Negotiation Background
The current negotiation revolves around the sale of a piece of land to my cousin. Only two individuals, my cousin and I, will be involved in the process. The existing relationship is that we are relatives belonging to the same extended family. We have had a peaceful past characterized by friendship and love since our childhood. In the past, we have had some negotiations with him involving other issues and transactions. The impetus for this current negotiation is the fact that land is an emotive issue. The ultimate aim is to complete the negotiation process quickly and finish the financial transaction. The only point of dispute is the amount of money to be offered for the piece of land. The background of this issue reveals that the negotiation will be collaborative in nature.
Approach to Negotiation
The nature of the targeted negotiation calls for an integrated approach. This model revolves around the concept of a win-win situation. The parties will focus on the power of collaboration to deliver positive needs for all (Gan, 2017a). The preparation plan entails detailing the measurements of the land, identifying its geographical coordinates, determining the asking price, and informing the relevant authorities. The known information includes land size and the expected price. I would need to collect additional information regarding the legal procedures for selling land successfully. I will alter the strategy by formulating a better plan that is inclusive of emerging information.
Key Elements to Consider
My Position
My primary interest is to sell the suggested piece of land within a month. The secondary one is to ensure that the process is legal, fair, and capable of meeting my cousin’s expectations. The important issue to resolve is that of the land’s value or price. My target is to get the required amount of money. The only resistance point is ensuring that I do not get lower than expected (Park et al., 2019). My rationale is based on land valuation in our neighborhood. My best alternative to a negotiated agreement (BATNA) is finding another relative or person to whom I can dispose of the piece of land. This BATNA empowers me to increase my bargaining ability.
My Cousin’s Position
My cousin’s primary interest is to get the piece of land. His second one is acquiring it at a fair price. His position is based on the need to get a piece of land to pursue his business aims. His rationale is also based on the approximate value of land in the region. His BATNA is seeking for land elsewhere should the bargain fail to deliver positive results. This BATNA allows him to maintain his offer for the intended land.
Relative Positions of the Involved Parties
Based on this information, it is agreeable that no person’s BATNA is better than that of the other. This outcome means that no one has more control than the other. Consequently, the win-win bargaining approach remains applicable in this scenario. However, the buyer could be in a defensive position since he is the one parting with money. To minimize some possible challenges, the best approach could be to consider a fairer price to ensure the negotiation process is successful (Fisher et al., 2011). The only issue that could be left in the analysis of my cousin’s position is whether or not he has another piece of land on offer. The best solution to such a blind spot is to focus on the best outcomes for this process.
Tactics and Strategies
Proper negotiation strategies will form the primary tactic for my approach. Specifically, the integrative approach is essential and capable of meeting the demands of all involved parties. Because I have confidence with this model, I will begin to make the first offer. Specifically, I will quote my reasoned price and increase around 20 percent to the amount. This strategy will place my cousin on the defensive and be keen to note and challenge his offer. Based on the buyer’s offer, my concessions would revolve around the deduction I could make to the first offer. I will defend against hardball tactics by guiding my cousin to be aware of the pricing of land in the region (Gan, 2017). I would also pinpoint the key strengths and attributes associated with the specific land. I would go further to guide the buyer about the benefits he sands to get from the piece of land (Sebenius, 2001). A detailed description of the legal process would also be appropriate to ensure that the buyer remains confident throughout the negotiation process.
Additional Issues for Consideration
To have a successful negotiation, it would be appropriate to take into consideration all key issues. For instance, it will be necessary to involve at least one agent to present the legal attributes and make the land transfer smooth. However, the agent needs to be involved after we have agreed on the final offer (Fisher et al., 2011). It would be appropriate to consider the ethical concerns involved in the sale of the price of land. Specifically, all relatives and family members will have been required to offer their consent before beginning the negotiation process. We shall also be committed to transparency and respect for each other’s self-determination or final decision. The approach will make the process smooth and deliver the intended results.
