Tag Archive for: Free Negotiating Tips

Unlock the Secrets of Effective Sales Negotiation: Stop ‘Buying the Sale’ and Boost Your Bottom Line!

Unlock the Secrets of Effective Sales Negotiation: Stop ‘Buying the Sale’ and Boost Your Bottom Line!


There are ongoing troublesome behaviours that continue to plague inexperienced and experienced negotiators

Based on our research and significant experience providing negotiation skills training, negotiating coaching, and consulting expertise to corporations, small business owners, and individuals, it’s apparent that there are ongoing troublesome behaviours that continue to plague inexperienced and experienced salespeople, sales managers, and businesspeople, in any industry, when it comes to negotiating.

I’m not convinced that the millions of dollars companies spend annually on so-called “sales training” adequately improves – or changes most salespeople’s and sales managers’ behaviours.  There is a proliferation of articles, blogs, LinkedIn posts, and numerous videos and webinars that attempt to help people follow a sales process and methodology, uncover customer needs and dominant buying motives, and try to instruct people on how to sell their company’s differentiated value proposition.

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Based on the specific customer/account/client circumstances and market conditions, sellers at all levels of selling sophistication often focus too much on a price-based or concession-driven sale.  In most selling situations, salespeople don’t realize that they’re not negotiating correctly – or negotiating at all – and they’re simply “buying the sale.”

The Strategy for a Sales Negotiation

The real art of effective sales negotiating is to complete a satisfactory exchange without giving away more than necessary.

The challenge is identifying all the potential components for exchange and realizing how much value you and, more importantly, your customers/clients/accounts place on each component.  There can be many interdependent variables and moving parts involved in a negotiation.

Most salespeople spend far too much time making excuses or blaming these interdependent variables and moving parts for the less-than-desirable outcome they achieve.  Too often, organizations and salespeople fall victim to their flawed negotiating process and practices.  Their idea of negotiation usually involves an oversimplified barter process using an increasingly expensive package of financial and non-financial concessions that result in the salesperson “buying the sale.”

As the marketplace continues to be increasingly complex and competitive, salespeople (and sometimes their less-than-stellar sales managers) often don’t have the necessary negotiating skills.  Without the required skills, people often resort to the more common and easier-to-do “concession sale.”

The High Cost of Poor Sales Negotiation Skills

Picture this familiar scenario: A salesperson makes what they think are gratuitous concessions, believing they are closing in on an acceptable deal.  However, as they near the opportunity to close the sale, they realize that the other side sees all the concessions made as merely the starting point for a final negotiation.  The salesperson is then “trapped” into making additional concessions to get the business and close the deal, having already committed their company to everything they have “thrown in” along the way.

Not only has the actual transaction cost gone up, but the salesperson can’t be sure that their initial concessions were required in the first place.  One thing is clear: Reclaiming “spent” concessions given to customers is extremely difficult, and those concessions have become part of the ‘base package’ that the customer now expects to receive.

Because negotiating skills are not adequately refined on the selling side, some corporations are experiencing a gradual erosion of their profit margins.

On the buying side, sophisticated customers/clients are more successful at negotiating and increasing their profitability using their “situational power.”  Most sellers are unaware of “situational power” and how they can potentially counter its use.

This challenging dynamic has generated many vulnerable suppliers (sellers) prepared to give more significant concessions at each transaction to maintain their gross sales revenue or unit volume in the face of collapsing profit margins.

Effective Sales Negotiation Strategies and Tips

Here are some effective sales negotiation strategies and tips to help salespeople, sales management, and businesspeople avoid “buying the sale” when negotiating:

  • Learn and follow a disciplined negotiating process and methodology.  Companies and individuals must invest in negotiating skill development and make good negotiation skills and practices an organization-wide capability.
  • Planning and preparation are the most critical components of a negotiating process.  More often than not, salespeople and sales managers “cheat” and don’t do thorough or sufficient research before starting any sales negotiation.  You should always carefully and thoroughly plan and prepare for all sales negotiations  – even if the salesperson and company have existing business relationships with customers.  Why?  Because things are constantly evolving and changing – “You don’t know what you don’t know.”
  • Carefully determine, understand, and correctly diagnose the actual customer decision-making process and authority, wants, needs and dominant buying motive – before developing your price- or solution-based proposals or responses to an RFQ/RFP/RFI bid/tender process.
  • Companies and salespeople must develop and utilize compelling, effective, and persuasive price- and solution-based proposals and capability presentations. (Why buy from our company and me?) Salespeople make costly mistakes when they use the terms “quote or price quote” as part of their sales vocabulary.
  • Learn and understand effective customer value chain management.
  • Capture and record all your costs (e.g., couriers, product samples, technical support, etc.) that you’ve provided to customers during the year and claim value for these costs in the next negotiation.
  • Identify all the financial and non-financial concessions you are prepared to make and fully understand the cost of each potential concession.  Don’t assume there is “value” in a concession because there is cost.
  • Invest in the appropriate negotiation skills training and negotiating coaching and commit to adequately implementing and integrating the negotiating process, strategies, tactics, verbal phrases, scripts, questions, and questioning techniques.
  • Reinforce your negotiating training annually to stay one step ahead of your customers and competitors.

Remember: Nothing affects the bottom line of your company more – or your income more – than having effective sales negotiation strategies and skills.  You can’t make money faster than when you’re negotiating effectively!


