Negotiation Skills

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Negotiation Skills:

Negotiation Skills Create win-win relationships MODULE FOUR Copyright 2012 National Auctioneers Association

Definition:

“negotiation is a basic interpersonal means of getting what you want from other people.” Definition

Key Points:

Key Points Negotiation is not a game Negotiation is a critical life skill Negotiation is a give and take process Negotiation does not end with the agreement

Negotiations & Fiduciary Duties:

Negotiations & Fiduciary Duties Understanding the process of negotiations can help you perform your fiduciary duties and… help build your auction practice

You represent both parties:

You represent both parties You are the agent of the seller Under legal precedent: You also represent the buyer in that YOU must guarantee delivery of the goods or clear title of the property to the buyer

Power in Negotiating:

Information = Knowledge = Power Power in Negotiating

80/20 rule:

80/20 rule The Pareto Principal 80% GET information 20% GIVE information

Traditional Negotiating Process Vs. Win-Win:

Win-Lose Win-Win Positional Bargaining Principled Negotiating Traditional Negotiating Process Vs. Win-Win

Win-Lose: Definitions:

Win-Lose: Definitions A method of reaching an agreement each party declares a position, argues on its behalf, and then makes a series of concessions to eventually reach a compromise A method of reaching a mutually satisfactory agreement by utilizing four basic principles Separate people from problems Focus on interests, not positions Invent options for mutual gain Insist on objective criteria Positional Bargaining Principled Negotiating

Win-Lose: Assumptions:

Win-Lose: Assumptions A fixed pie Competition between the parties An adversarial relationship True Needs are concealed Short-term time horizon An expandable pie Cooperation is possible Positional Bargaining Principled Negotiating

Win-Lose: Goals:

Win-Lose: Goals To win To maximize the margin of victory To get the biggest of the pie To get the best possible agreement for me To achieve a mutually satisfactory agreement To get the best possible agreement for us Positional Bargaining Principled Negotiating

Win-Lose: Activities:

Win-Lose: Activities Declaring a position Defending the position Conceding from the position Reaching a compromise Participants assume the role of problem solvers Participants attempt a consensus by: Exploring mutual interests Developing multiple options Being tough on the problem, but easy on the people Positional Bargaining Principled Negotiating

Win-Lose: Results:

Win-Lose: Results Poor agreements Stress for participants Lengthy discussions Poor performance “Get even” attitude A mutually beneficial agreement Less stress Quicker and more productive discussions Better performance on the part of both parties Positional Bargaining Principled Negotiating

Problems with Traditional Approach:

Problems with Traditional Approach Both assume the end result of a negotiation is an agreement On-going relationships are not intentionally developed or managed Follow-through is not managed Neither method is based on an operational model that truly depicts the overall negotiation process

Win-Win :

Getting to “Yes!” Win-Win

Win-Win:

Win-Win A method of conducting business where both parties accomplish their respective interests through the pursuit of common interests An expandable pie A high level of trust Definition Assumptions

Win-Win:

Win-Win How it Works Trust occurs Information gets shared The pie expands(on its own) Win-Win happens(it’s a result of the trust being in place)

Creating a Win-Win:

Creating a Win-Win Why is it so important to make people feel liked? winners? Fundamental aspect of human behavior Insatiable need to enhance self-image Willingness to excel if it feeds self image Willingness to excel creates high performance results for negotiator

Negotiation:

Negotiation Relationship Results N2 Win/Lose N3 Compromise N1 Defeat N5 Collaboration Win/Win! N4 Lose/Win

Key to making Win-Win work:

Balance Integrity P atience Key to making Win-Win work

Unit 1: Negotiation Skills:

Unit 1: Negotiation Skills COMPLETE. MODULE FOUR Copyright 2012 National Auctioneers Association

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