"Nothing is fair in life. You get what you negotiate," says Chris Atkins, Asia-Pacific partner of The Gap Partnership, which does negotiation training.
Knowing the right moves at the bargaining table can help you save money in everyday situations and lead to professional success. Skilled tactics can help you bargain for a pay rise or rent cut, or the dozens of other scenarios people encounter daily that involve negotiation.
Be prepared. "Information is power," says Stephen Nason, a professor of business practices at the Hong Kong University of Science and Technology.
Atkins adds: "It's like a game of chess. The key is understanding what's important to the other party. We call it getting inside their head. The more you understand about your opponent, the easier it is to predict how they will behave. Those who fail to plan tend to be the most reactive at the negotiating table and less likely to think on their feet."
Begin by gathering background information on the other party. Find out what issues they wish to settle. What are their deadlines? What's of value to them? What are their areas of concern?
Then determine your objectives and your stance on each issue. What can you bring into the negotiation? If you decide to adjust your position, how far are you prepared to move?
One of the first mistakes people make when entering negotiations is naming their price too early. According to experts, you should avoid putting down the first "marker" or making the first offer. For example, if you are negotiating for a salary increase with your boss, says Bob McConnochie, a trainer at Negotiation Resource International, "Try to get him to make an offer before you say what you expect. You might be pleasantly surprised."