When was the last time you experienced buyer’s remorse? That is the phenomenon that happens after you make a major purchase and then have a creeping sensation that you made a mistake or got a lousy deal. Most folks who buy a home or a new car can experience a bout of remorse. But it doesn’t just have to be a big investment that can spark the remorse. No one wants to feel like they’ve been ripped off. You can avoid that be stepping up your negotiating game.
Here’s how to do it:
Don’t Predict the Outcome
As you get ready to negotiate a deal, you might imagine how the “back and forth” is going to go. That assumes you know what is in the operation of the mind of the person you are negotiating with. You don’t and trying to predict the outcome is just going to set yourself up for disappointment. This doesn’t mean you shouldn’t develop a plan and/or strategy but that should always be based on your strengths and not anticipating what someone else might do.
The worst thing that can happen in a negotiation is getting a “no.” However, that can actually be empowering. Before you get to that point, you want to get prepped. Make sure you aren’t going into the negotiation hungry or jittery from too much coffee. Be sure that you stay hydrated and got some rest the night before. If possible, then try to engage in the negotiation on your home turf like your favorite coffee shop or your office.
Another way to psych yourself up is to win at something before the negotiation. That could something as simple as a video game. When you win you get a boost of testosterone and that is always good to carry with you into a negotiation.
Do Your Homework
Information in any negotiation is crucial. That is as true for buying a car as it is for asking for a raise. You need to know what the established precedents are for the thing that you’re asking. The way to use that information is to make it conversational. You don’t ever want to make demands but present your facts in a friendly way.
Have the Power of “No”
In any negotiation, each side has the power of “no.” That power works better in purchasing situations than with a job. You don’t want to say “no” to your boss’s final offer of a raise because that means you are quitting. If you have another job to go to that will offer you what you’re asking, then you can use your “no” power. When buying a home, car, boat or even a TV, your ability to say “no” to an offer has to be backed up with you literally walking away. This means you weren’t able to get your terms that you budgeted for. There is nothing wrong with putting off making that purchase until you can get a better deal. Most salespeople work on a commission. They won’t let you walk away if your counter offer is reasonable. Just stick to numbers and you won’t have any remorse.