Negotiating When You Hold Little Power
One of our teammates is in the market to buy a condominium. It wasn't that long ago that it was darn near impossible to even give away a piece of real estate. On the street where I live, there's a house that's in foreclosure that has been on the market for close to three years. But, in some sections of the real estate market, like condominiums, the market has done a 180 and sellers are now receiving multiple offers at prices significantly higher than their asking price.
Let's switch examples. You're applying for an internal promotion in your company. The job has been posted both externally and internally in the company. Someone in HR has let you know they have received over 200 resumes and two other internal candidates besides yourself have applied for the job.
In both of these examples, the odds looked stacked against you. Let's take a look at the options that may help bring you closer to a win-win outcome, or at least not leave you as the loser in a lose-win outcome.
Gain inside information: In the promotion example, if you really want the job, then you need to set a meeting up with the person who's actually hiring for the position. Tell the manager that you aren't even sure if the job is a fit but if he/she could meet with you for a brief 15 minutes, you could both decide if you should put in an application. In the real estate example, if the home is tenant occupied, you could stop by the house the evening before making an offer and ask if you could take a 5 minute tour to confirm that you want to move forward. Real estate agents hate this recommendation but, after buying multiple homes in my life, I've always been successful when I've been able to figure out the owner's needs first-hand. Many times, the information the seller has shared with me has been the exact opposite of what my own agent had shared. While you think that your needs are identical with your agent, unless you have a long-term relationship with your agent, this may not be the case.
Negotiating When You Hold Little Power By Peter Stark
Copyright © 2014 Peter B. Stark
Copyright © 2014 The Negotiator Magazine
The Negotiator Magazine June - July 2014