Equipping oneself with the tools to negotiate better financial terms in all areas of life from simple transactions to million dollar investments is a skill every individual should strive to acquire.
To master the art of negotiation, here are a few things that must be done;
Listen– Listening is a fairly underrated skill in today’s world. It’s so easy to assume what others are saying or finish what others are saying for them. Listening is definitely one of those things that comes easier to others. When negotiating, listening will cause the other party to feel respected and it will build trust. Listening entails making sure what you’ve heard is actually correct.
Seek a Win-Win Outcome– In a negotiation; do not be so focused on what you want that you completely ignore the other party. The “win-win” negotiators seem to have the most success as a win-win outcome really is the best way to approach negotiations.
Look for Common Ground– when negotiating, be on the lookout for things you and the other party share in common like interests or values. When you can share a common interest or find a common ground with another person, they’ll have a harder time being in confrontation with you.
Patience – One needs to be patient enough for a good negotiation. It is not always that the other person will accept your suggestions in the first attempt itself. You need to convince him and it needs patience. Never be in a hurry to close the deal.
Confident – One needs to be confident enough for an effective negotiation. You might need something but never show your desperation to anyone. They will take undue advantage of your helplessness. Take care of your facial expressions. Never be nervous in front of the second party. Don’t start sweating or fidgeting.
React sensibly – A good negotiator must react sensibly. He should never lose his temper or over react. If you are unhappy with the deal, show your displeasure. Don’t keep things to yourself or assume that the others will understand it on their own. One has to voice his opinions. Make the other person realize that you are not satisfied with the deal and it must be revised. Show your unhappiness to others.
Be very clear in your communication – Stay firm on your quotes and do not change statements quite often. Don’t play with words or try to confuse others. One needs to be straightforward from the very beginning.
Know where to compromise– An individual has to compromise sometimes to come to an output. If you feel that if you accept some terms and conditions, things would be better and it would not harm you much, go ahead. Everyone needs to compromise sometimes for better understanding.