FUNDING: NEGOTIATION
environment that encourages both parties to work together to find mutually beneficial outcomes. Example: Suppose you’re negotiating the lease terms for a commercial property as a landlord. The prospective tenant requests some modifications to the space to better suit their business needs. Instead of outright rejecting their requests, you explore creative solutions. Through collaboration, you identify a cost-effective compromise where the tenant agrees to cover a portion of the modification costs, while the landlord offers an extended lease term at a favorable rate. This win-win solution satisfies the tenant’s requirements and provides the landlord with a longer-term lease agreement.
6. USING PERSUASIVE TECHNIQUES Persuasion plays a vital role in
negotiation. Use evidence, data, and compelling arguments to support your position. Skillful persuasion can sway the other party to accept your terms and achieve a successful outcome. USE DATA AND EVIDENCE. Support your proposals with data, statistics, and market trends. This factual evidence lends credibility to your arguments and makes them more compelling. HIGHLIGHT BENEFITS AND VALUE. Clearly articulate the benefits and value of your proposals. Explain how they align with the other party’s interests and address their needs effectively. ADDRESS OBJECTIONS AND CONCERNS. Anticipate objections and prepare well-reasoned responses. By offering alternative solutions or counteroffers, you demonstrate flexibility and a willingness to find mutually acceptable terms. Example: Let’s say you’re negotiating the sale of a residential property with a potential buyer. To persuade the would-be
BE TRANSPARENT AND HONEST. Maintain transparency throughout the negotiation process. Provide accurate information and avoid concealing or misrepresenting facts. Building trust relies on honest and open communication. Example: Imagine you’re negotiating the purchase of a commercial property with the owner. Through open discussions, you discover that the owner intends to retire and is emotionally attached to the property. By recognizing that attachment and respecting the owner’s decision, you can build rapport and establish trust. This trust may lead to a more collaborative negotiation process, where the owner is more willing to consider your offer and negotiate mutually beneficial terms.
parties feel satisfied with the deal. Strive to identify opportunities for mutual gain and creative solutions that address everyone’s interests. By focusing on collaboration rather than competition, you can foster positive relationships and increase the likelihood of reaching a favorable agreement. IDENTIFY SHARED INTERESTS. Look for areas where both parties’ interests align. By understanding underlying
motivations, you can identify opportunities for mutual gain.
EXPLORE CREATIVE SOLUTIONS. Engage in brainstorming sessions to generate innovative ideas that address everyone’s interests. Think beyond traditional approaches and consider alternatives that may provide unique benefits. FOSTER COLLABORATION. Emphasize a cooperative mindset rather than a competitive one. By promoting collaboration, you create an
5. CREATING WIN- WIN SOLUTIONS
A successful negotiation results in a win-win outcome in which both
34 | think realty magazine :: may - june 2024
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