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Negotiate Your Way to a Better Deal

negotiate a better dealPeople often associate negotiations with deals between companies or purchases but in reality, the average person makes dozens of negotiations every single day. Whether it’s discussion with an (ex)spouse, pleading with children, or coming to a consensus on dinner plans with friends – negotiating is a part of everyday life.  While everyone inevitably engages in some form of negotiation, not everyone is skilled at it. Luckily, it doesn’t require years of business classes to become a great negotiator. And the benefits of becoming a great communicator can be tremendous. Keep the following things in mind for future negotiations.

Preparation

Regardless of the focus of your negotiations, you must do extensive research beforehand. For example, if you begin negotiations to purchase a used car but you haven’t researched current market prices for the make and model in question, the seller is going to spot your lack of preparation and take advantage of it. The seller could set the starting price much higher than current market prices suggest, playing off of your ignorance. Preparation also involves knowing exactly what it is you want out of the deal and defining your bottom line. Writing these things down before you begin negotiating can act as a control which will prevent you from making unwise decisions in the heat of the moment.

Honesty

Honesty really is the best policy in negotiations. Being dishonest or omitting certain information during a negotiation will only hurt you later on when the truth comes to light. Remember that the goal of any negotiation isn’t to force your opponent to take a bad deal, but rather to find a compromise that will be advantageous for both parties.

 Patience

Don’t let your own impatience drive you to take an undesirable deal. Negotiations that occur over long periods of time can actually be helpful since both parties have ample time to fully consider the consequences of the deal. On the flipside, negotiations with your children may not be long and drawn out but LOTS of patience may be needed.

Assistance

Don’t ever be afraid or embarrassed to ask for help. If the particular negotiation you are involved in has high stakes, it may be a good idea to consult an attorney, an expert negotiator, or simply speak with a trusted friend or family member. Consulting someone outside of the negotiation can give you a fresh perspective and potentially provide valuable insight.

 Options

Having a variety of options can work to your advantage in any deal. If you are planning on purchasing a home for instance, you should speak with several realtors about different locations. Once you have been quoted prices for all of the possibilities, you can use the price ranges as tools of negotiation. Let all the realtors know that you have other options and will only accept the best deal. This provides leverage which ensures you will get a bigger discount in the end.

 Practice

Confidence is what you stand to gain through practice and it will go a long way in earning you a great deal. Before a big negotiation, use role plays to practice with friends, family, or co-workers. You can try out different negotiation tactics and see which ones suit your personality best and remember the old saying “You catch more flies with honey than you do with vinegar”

Good negotiation skills can mean the difference between a satisfied customer and buyer’s regret. Keep these tips in mind and you should find yourself walking away from your next negotiation with a smile and a great deal.

Comments

  1. Avatar Ritchie says:

    Great article and oh so true. Being prepared and patient are the big tips that stand out to me!

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