Ever wonder how you’re going to get any good at negotiating? One way to start is to follow a plan that ensures you do not miss any steps in the negotiation process. Inexperienced negotiators often make the mistake of reaching an agreement too quickly. Slow things down with these eight steps that help you analyze the negotiation in process and give you the chance to walk away a winner.
1. Prepare: Do your research ahead of time to so that you know your opponent and you know what you want from the negotiation.
2. Open: Let the other side know what you want and let them tell you what they want.
3. Argue: Back-up your case with evidence and uncover defects in their argument.
4. Explore: Search for common ground and agreeable outcomes.
5. Signal: Show that you are ready to reach an agreement.
6. Package: Put together different acceptable options for both parties.
7. Close: Come to an agreement and finalize the negotiation.
8. Sustain: Ensure that their side, and yours, follows through with the negotiated agreement.
In practice, these steps will not be followed exactly. You may get stuck on one step, or go back to another. Starting off with a definite plan of attack gives the upper hand and confidence that you would not otherwise have had.
Tweak the process as the negotiation progresses, find your own style, and use what works best for you. There is no magic formula that will guarantee you come out on top every time, but practice, preparation and knowledge will skew the odds in your favor.
Good article, positive thoughts. I guess as I real this it strikes me some might consider the points but miss they “you need to mean it” portion of getting results. I think at times people might look for the win and miss the win-win aspect of negotiating. To restate I think we need to have a “I really mean to appraoch this with a positive, be fair mentality. If that makes any sense at all.
S- Your absolutely right. If the other party leaves the negotiation feeling unsuccessful. This not only ruins the possibly for future negotiations, but can influence the deal falling through at a later date.
Especially in real estate. How many times has a deal fallen through during the inspection negotiation process, because the initial price negotiation went sour?