In this, the 25th episode of The Wright Brothers Podcast, we’re talking all about the art of successful negotiation.
Negotiation doesn’t just apply to real estate. Negotiation is a life skill. Whether we are conscious of it or not, we enter into some form of negotiation on an almost daily basis. So it only makes sense to be conscious of it and try to work those negotiations in our favor.
Negotiation is not one of those things where either you have it, or you don’t. Negotiation can be learned. It can be improved upon. Like any other skill in life, it just takes work, a concerted effort, to get there.
We talk a bit about what negotiation is not. It’s not at all like what you see on television, in sordid courtroom dramas. Everyday negotiation is usually much more subtle.
So how do you become better at the art of negotiating? First you have to start with a few key baseline assumptions. The first is that you should be a likable person. Getting people to like and, therefore, trust you is the foundation of all negotiation. The second is knowing what you want. To get anything you want in life, you need first to be clear on what that is. Until you gain the clarity, not much is going to happen for you. And third, you need to be able to listen. Listening is key to understanding what the other party wants. From there, negotiating is all about finding a productive way to meet in the middle.
You can practice this in your everyday life, starting now. Try asking for something that you wouldn’t normally ask for. Or something that is not normally offered. When the attendant on your next flight offers you one bag of pretzels, try asking for two instead. These small wins will boost your overall confidence, and before you know, you’ll be ready to ask for larger things and close bigger deals.
We offer a list of fourteen tips you can implement right now to make your future negotiations a success. Practice by bringing these tactics into every negotiation you enter into, whether it be low stakes or high stakes.
They are:
Know what you want, write it down, and refer to it often.
Stay calm and rational.
Be as incremental as possible.
Make emotional payments.
Trade items of unequal value.
Put more items on the table to increase the opportunity for a deal.
Remember that every negotiation is different.
Understand how the other side makes decisions.
Never walk away from a negotiation. Instead, take breaks if you have to.
Gather more information to get unstuck
Appeal to third parties
Take yes for an answer. Stop when you get what you want.
Leave with specific commitments and write them down.
Practice, practice, practice.
So your homework today is to find a way that you can practice a small negotiation. Let us know about your victories (or lessons) in the comments.
‘Til next time.
[7:34] How do you become great at negotiating?
[12:46] The importance of making emotional payments
[16:03] The key to great negotiations is first knowing what you want
[19:00] Why you should always remain calm and rational during a negotiation
[20:41] What does it mean to trade items of unequal value?
[24:57] How being incremental can boost the overall success of your negotiations
[27:18] The role of deceit as a negotiation strategy
[32:09] Learn to take YES for an answer
[33:23] Every negotiation is different…
[37:50] Understanding the decision-making process
[39:59] Why walking away from a negotiation is almost never a good idea
[43:09] How to appeal to third parties to help your negotiations along
[46:44] Leave your negotiation with specific commitments
[50:33] Review of all the tips
Podcast produced and edited by Jacob Turnbloom
Intro and outro music created by Jacob Turnbloom
Show Notes by Desiree Moodie
Categorized in: Uncategorized