Take Action and Invest in Our Expert Negotiating Training and Negotiation Coaching Packages, Negotiation Tools, and Online Course to Become a Better Negotiator.

» Negotiating Skills Training: Book a tailored in-house presentation, seminar or learning workshop for your organization.

Speaking Engagements – Industry Associations and Companies: Book a tailored, engaging, and impactful 60-minute to two-hour presentation at an upcoming meeting, conference or convention.

» Negotiating Coaching Packages: If your company is facing a challenging high-value negotiation and you need an expert to help you or your team – or you own a small business – or you’re an individual who needs practical negotiation advice, you can benefit from my investing in one of my three proven, results-producing negotiation coaching packages for individuals, small business owners or corporations.

» Digital Negotiation Learning Products: You can purchase my three E-books containing powerful strategies and tips.  E-books: Forensic Blueprinting Questions For Effectively Selling and Negotiating Price or Fee Increases and Managing the Price-driven Sale, Selling and Negotiating Price or Fee Increases in Any Economic Environment, and Strategies and Tips on How to Effectively Manage the RFP/RFQ/RFI or Bid/Tender Process to Optimize Results and Outcomes.

You can also purchase the Negotiating Personality Type and Corresponding Negotiating Style Self-Assessment Questionnaire and Interpretation Results and my NEW Digital MP3 “Greatest Hits” Verbal Negotiating Phrases, Scripts, Questions, and Questioning Techniques.  These helpful tools are in digital format and can be easily downloaded.

I provide a discounted Master Negotiator Bundle with all my Digital Learning Products.

» Online Sales Negotiation Course: If you’re in sales, sales management or a cross-functional role that supports sales, you can benefit from enrolling in my NEW self-paced Negotiating for Sales Success online course.

» Meet Negotiating Coach® Michael E. Sloopka

No part of this copyright material can be used without written permission from Selling Solutions Inc.

Five Common Negotiation Mistakes You Must Avoid

Five Common Negotiation Mistakes You Must Avoid


Mastering the Art of Negotiation: Avoiding Common Pitfalls for Success

Negotiation is an essential life skill in our personal, social, and business lives. Whether negotiating the terms and conditions for a purchase order with a supplier, a promotional program with a customer or discussing curfew with your teenager – the art, science, and sport of negotiation is an essential skill that can impact outcomes.

Many people need help understanding and dealing with the common pitfalls hindering their negotiation success.  In this article, I’ll explore the five mistakes people make when negotiating and how to avoid them.

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Mistake #1: Failing to Prepare and Plan Thoroughly

It doesn’t matter whether people are involved in a complex or what people perceive as a straightforward negotiation.  One of the most significant errors in negotiation is that people need to do much better with preparation and planning.

It’s tempting to dive into a negotiation headfirst, but successful negotiators invest time in understanding their objectives, knowing their counterpart’s interests, researching, and anticipating potential objections.  Preparation and planning are the foundation upon which successful negotiations are built.  Without it, you’re navigating uncharted waters blindfolded, and you won’t likely do well.

Mistake #2: Neglecting Active Listening and Not Asking Good Questions

Effective communication is at the heart of negotiation; a crucial component is active listening.  People often get so caught up trying to make their point that they forget to listen to the other side.  When you truly listen, you gain insights into the other person’s needs and motivations.  This information is your most valuable asset in reaching a mutually beneficial agreement.

This mistake is particularly true for most salespeople and sales management.  Stop talking, listen, and ask effective blueprinting questions.  In our negotiation skills training programs and coaching sessions, we provide our clients with proven best practice questions and questioning techniques they can use to improve results in all their negotiations.

Mistake #3: Letting Emotions Dictate the Conversation

Emotions can cloud judgment and lead to impulsive decisions.  Letting your emotions take the driver’s seat can be a negotiation disaster, whether anger, fear, frustration, insecurity or impatience.  Instead, practice emotional intelligence.  Recognize your emotions, but don’t let them steer the conversation.  It’s important to understand that arguing intensifies peoples’ desire to prove themselves right.

Do your best to stay composed and rational when facing challenges.  Focus on the process and not the personalities involved in the negotiation.  When meeting confrontational or argumentative people in any negotiation or discussion – we recommend that our clients use the “Feel, Felt, Found” technique.  We also provide our clients with two powerful questions that will help them to separate “content versus emotion” in any negotiation.

Mistake #4: Neglecting Win-Win Solutions

Negotiation is not a zero-sum game.  It’s not about one side winning at the expense of the other.  Strive for a win-win solution that addresses both sides’ interests.  A successful negotiation leaves everyone feeling satisfied and valued, which can lead to better long-term relationships and future opportunities.  I provide my clients with a one-page Negotiating Behaviour Matrix diagram that helps them with their negotiation approach based on concern for substance versus the relationship.

Mistake #5: Overlooking Alternatives

Sometimes, negotiations hit obstacles, impasses, and deadlocks.  If you become fixated on a single solution, you risk overlooking alternative paths to success.  Always have a Plan B (and maybe even a Plan C) in your back pocket.  This flexibility can prevent you from making costly concessions you’ll regret later.  It’s also essential to develop your walk-away position in any negotiation – should the terms and conditions not meet your needs. Broadening the scope of negotiations is one of our three rules for negotiation.

Conclusion

In conclusion, the art, science, and sport of negotiation is a critical skill in both personal and business contexts.  By avoiding these common mistakes – failing to prepare, neglecting active listening, not asking good questions, letting emotions dictate, neglecting win-win solutions, and overlooking alternatives—you can unlock new levels of success at the negotiation table.

