Top 10 Tips to Negotiate Like a ProJun 04, 2021
Whether you realize it or not, you negotiate every day. You negotiate with yourself, your partner, your children, co-workers, boss, friends, family, and with clients, customers, and in other business dealings. You’re negotiating during your daily life whether you like it or not. Did you realize, though, that just a little work in this area can pay off in a big way, especially when it comes to purchasing, leasing, or co-hosting your next short-term rental?
Not negotiating leaves a lot of money on the table and if it’s on the table, it’s not in your pocket (which is where you want it to be, by the way).
You don’t have to be a slick executive, salesperson, or corporate attorney to be a good negotiator. You just need some information and a little bit of practice.
Use these tips to get what you deserve by boosting your negotiating skills:
(01) Be clear on what you need. A negotiation can’t be successful from your point of view if you don’t get what you need. You’re unlikely to get what you need if you don’t identify your needs prior to the negotiation. Take the time to think about what you have to get from the negotiation to be satisfied with your deal.
(02) Be clear on what you want. You have to get what you need, but you might also be able to get what you want. Again, you have to know what you want. Shoot for what you want but be prepared to back down to what you need if necessary. Getting what you want from a negotiation is a big win and always the goal.
(03) Ditto for the other party. Take it a step further and identify the needs and wants of the other party or at least what you understand them to be going in. When you understand what everyone needs and wants, you’re in a much better position to find success. Once you begin negotiations, listen carefully to the other party’s language and desires. Did you assume their needs correctly or are they motivated by something else entirely?
(04) Try to find a solution that satisfies both of your needs. Ideally, everyone comes out better than they were before they went into the negotiation. Allowing the other party to get what they want will create the potential to work with them again in the future.
- If you “win” the negotiation, but the other party fails to get what they need, you’ve potentially created an enemy. You don’t want this. Allowing someone to feel good leaving the table sets you up to work with them again in the future or maybe get future leads through them for potentially more deals with similar outcomes.
(05) Use silence as a tool when necessary. There’s a time to speak during negotiations and a time to practice silence. In many cases, the first person to give in and break an uncomfortable silence puts themself into a compromised position. A little silence won’t kill you. Practice this skill because it’s often the rule: he who speaks first, loses.
(06) Be prepared. Prepare for negotiation like you would any other important event or meeting. Understand the other party. Understand their strengths and weaknesses. Become an expert on the situation. Know your numbers and what it will take for this to work for you and for the other party. It’s rarely excusable to be surprised during the negotiation process. It’s simply a sign that you weren’t prepared.
(07) Let go of your ego. Your ego can easily get in the way if you allow it. Focus on getting what you need. Take a shot at getting what you want. If you have to swallow your pride in order to achieve a win, so be it. You’ll survive and, if you play your cards right, get everything you need, some things you want, and make the other party happy enough to do business with you again.
(08) Always try to get something for any concession you make. This is a critical skill to learn. If you are going to give, there has to be a little take. Negotiation is a give-and-take process. Be certain that you’re getting something for giving something. This is a great way to get some of those things you identified as wants. You might say, “I can give you that extra $100 per month but you’ll have to give me the first month to get the place in rental condition.”
(09) Be willing to walk. The ultimate power is the ability to walk away from any negotiation. I’ve done it a few times when the other party just isn’t willing to negotiate. It’s beneficial to try to identify other possible solutions before you begin any negotiation although isn’t always possible. Having a backup plan can greatly strengthen your position. Otherwise, be willing to walk and say, “Next.”
(10) Stay calm. A calm, relaxed mindset will keep you more alert and make it easier for you to focus.
- If you feel your emotions getting the upper hand, take a few slow, deep breaths to give yourself an influx of oxygen and relax your muscles.
(11) If you are in our membership, watch Maria Giordano’s Negotiation Lesson in the Bonus Area. She is brilliant and will teach you the power of the word, “no.” Listen now and take notes!
Go for the Win!
You can be more successful in your interactions with others by becoming a stronger negotiator. Practice negotiating with your spouse or business partner.
You don’t have to be born with the skills of an FBI hostage negotiator to have more productive interactions, these skills can be learned and cultivated. Practice each day with your friends and family. See if you can be more effective at getting your children to bed or to clean their rooms (yeah, good luck with that!).
As you can see, there are many opportunities each day to negotiate with others and get more of what you want!
© The Prosperity Process, LLC
Want to hire a Virtual Assistant but don't have a clue about how to get started...
We've created a program just for you inside our membership, VA Advantage. Not a member yet? We've got you covered, too. We've made this program available for "outsiders" for a limited time and for less than $20. Grab it now before it's too late!
Go and Grow...
If you want to become financially free, you need the right education. That’s why we created our Mini-Courses on investing in Short-Term Rentals. If you are serious about investing your time and money into an Airbnb (aka Short Term Rental), you need a system. Our courses are jammed packed with everything you need to know to create massive, passive income. Plus, they're affordable.
and take a look at July's BNB Budget Makeover Series inside our blogs...
This month, we give you loads of great ideas on using your orphan days to make inexpensive changes to your properties. Begin here, with Budget Room Makeovers: Weekend Projects for Under $1000.
Don't miss a beat!
New articles, blogs, podcast episodes, and courses delivered to your inbox.
We hate SPAM. We will never sell your information, for any reason.