While most people are uncomfortable negotiating, it is a valuable life skill. Being a good negotiator can get you lower prices, better rooms, and more luxurious cars. These freebees come with being a good negotiator, but it a skill that takes some time to develop.
Jason Hartman’s team has as few tips to get you there.
Know Your Options
Go into a negotiation knowing a little something about your alternatives. The value of the alternative will help you to determine your reservation price. If you know this, you’ll have real bargaining power.
Understand Your Counterpart
If you know a bit about the person you’re dealing with, you’ll have greater bargaining power. You’ll know, or at least be willing to make an educated guess about how far your opponent is willing to go. You might also have more power if you can offer something special you know they value—sustainability , for example. Similarly, you’ll want to know the standards for the thing you’re negotiating for. If it’s a salary, you won’t be successful if you ask for a salary well outside the norm.
You’ll want to begin with an aggressive offer as a reference point. You’ll want to sound educated, authoritative, and confident. You might make a few offers that emphasize different things, giving your opponent some choices and the feeling that they’re making the decision.
If your first offer isn’t accepted (it probably won’t be) your second offer should still be aggressive. Be firm, but know what you’re getting yourself in to. Even if an offer sounds alright, always make a counteroffer—you maintain power and your opponent will not seek as many concessions later on.
If you’re going to give in, make your opponent aware of it. This will give you the power to bargain for other things in the future.
If you’re negotiating, you want to set up the physical space in your favor. Meet face-to-face if you don’t know each other, but try to negotiate over the phone if you don’t like each other. Don’t sit across from each other (which seems confrontational) but instead site on a corner where you can face the person you’re negotiation with—it encourages collaboration.
Remain relatively quiet since most people find it uncomfortable, and speak only to ask questions (within reason). Try to copy the mannerisms of your opponent (a toned down version of Andy from The Office) and use your body language to inform your counterpart that you aren’t impressed with their offer.
Have fun—the art of negotiation is a fun one!
* Read more from Young Wealth
The Young Wealth Team