Remember, negotiation is not just about getting what you want; it’s about creating value and building meaningful relationships.  So, approach each negotiation with strategy, empathy, and a willingness to explore creative solutions, and watch your success soar.


Take Action and Invest in Our Expert Negotiating Training and Negotiation Coaching Packages, Negotiation Tools, and Online Course to Become a Better Negotiator.

» Negotiating Skills Training: Book a tailored in-house presentation, seminar or learning workshop for your organization.

Speaking Engagements – Industry Associations and Companies: Book a tailored, engaging, and impactful 60-minute to two-hour presentation at an upcoming meeting, conference or convention.

» Negotiating Coaching Packages: If your company is facing a challenging high-value negotiation and you need an expert to help you or your team – or you own a small business – or you’re an individual who needs practical negotiation advice, you can benefit from my investing in one of my three proven, results-producing negotiation coaching packages for individuals, small business owners or corporations.

» Digital Negotiation Learning Products: You can purchase my three E-books containing powerful strategies and tips.  E-books: Forensic Blueprinting Questions For Effectively Selling and Negotiating Price or Fee Increases and Managing the Price-driven Sale, Selling and Negotiating Price or Fee Increases in Any Economic Environment, and Strategies and Tips on How to Effectively Manage the RFP/RFQ/RFI or Bid/Tender Process to Optimize Results and Outcomes.

You can also purchase the Negotiating Personality Type and Corresponding Negotiating Style Self-Assessment Questionnaire and Interpretation Results and my NEW Digital MP3 “Greatest Hits” Verbal Negotiating Phrases, Scripts, Questions, and Questioning Techniques.  These helpful tools are in digital format and can be easily downloaded.

I provide a discounted Master Negotiator Bundle with all my Digital Learning Products.

» Online Sales Negotiation Course: If you’re in sales, sales management or a cross-functional role that supports sales, you can benefit from enrolling in my NEW self-paced Negotiating for Sales Success online course.

» Meet Negotiating Coach® Michael E. Sloopka

No part of this copyright material can be used without written permission from Selling Solutions Inc.

The Art of Negotiating: Business, Social, and Personal Negotiations

The Art of Negotiating: Business, Social, and Personal Negotiations


The Impact of Negotiation in All Aspects of Life

Negotiation is a cornerstone of human interaction, impacting our personal lives and the commercial landscape.  Negotiating is an essential life skill that transcends boundaries, weaving through the fabric of our existence, from the boardroom, a meeting with a key account, to the family dinner table.

In this article, I’ll delve into the definition of negotiation in commercial, social, and personal contexts, unveiling the common threads that bind these seemingly distinct domains.

The Cambridge Dictionary defines negotiation as “the process of discussing something with someone to reach an agreement or the discussions themselves.”

Negotiation can also be explained as a strategic discussion intended to resolve an issue in a way both parties find acceptable. Negotiation can be a dialogue between two or more parties to resolve points of difference, gain an advantage for an individual or collective, or craft outcomes to satisfy various interests.

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However, many “definitions” available in the public domain are unhelpful when we teach or coach our clients.  The terms “negotiation or negotiating” are overused, misunderstood or misinterpreted in the media, and most people rarely understand negotiating.

When I start our negotiating training seminars or negotiation workshops, I often ask participants how they define negotiating.  After a few minutes of me looking at blank stares in the audience – or receiving inaccurate responses, most people need help defining the term – it’s critical to describe what negotiating is – before we teach people our negotiating methodology, strategies, and tactics.

Our Definition of Negotiation/Negotiating:

We define commercial negotiations as the disciplined process to determine what is of value to the other side without giving away things that are of no value/importance to them that cost you – or your company money.

In a personal negotiation, we define negotiating as the means of moving an involved party to some degree in a desired direction.  Negotiating is defined as the essence of progress in a personal or social situation.

The Commercial Arena: Defining Negotiation

In the commercial/business world, negotiation is often seen as a structured process of reaching agreements, typically centred around tangible assets, services, or contractual terms.  It can be a high-stakes dance where parties strive to maximize their gains while minimizing concessions.

Commercial negotiations can occur between businesses, individuals and businesses, or within organizations.

Critical Elements of Commercial Negotiation:

  1. Objective-driven: In commercial negotiations, there are clear objectives – profit, market share, cost reduction, etc.  Success is often measured in quantifiable terms, making it imperative to create a well-defined strategy.
  2. Legal Framework: Commercial negotiations are guided by contracts and legal frameworks, ensuring that both sides fulfill their obligations and that there are repercussions for breaches.
  3. Expertise and Preparation: Due diligence, market analysis, and thorough preparation are vital. The sides involved in a negotiation come to the table with data, facts, and a deep understanding of their counterpart’s needs and constraints.
  4. Competitive Edge: Negotiations in business are typically competitive, where each side seeks to gain an advantage over the other.  This competitive spirit drives innovation and economic progress.

The Personal Sphere: A Different Angle on Negotiation

In contrast, personal negotiations are often less structured and revolve around relationships, emotions, and intangible needs.  Whether deciding on a vacation destination with your partner, significant other or spouse – or you’re trying to negotiate with children over chores on a Saturday morning – personal negotiations are integral to daily life.

