Negotiation is a skill that can be learned and improved upon over time. Like any skill, it requires practice to get good at it. It also requires a willingness to learn from past mistakes, but most importantly, it requires an open mind and the desire to be flexible in your approach.
Read the Contract
Reading the contract is a crucial step when negotiating with a tenant. You want to understand the agreement’s terms, conditions, and clauses. Here’s how:
- Before you read through it, look at the title page. This page will have all the necessary information about who wrote it and who was given copies.
Go through each section title and make sure that these sections are included in your contract.
When negotiating, it’s critical to ask questions. Not only will this help you get the information you need to make a decision, but it can also help the other person feel more comfortable with the negotiation process. Asking questions is one of the best ways to build rapport and trust with your counterpart—and that can go a long way when you’re trying to reach an agreement.
Here are five types of questions that every property manager should ask during negotiations:
Check your Ego at the Door
You’ll hear a lot about ego in business, but what does it mean?
The ego is the part of your personality that gives you confidence and self-esteem. It’s also known as your self-image, or how you see yourself and wish others see you. When we talk about ego in negotiation, it’s not necessarily a bad thing. A healthy ego can help your negotiating skills by helping you stay focused on what’s important: finding solutions that work for everyone involved. But if your ego gets in the way of finding those solutions, then it may be time to check in with yourself before continuing further down this path.
Learn to Prioritize
When you have a lot of things on your plate, it can be easy to lose track of what’s most important. But your success as a negotiator will depend on keeping priorities straight. That means learning to separate the low-hanging fruit from the big-ticket items requires more time and effort. Consider which items will make the most significant impact on your tenants and focus on those first, then move on from there.
Know When to Walk Away
When negotiating with your tenants, it is essential to know when to walk away from a deal and when to reach your limit as far as concessions go before negotiations begin. There are often when both parties can come together and agree on terms that work well for everyone involved. However, this isn’t always possible—sometimes, one party has reached its limit before discussions even begin.
Make sure you consider all factors involved in any given transaction before making any decisions about whether or not continuing negotiations would benefit both parties equally; otherwise, there will be no winners here at all – just losers who wasted their time trying something that wasn’t worth fighting over anyway.
Be Confident in your Value
To be a fortunate negotiator, you must be confident in your value. You must know what’s essential and what you want and hold firm to it. When negotiating, it can be intimidating to ask for increases or new terms, but this is precisely what will make you more successful at getting what you want out of the deal.