Here’s my annual list of lessons learned and links to the columns that more extensively address these strategies (part 1). Don’t forget to implement these in 2025!
- Monkeys negotiate too (LINK to video), and we can and should learn from them! Read more.
- You’ll be more likely to get that “ok” response next time you raise your rates if you tie it to standards, don’t ask for too much, and let them know you still care. Read more.
- We all make mistakes in negotiations. The key is to recognize and learn from them and not make them again. Lifelong learning! Read more.
- Sometimes you need to passionately and powerfully express your feelings and emotions on a critical issue. And don’t underestimate the defining role that a sincere apology can play in the process. Read more.
- Ben Franklin knew that informal socializing, rapport-building, and compromising form invaluable elements in almost all challenging negotiations. Read more.
- Advantages of taking a break include a cooling off period, a more strategic reaction, effective brainstorming and creativity, and possibly even stronger leverage. Read more.
- Disadvantages of taking a break include giving your counterpart the opportunity to reevaluate and investigate, signaling weakness, and killing momentum. Read more.
- Plan upfront for the limited authority discussion. Then either limit it for your side or hold something in reserve just in case they say at the end “I would love to do the deal, but I have to check with my boss.” Read more.
- It’s often not easy to ascertain what’s actually important to your counterpart and why. But it helps a lot if you do your research, ask the right questions, and check out their reputations. Read more.
- Pay attention to how your counterparts differentiate between their issues, the changes in their moves and countermoves, and how strongly they talk about all this. Read more.
- It’s really not always about the money – sometimes it’s more about strong relationships and being treated fairly, professionally and with significant transparency. Read more.
- Real estate agents in the future will be negotiating their own compensation – so highlight your true value first and be open to creative options. Read more.
- Out with the old and in with the new real estate compensation standards and benchmarks – and keep your finger on the pulse. Read more.
- Poker and negotiation share many similarities, including numerous planning and debriefing strategies designed to improve our effectiveness. Read more.
Latz’s Lesson: Incorporate these lessons into your Strategic Negotiation Plans in 2025! Better results will follow.
* Marty Latz is the founder of Latz Negotiation, a national negotiation training and consulting company that helps individuals and organizations achieve better results with best practices based on the experts’ research. He can be reached at 480.951.3222 or Marty@LatzNegotiation.com.