Key Elements of Personal Negotiation:

  1. Relationship-Centric: Personal negotiations are rooted in relationships.  The aim is not just to reach an agreement; however, the goal is to maintain harmony and strengthen bonds.
  2. Emotional Quotient: Emotions play a significant role.  Empathy, understanding, and emotional intelligence are vital for navigating personal negotiations successfully.
  3. Informal Nature: Unlike commercial negotiations, personal negotiations often lack formal contracts and legal consequences. Trust and verbal agreements are the glue that holds personal negotiations together.
  4. Mutual Satisfaction: In personal negotiations, the goal is not just individual gain but mutual satisfaction.  Striking a balance between individual needs and the relationship’s needs is critical.

The Interplay: Where the Lines Blur

While commercial and personal negotiations may seem worlds apart, they’re not entirely distinct.  In reality, the negotiation skills, strategies, tactics, techniques, and principles from one sphere often prove useful in the other.

  • Communication: Effective communication is a common denominator.  Active listening, clearly expressing needs, and building rapport are valuable in both arenas.
  • Problem-Solving: Negotiation is fundamentally about solving problems and finding common ground.  Whether closing a business deal or resolving a family conflict, the art of reaching for compromise and creative problem-solving is essential.
  • Ethics and Integrity: Integrity and ethical behaviour are vital in commercial and personal negotiations.  Trust is fragile, and once broken, it’s challenging to rebuild.

Conclusion:

In conclusion, negotiation is a versatile art that transcends boundaries.  While commercial negotiations are often structured and objective-driven, personal negotiations are imbued with emotions and focused on relationships.  Yet, both spheres share commonalities in communication, problem-solving, and ethics.  Understanding these shared elements can enhance your skills in both domains, making you a more adept and empathetic negotiator.

So, whether you’re closing a multimillion-dollar deal or mediating a household dispute, remember that negotiation is about more than just reaching an agreement – it’s about forging connections and achieving mutual satisfaction.


Take Action and Invest in Our Expert Negotiating Training and Negotiation Coaching Packages, Negotiation Tools, and Online Course to Become a Better Negotiator.

» Negotiating Skills Training: Book a tailored in-house presentation, seminar or learning workshop for your organization.

Speaking Engagements – Industry Associations and Companies: Book a tailored, engaging, and impactful 60-minute to two-hour presentation at an upcoming meeting, conference or convention.

» Negotiating Coaching Packages: If your company is facing a challenging high-value negotiation and you need an expert to help you or your team – or you own a small business – or you’re an individual who needs practical negotiation advice, you can benefit from my investing in one of my three proven, results-producing negotiation coaching packages for individuals, small business owners or corporations.

» Digital Negotiation Learning Products: You can purchase my three E-books containing powerful strategies and tips.  E-books: Forensic Blueprinting Questions For Effectively Selling and Negotiating Price or Fee Increases and Managing the Price-driven Sale, Selling and Negotiating Price or Fee Increases in Any Economic Environment, and Strategies and Tips on How to Effectively Manage the RFP/RFQ/RFI or Bid/Tender Process to Optimize Results and Outcomes.

You can also purchase the Negotiating Personality Type and Corresponding Negotiating Style Self-Assessment Questionnaire and Interpretation Results and my NEW Digital MP3 “Greatest Hits” Verbal Negotiating Phrases, Scripts, Questions, and Questioning Techniques.  These helpful tools are in digital format and can be easily downloaded.

I provide a discounted Master Negotiator Bundle with all my Digital Learning Products.

» Online Sales Negotiation Course: If you’re in sales, sales management or a cross-functional role that supports sales, you can benefit from enrolling in my NEW self-paced Negotiating for Sales Success online course.

» Meet Negotiating Coach® Michael E. Sloopka

No part of this copyright material can be used without written permission from Selling Solutions Inc.

8 Tips for Negotiating in the Digital Era – Be Careful of the Pitfalls!

8 Tips for Negotiating in the Digital Era – Be Careful of the Pitfalls!


Navigating the Digital Landscape: Strategies to Avoid Common Negotiation Traps

Electronic negotiations have become the norm in today’s fast-paced and competitive business world and the post-COVID environment (residual reduced face-to-face contact.)  In a professional capacity, people working in sales, procurement, and cross-functional departments often navigate the challenging terrain of e-mail threads, PDF attachments, proposals, RFP/RFQ/price quote responses, and Zoom calls to close profitable deals promptly.

However, there’s a significant catch – purchasing/supply chain professionals now have a distinct advantage when negotiations move into the digital realm. In this article, I’ll explore some of the pitfalls of electronic negotiations and provide essential tips to help people level the playing field.

I’m not a proponent of salespeople negotiating digitally.  However, I understand there are a variety of limitations that may limit in-person meetings.  If possible and feasible, I advise my clients in the sales profession that all high-value and strategically important negotiations should occur in person.

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Enhance your negotiating skills and achieve better results!

The Digital Disadvantage

Salespeople, especially those who rely heavily on face-to-face interactions, can be disadvantaged in the electronic negotiation arena.  Here are some common pitfalls:

  1. The Importance of Body Language and the Loss of Some Non-Verbal Cues: In-person negotiations allow us to read body language, facial expressions, and tone of voice.  In e-mails and on some Zoom/Microsoft Teams (or other platforms) calls, these valuable cues are often lost, making it challenging to gauge the other party’s true intent.
  2. Delayed Responses: E-mail negotiations can lead to prolonged response times, causing frustration and potentially allowing the other party to control the pace of the negotiation.
  3. Misinterpretation: Written communication can often be misinterpreted, leading to misunderstandings that could derail the negotiation process.  This is especially true when some people use lazy and poorly written correspondence.

