“Discussion is an exchange of knowledge; an argument an exchange of ignorance.” - Robert Quillen
No matter what industry you're in, or how far you go in your career, the ability to effectively negotiate can make the difference between success and mediocrity. You may have heard me quoted, "Be World Class At ONE Thing, Rather Than Mediocre At Everything!"
Whether it's a multimillion-dollar contract, a job offer, or a luncheon, here are some trenches-tested business negotiation skills that will bring you closer to your ideal outcome:
Know what you want in advance. Don't go to the table without a clear, realistic idea of what you want to achieve. It will help you negotiate with confidence.
Ask for what you want. Don't be afraid to make the first offer. You'll set the tone for the discussion, and studies (and my experience) suggest that the negotiator who goes first usually comes closer to getting what he or she wants. In chess, white moves first and continues the advantage.
Understand what your partner wants. A successful negotiation should satisfy both sides. Instead of trying to crush your competition, find out what he or she hopes to get, and work together toward a solution that works for you both.
Don't concede unilaterally. Usually, one side or the other has to give something up. If you do that, be sure to get a comparable concession from the other person. Giving away something for nothing will be taken as a weakness to be exploited.
Don't rush. Time can be your friend if you're willing to wait for the right deal. If the other side senses a deadline, he or she may be motivated to hold out until the last minute or try to force you into accepting unreasonable terms. Be patient and let the time pressure work against your partner.
Be ready to walk away. This can take a certain amount of courage, but it's necessary to avoid being backed into an agreement you don't want. If possible, keep an ally in reserve--someone with the power to approve or reject the deal. This can give you an out if you need to turn down a deal or motivate the other side to provide you with a better offer.
Google, "negotiating strategy and tactics" for dozens of books on the subject. If you are a real estate wholesaler, this is essential to your success. Plus, I am a big fan of rehearsal and practice.
BE THE ROAR not the echo®
Janet Behm
Utah Real Estate Accountants
(801) 278-2700