Some Do's in Negotiating:
·
Determine
goals. Decide on your objectives. Know your bottom line.
·
Anticipate
the desires of your opponent. Think collegially – envision the person as your
partner in the deal.
·
Analyze
the assets. What do both of you bring to the table?
·
Evaluate
options. That means for both of you.
·
Assess
the power you bring into the discussion, and that of the other person.
·
Anticipate
the obvious consequences, the corollaries.
·
Pay
attention to detail. Try to put the other person’s needs first. In that way,
the person feels as though you’re listening. Show empathy to the other person’s
concerns and problems.
·
Stay
calm, no matter what. You’ll keep the emotional advantage. Focus on issues, not
personalities.
Some Don'ts in Negotiating
·
Don’t
signal the person that you’re done negotiating by using the phrase, “I think
we’re close.” You’ll be giving away your power – the person will believe you’re
exhausted and that you put a higher priority on getting an agreement instead of
achieving your actual goals.
·
Don’t
get into a bidding war. Brand yourself so that you’re the only party the person
should deal with. Don’t negotiate against yourself. If you make an offer, wait
for the response. Be careful in using the phrase, “Why don’t you throw out a
number?” Usually, the first amount mentioned by a seller is the amount that’s
ultimately agreed upon.
·
Don’t
establish at the beginning that you’re the final decision-maker. If you need time to think you'll get more
wiggle room if you indicate there’s another person with whom you must speak. Always defer to a higher power.
·
Don’t
be afraid to ask what you want – be specific about what you want and don’t
want.
Happy Investing!
Today's blog courtesy of Bernita McKinnion.
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