Make a List of Assumptions, Gather Facts and Conduct Research

Make a List of Assumptions

Skilled negotiators realize that people sometimes have mistaken assumptions that they believe to be facts. When negotiating with another party for the first time, we have to make certain assumptions as to what some of their body language, expressions, or phrases mean. Ask for clarification! Don’t assume anything. Make a list of assumptions to bring to the negotiation and clarify any points that are unclear or uncertain.

Gather Facts and Conduct Research

The next step involves gathering as much information as you can about the subject of the negotiation. Let’s say that you own a pizza restaurant and you are negotiating prices with the landlord who owns the building in which you operate your restaurant. To persuade the other side that you are asking for something that is reasonable, you need to provide supporting data.

For example, if you would like to renew your lease at the same price you paid the previous year, you would need to prove why it would be unfair of your landlord to increase your rent. Research regarding real estate prices in similar buildings located in the surrounding area of your restaurant, restaurant occupancy rates in your city, the number of new restaurant openings in the past year in your city, and the average increase in rent in your city would be some topics worth researching prior to the negotiation. You can find this type of information on the Internet, by asking for assistance at your local community library, by speaking to a local real estate leasing agent, or by meeting with other building owners in your area. You may also want to find out about what the current issues are in the real estate industry. Another way to get the latest news and information regarding the real estate industry is to read trade publications or visit the web sites of real estate trade associations for current articles.