How to Expand the Pie in Negotiations?

My friend, Chris, wanted to negotiate a reduced monthly rent. Unfortunately, he was already paying below market rate!  He came up with the idea of paying six months in advance for a reduced rate… but the agency refused. While things seemed to reach a dead end, Chris did not hold his cards close, persisting on reducing the rent.  

He ‘’expanded the pie’’ and came up with a suggestion to please both parties: he would pay for any repairs that arise in the flat for a reduced monthly rate. 

You've guessed it right! It was a done deal. ✅ 

A risk? Maybe! But one he was willing to take!  

Here’s what I have learned from Chris on gaining leverage in negotiations: 👇

👉 go in knowing exactly what you want

👉 conduct your market research

👉 put yourself in the other party’s shoes

👉 reach a deal that is beneficial to both using an integrative approach

👉 understand that there is always a third, fourth, and fifth solution, not just two! It’s rarely binary in life. 

Make sure to expand the pie whenever a negotiation seems to reach a dead end, whether it’s closing a deal, hiring, pricing your products, or securing supply deals. 

Like this post? Make sure to sign up for our newsletter to enjoy more pies! 🍰