Latest Articles

Brokerage, Education, Misc

November 2, 2010

Negotiating Tip: The Fall Back Plan

Hello Good Negotiators

The three keys to successful negotiating are preparation, preparation and preparation.

Those that tinker and struggle at negotiations tend to take stabs at getting a good deal without building a strategy up front.

Good negotiators prepare in advance and have a 'fall back plan'

that often provides that win-win result that others never enjoy.

============================================================

Negotiating Tip: The Fall Back Plan

============================================================

Don't get to a spot in negotiating where you just have to take a deal. Unrealistic expectations are the downfall of too many when bargaining.

Realistic negotiators prepare in advance for the likelihood that their first (aspired) proposal won't be accepted.

They have established a scaled back position (that is acceptable) which is more likely to meet with their opponent's approval.

But great negotiators go one step further, they know their limit, their downside position or as some know it - the 'walk away'

position. If they get to this spot, where they have to make too many or too large a concession, they have pre-planned an exit strategy.

If you're frustrated by the limited results you are achieving in your negotiations, prepare more in advance. Establish three positions.

1. Establish what you would really, really want (best case), the Aspired Position.

2. But have ready something more realistic (from our opponent's point of view) that would be our Acceptable Position.

3. And last, but not least, establish your break point, that Walk Away Position, that would prompt your breaking off the negotiations.

Good negotiators anticipate and prepare three positions that add confidence and power to their bargaining.

KEEP Negotiating.


Licensed Pennsylvania real estate broker for over 35 years, John Hamilton is an author, national speaker and educator who specializes in the art of negotiation. His most popular workshop is, “Negotiating: What’s Mine Is Mine, What’s Yours Is Negotiable” John was the 2002 President of the International Real Estate Educators Association and conducts over 125 seminars annually to business, banking, auctioneer, manufacturer representatives and real estate Boards/Associations. John's book KEEP Negotiating has become a desktop favorite for active real estate agents everywhere For past 15 years he has presented training program nationwide on sales, negotiating and motivational topics. Visit for a free report entitled the Top 12 Mistakes Negotiators Make. 

www.GoodNegotiator.com 

Related Post

Industry, Education

Negotiating Tip 64: The Pause That Refreshes

January 16, 2019

Negotiating Tip 60: Reading Your Opponent

December 22, 2018

Industry, Education

Negotiating Tip 59: Avoid Outright Rejection

December 21, 2018

Industry, Education

Negotiating Tip 61: The Interruption Strategy

December 20, 2018

Industry, Education

Negotiating Tip 57: S-L-O-W Down

December 19, 2018

2019 Real Town The Real Estate Network