Mastering the Art of Electronic Negotiations

To become a better negotiator in today’s digital world, people must adapt their approach and utilize effective strategies to succeed in electronic negotiations.  Here are some tips to help you navigate this digital landscape:

  1. Craft Clear and Concise E-mails: Avoid lengthy, convoluted e-mails.  Be direct and organized – use bullet points or numbered lists to make your points stand out.  Write new and clear e-mail subject line titles.  Please stop sending e-mails on top of e-mail threads irrelevant to the new topic.  Make sure you incorporate deadlines, incentives, and penalties.  Don’t be lazy!
  2. Set the Tone: Begin with a polite and professional tone in your e-mails.  Clearly state your objectives and expectations for the negotiation process.
  3. Use the Power of Video: In negotiations using a digital platform, leverage video to establish a more personal connection. Maintain eye contact, smile, and project confidence.  Be careful about distracting and silly background images/props/furniture/bookshelves/artwork that people can see on Zoom calls.  Invest in proper technology. P.S. – I teach people how to look for, analyze, and decipher important clues about people’s personality types and corresponding negotiating styles from visual background images in virtual meetings.
  4. Request Real-Time Communication: Suggest real-time discussions through Zoom or other video conferencing platforms when appropriate.  This can help clarify details and build rapport.
  5. Hidden Meanings in Conversation: Pay meticulous attention to what you say/write.  Be alert regarding what the other side says or writes in negotiations.
  6. Mind Your Language: Be cautious with your choice of words.  Avoid jargon or ambiguous phrases that could be misinterpreted. Seek clarity and confirmation when necessary.
  7. Employ PDF Attachments Strategically: When sending price- or solution-based proposals, value proposition documents, or RFP/RFI/RFQ documents, ensure they are well-written and organized, easy to navigate, and visually appealing/interesting.  Use annotations or highlights to draw attention to critical points.  Contact me to learn more about the problems and opportunities associated with using the term “quote” in negotiations.
  8. Practice Patience: Don’t rush electronic negotiations.  Give the other side adequate time to respond and consider their position.  Impatience can lead to concessions that you might later regret.

During our negotiation skills training seminars, workshops, and negotiating coaching sessions, we provide our clients with turnkey examples, samples, templates, and tools to help people improve their communication practices to manage the negotiation process.  These “done for you” templates and tools help people close profitable deals successfully.

Conclusion

In the age of electronic negotiations, businesspeople in any industry must adapt and refine their skills to succeed.  While it’s true that purchasing professionals may have some advantages in the digital negotiating landscape, mastering the art of electronic negotiation is a crucial step toward levelling the playing field for salespeople and sales management.

You can build trust and foster successful negotiations by crafting explicit, concise e-mails, setting the right tone, and using technology effectively.  Electronic negotiations require negotiation skill development, patience, adaptability, and a keen understanding of digital dynamics.  With the tips from this article in your arsenal, you can navigate the digital negotiation landscape with greater confidence and success.


Take Action and Invest in Our Expert Negotiating Training and Negotiation Coaching Packages, Negotiation Tools, and Online Course to Become a Better Negotiator.

» Negotiating Skills Training: Book a tailored in-house presentation, seminar or learning workshop for your organization.

Speaking Engagements – Industry Associations and Companies: Book a tailored, engaging, and impactful 60-minute to two-hour presentation at an upcoming meeting, conference or convention.

» Negotiating Coaching Packages: If your company is facing a challenging high-value negotiation and you need an expert to help you or your team – or you own a small business – or you’re an individual who needs practical negotiation advice, you can benefit from my investing in one of my three proven, results-producing negotiation coaching packages for individuals, small business owners or corporations.

» Digital Negotiation Learning Products: You can purchase my three E-books containing powerful strategies and tips.  E-books: Forensic Blueprinting Questions For Effectively Selling and Negotiating Price or Fee Increases and Managing the Price-driven Sale, Selling and Negotiating Price or Fee Increases in Any Economic Environment, and Strategies and Tips on How to Effectively Manage the RFP/RFQ/RFI or Bid/Tender Process to Optimize Results and Outcomes.

You can also purchase the Negotiating Personality Type and Corresponding Negotiating Style Self-Assessment Questionnaire and Interpretation Results and my NEW Digital MP3 “Greatest Hits” Verbal Negotiating Phrases, Scripts, Questions, and Questioning Techniques.  These helpful tools are in digital format and can be easily downloaded.

I provide a discounted Master Negotiator Bundle with all my Digital Learning Products.

» Online Sales Negotiation Course: If you’re in sales, sales management or a cross-functional role that supports sales, you can benefit from enrolling in my NEW self-paced Negotiating for Sales Success online course.

» Meet Negotiating Coach® Michael E. Sloopka

No part of this copyright material can be used without written permission from Selling Solutions Inc.

Unmasking the Use of “Mirroring” in Negotiations: Is it Manipulation?

Unmasking the Use of “Mirroring” in Negotiations: Is it Manipulation?


Mirroring: Building Rapport or Manipulation? The Truth Unveiled.

In negotiation and communication, mirroring is often promoted as a technique for building rapport and understanding.  However, what if I told you that beneath the seemingly innocent act of mirroring lies a subtle form of manipulation?  

It’s time to shed light on this often misunderstood and misapplied technique and provide insights and strategies to help people navigate mirroring.

