Negotiating take guts, face it. It involves confrontation and persuasion, of which many people shy away from. Well, you are in luck. Dale Beaumont interviewed Anne Thanudchang, and from it came gold nuggets on how to negotiate well and achieve positive outcomes. Have a read of these negotiating tips and negotiate away!
Anne is the founder of Propex, a finance company providing private lending based on caveats and second mortgages. It has since expanded to mortgage broking and continues to explore new markets.
What are some tips for achieving positive outcomes when negotiating?
After being in the short-term lending business for a number of years, I have found that there are times when you need to hone your negotiation skills.
For example, when you need to negotiate with developers, the developer needs to come out feeling that they have satisfied their need for cash flow and also accept the terms of your negotiations. There were many meetings in the Propex boardroom where we reached a crisis point, and knowing how to negotiate served us well.
Here are some tips on negotiation:
- Know what you want and clearly define yourself and your own objectives.
- Communicate your needs and wants to the other party.
- Read the body language of the other party.
- Listen to what they are saying and the language they use to express their ideas.
- Know how to close a deal.
Above all, if you are trying to market an idea or a product, make certain your perspective buyers are well fed (the business lunch) and happy (have a comfortable environment).
For more of this interview and how to negotiate well and achieve positive outcomes check out “Secrets of Entrepreneurs Under 40 Exposed!“