HOW TO BECOME AN EXCELLENT NEGOTIATOR

Certain skills are essential to our success in business, relationships, and in life in general. Negotiation is one of those skills.

In this video, we will discuss six negotiation techniques you must know before entering a negotiation.

#1. Do your homework. Gather all the information you can about what you're going to negotiate for.

For example, let's say you're going to buy a car. You should find out everything you can about that car, such as the difference between the manufacturer's price and the dealership's price. How many new features does the new model have? How many miles can you get per gallon of fuel? And so on.

Information is the blood of any negotiation. To negotiate successfully, you must be well informed about what you're going to negotiate for.

#2. Find out what the other party's needs are.

To be a good negotiator, you must be a good listener. in a negotiation; you must listen carefully to the other person's words to differentiate his need from his want.

As a real estate investor, I once bought a house from an elderly couple for almost half of what they asked for it, simply because I listened carefully and found out what they needed was some money to move to Florida as soon as possible for retirement.

Let's say you're negotiating for a banana; in your mind, you might think the other person wants the banana, but in reality, the other person might only want the banana peel or the skin of the banana.

Sometimes what you think the other party wants or needs in a negotiation is not always so.

Your negotiation will be more successful if you ask questions and listen carefully.

#3. never start any negotiation with the exact amount you're willing to accept or pay. Nine times out of ten, the other party will reject your first offer or asking price.

If you're the buyer, start with less than what you're willing to pay. If you're the seller, start with more than what you're willing to accept.

#4. Ignore the " price is fixed" trap.

There's no such thing as a "fixed priced." You are free to negotiate the price of anything and everything as much as you are free to breathe.

#5. Never, never show any sign of " I have to have it " in any negotiation, if you do, the other party will use that against you, and you will end up paying or giving up more than you are supposed to.

Instead, let the other party know (directly or indirectly) you are willing to walk away if you don't get what you want.

Even if you're in a desert and negotiating for water; Do not show any sign of "I have to have it." Calmness is essential in any negotiation.

#6. Put it on paper.

At the end of any negotiation, whatever you and the other party agree on must be written on paper.

Never end up a successful negotiation with only a handshake.

You only get one shot at a successful negotiation. If you got what you wanted, do not give the other party the opportunity to reverse that outcome.

Until the agreement is on paper and signed, the negotiation is not over.

Before we go, here's our quote for today.

“The future has many names.

For the weak, it's unattainable.

For the fearful, it's unknown.

For the bold, it's ideal”.

Victor Hugo

Health, peace, wealth, and happiness to you and yours.

May all your life's plans go without a hitch.

Take care.