The 5 Most Common Negotiating Mistakes
“Negotiating can be uncomfortable: standing up for yourself, asking for what you want, and trying to get a better price, terms, and condition often feels confrontational–and most of us avoid confrontation.
‘You have to go out and learn to negotiate–it’s not a natural skill,’ says Eldonna Lewis-Fernandez, author of Think Like a Negotiator. ‘It’s like playing baseball; you have to do it to get good at it.’ …
The best place to practice negotiating skills is at a yard sale where the stakes are low, says Lewis-Fernandez. ‘It’s a great place for training,’ she says. ‘Nobody expects to get what they ask for things; they expect negotiation. Drill your skills by turning a purchase into a game.’
For example, if someone is asking $6 for a teapot and $6 for a tray, ask if you can have both items for $10. Multiple purchases will often increase your negotiating leverage. Or have the other person start the price-lowering process by asking if the price marked is the lowest they’ll go. Sometimes they’ll suggest a price that’s less than what you would have offered.
Once you become comfortable with asking, take your skills to larger arenas–anything from calling your phone carrier and asking for a lower rate to settling a multi-million-dollar contract. The most effective deals are a win-win proposition for all parties rather than a winner-loser result, says Lewis-Fernandez.
In the beginning, Lewis-Fernandez says inexperienced negotiators will have missteps. She shares the five most common mistakes that are made during negotiations and how you can avoid them: …”