Every business person knows that feeling of putting time into negotiating deals. The art of convincing a counterparty. The excitement of getting a deal to its final stage. The elation of success. The celebration.
But success isn’t always the outcome. In fact, more often than not, deals fall flat in a heap of disappointment and wasted time.
And this one negotiating tactic that many people mistakenly use, is almost always guaranteed to throw their deal from the outset.
Many people think they’re being clever by letting the other party propose first; the logic being that the people sitting across the negotiation table may show their hand. Reveal something about their position. Or even better, make a fantastic offer from the get-go. That gamble rarely pays off.
More often what happens is the opposite. Letting the other party propose first, starts you off on the back foot. Leaving you to make up lost ground. Working double-hard to bridge the gap.
The best negotiators make sure to get their proposal on the table, FIRST. Therein letting the counterparty figure out how to deal with it, from there.
Keep that in mind when you start negotiating your next deal.
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