6 Ways To Negotiate Like A Pro Without Leaving With The Short End Of The Stick

Although crucial and in a person’s best interest, individuals often fail to negotiate. Studies show that only 7% of women negotiate salaries after graduating from business school compared to 57% of men. Negotiating is a business tactic, not an argument, Margaret Neale of Stanford Graduate Business School reinforces in an interview, “The reality is that negotiation is a dyadic interdependent decision. No one can force anybody to say yes.”

Negotiation is more of a necessity than many realize. Negotiation skills come into play when taking meetings centered around salary compensations, purchasing a car, buying a house, hiring contractors, submitting bids, and even shopping at the market. In real estate school, the term “a meeting of the minds” was often used during my courses. Learning to negotiate without leaving with the short end of the stick takes time and skill. Let’s explore a few tips.

A blog post from the Program of Negotiation at Harvard Law School elaborates on the fact that the most common mistake people make when negotiating is showing up unprepared. Failing to do research can be costly for your negotiation outcome. A negative outcome is getting taken advantage of, or worse, leaving value on the table. It is best to do research and analysis so you are prepared and don’t walk away with the short end of the stick.

It is recommended that you define goals and desired outcomes in advance. Brainstorming about what is important to you, what the other side might value most, and what you are willing to compromise on puts you at an advantage. Walking into a negotiation blind will cost you because you will have to decide on the spot. Putting in the proper time and consideration ahead of time will give you confidence while negotiating your side of the deal.

Don’t let your emotions cloud your judgement. You will get the best results by thinking with a level head, staying polite, and not burning a bridge. At times, it may be tempting to lead with your emotions, but this will impact your negotiation in a negative way.

It is important to never underestimate the other person. Treat each negotiation as if the other person wants the deal to happen just as badly as you do. An article in Psychology Today discusses the importance of figuring out what the other party wants. Don’t underestimate what is important to them and the goals they have behind this negotiation.

According to The Negotiations Training Institute, it is important to know when to walk away. Walking away is not a show of weakness, but a display of strength. Identifying your non-negotiables or items you are not willing to compromise on in advance will put you in the strongest position while negotiating. Sometimes walking away is the best way to ensure you don’t get the short end of the stick.

Listening and asking questions are strong weapons when negotiating. An article published by the Pepperdine Caruso School of Law emphasizes that effective communication and active listening involve more than just talking; it requires an understanding of both verbal and non-verbal cues. The article goes on to reinforce the importance of good active listening skills. Comprehension of motives, limitations, and validating your counterpart with clarifying questions increases your chances of leaving with a mutually beneficial agreement.

Like any acquired skill, negotiating requires practice. Through trial and error and multiple attempts, negotiating can become like second nature. Michele Gelfandof Stanford Graduate School of Business stated, “It feels very intimidating, particularly for certain groups. Negotiation is inherently a cooperative exercise, but you’re competing at the same time.”

Just know, if you feel uncomfortable navigating how to negotiate, you are not alone.