Negotiation Tips

One important fact that many are either unaware of, or tend to forget, is that negotiations are a matter of “give and take.”  Both parties to the negotiations must feel like they came away with a “win” or there is no reason for them to make the deal.  Furthermore, a key element to the negotiation process, concessions, is either often neglected, unappreciated or un-reciprocated.

Four Strategies to Help Avoid This from Occurring:

1. Point out each concession as it is offered.
2. Let it be known that what you are giving up has value and is costly to you.
3. Emphasize the benefits of the concessions to the other side.
4. Don’t give up on your original demands too hastily, they just might be accepted if you maintain your resolve.

Also Imperative:

1. Define and Expect Reciprocity – diplomatically insist upon it.
2. Make Contingent Concessions – State that the concession is being offered only if the other party agrees to make a specified concession in return, i.e. buyer removes mortgage commitment in exchange for a more favorable closing date.
3. Make Concessions In Installments – The same concession will be received more favorably if it is offered in installments.  In other words, don’t request or offer everything at once and you’ll have a better chance of an agreement.

How skilled are you at offering concessions?

What other tips can you suggest?

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