Communication and Negotiation Flashcards
How do you prepare for a negotiation?
I carry out detailed research to understand my clients objectives so they are aligned with the anticipated result. During this I would identify non-negotiable points and points which have some give. I consider the best form of communication to promote a constructive environment.
What is a SWOT analysis?
A planning tool used to identify an organisation or options strengths, weaknesses, opportunities and threats to aid in making strategic plans and decisions.
What format did you present findings in, in relation to the lease renewal in North London?
I used a table with a ranking from 1-6 to illustrate which comparables were ranked highest on the hierarchy of evidence. This was presented via email and an explanation was provided to provide clarity to my Divisional clients along with my advice on where negotiations should begin with the evidence in mind.
What was the process and outcome to your negotiation process for the lease renewal in North London?
I began by gathering information on market rent. This was done through zoning and approaching the landlords and occupiers on the street along with CoStar comparables. I had established that the landlords current rent proposal matches market rent and began negotiations with a nil increase in mind. The landlord was agreeable due to our relationship and covenant strength, and we agreed to proceed on a nil increase.
What do you mean by protecting your clients interest if the deal happened to be compromised in Stretford?
I wanted to ensure that there were clauses in the HoTs relating to the timeframe to ensure that if there was a situation where the buyers are not proceedable, TSA could get the property back and remarket the property, with minimal wasted time.
