My father used to tell me, that the party who is willing to walk away from a negotiation, is the one with all the power.

I have since learned that he was right, and this principle applies to all types of negotiations, business or personal.

Regardless of whether you need to negotiate in business, with difficult family members or neighbours, here are 8 tips from RealRenta that you need to know, for more effective negotiation:

• Always keep the end goal in mind and don’t let your ego do the negotiating. Winning an argument for the sake of winning is not smart.

• Conceding some power at the start of a negotiation helps you get the upper hand, because, it gives the illusion to the other side, that they have control. Use open ended questions that the other party can answer, but has no fixed answer. It will make them feel powerful however you have really framed the conversation for them.

• Negotiation is not always a zero-sum game. Creating mutually beneficial relationships is more rewarding in the long run, than getting what you want in one single negotiation. Sometimes the question has to be asked, is it worth getting what we want at all costs and potentially, souring what could be, long term beneficial relationships?

• Be very clear about your own position, strengths and weaknesses, as well as those of your opponent.

• Be honest, even when it weakens your position. Honesty establishes your credibility and trustworthiness. Honesty humanizes the negotiations, making the other party more inclined to understand your perspective.

• Non verbal communication makes up to 65% of all communication. Be aware of your non verbal cues and those of your opponent. Pay special attention to facial expressions, vocal tone and pitch, hand gestures, body language, proximity and eye contact. Research effective body language techniques and mirror your opponent when you are trying to win their trust.

• Be an active listener and pay attention to what the other party is saying. Find out what drives and motivates them and what is important to them. Use this insight to get you want but also satisfy the other party.

• Make it obvious that you are willing to walk away from the deal. If the other person knows that you cannot walk away, they will hold all the negotiating power. Even if you can’t or don’t want to walk away from the deal, you must still create that impression. The person who shows the most desperation loses-EVERY TIME.

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