increase your sales and profits with powerful negotiation...©2015 increase your sales and profits...
TRANSCRIPT
©2015
Increase Your Sales and Profits with Powerful Negotiation
Marc H. Feldman, JD, CLS
NOI Partners, LLC
Cleveland, Ohio
©2015
mobile.icsc.org
©2015
As the saying goes….
• In life and business, you don’t get what you deserve, you get what you negotiate
• Negotiation is a collective act with many parties and interests involved- often conflicting
• So what are the common goals of negotiation?– Consistency
– Predictability
– Enforceability
©2015
Five Traits of Effective Negotiators
• What makes an effective negotiator?
– Knowledgeable on negotiation subject
– Understands its own and others objectives
– Limits emotion of decision
– Understands how outcome fits big picture
– Communicates well internally and externally
©2015
Trait #1- Know and Observe
• Knowledge = Power
• “The best move you can make in negotiation is to think of an incentive the other person hasn't even thought of - and then meet it.”- Eli Broad
• “A negotiator should observe everything. You must be part Sherlock Holmes, part Sigmund Freud.” - Victor Kiam
• Time kills all deals, especially in Specialty Leasing
©2015
Trait #2- Outcome Focused
• Define what acceptable outcome is before you start; importantly, can you walk away
• Getting to “Yes” is an art, not science
• You can’t effectively negotiate unless you have a firm understanding of your and the other side’s goals and objectives
• Ask how partner is measuring success- increased revenue likely goal, but metrics vary
©2015
Trait #3- Keep Emotions in Check
• In sales, its easy to get emotional when negotiating, especially verbally- crucial to make notes of absolutes so you don’t miss them in drafting agreement
• “During a negotiation, it would be wise not to take anything personally. If you leave personalities out of it, you will be able to see opportunities more objectively.” - Brian Koslow
• Who’s goals are you actually advancing?
• Sometimes the best deal is the deal that you don’t do
©2015
Trait #4- Examine Big Picture
• Understand how your decisions affect the big picture (leasing, property management, etc.)
• Make a list of who is impacted and how
• Will this deal allow the ecosystem to flourish
• What must you get out of this negotiation and what can you give up?
– Exclusivity, relocation, percentage rent, termination
©2015
Trait #5- Excellent Communication
• Confirm each step, but beware that email communications can form a contract
• Internal vs. external- who is involved and how and when do you involve (attorneys, JV)
• Ensure verbal negotiations are accurately transferred into LOI, which is accurately transferred into written agreement
• Avoid misunderstandings
©2015
Exercise
• How these negotiation traits impact common
Leasing/Specialty Leasing situations?
- Space selection - Rent Relief
- Percentage Rent Breakpoint - Goal setting
- Gross Sales Calculation - Exclusives
©2015
In conclusion
Marc Feldman
NOI Partners LLC
Third Party Ancillary Income and Specialty Leasing Specialists
(216) 392-7429
©2015
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©2015
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Increase Your Sales and Profits with
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