Pulitzer Prize Winning Humorist, Dave Barry, on Negotiating (and hiring a Realtor). This is for Karin Lundeen, and Rebecca Harris who asked, when they each ReBlogged my post from "Silly Sunday" if Dave had anything on this topic.
I strongly advise you to use a broker, for the same reason that I'd advise you to pay somebody else to repair your automobile transmission, namely: No matter how incompetent or overpaid this person is, he or she can't possibly screw things as badly as you would if you did it yourself.
A fine example of the kind of negotiating approach you should take can be found in the excellent corporate training film, "The Godfather."--from Homes and Other Black Holes by Dave Barry.
Know Your Objective
If you don't go into the negotiation knowing what you want, you'll never be disappointed. Unfortunately, if you don't, other people are going to walk all over you time and time again. Be perfectly clear about what you want to achieve before you begin the negotiation process. Know not only your "best case scenario", but also your bottom line objective, which you absolutely must have in order to make the deal work. If it falls in between-that is success
Information is Power
In negotiation, information is power. The most valuable pieces of information are the ones that help you determine what is important to the other party and how far they are willing to go to close the deal. This is going to require you to do some advance research, but you can also gather information by asking questions throughout the negotiation. Documenting as you go along before you get to the negotiating table is extremely helpful.
Give The Other Party's Words Back to Them
This can be re-iterating what they have already told you, especially if they jumping all around and changing their mind, or upping the ante. It is also a good tool for summarizing what has been said to move deeper into the objective
Put Yourself in the Other Person's Shoes.
Sounds so simple but it is worth your effort every time.
Don't Be Intimidated
Sometimes intimidation creeps in. Don't let that happen! You probably have just as many ideas and strategies as the number one agent in the largest firm in your area. But once you allow yourself to be intimidated, you've already lost ground in the negotiation. Approach the negotiation process as an equal, confident in your ability to achieve a good deal for your clients. Fake it till you make it, practice in a Mirror. Rehearse and re-write scripts from books or seminars and make them your own.
Aim High
In negotiation, it's expected that both parties will ask for more than they want in hopes of getting what they actually want. When you ask for something, aim high enough to leave room for negotiation, but not so high that it comes off as an insult. Likewise, when the other person asks for something, remember that they've likely inflated their request. Have the courage to do that and it can pay off.
Use Body Language
Use it yourself to convey confidence, warmth, openness or to accentuate your points. Good negotiators know how to use body language to their advantage. They also know how to read other people's body language to gain the upper hand. Crossed arms, raised eyebrows, wandering eyes - they all mean something. Pay attention and you'll be surprised what you might learn about what is really going on in the negotiation regardless of what is being said with words. "How to Read A Person Like A Book" and also Reading People are two of my favorite resources on Body Language.
Be Patient
Think about taking a short break instead of giving in to the other person's demands or if the process is just wearing you out. It can sometimes feel so much fresher when you have a second start. Have you ever gone into the rest room or a private office and taken about 10 deep breaths with slow exhaling? I am sure many have-but if you haven't, try it. Negotiation can be nerve-wracking. Sometimes it's tempting to give up concessions just to reach an agreement. But impatience can be costly.
Inform the Parties of What They Will Lose or Ask How They will feel If They Do Lose It: "A year from now, will you regret that you did not make the necessary compromise to obtain what you were going after. How will you feel about losing this?
Be Prepared to Actually Walk away
No matter what happens in the midst of the negotiations, , never be afraid to just walk away from the deal. This may, of course, mean that you'll never be able to make the deal, but as is so often the case, it might also be the just the ticket the other party n needs to reach an agreement.. I have actually walked away from a deal -and the other party took it as a strategy and gave us what we wanted and more!
EDIT: From Wende Schoof :
Do Not Beat Yourself Up
Sometimes the other side refuses to negotiate at all. We can't beat ourselves up over this if we gave it our best shot.
This was based on Gaebler.com. For more detail and information on this visit For Entrepreneurs
Comments(10)