see their reaction when you present the item.” Fen shared.

Face-to-face interaction gives the negotiator the advantage of reading nonverbal clues. Presenting an offer makes it easier to see how the other person is reacting. These clues can inform you of your response.

Finally, both Fen and Yoswiack advise listeners not to give up something in return. This is important advice for real estate people, as it is a common practice for people to negotiate more or less with time and money.

Advice for new partnerships

For those who join a new team or embark on a new business partnership, Fen and Joswiack have some useful advice:

“I’m willing to have a tough conversation early on about what I really want from the partnership,” they shared. “If you’re willing to have those conversations when you start-you’re preparing yourself for a more comfortable, happier, and honest partnership in the future.

Follow Justin Fenn and Dan Yozwiak on LinkedIn. Click here to hear the entire episode.