Have a positive generous win/win attitude. Don’t start with a win/lose position as it is likely to put the other party on the defensive from the beginning.
Narrow down your field to as few points of dispute as possible.
Adopt a step – by – step approach. Focus attention on one point/issue at a time and arrive at an agreement before taking up any other item on the agenda.
Find out the other party’s state of mind, cultural background, likes and dislikes etc. Leo Reilly, an expert on negotiations, says, “A common negotiating myth is that there is something called objective value, what something is ‘really’ worth. In fact, value is in the eyes of the beholder, and whether you’re buying or selling, the key to success is how well you influence your opponent’s perceptions”
Disguise your true desires. Showing too much eagerness gives the other party a chance to exploit you.
Don’t disclose your deadline. Disclosing the deadline or time frame to the other party in the beginning gives the other party a chance to delay the deal. Hence it is better to focus on the deal itself than on the time limit.
Know exactly what you want. Quite often people make an impulse purchase and incur loss. It is, therefore, better to stop to think whether we really need an item or whether we are getting the best value.
Think before you speak. It has been observed that generally the party that speaks first lacks patience. Hence it is better to let the other person speak first or to make the first ‘move’.
Know your market. “Information, “says Reilly, “is the negotiator’s most powerful asset. If you are well – prepared you will rarely be fooled.”
Understand your options/alternatives. Recognizing your options can increase your negotiating power.
Bring your own expert. When you lack authority on a certain issue/item, it is better to have your own expert to confront the negotiator.
Know your adversary’s limits. How far can you push him before the negotiations reach a decisive stage.