Negotiation Planning Guide – Tracy (Played by Manasi & Tanmay)

Download 17.08 Kb. Date 22.05.2021 Size 17.08 Kb. #56717

Negotiation Planning Guide – Tracy (Played by Manasi & Tanmay) What are the issues in the upcoming negotiation? Issues could be to get Pat agreed on the terms and conditions for down payment and maintaining the exterior wooden sliding. Convincing Pat to meet our “Walk away Price” of $150 K Based on the review of ALL of the issues, what is the ‘bargaining mix’? (Which issues do we have to cover? Which issues are connected to other issues?) Early possession issue Ask of Higher than market % Initial Down payment If Pat gets any information about pricing, terms, and conditions of Sale deal of Lot B & Lot C What are my interests? To Sell the house above $150 K and meet all the conditions and requirements of Uncle which are non – negotiable. Wanting to sign the contract as soon as possible because of uncle’s health Secure funding to buy the house myself (if possible) What are my limits- what is my walkaway? What is my alternative? Limits are the 3 non-negotiable terms of my Uncle To sell the house at minimum $150K Alternative will be to find another buyer who is interested in this property if not Pat Defining targets and openings-where will I start, what is my goal? Start negotiations at $ 250 K Goal would be to get the final deal in the range of $175-$200 K To get Pat agreed on the 3 months possession timeline Who are my constituents and what do they want me to do? My constituents are my neighbors in Lot D who want me to sell the property for residential purpose only. What are the opposing negotiators and what do they want? Pat is the opposing negotiators and he is looking for a bigger house since he is expanding his family. What overall strategy do I want to select? Quote a higher BATNA so that the WATNA will match our minimum ask price Add 2 more conditions to the existing 4 conditions kept by my Uncle so that we can get Pat to agree at least on the 3 non-negotiable ones. How will I present my issues to the other party? Focus on the personal relationship that I share with Pat Emphasize on how Pat will save money on the real estate agent commission since it will be a direct deal Try to negotiate on the sentimental value of glazed tilework for my Uncle with Pat to fulfill the Uncle’s wishes of removing that tile from the kitchen wall. What protocol needs to be followed in conducting this negotiation? Listen actively Establish a relationship Use an effective “first price” strategy Keep the big picture perspective Make sure that all the non-negotiable conditions placed by Uncle are accepted by Pat Download 17.08 Kb. Share with your friends: