Coms & Negs Flashcards
Give an example of a time you have used negotiation.
Elmgrove - negotiated additional time for the contract review - identified the facts, considered the risks, understand other side, took emotion out of conversation and explained reasons behind request.
What should you consider if you are to have a sucessful negotiation?
Whether the relationship or the outcome is more important
If it’s the relationship, go for a win-win
If it’s the outcome, go for a win-lose
How do you have a successful negotiation?
Look at the facts & ignore emotions
Enter the negotiation with a best and worst case scenario in mind
Understand the other party’s point of view in order to come away with a win-win where possible
What did you communicate about in pre, mid and post tender interviews?
The contractor’s understanding of the scope of works
The RFIs raised
The contractor’s methodology
Post Tender - The contractor’s technical and commercial submission
Any exclusions
Any provisional sums
What are various negotiating techniques
- Good memory
- Peruasive
- Gain trust of other party
- Efficient at preparing info
- Listen
- Good intuition
- Ability to concede & be flexible
- Right individuals in room
- Preparation
- Understand limits
- Start and end goals
- Back up plan
- Know when to walk away
Style of negotiating with different people - client / contracotr / colleagues
Always listen
Always understand others point of view & position
May change my tone / authority slightly but otherwise the same
Different negotiation techniques
- Trying to secure best price for a client - be bold, ask for more with expectation to move towards other parties goal. Be patient and willing to wait. Deal with biggest items of difference.
What are the basic principles of negotiation?
Have the facts
Develop a common ground
Have a fair result in mind with upper and lower limit
Take other party’s views into consideration
Make a decision and be firm with it
How would you prepare for a negotiation?
- Agree your client’s objectives and negotiating strategy before starting the negotiations
- Detailed research and preparation
- Deciding what points you can concede on and which are non-negotiable
- Understand the other party’s position
- Develop a partnership/collaborative approach, rather than an adversarial approach
- Walk away when you need to
Tell me about a time when you had to demonstrate effective communication skills?
- When undertaking a valuation on a retail unit in Reigate, I was required to communicate with local lettings and investment agents in order to obtain comparable evidence
- By being transparent from the outset about the purpose of my enquiry, I was able to get a strong level of engagement from the agents and ascertain the information I required
Tell me about a time when you had to demonstrate effective negotiation skills?
- Acting on behalf of the landlord on the letting of an industrial warehouse in Tottenham
- Negotiated more favourable terms for my client by using comparable lettings evidence to help give context to the negotiations (prospective tenant had offered £17.50 psf and I negotiated them up to £18.00 psf)
What makes effective communication?
- Clear
- Concise
- Complete
- Courteous
How have you been able to improve you oral and written communication skills?
- Business meetings: marketing meetings, meeting prospective investors, team meetings
- Working collaboratively: joint agency, working with pan-European offices, advice from other departments
- Writing reports: valuation reports, purchase reports, marketing recommendation reports
- Emails: marketing emails, negotiations with prospective tenants, request tenancy information to aid with valuation
