22 Questions
What is a key aspect of being a good negotiator?
Listening, discussing, and collaborating for the best deal for both parties
What is emphasized as important in a successful negotiation?
Making concessions and meeting in the middle
What is the recommended approach to negotiation?
Approaching it as a discussion between two parties
What is the first step in a successful negotiation according to the text?
Doing your homework before the negotiation
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
How should one view negotiation according to the text?
As a chance to have a meaningful conversation resulting in the best deal possible
What is the increasing need in the Zoom-centric world of remote work?
Flexible staffing solutions
What is essential for implementing a company culture based on data?
More than just a buzzword
What was the initial assumption about the duration of the pandemic?
It would last around three months
What is the last thing a people-centered business like property management wants to be stuck doing?
Crunching numbers and untangling accounts
What do most homeowners understand they need to protect their personal asset?
Homeowners insurance policy
What should one be willing to do when entering a negotiation, according to the text?
Listen and make concessions
What does Harvard Business School professor Deepak Malhotra advise for negotiations?
Having a learning mindset
What is essential in negotiations according to the text?
Active listening and paying attention to nonverbal cues
What is described as part of the negotiation process to keep both parties happy?
Making concessions
What is crucial to do after a successful negotiation?
Getting the results down in writing
What do property managers negotiate according to the text?
Base price and fees
What advantage do property managers have in negotiations with vendors?
Vendors want their business
What is crucial for staff in negotiations according to the text?
Understanding market rates
What is considered acceptable in negotiations to protect one's interests?
Not disclosing everything
What role do non-verbal cues play in negotiations according to the text?
Significant role
How can non-verbal cues be utilized in negotiations according to the text?
Convey a genuine attitude and put the other party at ease
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
Sharpen your negotiation skills as a property manager with this quiz. Learn about market rates, Harvard Business School professor Deepak Malhotra's advice, the importance of active listening and nonverbal cues, making concessions, and the significance of putting successful negotiations in writing. Understand the different needs of parties involved, such as residents, vendors, and staff, and the role of honesty and nonverbal cues in negotiations.
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