Unlocking Negotiation Skills: WOI Panelists Reveal Critical Techniques
Gathering information about your negotiating partners’ working style and preferences is essential.
OLYMPIC VALLEY, CA—During the GlobeSt. Women of Influence conference, the panelists emphasized the significance of becoming a skilled negotiator capable of adapting versatile techniques to any situation. They highlighted six essential steps applicable to all negotiation scenarios.
First and foremost, thorough research plays a pivotal role in negotiations. Panelists stressed that one can never conduct enough research, as it builds trust and forms a critical foundation for the negotiation process.
The second step involves establishing personal limits and a clear walk-away point. As the workforce landscape evolves, honing these skills has become increasingly vital, panelists said. “Understanding what holds high value for oneself and low value for the other party is crucial,” said Kelly Cantley, SVP of construction at Bozzuto Construction.
Amy Calandrino, CEO of Beyond Commercial, emphasized the importance of knowing who should be present in the negotiation room. Gathering information about their working style and preferences is essential for effective sit-down negotiations, as it empowers the negotiation process with valuable insights.
Creating a meaningful discussion point comes next, according to Cantley. Calandrino added that identifying common ground and articulating one’s perspective with well-prepared bullet points is key. “Recognizing the concerns and priorities of the other party is essential to navigate through the negotiation successfully,” Calandrino said.
Chintimini Keith, Senior Vice President of Corporate Communications at Bozzuto, highlighted that focusing solely on personal wins and motivations is counterproductive. Instead, understanding the other party’s interests lead to a mutually beneficial outcome.
The subsequent step, according to Cantley, involves conducting a dry run to develop a comprehensive tactical plan for the negotiation. “Once prepared, it’s time to enter the negotiation room and put the plan into action.”
The panelists acknowledged that being in the moment during negotiations can be challenging due to its nuanced nature. They advised adhering to some finite rules, like knowing the walk-away point and not accepting the first offer. “To achieve a favorable outcome, one must adeptly combine these rules and be prepared for various scenarios,” panelists said.
Role-playing different scenarios and delving into the specifics of how to apply negotiation rules are essential, according to Keith. Emphasizing the power of silence, she advised resisting the urge to fill pauses and instead master the art of stating the desired points succinctly and allowing space for the other party to respond. “Practice your poker face.”
Check back with GlobeSt.com for more from the Women of Influence conference and check out the stories below for what you might have missed.
Leaders Gather for GlobeSt.’s Annual Women of Influence Conference
Panelists Describe the Impact Rising Interest Rates Have Had on CRE
Volatile & Resilient: Panelists Look Into CRE Capital Markets
How to Capitalize on Abundant Opportunities
Inside Property Management’s ‘Huge Comeback’ Post-COVID
Cautious, Even Pessimistic Picture of CRE Lending Emerges at WoI Conference
A Look at the Barriers Women Face in Securing Capital, Making CRE Investments
How to Make a Lasting Impression in the CRE Community
‘It’s Not About Who You Know Anymore’: On The Road To Board Service