5 Tips for a Successful Negotiation: Part 2


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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

5 Tips to Be a Strong Negotiator


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From the seasoned lease or contract negotiator to the first timer, it is vital to have a strong set of ideals behind all negotiations. The more confidence in and acumen with these skills that one has, the higher opportunity for coming away with a positive outcome.

At Tenant Advisory Group, negotiations are a part of everyday life and these are key reminders that have to stay top of mind throughout any negotiation to be successful.

1. Information

Information is the key to any successful negotiation. The more you have, the better position you will be in to achieve your goals. Put yourself in the best position by doing quality research and knowing all you can about the scenario.

2. Leverage

Gaining leverage allows you easier access to achieve your goals in the negotiation. Often times, leverage can be found by gathering more information. This points to tip #1, if you have information that either the other side does not have or that they think you do not have, then the leverage has been shifted in your direction.

3. Fairness

You never want to take every penny off the table. Leave a little something for your opposition in a good faith showing of being fair. You may end up crossing paths again and you want to be able to pick up where you left off, which is successfully completing a negotiation. Part of a successful negotiation is ensuring that neither side gets the feeling of being shortchanged, which could lead to resentment. Get the best deal, without being greedy.

4. Maintain Calm Demeanor

It is very important to never raise your voice. The purpose of yelling and screaming is to get someone to listen more closely, but it actually has the opposite effect. If you raise your voice, people will stop listening and progress will be halted. When negotiations become shouting arguments, nobody wins.

5. Understand your Adversary’ Motivations

Understanding what your opponent’ goals are makes the accomplishing of your goals that much easier. Often times, the two sides might have varying definitions of success, making attainment a far greater possibility. If both sides can feel this success without conceding too much, then that is an ideal negotiation.


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