Negotiate Successfully Using Within Information
When you negotiate and you have 'inside information'
, do you recognize when or the way to use it? There is an undervalued force that speaks, but makes no sound, a force which will't be seen, however one that can have a nice impact on any negotiation. It's a force that may be used to strengthen your negotiation position. It is a force which will be used to ferret out statements that aren't truthful, during a negotiation. That force is 'inside information'. It differs from 'insider' information, however used properly, it will be just as advantageous.
'Inside information' could be a term I've coined as data you gather before and during a negotiation that can be used at strategic points within the negotiation. It's data gathered legally from sources that are uncovered as the result of the analysis you are doing before negotiating.
Recently, a true estate investor friend of mine sought my recommendation on a negotiation state of affairs she encountered. She was in the method of creating an provide on a property that had listed for $2.a pair of million. The present owner stated he had made 1,000,000 greenbacks worth of upgrades to the property and therefore the 'real worth' was worth a total closer to $3 million. When the property's appraisal, the price at which comparable properties sold for in the world, came back, the property was valued at $1.nine million.
The owner of the property failed to grasp my friend had received the knowledge displayed within the appraisal and therefore, he was still trying to tout the property's worth as $2.2 million. My friend asked the owner if he may lower the value of the property and also the owner indicated he could not at that time.
My friend had many pieces of 'within information'.
1. She knew the property had been on the marketplace for more than a year.
2. She knew the owner was getting terribly anxious to sell.
3. She knew the appraisal of the property was valued below the asking price.
4. She knew this housing market was more than doubtless visiting a see a continuing decline in property values.
I instructed she let a week or so pass and then contact the owner again. Within the follow up conversation, I instructed she give the owner statistical info showing where property values were in his area a year ago, where they are these days, and where they might be a year from now. I additionally recommended she let him grasp that she knew what the appraisal was for the property. She followed my suggestion and a few weeks later, she bought the property for $1.75 million.
As I stated at the onset of this lesson, 'within information' is different than insider information. I make that distinction to spotlight the actual fact that you should not feel badly about using 'within info'; it's data that you gather as the results of doing all your due diligence before and throughout the negotiation process. It is not info gathered from an illegal manner or source.
How then do you establish when to use 'inside information'? You ought to invariably contemplate the subsequent factors as an indicator as to the timing of using such data ...
1. Build a determination as to the believability of the knowledge you have got before using it. In some cases, with some negotiators, you can do more hurt than sensible by introducing information that's not believable, even if it's verifiable.
2. Assess the worth the knowledge can have on the overall outcome of the negotiation. Some negotiators will become rigid and immobile when presented with information that is drastically counter to their position.
3. Use 'inside info' as a positioning tool, if you wish to let your negotiation partner grasp that you're conscious of a lot of than he could think you know (Watch out not to display the knowledge in a very manner that might be perceived as threatening. Depending on the timing of its use, you'll be able to either enhance or break rapport).
After you negotiate, be less distracted and a lot of determined to succeed in the goals you have set for the negotiation. If the overall goal of the negotiation is value the hassle you undertake to achieve a successful outcome, use the 'within data' you have at your disposal. Do not be bashful regarding using this tool as an aid. If you're concerned regarding how you will be viewed, don't show, nor use all the information you have. Do what you can, with what you have to justify the end result of the negotiation in your mind. If you use 'within info' correctly, you will build yourself and your negotiation partner feel sensible regarding the result of the negotiation ... and everything will be right with the world.
The Negotiation Lessons are ...
? When negotiating, if you're negotiating against a shifty negotiator, use 'inside info' as a method to 'keep him honest'. Do not disclose everything you know at one time.
? Verify what sort of information will best inspire your negotiation partner. With some negotiators, arduous, verifiable statistical info will move them nearer to your position, while others might be motivated to move to your position, as a result of 'everyone else is doing' what your information indicates.
? Continually remember of the impact 'within information' would possibly have on the negotiation and create certain your information is valid. If it's not, you'll lose credibility and positioning in the negotiation. If you cannot somewhat predict what the outcome may be as the result of using the knowledge, take care how you interject it into the negotiation.
by: Writers Cafe
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