S01:E04 – The Importance of Deal Negotiations
Welcome to the Get Traction Podcast, a show aimed at educating aspiring real estate entrepreneurs. In this episode, host Tom Zeeb discusses the importance of negotiating and Making the Deal. Negotiation is one of the most important financial and life-improving skill that anyone can have. Tom is a staunch proponent of this point and believes that negotiation skills should be taught in school and at an early age. Tom further talks about the importance of having confidence when negotiating deals and how to develop it.
He highlights the three major categories of successful negotiation: starting the conversation, getting the price down and closing the deal. Tom also provides three detailed techniques that can be employed by anyone looking to improve their negotiation skills. These include the flinching technique, the specific numbers technique, and the higher authority technique. By utilizing these techniques, negotiating parties can arrive at a win-win scenario where a mutually beneficial outcome occurs for both parties.
What We Covered:
- 00:54 – Introducing today’s topic, Negotiation, aka “Making the Deal”
- 02:47 – Win-win negotiation
- 04:55 – The importance of negotiation
- 06:35 – Why confidence is key
- 08:40 – Why negotiation is the most important financial and life improving skill
- 10:48 – The three categories of negotiation
- 12:50 – The Flinching Technique
- 15:23 – Tom tells the story of a time he utilized the flinching technique to get a discount on some thing unexpected
- 17:31 – The Specific Numbers Technique
- 19:56 – The importance of never accepting the first offer
- 23:28 – The Higher Authority Technique
- 26:52 – Isolating the price
- 28:10 – Why practicing these basic techniques will lead to better negotiation skills
- 29:50 – The art of making the deal
- 30:51 – Tom challenges the audience to flinch, use specific numbers and resort to higher authority
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