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Lesson Info
How To Prepare For A Negotiation
I think you can win a negotiation in the preparation. I think everything you do before negotiations actually even more important than the actual negotiation. What most people do is they don't do any prep at all. Maybe they just get nervous. That's the only time they do. But actually all the magic happens in the pre prep. There's a couple of things that you can pre prep. The very first thing is you want to know, what do you truly have to offer? What are your assets here? And this doesn't have to be monetary. It could be other assets like flexible timeline or um fixing a space like if you want to renegotiate your lease and you really want to keep your space but you're worried about increased rent or you need to have a lower rent. Think about other things you can offer. Like for example have they been wanting to paint that back wall? Could you do it for them? Have they been wanting to redo the plumbing in the back? Could you help them with the manual labor or be willing to shut down your ...
store when you're on vacation? They can do the work. There are other things you can offer based on your research. That's the second thing that I want to think about in preparation is what do they need, what's going on in the industry, what's going on in their building? And that's all questions. You can either research with deep googling or by asking them, hey, if if I were to move out is their work that you want to do in the building. What do you want to do with this space? Do you like having a tenant in all these spaces? Hey, can I help you get other tenants that I know? Hey, what's the parking situation? Hey, have you had any issues with zoning? Hey, I noticed across the street they have X. Y. Z. And I have a way that I think we can share business thinking about all of their plans around your negotiation. Can help you with the research. So what can you offer that's not just monetary. How can you research what they need and then third how can you solve their pain points? Now? If this is something that it's a really a negotiation with law online, I highly recommend I go a deep dive of this in my negotiation course. You can watch. But pain is the biggest thing if you can solve your negotiating partners pain there is not even negotiation at all right If you know that they're having current problems with building, current problems with fixing something, current problems with financing, current problems with tenants current problem with parking. And you can solve that pain or you go into the negotiation knowing they have that pain, they see you more like a partner and that's the entire goal with your preparations. How can I come in? Not as a tit for tat, not as you versus me, but I have noticed that you have this problem. I also have a problem. I think we can fix it together. Here's some ideas I have for how to fix this problem. So that is your entire goal before the negotiations. How can you prepare a partnership approach?
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