5 Tips for a Successful Negotiation: Part 2
At Tenant Advisory Group, negotiations are a part of everyday life. Last week, we gave 5 tips for successful negotiators. We have 5 more tips for a successful negotiation. Tips 6 through 10 focus on understanding the other side of the negotiation process.
6. Understand your Motivations – It is important to not lose sight of what you set out to accomplish. Many factors can play a role in working against you like ego, spite, saving face or revenge. By remembering the true purpose of the negotiation, it can revert your focus back on what you are seeking to achieve and not wasting time and energy on things that distract you from your purpose.
7. Never Make a Threat you are not Willing to Keep – You will lose tremendous credibility and leverage by not following through on your threats. If you need to make a threat, you have to be willing to act on it, should your adversary not comply with your demands. Any sort of threat, large or small, should be a last resort in an argument and can only be utilized if leverage will shift immensely in your direction.
8. Listen – This can be a tremendously effective negotiation tool. By asking questions and listening, you can gain great insight as to your challenger’ motivations, you can gain valuable information that will increase your leverage or you may just learn something personal that you connect over. Either way, we have two ears and one mouth”… use them in the that same proportion.
9. Know your BATNA – This is your Best Alternative to No Agreement. Just because you are in negotiations does not mean you have to accept something that does not make sense. Having an alternative that you can fall back on provides tremendous leverage and ensures you will not do a deal just for the sake of getting something done.
10. Develop Trust – Everyone always prefers to work with people they can trust. This holds true with people you are negotiating against. It bodes well for future successes and better results in your discussions.
Check out 5 Tips for a Strong Negotiator: Part 1