The second piece of the course project gives you the opportunity to engage in the first two stages of the negotiation process. The first two stages relate to preparation and information exchange. Additionally, you will be gaining insight into your authentic self in the negotiation process, practicing behaviors for building greater other awareness, and refining your use of negotiation tools.
Week 3
Preparation and Information Sharing
Preparation and Information Sharing
Tasks:
Submission Details:
·
Due by 3/3/25 at 11:00pm CST
Requirements:
1. Make certain to include in text citations from your course text in addition to your outside leadership resources within your main post. This adds credibility to your argument.
[Textbooks]:
Lewicki, R., Saunders, D., & Barry, B. (2023).
Negotiation (9th ed.)
. McGraw-Hill Higher Education. ISBN: 9781265608750
and
Lewicki, R., Barry, B., & Saunders, D. (2014).
Negotiation: Readings, Exercises, and Cases (7th ed.)
. McGraw-Hill Learning Solutions. ISBN: 0077862422
2. No plagiarism will be tolerated. Must be in 7th Edition APA format with cited sources within the last 5 years.
3. No AI support, score must be 0% and less than < 10% score on Turnitin
Preparation and Information Sharing
The second piece of the course project gives you the opportunity to engage in the first two stages of the negotiation process.
The first two stages relate to preparation and information exchange. Additionally, you will be gaining insight into your authentic self in the negotiation process, practicing behaviors for building greater other awareness, and refining your use of negotiation tools.
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3 |
Preparation and Information Sharing · · · · · |
Preparation and Information Sharing
Tasks:
· Begin this segment of your final project with a
one-paragraph introduction that summarizes the negotiation scenario, purpose, and participants.
·
Provide a one- to two-page evaluation of responses to the seven fundamental questions (SFQs) (detailed earlier in the course material) for your negotiation scenario.
·
Provide a one-page assessment of a price matrix for your role (e.g., buyer) in the negotiation. How did you determine the various pieces of your matrix? If the primary issues of the negotiation are not related to a price, provide a resource matrix of the primary issues. You may include a chart or a table as part of your presentation of a price matrix.
·
Provide a one-page analysis of the zone of possible agreement for the negotiation by projecting a price or resource matrix for the other party in the negotiation and integrating it with the price matrix for your role. How did you determine the other party’s matrix? You may include a chart or a table as part of your presentation of the zone of possible agreement.
· Evaluate a best alternative to a negotiated agreement (BATNA) for both parties, including a discussion of the processes you used to determine the BATNAs. Also, analyze possible ways to strengthen your BATNA and to weaken the other party’s BATNA. Assess the leverage available in the negotiation.
Your discussion of BATNAs should be one to two pages.
· Finally, analyze the information-sharing process in the negotiation. How was information shared? What was the climate of the information-sharing stage? What were the various interests and the data that emerged from the information exchange, and how might they impact the negotiation process and the potential outcome? What information was not shared, and how does that impact the negotiation process and outcome?
The discussion of information sharing should be two to three pages.
Submission Details:
· Submit your answers in a
6- to 9-page Microsoft Word document. Cite any sources you use in APA format.
·
Each Covered Heading must contain 3+ credible cited sources and a conclusion summarizing talking points.
· Support your analysis of the negotiation situation, process, and factors by using appropriate examples and research.
1.
Due by 3/3/25 at 11:00pm CST
Requirements:
1.
Make certain to include in text citations from your course text in addition to your outside leadership resources within your main post. This adds credibility to your argument.
[Textbooks]:
Lewicki, R., Saunders, D., & Barry, B. (2023).
Negotiation (9th ed.)
. McGraw-Hill Higher Education. ISBN: 9781265608750
and
Lewicki, R., Barry, B., & Saunders, D. (2014).
Negotiation: Readings, Exercises, and Cases (7th ed.)
. McGraw-Hill Learning Solutions. ISBN: 0077862422
2.
No plagiarism will be tolerated. Must be in 7th Edition APA format with cited sources within the last 5 years.
3.
No AI support, score must be 0% and less than < 10% score on Turnitin
Class, this week the project assignment due on Monday by 11:59pm, is worth 200 points.
The week 3 assignment has
SIX parts as per the assignment details
. Each part has multiple sections that need to be addressed.
• SFQs can be found in Week1 section.
• Make sure you review the assignment details and the expanded grade rubric to help you address all points.
• Use external credible sources to support your paper. Make use of 3+ different external creditable sources for each section (not the course site or course textbook)
• Make use of APA guidelines to format you documents, use effective subheadings, a title page, intext citations, full reference section.
• Submit your answers in a 6 to 9-page Microsoft Word document, using APA style.
Make use of effective sub headings to organize and structure your paper. This will also help you address all sections of the assignment.
This assignment has 4 main sections. Each section has sub parts that need to be addressed.
