Money Talks News: How to win negotiations - News, Weather, Sports, Toledo, OH

Money Talks News: How to win negotiations

(Source: AP Images) (Source: AP Images)
(Money Talks News) -

Life is all about negotiating for the things you want.

From asking for a raise to getting the best deal on houses and cars, knowing how to win negotiations is critical.

When you hear the word negotiation, you probably think of common scenarios where we haggle, like buying a car or a house.

But you negotiate things every day, with nearly everyone, from your spouse and kids to your co-workers. From asking for a raise or time off to deciding how late the kids can stay up, it's all about negotiation. So how can you win more often? Here are the golden rules.

Number one, before you begin any negotiation, take a minute and focus on the prize: What you have to gain. Avoid thinking of what you might lose. Research suggests focusing on the upside achieves better results.

Number two, know your limits. Negotiation is about compromise, which means losing some things to win others. What are you willing to give up? What won't you? Know exactly before you start.

Golden rule number 3? Start strong. If you're negotiating a purchase price, start low. Salary? Start high. Once you start, it's easier to give ground than gain it.

Number 4 is one of the most effective: acting like you don't have any interest. Years ago, I was trying to negotiate for a car. Seller wanted 10, I offered six. He said it's worth 10. I said, "I know. It is worth 10. But it's not worth 10 to me. I don't care if I get it or not." Result? He came down to seven.

Golden rule number five: Understanding the competition. Listen to the other side: What's important to them? What will they give up to get it?

One last tip: be nice. Don't be loud, overconfident or otherwise irritating. That's not the way to win a negotiation.

Now what you need is some tips and links and they're waiting for you at MoneyTalksNews.com. Just do a search for "Negotiation."

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