Increase Your Sales and Profits with Powerful Negotiation...©2015 Increase Your Sales and Profits...

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©2015 Increase Your Sales and Profits with Powerful Negotiation Marc H. Feldman, JD, CLS NOI Partners, LLC Cleveland, Ohio

Transcript of Increase Your Sales and Profits with Powerful Negotiation...©2015 Increase Your Sales and Profits...

Page 1: Increase Your Sales and Profits with Powerful Negotiation...©2015 Increase Your Sales and Profits with Powerful Negotiation Marc H. Feldman, JD, CLS NOI Partners, LLC Cleveland, Ohio

©2015

Increase Your Sales and Profits with Powerful Negotiation

Marc H. Feldman, JD, CLS

NOI Partners, LLC

Cleveland, Ohio

Page 2: Increase Your Sales and Profits with Powerful Negotiation...©2015 Increase Your Sales and Profits with Powerful Negotiation Marc H. Feldman, JD, CLS NOI Partners, LLC Cleveland, Ohio

©2015

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Page 3: Increase Your Sales and Profits with Powerful Negotiation...©2015 Increase Your Sales and Profits with Powerful Negotiation Marc H. Feldman, JD, CLS NOI Partners, LLC Cleveland, Ohio

©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

Page 4: Increase Your Sales and Profits with Powerful Negotiation...©2015 Increase Your Sales and Profits with Powerful Negotiation Marc H. Feldman, JD, CLS NOI Partners, LLC Cleveland, Ohio

©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

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©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

Page 6: Increase Your Sales and Profits with Powerful Negotiation...©2015 Increase Your Sales and Profits with Powerful Negotiation Marc H. Feldman, JD, CLS NOI Partners, LLC Cleveland, Ohio

©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

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©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

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©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

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©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

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©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

Page 11: Increase Your Sales and Profits with Powerful Negotiation...©2015 Increase Your Sales and Profits with Powerful Negotiation Marc H. Feldman, JD, CLS NOI Partners, LLC Cleveland, Ohio

©2015

In conclusion

Marc Feldman

NOI Partners LLC

Third Party Ancillary Income and Specialty Leasing Specialists

[email protected]

(216) 392-7429

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©2015

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