The Art of Give and Take: Property Manager Negotiation Skills Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a key aspect of being a good negotiator?

Having a win-or-lose mindset
Deception and getting the best deal for oneself
Being aggressive and making the other party want
Listening, discussing, and collaborating for the best deal for both parties (correct)

What is emphasized as important in a successful negotiation?

Ensuring one party is happy with the deal
Using aggressive tactics to win
Making concessions and meeting in the middle (correct)
Focusing on getting the best possible deal for oneself

What is the recommended approach to negotiation?

Treating it as a win-or-lose situation
Using deception to gain advantage
Approaching it as a discussion between two parties (correct)
Focusing solely on one's own benefit

What is the first step in a successful negotiation according to the text?

Doing your homework before the negotiation (D) Signup and view all the answers

What is the better response to 'the price is too high' during a negotiation?

Put a spotlight on the value you bring to the table (D) Signup and view all the answers

How should one view negotiation according to the text?

As a chance to have a meaningful conversation resulting in the best deal possible (C) Signup and view all the answers

What is the increasing need in the Zoom-centric world of remote work?

Flexible staffing solutions (D) Signup and view all the answers

What is essential for implementing a company culture based on data?

More than just a buzzword (A) Signup and view all the answers

What was the initial assumption about the duration of the pandemic?

It would last around three months (A) Signup and view all the answers

What is the last thing a people-centered business like property management wants to be stuck doing?

Crunching numbers and untangling accounts (D) Signup and view all the answers

What do most homeowners understand they need to protect their personal asset?

Homeowners insurance policy (D) Signup and view all the answers

What should one be willing to do when entering a negotiation, according to the text?

Listen and make concessions (B) Signup and view all the answers

What does Harvard Business School professor Deepak Malhotra advise for negotiations?

Having a learning mindset (B) Signup and view all the answers

What is essential in negotiations according to the text?

Active listening and paying attention to nonverbal cues (A) Signup and view all the answers

What is described as part of the negotiation process to keep both parties happy?

Making concessions (B) Signup and view all the answers

What is crucial to do after a successful negotiation?

Getting the results down in writing (D) Signup and view all the answers

What do property managers negotiate according to the text?

Base price and fees (D) Signup and view all the answers

What advantage do property managers have in negotiations with vendors?

Vendors want their business (A) Signup and view all the answers

What is crucial for staff in negotiations according to the text?

Understanding market rates (C) Signup and view all the answers

What is considered acceptable in negotiations to protect one's interests?

Not disclosing everything (B) Signup and view all the answers

What role do non-verbal cues play in negotiations according to the text?

Significant role (D) Signup and view all the answers

How can non-verbal cues be utilized in negotiations according to the text?

Convey a genuine attitude and put the other party at ease (A) Signup and view all the answers

Flashcards are hidden until you start studying

Study Notes

Negotiation Strategies for Property Managers

Before negotiations, research and understand market rates for services and parties involved
Harvard Business School professor Deepak Malhotra advises a learning mindset for negotiations
Active listening and paying attention to nonverbal cues are essential in negotiations
Making concessions is part of the negotiation process to keep both parties happy
It's crucial to get the results of every successful negotiation down in writing
Different parties want different things, but negotiation skills remain the same
Property managers negotiate base price and fees, while residents negotiate rent deals
Vendors want your business, giving you an advantage in negotiations
Staff may negotiate salary or vacation days, and understanding market rates is crucial
Honesty is crucial in negotiations, but not disclosing everything is acceptable to protect your interests
Non-verbal cues such as eye contact and posture play a significant role in negotiations
Using non-verbal cues can convey a genuine attitude and put the other party at ease