My previous experiences of negotiating real estate properties sale were slightly different from what we got in class. In fact, the logic is quite similar, UT the main difference is that in real life negotiations, I never used a pen and a paper. I remember using concepts like target, limit, and opening except that have never known they had particular names. Expected the Hamilton negotiation to give me an evaluation of my way of running real estate negotiations.
I started my preparation by reading the case, understanding the context, and highlighting the most important information was provided with. Based on the data had collected, realized I would be facing a complex situation that has hidden facts and that requires lots of analysis and critic to UN it successfully. As an essential part of my preparation, determined my target, limit, and opening using the facts I was provided with and assumptions made about my counterpart.
In the case, there was in my opinion a breaking piece of information that changed my whole perception of the situation. It was mentioned, in the first place, that the land would be more probably used for residential construction due to the fact that commercial construction was not permitted by the law in the Hamilton area. Considering that info, the value of the land should be around what Quince Dive offered us, 8 million $. There was, yet, a piece of info that had high importance in analyzing the case.
We are talking here about the fact that Estate Ones’ CEO is much known for his long experience in the field, value minimization, and for being extremely well connected politically at the level of the state and local government. When I readied that info, I started raising questions such as “why Estate One are giving us such a surprisingly late call while they are usually known for their fast reactivity to the projects they are highly interested in? “This question was actually the hint that pushed me to make a giggly important assumption about my counterpart based on which I determined my target, limit, and opening.
I am talking about the assumption that my counterpart got access to breaking news about the state and local government planning to allow commercial construction in the Hamilton area. Thought of that as the most rational explanation of why my counterpart gave me that surprisingly late call and Of why my property was becoming so important to him all of a sudden. The entire point of what was mentioned above is that acquired a highly interesting technique of analyzing the information in hands and building effective assumptions based on info analysis.
This strategy demonstrated its effectiveness during the negotiation. I determined my opening to be 70, my limit to be 42 (assuming that Quince Dive might go up to 10% of what they offered initially), and my target to be 65 which is a pretty fair price for the property if it’s to be used for commercial construction. My counterpart opening was 45; yet, as long as I gave her the impression that I am expecting the land to be used for commercial construction, she immediately started increasing her offer gradually and so or decreasing the ZAP.
My counterpart achieving a 55 million S offer (which is much higher than the value of the property if to be used for residential construction) confirmed the assumption made about my counterpart having different intentions of planned use of the land than what she claimed. We ended up around 60. 5 which was a win-win agreement in my opinion knowing that my counterpart will be waiting for the commercial construction permission to be given.
This negotiation was a true learning experience that taught me to deeply analyze and criticize the information I am provided with ND build logic assumption about my counterpart that help figure out the info don’t have access to. Second Negotiation : Thesis Wiley. Role Played: UP of Rivers UP of Business Development. Was expecting this negotiation to be tough and challenging. I expected to receive lots of resistance from my counterpart since he was supposed to be a professional and experienced agent in the field of basketball players’ endorsement.
To get well prepared for the negotiation, I tried to read between the lines to achieve better understanding of the hidden facts. For instance, in the case, there were a couple of hidden facts. The first was the prior face-to-face contact that took place between Wiley and Peak. It was essential to take the existence of such a relationship into account. I actually came to the point, later on, that Wiley and Peak were the real parties of the negotiation. When I thought about it little deeper, Wiley is the basketball player to be endorsed and Peak is the boss and it sounds that an agreement has already been reached between the two. ND Wile’s agent were, in fact, just intermediaries and we were supposed to sign the formal agreement. Also as part of my preparation process, tried to understand the exact session where I stood and the nature of the situation and context. Understood that my interests and my boss’s interests were slightly different, but I still had to defend the two of them the same way. My boss was highly convinced that Wiley was the right person to be endorsed. I knew I had the challenge to make my boss happy by signing the deal and saving the marketing campaign even though I wasn’t too much into endorsing Wiley.
The entire point here is that it was crucial to understand what my mission in the negotiation was, the role I was supposed to play, and the position stood in. Furthermore, learned not to base my negotiation entirely on the assumptions made about my counterpart because there was always a probability for them being false. During my negotiation I faced a situation that proved that. I made the assumption that my counterpart got access to the market average data. I built that assumption on the basis that Wile’s agent was a professional and experienced agent.
