A couple of weeks ago, Multiple Ways to Wealth had the extreme pleasure of hosting a Power Negotiation Workshop led by Stefan Aarnio. It was an enlightening event where participants were walked through the values principles behind a successful negotiation.
When executed properly, negotiation can be a powerful ally during a business transaction. In turn, a poor negotiation strategy can cost you money or worse, cost you a deal.
During the workshop, Stefan shared strategies that he accredits for his master negotiation skills. He calls them the Ten Commandments of Negotiating and I want to share them with you.
- A master negotiator gets what they want and gets out. During the process, is important to recognize when to stop. Your goal is not to crush the opposition but instead make them feel as though they have won.
- A master negotiator has a pleasing personality. It is a known fact that people enjoy doing business with those they like. Humor not only defuses tense situations, it creates an enjoyable experience for everyone involved.
- A master negotiator prepares for the negotiation before it takes place. This is done by thoroughly researching the opposition, the deal as well as any necessary and relevant information.
- A master negotiator has clear, written goals for each negotiation. It is important to take the time to create a strategy. If you do not know your own mind, it will be difficult for you to see the process through to a successful conclusion.
- A master negotiator gathers all the necessary information before making an offer. This, the longest part of the process, is done by asking an appropriate number of questions at the appropriate time.
- A master negotiator presents an offer of greater value whether through perceived value or real value. The person with the most value wins so it is imperative to always be looking for ways to increase your value.
- A master negotiator does not give away concessions. You leverage the value you do not want in an attempt to increase the value you do want.
- A master negotiator takes what they want but gives what is needed. A successful transaction leaves everyone involved feeling as though they won. Your job is to make your opponent think they came out with exactly what they wanted.
- A master negotiator obeys the laws of non-linear time. Time can either be frozen or be broken by changing your position.
- A master negotiator is a student of human nature. They are able to walk into a transaction and control the outcome. This is done by understanding your opponent and their motivations
All of the participants left the workshop armed with mastery negotiation skills that would allow them to take on any negotiation and emerge the victor. We were honored to host and learn from such a valuable asset in the real estate industry and I encourage anyone who is interested in learning more about the next workshop to do so by connecting with us at [email protected]. We are planning another workshop in the fall here in Regina, so let us know you are interested and we’ll ensure you get notified!