What is your best negotiation strategy or skill to master? To help you with your negotiation strategy, we asked skilled negotiators and business leaders this question for their best tips and tricks. From becoming an effective listener to asking open-ended questions, there are several things you can do to improve your negotiation skills.
Here are ten great negotiation strategies and skills to master:
- Send A Thank You Note
- Be An Effective Listener
- Believe In Your Product & Yourself
- Each Party Can Have A Win
- Master Empathy
- Get To Know Each Other
- Research Your Real Estate
- Ask Open-ended Questions
- Address The Value
- Power Of Silence
Send A Thank You Note
Don’t forget to send a handwritten thank-you note after the negotiation. As a real estate agent, the chances that you’ll need to negotiate again with the same person is highly likely. To help with future negotiations, make sure to send a thank-you note to wrap up a negotiation in a positive way.
David Wachs, Handwrytten
Be An Effective Listener
The best skill an effective negotiator can have is being a good listener! Although there are tons of great negotiation tactics out there, I think that a lot of people overlook how important listening is. By being an effective listener and thinking about the situation from both sides, you can get better insight into what the opposite party’s goal is and how you can identify the best way to win.
Court Will, Will & Will
Believe In Your Product & Yourself
When you are negotiating, believe in yourself. You also need to believe in your product and what you are working for. If you do these two things, you’ll be confident. You need to be confident in both yourself and what you are working towards to negotiate successfully.
Kylee Guenther, Pivot Materials
Each Party Can Have A Win
The best negotiation strategy is to make sure each party has a win. When both parties get something they want, you are likely to be more successful. It is essential to consider if you would provide what you are asking for from the other party. If the answer is no, it is a good sign that you are not being reasonable and only think about yourself, which will impact the negotiation’s success.
Kimberly Bogues, Flourish Business Services, LLC
Whether you’re negotiating a new client contract, a raise for yourself, or where to go on vacation with your significant other, empathy is, by far, the most important skill to master. Negotiating isn’t a zero-sum game; the other party doesn’t have to lose for you to win. You both want something, which is why you’re negotiating in the first place. Take a moment to try to understand the other party’s wants and needs, why they’re negotiating, and what their emotional investment is. Understanding where they’re coming from will help you find the middle ground, which, in turn, will bring them to the middle ground. When negotiations happen from this place, everyone can win.
Justin Strandlund, 2 East 8th Productions
Get To Know Each Other
The goal of negotiation is to create agreements between parties with different interests or goals. Building rapport is important. You and your counterpart may be more collaborative and more likely to reach an agreement if you spend even just a few minutes trying to get to know each other. If you’re negotiating over email, even a brief introductory phone call may make a difference.
Eric Griffing, SaaS Street
Research Your Real Estate
For buyers to give themselves the biggest upper hand during a negotiation, they should have completed extensive research on the property they wish to purchase. Get access to the MLS or other services such as Zillow to find similar home values in the area to discover if the property is fairly priced or is lacking any of the features that similarly priced homes in the area have (i.e., upgraded appliances or eco-friendly friendly features).
Find out how long the home has been on the market or any other circumstances that might indicate the motivation of the seller so that you can gauge how likely the seller is to accept a lower offer than the listing price. Inquire about the current state of the property, including any necessary repairs or upgrades the property may require upon purchase. Presenting your research will display your knowledge of the home buying process and benefit you when it comes time to negotiate the price of the property.
Than Merrill, Fortune Builders
Ask Open-ended Questions
Ask open-ended questions and truly listen to the answers. Often you can uncover a middle ground that will satisfy both parties—or a compromise they can live with. The classic example is two brothers arguing over a single orange. One wants the peel to bake an orange cake, and the other wants the pulp to eat. Once they understand the other’s viewpoint, a successful compromise is obvious. Also, keep in mind that in most negotiations, even if you get everything you want, you haven’t “won” if it torpedoes the relationship.
Joni Holderman, Thrive! Resumes
Address the Value
One of the major factors shaping a client’s willingness to purchase is the underlying product or service value. The utility may come in various forms, which are often difficult to present. The ability to present the value in what you’re offering in the most appropriate terms is critical in negotiations, especially when it regards intangible goods. Clearly outlined comfort, time-saving, or reliability of the arrangement speak for themselves.
Michael Sena, Senacea
Power of Silence
The power of silence is often overlooked during negotiations. After you’ve made a strong case or presented your terms, stop talking. Wait, in silence, for a response. The power of silence is threefold. It puts pressure on the other person to respond, it gives you time to listen to what they have to say, and it makes you appear more confident and powerful. The less you say, the greater gravity of what you do say has in the conversation.
Anna Caldwell, Beyond Finance