At some point in the negotiation, I realized that my assumption turned out to be false. I believe that my counterpart didn’t have the right information about the market average. Sincerely, I got the impression that my counterpart didn’t take enough time to read the case which resulted in him not mastering the data he was provided with in the text. That was a typical example of how weak your position gets when you are not well prepared and when you don’t know enough information about your counterpart.
Even though that was a point of which took advantage of to balance the negotiation to my side, it was a useful lesson to keep in mind. That very same situation taught me another interesting point which I might call effective reactivity. Actually, my untreated behaved in a surprising and chocking manner which gave me the impression he was neither professional nor experienced. It was very important for me to react effectively to his behaviors. I learned how to react properly to my counterparts behaviors and use that to strengthen my position.
In future negotiations, applying the concepts and skills I acquired in this negotiation will certainly help me run them more successfully and effectively. Third Negotiation: TERSE Ay/ KIRKS Ay. Role Played: Aroma, Sales’ Representative of KIRKS. My role in this negotiation was Aroma, the sale representative of KIRKS. I expected this negotiation to be tough and time consuming. Indeed, it was. Since we had many terms to agree upon, expected this negotiation to be like no one of those did before. I was used to run negotiations that either didn’t include any detailed terms or included very few.
This negotiation taught me a new way of negotiating. It was very important to master the details and content of every term and set a specific and clear strategy to negotiate it. It was the first time to be provided with such complex and diverse terms. As a part of the preparation, I discussed with my teammate each term and we determined for each one a target, a limit, and an opening point. That highly helped us in terms of controlling the flow of the negotiation and doing the right type of discounts.. Therefore, it was very important to create harmony, connection, and cohesion between different terms of the negotiation.
A considerable amount of time was devoted to each one of the terms. When my counterpart gave us a call to request for the four engines, we started raising questions about their current situation and their relationship with Big Blue. As far as we knew, Big Blue was the sole supplier of TERSE; therefore, e thought there should be a problem with them calling us for an urgent request Of four servers. Either Big Blue service was not satisfying anymore, especially taking into account that their reputation has been going so bad, or that they were not able to deliver what TERSE was requesting for.
We just tried to use this kind of analysis to manipulate the negotiation and, indeed, we started the negotiation by asking our counterparts about their relationship with Big Blue and their current business situation. That was kind of destabilize question, but they did manage it though. The entire point am ring to make here is that I learned to push my counterpart to talk via asking him/her questions. This way I can figure out the information he/she might be hiding from me.
Our aim behind doing this negotiation was, in fact, to sign the deal in the first place because both I and my company were behind our expected results; but also to achieve long term agreements and collaboration with TEPEE. We knew that TERSE had future plans to expand their business in the neighboring states, so we thought it would be highly beneficial for us to sign long term agreements with them. That was, actually, exactly what appended. We did provide them with discounts concerning services, support, and training in exchange of signing a contract to get the next four servers from us.
In my opinion, that was a good starting point for signing potential long term agreement in the future. The point I am trying to make is that I learned to think in terms of short terms / long term agreements. Now, I believe I become a better negotiator; one who makes clear distinction between short term and long terms deals and agreements. When you know what your exact objectives are, you know what discounts and sacrifices you re supposed to do. Last but not least, I learned to use currencies properly.
The good thing about currencies is that you use them as a joker when you can’t do any further discounts in terms of the overall price of the deal. Even though the currencies might be costly, they still give the impression that they are worth more than their actual value. For instance, we agreed at the end to provide some services for free. It still costs as money, but not as much as what a discount on the price of the servers would cost us. Fourth Negotiation: Flagship Airways. Role Played: S. Gordon, UP of Engendering I started this negotiation by meeting with my teammates who represent the UP of maintenance and the UP of finance.
We discussed the interests and concerns of each one of us and we set a strategy that we will follow to meet and defend the interests of the whole group. This negotiation was unique compared to the ones did before, in the sense that, the three of our group members had slightly different interests and objectives to achieve. Therefore, it was crucial to effectively listen to each other and try to find a common ground and a consensus. Once we determined our target, limit, and opening for the various terms of the contract based on the consensus reached, we started the negotiation with our counterparts.
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