With the finale airing tonight, there are real-life human behaviour learnings from The Traitors Ireland TV show, says one estate agent
Traitors Ireland has been a runaway success with its cast of willing Machiavellians featuring a guard, a former casino manager, a retired prison guard, and an estate agent —people who we imagine are very good at reading people.
Of these, estate agent Nick is one of the last five standing ahead of tonight’s finale (Tuesday, September 23rd).
The show shone a light on the underbelly of the human psyche. A better understanding of the dark side of such behaviour can be very helpful in real-life situations.
Especially when it comes to homebuying in the current market.
A property is presented with an asking price, but rarely sells for that. Often, a bidding process ensues.
With low stock levels, homes available to purchase, especially those in turn-key condition, sell for well above the listed price.
How can a TV show possibly help steel home buyers with the negotiation part of the bidding process, a big element of the current second-hand market?
Rule number one is to understand that the agent is not your friend. It is a commercial relationship, however cordial it may appear, much like the relationship between the participants in The Traitors Ireland.
Its twists and turns have garnered it a significant audience share because the behaviour has hit a chord with viewers.
Its twists and turns have pulled in 600,000 viewers on RTÉ One and RTÉ One+1, and a further 160,000 are watching it on the RTÉ Player.
Buyers think that agents are there to serve the buyer, but "we’re working for the seller", says one of the capital’s top agents, who would prefer not to be named.
“Our job is to get the best price for the seller,” they explain.
“In the Dublin second-hand residential property market, a price is a guideline as to what the property might sell for. It could go for more; therefore, negotiation is required.”
Understanding the subtleties of negotiations is an essential skill.
It's a skill that many buyers don’t rate agents as being good at, they explain.
But don't be fooled, he says. “Sometimes an agent wants the buyer to think that, because if they feel they’ve got one over on the agent, they will go ahead with conviction and buy."
There is a method to this approach.
“If they feel they’ve been out-negotiated or out-manoeuvred, they’re less likely to go ahead with the purchase.”
Flattery may be the way an agent woos you, they explain. Patter and commentary like ‘you did a great deal’ or ‘you killed me on negotiations’ is designed to appeal to the buyer’s ego.
A buyer has to have a good feeling at the end of a deal, they explain. “They may feel like they need to win, and in this instance, the agent has to allow them to get that feeling of satisfaction.
“We want buyers to feel like they’ve won. A buyer who gets satisfaction from the negotiations is more likely to conclude the transaction – they’ll proceed to close the sale.”
