In an interview, Mike Walker discussed the Top 5 things you need to know in order to be successful into negotiation:
1) Know your opponent – size up your counterpart “he who knows more wins” listen more. Know more about their profile and what they do, their style, their professions- their bargaining tactics
FRAMING a conversation it’s a psychological tactic—there are 3 characteristics that FRAMING to be more successful in conversation
- Open conversation- make everyone feel comfortable – “getting them to talk “
- Get in to the point of the conversation
- Concealment technique – 4:4 ratio
2) Know your environment – understanding the environment will help the negotiator to understand what type of negotiation, goals and deals they should expect. Mike discusses Risk and Rewards of your environment, RISK Tolerance! Pre- Judging
3) Know your game plan- know you’re TACTICS.
4) Know your alternatives- know your “BATNA “ in negotiation. “batna” Best alternative to negotiating agreement.
5) Know when to say YES – there should be a TIME FRAME in mind – when to say YES.
Want to know more?
Listen to the informative Podcast at: Winning Real Estate Negotiations