Additionally, it would be necessary to focus on a number of issues that could affect the negotiation process. For instance, I will consider possible biases that could emerge and address them amicably. I will establish a better and more engaged relationship with my client (Gunia, 2017b). I will go further to maintain rapport with all other relatives throughout the negotiation period. We shall also examine the stipulated guidelines for the purchase and official transfer of the relevant documents to the new owner. It will be appropriate to consider all cultural attributes and norms to guide the entire negotiation process.
The process of negotiation can become complex depending on the issues at play. While the current initiative might not be complicated since I will be dealing with a close relative, some issues are worth considering if timely results are to be recorded. For instance, I am planning to capitalize on some of my key strengths during the negotiation process (Sebenius, 2001). Some of them include courage, attention to detail, and the ability to communicate efficiently. I am also charismatic and confident when dealing with a number of issues. I have also done similar negotiations before, a key attribute that widens my strengths. However, some weaknesses could affect my ability to bargain and deliver the much needed results. For instance, sometimes, I need to liaise with other people before coming up with a final decision. Such a gap could prolong the negotiation itself and ensure that timely results are not recorded.
The anticipated goals have the potential to affect the intended outcomes. For instance, the fact that I have a predetermined price for the land means that the negotiation should follow a specific direction. The other partner could also have his own goal, a stand that could have significant implications for the entire process (Gunia, 2017b). To deliver positive results, I should stay focused, work on some of my weaknesses, and complete some research before launching the negotiation.
Negotiation Recap
After completing the relevant background activities, the negotiation process was successful and led to positive results. I began by inviting the buyer for a meeting after considering the convenience for both of us. We began be examining the detailing of the land. This was achieving by visiting the location severally before the final day for the negotiation. The communication process was successful since my cousin was pleased with the piece of land. He was also appreciative since I had given him priority to transact the business with him. After the negotiation, the client was able to accept my requested amount (Gunia, 2017a). Although he bargained effectively, we were able to find a common ground regarding the price for the piece of land. One of the transition points noted during the process was when my cousin decided to offer the expected price for the land. After the negotiation, my client identified the best date and time for completing the transaction, demarcating the portion, and transferring the relevant owners. These aspects show conclusively that the negotiation was successful and led to desirable outcomes.
Reflection and Application of the Acquired Lessons
To achieve the much-needed outcomes, I applied most of the concepts and ideas gained in class through the preparation and negotiation phases. The most challenging part was hoe to convince my cousin to give a competitive offer for the piece of land. I chose to stay focused and capitalize on my strengths to pronounce my demands. I was able to communicate efficiently while outlining the reasons why such a demand was necessary. Consequently, I was able to apply a win-win or integrative approach to encourage the client and ensure that he was part of the process (Gunia, 2017b). With such attributes, I was able to get the required offer for the piece of land. I was able to achieve my goals because of the ability to apply a workable framework while promoting the established cultural and ethical attributes.
From this experience, I would indicate that nothing went wrong throughout the process. In the future, I am planning to embrace the same model to achieve the best outcomes from the negotiation process. However, I could try to apply a distribution strategy and find out what could happen. The approach will definitely help me develop better competencies for negotiating more efficiently in the future (Gan, 2017). In conclusion, I have learned that negotiators need to respect all participants and consider all ethical concerns to deliver the best results. These gains will, therefore, help me negotiate more effectively in the future and achieve most of my anticipated goals.
References
Fisher, R., Ury, W. L., & Patton, B. (2011). Getting to yes: Negotiating agreement without giving in (3rd ed.). Penguin Publishing Group.
Gan, I. (2017). Advancing a distributive-bargaining and integrative-negotiation integral system: A values-based negotiation model (VBM). Social Sciences, 6(4), 115-129.
Gunia, B. (2017a). Batten down the anchors: Responding to another negotiator’s first offer. Business Horizons.
Gunia, B. (2017b). To move or to wait? Everything you need to know about making the first offer. Business Horizons, 60(1), 15-18.
Park, J., Rahman, H. A., Suh, J., & Hussin, H. (2019). A study of integrative bargaining model with argumentation-based negotiation. Sustainability, 11(23), 6832-6852.
Sebenius, J. K. (2001). Six habits of merely effective negotiators. Harvard Business Review, 79(4), 87-95. Web.