Having a limit doesn't mean you can't try for a high opening offer. Your limit is from within you; your opening offer comes from the market. Both numbers are important and both come from different places. You must not let your limit get contaminated by the market. If you need to sell it, sell below market rate. And if it's worth it to you, then pay higher than market rate.
- There are two numbers that you need to know…before you go into a negotiation,…your limit and your opening offer.…The limit is the most important number…and you set this first.…And then there's the opening offer…which is your second most important number…and you set this second.…Let's just explore the difference between these two.…First, they are at opposite ends of the scale.…If you're buying, your limit is the highest…the number that you'll go to while…your opening offer is going to be a low number,…an optimistic attempt to get a bargain.…
I'll cover the details of how to set this later,…but you can see that it has to be low.…Nobody's ever going to say, "That's offer a bit high.…"I'll sell it to you cheaper if you like."…So it has to be as low as you might get.…Completely different to your limit…which is the most that you'll pay.…If you're selling, it's the same but the other way around.…Your limit is the lowest that you'll go,…probably just above your costs…while your opening offer is the most…that you might get in the optimistic hope…
- Why we avoid negotiating
- When you should think about negotiating
- Planning your negotiation
- Calculating your opening offer
- Leveraging different negotiation tactics
- How to trade
- Determining if you should walk away
Skill Level Beginner
Negotiating Your Leadership Successwith Elizabeth Robillard1h 20m Intermediate
1. Decide to Negotiate
2. Planning Your Negotiation
3. Opening Offers
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