Can you provide Some Tips on Negotiating?

THIS ARTICLE is going to be a little shorter, in answer to today’s #1 Question. But hopefully, you’ll find it just as thought-provoking as the previous ones.

And perhaps the best place to begin would be with the 5 Key Mistakes you need to Avoid.

For those of you already enrolled … my Negotiating MasterClass covers a whole host of strategies and tactics, when it comes to putting a deal together.

However, here are the 5 mistakes you really do need to avoid!

Mistake #1: Going into a Negotiation without being fully prepared.

You need to complete a very detailed Prep-sheet with your objectives and priorities; as well as anticipating the other side’s strengths, weaknesses and likely objections.

There is this neat tool I’ve prepared for clients – to help you try and address this specific problem going forward.

You can go ahead and download a copy of that Blueprint now. And the important thing is to make sure you adopt the framework within it, for every negotiation you undertake from now on.

Mistake #2: Assuming the Items on your List match their List.

Over the past 45 years, I’ve never come across an identical list. There may be a few common items — but always in a different order.

The secret lies in skilfully discerning what is on the other party’s list; and in which order.

You see, the same item at the top of their list … may be near the bottom of yours. That makes it a good item to “trade” – for something you need, which may not be an issue for them.

Mistake #3: Having just ONE item on the Negotiating Table.

As soon as that happens, it can only end up as a Win-Lose, rather than a Win-Win outcome. Generally, I like to have between 3 to 5 issues on the go — which allows you to “trade” successfully.

Invariably, the other party will have their main focus upon price.

So, by introducing a number of other variables, you can deftly distract them from price being the key issue.

And that’s because they become too busy trying to resolve the other issues you’ve raised.

Mistake #4: Whether buying or selling, don’t be too Greedy upfront.

You may think you’re simply setting the boundaries of an ambit claim. But more often than not, the other party will take a hard line; or simply walk away.

Therefore, your initial proposal needs to be believable.

Leave the outlandish opening positions to Donald Trump – because even inexperienced negotiators quickly realise that it is pointless continuing with someone who is being totally unreasonable.

Mistake #5: Allowing yourself to become too Emotional.

There may be an excuse for emotion when buying your own home. But not when it comes to commercial property – which should involve purely logic and reason.

As such, you need to care – but not too much.

You’ll find some people seem to put so much emotional investment into “winning”, that they find it almost impossible to negotiate.

The other thing is … you simply can’t afford to lose your temper – because all you end up doing, is losing the other side’s respect. And you’ll find it almost impossible to regain control of the negotiation, after you’ve made an emotional outburst.

As you’ll appreciate, Negotiating has almost become an art form. And if you feel you’d like to explore it further … just click here to progress on to the next stage.

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