ch 21: Negotiating Skills Flashcards
What is another term give to distributive negotiation?
Sometimes it is called win-lose because of the assumption that one person’s gain is another person’s loss.
What type of negotiation attempts to improve the quality of a negotiated agreement by taking advantage of the fact that different parties often value various outcomes differently?
Integrative negotiation
What type of individuals enjoy negotiating because it presents an opportunity to win something?
Competitors
What is the term given to the tactic when a negotiator overwhelms the other party with so much information that they have difficulty determining what information is important and what is not?
Snow Job
What is haptics?
The study of how humans communicate with each other using touch. This includes such actions as handshaking, hugging, kissing, holding hands, and patting one on the shoulder.
Should you ever apologize in a negotiation?
Yes, an apology or any other simply act of self-deprecation may be one of the most effective and low cost means to reduce any negative emotions between parties.
What is the suggested strategy when working with another agent who also understands the importance of silence?
The best strategy is to restate the offer and repeat the terms.
What is it called when a buyer has a nagging feeling that he or she should have offered less money for the property?
Buyer’s remorse
What is it called when you seek out the true nature of why the other party is not fully committed to a transaction?
Determining root causes
What tactic might a buyer take to speed-up the closing process, but most often works to determent of that buyer?
Waive inspections
List five general negotiation tips to follow.
Build rapport
Limit counter offers
Have a positive attitude
Negotiate in person
Identify common ground
Check your emotions
Why does the adage, “it doesn’t hurt to ask” not apply in real estate transactions?
Selling a home is an emotional experience for most people and sellers become totally offended when you keep asking for more than what is on the table.
What is it called when an offer is made that is not acceptable to the seller, but the seller counters by tossing in some personal property?
Counter offer concessions
What is the suggested strategy to take when dealing with counter offers?
It’s best to limit the number of counter offers to just two on each side.
What area of study deals with personal space between individuals when communicating?
Proxemics
When a deal is dead, what strategy should an agent take?
Develop a resuscitation plan.
Silence conveys a sense of:
control and power.
What can an appraisal contingency act as for the buyer?
An escape clause
What is the tactic called when you act in a way that directly contradicts preconceptions about your negotiation position?
Throw a curve ball
What is it called when you make an effort to understand the other party’s objections to a deal?
Determining Root Causes
What are the two types of negotiation?
Distributive Negotiation and Integrative Negotiation
Summarizing what the other side has said is known as:
paraphrasing
What is the common term given to the practice of maintaining everyone’s dignity in a transaction?
Saving Face
In a negotiation, what is it called when you compensate a loss of one item with gains from another?
Trade-offs
What technique shows your desire to hear what is important to the other party?
Asking open-ended questions
What type of individuals base decisions on moral standards and principles?
Righteous Individuals
In a negotiation meeting, an apology or simple act of self-deprecation is known as a:
diplomatic gesture.
What is the name given to individuals who are eager to close a deal by doing what is fair and equal for all parties involved?
Compromisers
Getting a counteroffer:
strengthens the transaction by showing that the other party is committed to the deal.
What type of person is short on patience and long on demands?
Drivers
During the negotiation process, what technique is used to summarize those items that both parties agree on?
Identifying common ground
What is it called when you make an effort to understand the other party’s objections to a deal?
Determining Root Causes
What is the common term given to the practice of maintaining everyone’s dignity in a transaction?
Saving Face
“Walk In Their Shoes” is a negotiation strategy that means one should be:
open to other’s views and attempt to approach an issue from the perspective of others.
