One important fact that many are either unaware of, or tend to forget, is that negotiations are a matter of “give and take.” Both parties to the negotiations must feel like they came away with a “win” or there is no reason for them to make the deal. Furthermore, a key element to the negotiation process, concessions, is either often neglected, unappreciated or un-reciprocated.
Four Strategies to Help Avoid This from Occurring:
- Point out each concession as it is offered.
- Let it be known that what you are giving up has value and is costly to you.
- Emphasize the benefits of the concessions to the other side.
- Don’t give up on your original demands too hastily, they just might be accepted if you maintain your resolve.
Also Imperative:
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- Define and Expect Reciprocity – diplomatically insist upon it.
- Make Contingent Concessions – State that the concession is being offered only if the other party agrees to make a specified concession in return, i.e. buyer removes mortgage commitment in exchange for a more favorable closing date.
- Make Concessions In Installments – The same concession will be received more favorably if it is offered in installments. In other words, don’t request or offer everything at once and you’ll have a better chance of an agreement.
How skilled are you at offering concessions?
What other tips can you suggest?
