- Don’t be the first to set the initial offer
- your reaction should reveal as little about your reservation price as possible
- first offer really high, but not too high to blow the deal
- Make sure the agent acts in your interest
- e.g. offer extra 1% provision if above higher than market value
- Cheap Talk works
- most people buy into cheap talk, even tho it should not change anything about the negotiation terms
- Time works
- the longer you can keep the deal off over the other party the better your deal will be
- ask to put the deal off for a week to figure out about their patience level
- BATNA
- improve your BATNA by bringing competition to the table
- think about both own and opponents BATNA
- explore non-monetary interests
- give away something cheap to you, but valuable to others
- influence group decisions by setting the agenda
- losing is normal and expected
- don’t let that stop you to start negotiations
- the more information both players have the less deals there are
- best to have a lot of information yourself, while opponent has very little