My New Year’s resolution for 2015 was to read lots of books. While on holiday in Hawaii I read Donald Trump’s bestseller “How to Get Rich“. Since I have really bad memory I decided to write down all key points straight away! Here are 20 techniques on how to win big deals and negotiate like Donald Trump.
Negotiation techniques by Donald Trump
- Your deal needs to be easy to understand: use metaphors and analogies.
- Even if you’re not equal in power let them know you’re all on the same level in some way (e.g. you both get stuck in traffic, love your kids).
- Use humour. Donald likes to crack a joke that he wishes the meeting was yesterday because he had good hair day yesterday!
- Let them think the decision is theirs.
- Let them do the talking. Listen, observe their body language.
- Do it all calmly.
- Money is not always the only consideration for exchange in sale of asset.
- Learn the value of saying ‘no’.
- Research the party sitting on the other side of the table.
- Consider what the other side wants.
- Be flexible. Think that you can win (or lose) not only the current deal, but also all future potential deals. Even if this deal is not the best it still might be worthwhile.
- Ask your team to devise a workable scenario even if initially it sounds unrealistic.
- Don’t be confined by your expectations. Sometimes what we think we want and what we really want are two different things.
- Don’t reveal all you know. Knowledge is power and can give you leverage.
- Know your subject matter well and what you’re doing.
- Before negotiations write down your objectives and then try to anticipate what the other site might want. Keep what you want to yourself until a strategically necessary moment.
- Let everyone come out a winner.
- Offer a calculated nugget of information or a provocative opinion to see what the reaction is.
- Say you will be ‘travelling’ or something similar to show them you are not in a rush. Mention other deals you’re considering so you’re looking like you have options so they know the party needs to give you a good offer.
- Be patient, wait, be stubborn. Time is your friend.
These tips are only the surface of what Donald Trump shares in his book–in one single chapter! If you are really into learning more about Donald Trump story and history of his deals in property market I highly recommend reading “How to Get Rich” by Donald Trump.