Sharpening Your Negotiating Skills: 7 Keys To Become A Powerful Negotiator

One of the most practical communication skills you should develop is also one of the least commonly used — the power of negotiating. The difference between being a good negotiator and a poor negotiator could mean the difference in thousands of dollars throughout your life, pay raises and promotions, and the opportunity to have everything you’ve always wanted.

When envisioning negotiating, what comes top to mind is buying a new or used car. Perhaps you’ve even had experiences where you were spent a couple of hours playing tug of war with the salesperson, going back in forth on a price. You state a price, he gracefully bows out to speak to his sales manager, they come back with a price considerably higher than the price you offered, and so on.

That’s hardly negotiating. When that happens, the salesmen are simply letting you think you have a say in the final price, when they know precisely what they are willing to get for the car.

Real negotiating is useful in all walks of life. From landing a job, negotiating for a promotion or raise, getting to spend your weekend exactly how you want to, and getting the best deal on most any product. It’s a fact that in some countries, you negotiate the price of everything. And not doing it is an insult to them. Remember, the worst they can say is, “No.”

Below are the top 7 keys to successful negotiating. Employ a few of them and you may get what you want in the deal. Ignore them all and the people you are negotiating with may have a new pet name for you: “Sucker.” Follow them all and those you deal with may not know what hit them.

1. Know your ceiling. In other words, know the maximum benefit and maximum amount you want to save or make. Sounds like common sense, but plenty of people go into a deal simply wanting to “get a raise” or “get a good deal”. That’s not specific enough. You should know precisely how much of a raise you want and how much you want to save.
2. Know your basement. Before you arrive at the negotiating table, you need to know how much you are willing to risk. It’s rare that you’ll get exactly what you want out of the deal — after all, the other party has to benefit as well. So even if you don’t get your maximum, you should have a number in mind of how low you are willing to go. And if it goes below that point, don’t threaten to walk out. Walk out.
3. Information means power. So you walk into the car dealer. Little do you know that you’re walking into the lion’s den. If you aren’t 100% prepared, guess what, they are. You need to know precisely what that same car sells for at several other dealers, online, and how much the dealer paid for it. When negotiating a raise, you should know the median salary of someone who does precisely what you do in that same city. Plus, you should bring a report listing everything you’ve done that has benefited your company. That’s your negotiating power.
4. Listen and be willing to concede. A little. Remember that negotiating is a two-way street. If you are willing to walk out the second the other side hints at moving the numbers away from your target, you’ll never win. That’s not negotiating. Listen closely to the reasoning behind the deal they offer. Sometimes when you listen, you’ll be able to catch them giving you more ammo for your negotiation.
5. Get it in writing. Simply put, no matter how much you think you trust someone, if it’s not in writing, it never happened.
6. Be willing to walk away. “I love the car”, “I must have this boat”, “This is the home of our dreams.” Say any of these in front of your realtor or salesperson, and the negotiating table just disappeared. It’s okay to show your interest, but state it like, “I hope we can get the right price because we would love to live here.” But if you absolutely have to have something, that’s fine. Just know that you probably won’t be able to negotiate. When you’re willing to walk away, that’s when deals appear.
7. Play hard ball. You can usually get the best deal with multiple negotiations. It takes time and it’s a risk, but it can prove that it’s worth it, if you have the stomach for it. Here’s how it works: If you’re negotiating a deal at a car dealer, you employ each of these tips to negotiate the absolute best deal. One that makes the sales manager squirm a bit. Then, get the offer in writing and tell them that you’ll have to talk it over at home. But before you go home, you hit one or two more dealerships. You present your incredible deal to them and ask them to beat it. One of two things will happen. One, they’ll beat it and you’ll walk out with a once-in-a-lifetime steal. Or, they’ll be honest and say they can’t beat it — which is fine. That means that your first offer was a genuinely great deal. Go back to the original dealer and sign away!

By: SteveReynolds13

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