Podcast
Questions and Answers
What is the primary focus of being a good negotiator?
What is the primary focus of being a good negotiator?
- Making the other party unsatisfied
- Listening, discussing, and collaborating for the best deal for both parties (correct)
- Winning at all costs
- Deception and squeezing the best deal for oneself
What is important in a successful negotiation?
What is important in a successful negotiation?
- Having a win-or-lose mindset
- Making the other party unsatisfied
- Both sides making concessions to reach a middle ground (correct)
- Squeezing the best possible deal for oneself
What is the first step in a successful negotiation according to the text?
What is the first step in a successful negotiation according to the text?
- To be skilled in the art of deception
- To have a win-or-lose mindset
- To focus on making the other party unsatisfied
- To do your homework before the negotiation begins (correct)
What should you take from an unsuccessful negotiation, according to the text?
What should you take from an unsuccessful negotiation, according to the text?
What should you focus on when the other party says 'the price is too high'?
What should you focus on when the other party says 'the price is too high'?
When is it okay to walk away from a deal?
When is it okay to walk away from a deal?
How should negotiation be viewed?
How should negotiation be viewed?
What is emphasized for a positive negotiation experience?
What is emphasized for a positive negotiation experience?
What has remote work become in the Zoom-centric world?
What has remote work become in the Zoom-centric world?
What is emphasized for implementing a data-driven company culture?
What is emphasized for implementing a data-driven company culture?
What should property managers gather information on before negotiating?
What should property managers gather information on before negotiating?
According to Deepak Malhotra, what mindset should negotiators have when approaching negotiations?
According to Deepak Malhotra, what mindset should negotiators have when approaching negotiations?
What is a critical negotiation tactic recommended by Black Swan Negotiations?
What is a critical negotiation tactic recommended by Black Swan Negotiations?
Why is making concessions essential in negotiations?
Why is making concessions essential in negotiations?
What does Tom Sedlack note about honesty in negotiations?
What does Tom Sedlack note about honesty in negotiations?
What role do non-verbal cues play in conveying attitude during negotiations?
What role do non-verbal cues play in conveying attitude during negotiations?
Study Notes
Negotiation Tips for Property Managers
- Before negotiating, gather information on market rates for property management fees, employee salaries, and vendor services in your area
- Research the party you're negotiating with, such as renters' rental history or owners' previous property management experiences
- Establish a clear negotiation process with defined stakeholders and decision-makers
- Harvard Business School professor Deepak Malhotra advises approaching negotiations with a learning mindset to gather information
- Negotiators should focus on learning the other party's interests, constraints, alternatives, and perspectives during negotiations
- Active listening, including paying attention to nonverbal cues, is a critical negotiation tactic recommended by Black Swan Negotiations
- Making concessions is essential in negotiations to ensure both parties are satisfied and to maintain a good working relationship
- It's crucial to document the results of successful negotiations in written contracts with vendors, employees, and legal teams
- Different parties in property management, such as owners, residents, and staff, have varying negotiation priorities
- Negotiating skills are crucial for property managers in negotiating base prices, fees, rent deals, and staff salaries
- Honesty is key in negotiations, but it's acceptable to protect your interests by not disclosing everything, as noted by property manager Tom Sedlack
- Non-verbal cues, such as eye contact, hand gestures, and posture, play a significant role in conveying a genuine attitude during negotiations
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Description
Learn about the art of conducting effective negotiations that benefit all parties involved. This article discusses the importance of listening, discussing, and collaborating to achieve mutually beneficial deals.
https://www.buildium.com/blog/negotiation-in-property-management/
