With season two airing tonight, there are real-life human behaviour learnings from The Traitors Ireland TV show, says one estate agent
Traitors Ireland series one was 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 imagined were very good at reading people.
Of these, estate agent Nick was one of the last five standing ahead of the show's grand finale.
The series 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 such as homebuying in the current market.
A property is presented with an asking price, but rarely sells for that. Often, a bidding process ensues.
With stock levels low, homes available to purchase, especially those in turnkey condition, sell for well above the listed price.
How can a TV show possibly help steel home buyers for 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 to be, 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.
The participants' conduct pulled in 600,000 viewers on RTÉ One and RTÉ One+1, and a further 160,000 watched 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 competency that many buyers don’t believe many agents have, they explain.
But don't be fooled. “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. 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.”
Watch Traitors Ireland, season two at 9.30 pm on Sunday, August 30th on RTE One or on the RTE Player
