8/27/2024-Price your negotiable assets

You get what you deserve, but how do you know if what you get is valuable? That’s why all good negotiators start first with understanding how to be good asset evaluators.

"See that penny on the ground," says Yoda.

"Yes, I do," you answer.

"It has value," Yoda offers.

"Great, then you pick it up. Keep it…it’s yours."

The universe’s senior magistrate doesn’t need your snark…just like you don’t need him (her?) to remind you that everything has value.

TOP 10% negotiators always appraise and price their tradable assets before their negotiations begin.

Prepare for an upcoming negotiation by listing your negotiable assets…that is, everything you find in the garage that you can throw into the deal. (What’s that line about "…one man’s garbage is another’s treasure?")

After creating your list, price your tradable assets: determine the worth of each asset.

Be sure to jot down a few notes about how you arrived at your prices, as you’ll surely need to justify them. (Just like you’ll need to know how your opponent arrived at the price for what they’re trying to shove down your throat.)

Understanding value is the fundamental skill you should study to excel as a negotiator.

You can’t create a positive outcome for your negotiations unless you understand the underlying value of all you are trading.

Start by ensuring you understand the value of all your negotiable assets, which may be an exercise that requires your manager’s help. However you get there, learn to appraise your assets and know what your stuff is worth.

The tricky part of most negotiations is understanding the value of the items your negotiation opponent tries to get you to take. But because you’ll work hard to make your negotiation friendly and collaborative, you’ll have the space to ask the other party to explain their evaluation rationale. If they’re so adamant about including the item(s) in the deal, they’ll easily be able to help you understand the value.

Watch Erin Brockovich go red ass on her negotiating opponents as she demonstrates a unique evaluation approach. (Erin asks them how much they value their "spine" and "uterus.")

Obviously, those assets are difficult to price, but it’s a bold negotiation tactic appropriate for her case.

Go, Erin.