Car Finance Brokers Negotiate for Their Customers
Understanding negotiation and how emotions impact decisions can help you get the best deal in any situation.
Emotion and the Art of Negotiation (from a Car Finance Broker’s perspective)
Bringing anger to a negotiation is like throwing a bomb into the process.
We have all heard of the saying ‘making a mountain out of a molehill’, similarly with a negotiation you can use emotion to your advantage through ways of leverage, identifying and considering alternatives and executing offers and counteroffers by escalating the intensity of the negotiation to dig deeper into the motivators the other party holds.
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Negotiating for customers as a Car Finance Broker
As a Finance broker, negotiation is a part of your everyday job. Negotiating with lenders, credit analysts, Business Managers, Settlement officers, clients and even your own head of staff. Leverage has been called “negotiation’s prime mover,” conferring power to reach agreement “on your terms.” This power, however, is not always benign. (F.) Leverage itself in the finance industry can be used to a discrete advantage when it comes to the art of any negotiation.
Finance broking is an extremely competitive industry that requires a tough outer shell that cannot be yielded. You deal with all types of clients from all different backgrounds that require you to be adaptable and diverse in your approach. Using the skills that you have obtained in order to secure a great product and a happy customer alike. The ability to counteroffer in this industry can also determine a successful transaction takes place, based on the theoretical assumptions that counteroffers are generated through an anchoring-and-adjustment process and that offers are perceived as gains or losses relative to a reference point, predictions were made of how, in a price negotiation, the size of counteroffers vary with proposed selling prices and reservation prices.
The Role of a Car Finance Broker
The role of a car finance broker is often violated and unpredictable, and this is why having the ability to discern whether the emotion is going to be vital for the closing of the deal or the bomb being thrown into the process; takes experience and wisdom. Furthermore, being able to correctly discern how to use it to your advantage whilst maintaining the integrity and upholding a high standard in which you conduct yourself, can directly reflect on your professional standards during the art of negotiation
Isaac Dickman
Finance Specialist – Broli Finance