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It’s very possible that the things you want involve matters other than mere price. Payment terms, working conditions, delivery dates, exclusiv- ity, length of the agreement, renewal options—the list of potential deal points is virtually endless. You should know which ones matter to you before you start negotiating.
“Price is price a lot of times,” says Daniele Churchill, partner in boutique Churchills of Mount Kisco. “You try to control other things like where [products] are sold. I like to know who else is selling a line of merchandise before I bring it into my store, for example. I need to know how far away they are from me because I have overlapping clients with some of my competitors.” In addition, she says, “Delivery has to be on our terms, too. We specifically state when we want things shipped to us because timing of when things hit the store is very important.”
You also need to know as much as possible about the other party in the negotiation, too. “The biggest mistake most negotiators make,” Meyer says, “is not doing their homework on the entity with whom they’re negotiating.”
Homework isn’t the only way to learn about someone. “It’s helpful to ask questions to draw out information, not just ask ‘yes or no’ questions,” Marks advises.
Then, close your mouth and open your ears! “You have to have good listen- ing skills,” Taylor explains. “You have to uncover what’s important to the other party.” It’s axiomatic that you can’t listen while you’re talking, so don’t be afraid to let the other person get a word in every once in a while.
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Many people think the best way to start a negotiation is to name an extreme price just to see if the other party jumps at it. Marks, however, recommends against that tactic. “You want to start out a relationship based on ethics, respect, and credibility, so the last thing you want to do is start with a lowball offer,” he says. That’s especially true in employment situations. “You should set a salary for a position that you would give to anyone with the same qualifications. If you need to offer less because the applicant doesn’t have all the qualifica- tions, tell them that,” says Marks.
Taylor agrees there are dangers in aggressive asking prices. “It’s not good to have the opening price so high you don’t get any inter- est,” he explains. “The flip side is setting it so low you leave money on the table. Buyers can also make such a low offer that the seller won’t take them seriously. It turns them off.”
It’s also helpful to explain why you’re making a given offer rather than just putting it out there to see if you get a bite. Giving a rationale for your price makes it easier for the buyer (or seller) to accept it as reasonable and helps remove that “rug merchant” aura that surrounds haggling. No one likes to think they’re making a deal that could be better if they just bargained a little harder.
Emmy-winning freelance TV vid- eographer, editor, and producer Lew Stiefel of Dobbs Ferry faces fee negotia- tions almost daily. His strategy is open and straightforward. “I need to educate the client about what it takes to produce something so they see how much time and equipment is involved in their job.
“The last thing you want to do is start with a lowball offer.”
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