The Mirroring Mirage

Mirroring, in essence, involves mimicking another person’s behaviour, gestures, speech patterns, or even emotions.  Its proponents will argue that mirroring fosters trust and connection – making it an invaluable skill in negotiations, sales, and interpersonal relationships.

However, mirroring can sometimes be less about building trust and more about subtly steering conversations and influencing decisions in a desired direction – theirs, not yours.

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Enhance your negotiating skills and achieve better results!

The Deceptive Dance

Mirroring can be a covert tactic that some skilled negotiators employ to disarm you.  The people who use mirroring want to make you feel understood and ultimately lead you down their chosen path.  When done with ill intent, mirroring can be manipulative, making you more susceptible to persuasion that may not be in your best interest.

Here are some signs that you might be on the receiving end of someone using the mirroring technique:

  1. Too Perfect Parallels: If someone mirrors your words and actions to an uncanny degree, it’s a tell-tale sign of manipulation. Authentic mirroring typically involves subtle similarities, not exact replicas.
  2. Over-Engaged Agreement: Be wary of those who mirror your opinions and nod their head excessively.  This could be an attempt to create a false sense of alignment.  Pay careful attention to body language and hidden meanings in conversation.
  3. Constant Validation: When someone consistently affirms your emotions without offering their perspective, it could be a mirroring tactic to keep you on a particular emotional track.
How to Counteract Mirroring

Now that I’ve unveiled the mirroring mirage let’s explore strategies to counteract it effectively:

  1. Stay Mindful: Be aware of your behaviour and emotions during a conversation.  Recognize when mirroring is happening and assess whether it’s genuine or manipulative.
  2. Ask Open-Ended Questions: Encourage the other side to express their thoughts and opinions freely.  This strategy can disrupt the mirroring pattern and reveal the other side’s true intentions.
  3. Vary Your Responses: Instead of matching every move, deliberately change your behaviour. This will make it harder for the other person to mirror you effectively.
  4. Trust Your Gut: Trust your instincts if something feels off in a conversation.  Feel free to pause, reflect, or even seek a second opinion before making decisions.
  5. Seek Clarity: Ask for clarification when you suspect mirroring is at play.  This can prompt a more genuine conversation and expose any hidden agendas.
Conclusion

Mirroring can be a double-edged sword in the world of negotiation and communication.  While it can foster connection and trust when used authentically, it can also be a manipulative tool in the wrong hands. As professionals and individuals, our power lies in our ability to discern between genuine rapport-building and covert manipulation.

By staying mindful, asking the right questions, trusting our instincts, and learning counter maneuvers, we can navigate the mirroring maze with confidence and authenticity.


Take Action and Invest in Our Expert Negotiating Training and Negotiation Coaching Packages, Negotiation Tools, and Online Course to Become a Better Negotiator.

» Negotiating Skills Training: Book a tailored in-house presentation, seminar or learning workshop for your organization.

Speaking Engagements – Industry Associations and Companies: Book a tailored, engaging, and impactful 60-minute to two-hour presentation at an upcoming meeting, conference or convention.

» Negotiating Coaching Packages: If your company is facing a challenging high-value negotiation and you need an expert to help you or your team – or you own a small business – or you’re an individual who needs practical negotiation advice, you can benefit from my investing in one of my three proven, results-producing negotiation coaching packages for individuals, small business owners or corporations.

» Digital Negotiation Learning Products: You can purchase my three E-books containing powerful strategies and tips.  E-books: Forensic Blueprinting Questions For Effectively Selling and Negotiating Price or Fee Increases and Managing the Price-driven Sale, Selling and Negotiating Price or Fee Increases in Any Economic Environment, and Strategies and Tips on How to Effectively Manage the RFP/RFQ/RFI or Bid/Tender Process to Optimize Results and Outcomes.

You can also purchase the Negotiating Personality Type and Corresponding Negotiating Style Self-Assessment Questionnaire and Interpretation Results and my NEW Digital MP3 “Greatest Hits” Verbal Negotiating Phrases, Scripts, Questions, and Questioning Techniques.  These helpful tools are in digital format and can be easily downloaded.

I provide a discounted Master Negotiator Bundle with all my Digital Learning Products.

» Online Sales Negotiation Course: If you’re in sales, sales management or a cross-functional role that supports sales, you can benefit from enrolling in my NEW self-paced Negotiating for Sales Success online course.

» Meet Negotiating Coach® Michael E. Sloopka

No part of this copyright material can be used without written permission from Selling Solutions Inc.

Mastering Mortgage Negotiation: A Practical Guide for Homeowners in the US and Canada

Mastering Mortgage Negotiation: A Practical Guide for Homeowners in the US and Canada


Unlock Potential Savings with Smart Mortgage Negotiation Strategies

The looming mortgage situation for the rest of 2023, 2024, and probably 2025 indicates that a staggering wave of mortgage challenges is hurtling toward homeowners that will undoubtedly cause stress, anxiety, and financial hardship for tens of thousands of people.

Brace yourself for the thunderous impact of 10.1 million mortgages set to mature this coming year in North America, shaking the very foundations of the real estate market.  Here’s the spine-chilling twist: a vast number of homeowners are about to plunge headfirst into a financial abyss, shackled by interest rates that rival “loan shark” territory, with some borrowers teetering on the precipice of ruin, paying a staggering average of 5.1% to 8.3% interest on their life’s most significant investment.

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Enhance your negotiating skills and achieve better results!

Hold onto your seats as we delve into the treacherous landscape of mortgage negotiations and renegotiations – where the stakes have never been higher, and the consequences will reverberate throughout the North American economy.

Negotiating your mortgage terms can yield significant savings and favourable conditions. This article’s insights, strategies, and tips will help you negotiate confidently in the United States or Canada.  In today’s challenging mortgage market, understanding the nuances of the negotiating process is essential for success.

A few words of caution.  Make sure you investigate your local lending regulations and mortgage broker licensing requirements.  Also, pay attention to details and have a qualified person carefully review legal documentation.  You don’t need to make your situation worse by having to live with problems associated with legal documents. Remember, a mortgage is a legal document.

Get Help: While I’m not a mortgage broker, I specialize in negotiation coaching, consultancy, and training.  Contact me for personalized guidance in navigating the complex world of mortgage negotiations.  With my tailored coaching packages, I provide expert advice and empower you with the applicable negotiation strategies, tactics, techniques, phrases, scripts, questions, and questioning techniques to help you improve your outcomes. Let’s work together to gain a negotiating advantage in the mortgage market.

Know When and How to Negotiate

Understanding the Art of Mortgage Negotiation

When securing a mortgage for the first time or a renewal, you’ll often encounter posted rates at various traditional and non-traditional financial institutions.  However, during these difficult economic times, people might be so anxious to apply for a mortgage – or desperate to renew a current mortgage that they don’t start researching, gathering information, and negotiating early enough.  Some people don’t bother negotiating mortgage rates, terms, and conditions – some believe mortgage rates are set in stone.

You can secure a better outcome with the proper negotiation approach, strategies, and tactics.

For instance, negotiating skills could reduce the interest rate if the advertised five-year fixed mortgage rate is 5.5% with a reasonable amortization period.  Besides the interest rate, you can also discuss contract details like prepayment options, cash-back benefits, and terms and conditions. Your ability to negotiate depends on your preparation, planning, and negotiating skills – and the skills of your mortgage broker, should you decide to use one.

Strategic Timing for Mortgage Negotiation

To maximize your negotiation power, there are three key things to consider:

  1. Securing a New Mortgage
    This is a prime time for negotiation, as multiple lenders may be interested in vying for your business – as long as your application is solid.  Take your time; shop around and see if your preferred lender can match or surpass their competition’s offers.  Remember, financial institutions need to get profitable, low-risk loans on their books.  Therefore, there is some pressure on lenders to loan mortgage money – as long as your income supports loan repayment and the loan-to-value ratio is acceptable to the lender’s mortgage underwriters.
  2. Renewing Your Mortgage
    You receive a renewal letter from your current lender a few months before your mortgage term ends. Instead of accepting it immediately, take your time to do research and explore other offers.  Switching lenders may save you enough money to make the negotiating effort worth it.
  3. During Your Mortgage Term
    If market conditions favour it, you might renegotiate or refinance your mortgage for a better rate even before the term expires.  Ensure you understand the prepayment fees, terms, conditions, and any potential risks involved.

Don’t Hesitate to Ask and Negotiate for a Discount

Most financial institutions publish mortgage interest rates, which can often be negotiated lower, especially with a strong application and credit rating.  The size of any potential discount depends on market conditions and the lender’s policies.

While you might wonder why they publish rates if discounts are possible, it’s because some homebuyers or homeowners accept the published rates, and these rates are used to calculate penalties in case you need to break your mortgage early.

Shop Around for Savings

Always shop around, whether getting a new mortgage or renewing the current one. Even though various lenders offer similar rates, slight differences can lead to substantial savings.  Contact multiple lenders to find the best rate; your preferred lender may be willing to match the lowest offer.

The Power of Using Mortgage Brokers

Consider using a mortgage broker.  These licensed professionals work with multiple lenders, ensuring they can provide you with a cross-section of offers and the best terms available.  Sometimes, mortgage brokers can be beneficial for unique situations like self-employment.  If things get “desperate,” mortgage brokers may be able to access different types of lenders (including hard money lenders) with more flexible lending criteria.  Origination fees and interest rates will be higher for these types of scenarios.

Remember, the lender compensates mortgage brokers; therefore, using a mortgage broker is a convenient option for borrowers.

Warning: Be very careful of mortgage brokers or lenders presenting you with potential solutions for your mortgage who may unintentionally or intentionally mislead – or misinform you and don’t deliver the solution.  Also, don’t assume the mortgage broker is negotiating the best possible outcome for you.  The commissions a mortgage broker could potentially earn may not justify them spending an excessive amount of time on negotiation.

Recommendation: If you’re looking for a trustworthy professional mortgage broker, contact David Pipe.  David is licensed in the Province of Ontario, Canada.  David can also help Canadian out-of-province clients with their mortgage needs.  He has the necessary experience, expertise, industry connections, and skills to help people find mortgage solutions.  David provides a complimentary, no-obligation consultation for his potential clients.

Strategies for Successful Mortgage Renewal Negotiation

Keep an Eye on Market Interest Rates

Even if you’re not currently in the market for a new mortgage, monitoring interest rates is wise.  If you’re on a fixed-rate mortgage and rates drop, inquire with your lender about blending and extending your mortgage, potentially saving you money.  Conversely, if you have a variable-rate mortgage and rates increase, consider switching to a fixed-rate mortgage for potential savings.

