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Three skills necessary for attaining long term wealth and success are the Arts of sales [which we saw in Law 31], of deal making and of negotiation.
As they have the potential to return a life time of passive income, deals [such as negotiating a great property deal with discount and a high yield] can make you wealthy.
However to strike great deals you must understand negotiation.
You must never go into a negotiation with the intention to:
1. Get a cheap price by skinning people.
2. Obtain what you want by bullying people.
3. Make people sign to things they did not agree to or understand by conning, tricking or
True negotiators avoid ego, barriers to entry or selfishness; they do not also seek to cut people too much on price because they know nothing is so guaranteed to make them pull out of a deal, change their minds sooner than later, resent you or portray you as a git!
People serious about making great wealth know that the true Art of negotiation consists in 1) highlighting perceived benefits to the other party, 2) helping them to the maximum and making the transaction as easy as possible, and 3) giving them the last word for them to get the feeling that they got the upper hand in the negotiation.
So, to build lasting relationships (not just in your job, business, wealth and success but also with your kids, family, friends and loved ones), think cooperation (not competition), partnership and long term benefits in any negotiation you enter into with people.
In any negotiation determine the maximum you are prepared to pay and stick to it. Say ‘thank you’ if the price is not your ideal and don’t be afraid to back out. That will not be the only deal in your life; and even in 30% of cases you might be contacted again.
In going into a deal, be cool and patient. Keep in mind that 60% of communication is non-verbal. So use the posture and the body language of those you are talking to as well as what their eyes are conveying to you to read into what they are not saying.
Get to know the emotions negotiations bring out in people: don’t make people crazy or take the ‘Michael’. Be diligent and educated about the deal. Be flexible and offer other benefits. Don’t give anything away but offer exchange. Let your vis-à-vis feel good about the negotiation; you aren’t giving up your only remaining kidney.
When you master the Art of negotiation you will have mastered half the art of being a great deal-maker.
That, however, requires:
Being a good negotiator: that is, knowing what value and price to put on a deal and shopping around and understanding relative value: a deal on its own might look good but compared to the market it might turn out to be anything but desirable.
Know your goal, what you want out of a deal and what the others are also seeking. Don’t make the biggest mistake most deal makers make by always stating from the outset that they want cheap or discount. The seller, of course, is not thinking of giving his product or service away for less than he sees it is worth.
Even be wary of such people. Either something is the matter with them or they have something up their shoulders. In either case they cannot contribute to your interests.
Be opportunistic. As you have things, products, services and knowledge that other people need, offer them in return. Get to know other people that can help. Be flexible, professional and personable.
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