"Let us never negotiate out of fear. But let us never fear to negotiate. " -John Fitzgerald Kennedy
Negotiation is the most important skill that any business man or woman to have. It is helpful in all types of investment situations including investments, real estate, auctions, and daily relationships. If you are not a great negotiator then you need to find someone who is to help you with your business contacts. The goal of any negotiator is to try to meet everyone's goals. Making both parties as happy as possible.
For people to negotiate with you, they have to trust you. You have to present yourself in a professional yet sincere way. There are actually four easy steps which can you be a better negotiator and get what you want out of your investments.
Before you even start your negotiations, know your goal and know what you will settle for. If you are using someone else to help you negotiate, make sure you fill then in. If you do not know what your goal is then the negotiation will not work.
For example, if your goal is to buy a house at a bargain price make sure you have done your research to know how to get this accomplished. During the negotiation session, you may want to reflection on your goal and adjust it, if you need to. As the discussion goes on you may acquire new information which may change your mind about what your goal is. To be a successful negotiator you need to make sure that you are flexible and know a good deal when you seen one.
Negotiations come in two flavors. They are blind and open. A blind negotiation means that neither party know anything about the other party. All the discussion takes place with a ‘middle man’ which relays information from one party to another.
The other type of negotiation is open. This means that the parties meet and can discussion freely. It also means that you go and do a bit of digging about the other party. For example, if you find out that the other party has to move because of a job transfer, you know you are more likely to get a lower price.
Negotiation tactics should never be cruel and should not take advantage of the other party's emotional situation. While there may be many investors who have a cut throat approach to all ventures, you do not have too. It is important to get what you want but make the other person as happy as you can in the process.
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