Beyond Interest Rates: Consider Your Prepayment Options

When negotiating your mortgage, don’t fixate solely on interest rates. Consider the prepayment privileges offered. Making extra payments without incurring fees can be immensely beneficial, especially if you anticipate a windfall of funds in the near future.

Optimize Your Mortgage Application

A strong and thorough application can lead to better interest rates – or a less stressful approval process.  A substantial down payment, a good credit history/rating, and a reasonably stable income are factors that lenders consider favourably. If you have outstanding debts, consider reducing them before applying, as this can improve your overall financial picture.

It’s a good idea to check your credit report using one of the major credit reporting companies.  If you notice discrepancies on your credit report, make sure you get those corrected – before you apply for a mortgage.

Your Mortgage Renewal – A Golden Opportunity:

Renewing your mortgage isn’t a task to take lightly.  Instead of settling for the first offer, invest time researching and negotiating to secure terms that align with your financial goals. By following these seven strategies, you can optimize your outcome.

Don’t Overlook Your Mortgage Renewal Letter

Don’t wait until the last minute to take action.  Upon receiving your mortgage renewal letter, paying attention to it is vital. Failing to contact your lender may result in automatic renewal into an open mortgage term with considerably higher interest rates.

Study the Renewal Offer Thoroughly

Before negotiations, thoroughly understand the renewal offer, including the offered interest rate, term length, prepayment privileges, and amortization period.  Adjusting the term may affect your rate.

Research for the Best Rates

Do an Internet search for “best mortgage rates + your city/province/state” to find the most competitive rates in your local area.

Compare Apples to Apples

Ensure you’re comparing the same type of mortgage as the one in your renewal letter.  Some lenders offer better rates for insured mortgages, so verify that you’re comparing the correct type of mortgage.

Seek Professional Advice

Consider consulting a qualified Financial Planner, Accountant, Mortgage Advisor or Mortgage Broker for expert guidance regarding the lowest rates, terms, and conditions to understand your mortgage’s role in your overall financial plan.

Initiate Negotiations

Approach your lender with the rate and conditions you prefer.  Ensure you’re clear and concise in your communication.  Be careful of “Funny Money” and using percentages when you negotiate.  Always deal in real money terms when negotiating.  Understand the financial impact of a 0.25% increase – or reduction in your mortgage interest rate – in real money.

Clarify Switching Costs

If you’re considering switching lenders, understand the associated costs and inquire if the new lender can cover them.  Be careful of the “fine print.”  Switching costs can be expensive.

Summary

Negotiating your mortgage, whether for a new purchase or renewal, demands your attention and proactive efforts.  You can secure the best possible rates and terms with the right strategies and information.

Your mortgage renewal negotiation allows you to align your financial situation with your goals and save money. So, feel free to explore your options and negotiate until you find the perfect mortgage agreement for your needs and your circumstances.

As we draw the curtains on this expedition into the intricate world of mortgage negotiations, it’s abundantly clear that arming oneself with knowledge, negotiating skills, strategies, tactics, phrases, questions, and questioning techniques could be the key to weathering the storm and emerging victorious.

Numerous interdependent variables and moving parts are involved in negotiating or renegotiating your mortgage.  In a landscape where hundreds of thousands of mortgages hang in the balance and interest rates continue to cast their ominous shadow, the power to secure your financial future lies in your hands.

Your mortgage is more than just a loan; it’s a financial instrument that can shape your life for years to come. So, remember this: knowledge is your sword, patience is your shield, and persistence is your armour. By negotiating intelligently, you can transform the daunting mortgage market into a realm of opportunity and financial well-being.

Remember: A negotiated dollar is a bottom-line dollar.  You can’t make – or save money faster than when you’re negotiating.


Take Action and Invest in Our Expert Negotiating Training and Negotiation Coaching Packages, Negotiation Tools, and Online Course to Become a Better Negotiator.

» Negotiating Skills Training: Book a tailored in-house presentation, seminar or learning workshop for your organization.

Speaking Engagements – Industry Associations and Companies: Book a tailored, engaging, and impactful 60-minute to two-hour presentation at an upcoming meeting, conference or convention.

» Negotiating Coaching Packages: If your company is facing a challenging high-value negotiation and you need an expert to help you or your team – or you own a small business – or you’re an individual who needs practical negotiation advice, you can benefit from my investing in one of my three proven, results-producing negotiation coaching packages for individuals, small business owners or corporations.

» Digital Negotiation Learning Products: You can purchase my three E-books containing powerful strategies and tips.  E-books: Forensic Blueprinting Questions For Effectively Selling and Negotiating Price or Fee Increases and Managing the Price-driven Sale, Selling and Negotiating Price or Fee Increases in Any Economic Environment, and Strategies and Tips on How to Effectively Manage the RFP/RFQ/RFI or Bid/Tender Process to Optimize Results and Outcomes.

You can also purchase the Negotiating Personality Type and Corresponding Negotiating Style Self-Assessment Questionnaire and Interpretation Results and my NEW Digital MP3 “Greatest Hits” Verbal Negotiating Phrases, Scripts, Questions, and Questioning Techniques.  These helpful tools are in digital format and can be easily downloaded.

I provide a discounted Master Negotiator Bundle with all my Digital Learning Products.

» Online Sales Negotiation Course: If you’re in sales, sales management or a cross-functional role that supports sales, you can benefit from enrolling in my NEW self-paced Negotiating for Sales Success online course.

» Meet Negotiating Coach® Michael E. Sloopka

No part of this copyright material can be used without written permission from Selling Solutions Inc.