BUS 526 Assignment 4 Negotiation Process – Strayer University | BUS526: Negotiation & Conflict Resolution {2020}

BUS 526 Assignment 4 Negotiation Process – Strayer University Negotiation Process Tanya Middleton Dr. Joseph Pionke BUS 526: Negotiation & Conflict Resolution December 8, 2020 Introduction The purchase of a new home is something that can be a lengthy and stressful time. There are many things that are taken into consideration when doing so. Such as the size, location, price, features, school district, crime rating, and the city taxes. All of things are necessary to consider, however, there are some features that are more important than others to some. This process will walk you through a way to negotiate what you are looking for in your future home. Negotiation Process There are several dynamics in the negotiation, however, being prepared, the structure of the negotiation, the BATNA and WATNA, willingness to walk away, and learning from your experience are important during the house buying process. First, preparation is probably the most important step in the process. There are many things that can be completed before contacting a realtor, and to help keep the pressure down it’s best to get as much done as possible. Negotiators who are better prepared have numerous advantages, including understanding their own interests and BATNA, analyzing the other party’s offers more effectively and efficiently, understanding the nuances on the concession-making process, and achieving their negotiation goals (Lewicki, Saunders, & Barry, 2015). That goes to say that all the must-haves need to identified first, as well as, what you can do without. Structuring the negotiation may prove to be a little more challenging because the sellers of the home are also going to have a structure. The seller is going to also have BATNA and WATNA laid out and the buyer will not no know how far the seller is willing to go until pushed and vice versa. It’s best not to have an overly aggressive approach when purchasing a home because the outcome may not be what the buyer is looking for. Structure the negotiation in a way that seller can’t identify how high you are willing to go, therefore, when giving a price range don’t over extend when it’s already known that there are no plans to go that high. That cause both the buyer and seller to waste each other’s time. Then, there is the BATNA and WATNA that the buyer needs to determine prior to looking for a home. The BATNA and WATNA may change during the process because as the buyer views the homes that the seller find they may discover things that they can do without or may find a necessity. - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - the home and not because I want to get something for nothing. By this stage the parties have become familiar with each other’s interests, tend to take a problem-solving attitude and usually consider making concessions to reach agreement (Cellich, 1997). In making the offer based off the appraisal this helps to ensure that both the buyer and seller are getting a fair deal and helps to close the sale. References Cellich, C. (1997). Closing your business negotiations. International Trade Forum. Issue 1, p 14. Retrieved from: Lewicki, R., Saunders, D., & Barry, B. (2015). Negotiation. 7th ed. New York, NY: McGraw-Hill Education. Uzo, U. & Adigwe, J. (2016, June). Cultural norms and cultural agents in buyer-seller negotiation process and outcomes. Journal of Personal Selling & Sales Management. Volume 36 Issue 2, p 126-143. Retrieved from: