The Techniques for Successful Negotiations
Make it a constructive conversation and not a confrontation.
OLYMPIC VALLEY, CA—At the GlobeSt Women of Influence conference held at the Everline Resort and Spa, a panel focused on negotiation tactics underscored the importance of versatile techniques adaptable to any scenario for becoming an expert negotiator. As workforce dynamics continue to evolve, honing these skills has become increasingly critical, panelists said. The session provided an in-depth exploration of negotiation strategies across various specialties within commercial real estate.
Chintimini Keith, senior vice president of corporate communications at Bozzuto, emphasized the necessity of understanding your walk-away point and reframing negotiation as a constructive conversation rather than a confrontation. “Know what you want to compromise on,” she advised, highlighting the challenge lies in execution, requiring quick thinking to assess the other party’s perspective while maintaining strength and confidence, including the ability to say no.
Emily Feder, attorney at Allen Matkins, categorized negotiations into hostile, collaborative, and a hybrid approach where concessions are made strategically to achieve desired outcomes. She stressed the importance of prioritizing key points and areas to press during negotiations.
Panelist Jennifer Nichols, executive vice president & general counsel at CRG, noted the significant shift brought about by virtual platforms like Zoom post-COVID. She highlighted the advantage of negotiating without the visual cues that virtual meetings afford, allowing for more focused discussions. Nichols also discussed the evolving leverage dynamics, particularly with banks now holding substantial control due to limited financing options, emphasizing the importance of understanding personalities and pressure points to avoid costly deadlocks.
Keith reiterated the importance of preparation and vision crafting in negotiation processes. She encouraged thinking beyond limitations and leveraging one’s strengths, suggesting seeking counsel and understanding the other party’s objectives and leverage points to negotiate effectively.
Heather Wallace, managing director at Bozzuto, advised thorough research into previous negotiation behaviors of counterparts when dealing with unfamiliar parties, emphasizing the value of historical data in shaping strategies.
Nichols said that above all, “you never get what you don’t ask for.”
Michelle McAtee, partner & co-chair, real estate transactions practice at Jenner & Block LLP, added that it is key to know your worth. “The men are asking. We should be asking too.”
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