For this assignment sub heading examples are:
Introduction
Evaluation of Responses to the SFQs
Analysis of the Price Matrix (or a resource matrix)
Analysis of a Zone of possible agreement for the negotiation
Evaluation of a BATNA for both parties,
Analysis of the Information sharing process
Summary and Conclusions
References
Seven Fundamental Questions
Strategic Forethought
© 2016 South University
SFQS
Successful negotiators tend to ask seven fundamental questions (SFQs) as part of strategic forethought:
• What do I want?
• What does the other person want?
• Why should the other person negotiate with me?
• Why should I negotiate with the other person?
• What alternatives or choices are available?
• What is the point beyond which I should not negotiate?
• What are the strategies and tactics needed for this specific negotiation event?
Failing to think through these core questions of negotiation may result in confusion, loss of confidence,
missed opportunities, and public embarrassment. For instance, in crucial negotiations such as mergers or
acquisitions, a team should be engaged to assess the issues and potential outcomes and to develop a
strategic negotiation plan that answers the SFQs. One misassumption is that the negotiation process begins
only once the parties have taken their seats at the negotiation table. However, the above SFQs can help you
see that negotiations really begin before the parties begin to talk. That is, a large portion happens as
preparation. Unprepared negotiators are often unsuccessful negotiators. Just building answers to the SFQs
before you negotiate will enhance your skill and increase the likelihood of positive outcomes.
The SFQs can also help you define several key factors of strategic negotiation. For example, questions
about what you want and why you should negotiate reflect your self-awareness as a negotiator. Questions
about what the other person wants and why he or she should negotiate with you reflect your awareness of
the other party. All of the questions, especially the one about strategies and tactics, reflect the need for you
to understand and utilize the tools of negotiation.
Let’s look at those key factors as a model.
Authentic Self + Other Awareness + Skilled Use of Tools =
Strategic Negotiation
• Authentic Self: Strategic negotiators know their preferences, personal styles, and goals.
2 Seven Fundamental Questions
Strategic Forethought
• Other Awareness: Strategic negotiators take the time to analyze the other parties in the
negotiations. Who are they? What are their styles? What are their goals?
• Skilled Use of Tools: Strategic negotiators know the language, concepts, and processes of
negotiation. They are able to select and use the tools to achieve positive negotiated outcomes,
resolve conflicts, and solve problems.
We will refer to this model several times during the course. As you are introduced to new concepts, you
should be able to connect each one to the components of the model. As we work through the course
material, you should also be able to evaluate the model as a leadership model.
Page 2 of 2
Strategic Negotiation
©2016 South University
2
Week 1- Identifying your Case Study
Student’s Name
Institutional Affiliation
Course Name
Instructor’s Name
Date
Week 1- Identifying your Case Study
Negotiation is a critical component of any organization that entails preparation, flexibility, and planning to ensure the best results are achieved (Lewicki, 2023). In financial transactions, particularly those that involve high risks, understanding market status and communication can go a long way in determining the outcome. One of them is an anticipated home purchasing negotiation, which may entail financial, legal, and contractual aspects. Negotiating the best price involves assessing the market, designing the offer, bargaining with counteroffers, and closing agreements. This discussion will highlight major factors of value creation in a home purchase, specifically price, terms of the contract, and closing terms.
Negotiation Scenario Evaluation
The expected negotiation is the acquisition of a three-bedroom, two-bathroom house in an ideal suburban area. The house is listed at $375,000, and offers contemporary conveniences, an open-concept design, and a new kitchen. However considerable demand has led to several buyer interests, so competition and counteroffers are likely. Inspection findings, contingencies, and closing fees are crucial to negotiations. A strategic plan is needed to acquire the house at a fair price and consider repair expenses and finance (Lewicki et al., 2015).
The purpose of this negotiation is to acquire the house at a reasonable price with good conditions on contingencies, inspections, and closing costs. The approach includes creating a powerful yet affordable proposition, using pre-approval, and negotiating seller concessions. The desired conclusion is mutually beneficial and financially stable to minimize unnecessary expenditures and make homeownership easy.
This negotiation is very important because buying a home is usually a big decision that has long-term effects on the buyer. Financial health, mortgage costs, and future market worth depend on home selection and pricing. As real estate prices rise, negotiating better conditions saves money and helps the buyer get a better bargain (Ngoc et al., 2021). It also helps determine whether the home meets basic needs such as structural condition, location, and growth prospects. Lewicki (2023) asserts that excellent bargaining minimizes hidden expenses like repair charges or poor loan conditions after the purchase. The objective is to buy the property at a reasonable price and with as little additional costs as possible above the purchase price while meeting financial goals. Strategic bargaining is used to obtain a property that offers immediate comfort and long-term investment rewards, resulting in a fulfilling homeownership experience.
Analysis of Participants and Stakeholders
Key Stakeholders in the Negotiation
The leading players in this negotiation process will directly impact the conditions of buying the house and the outcome.
Homebuyer
The most significant position in the negotiation process belongs to the homebuyer since they act as the client with a desire to obtain the property under the best terms. Their roles will entail determining demand considerations, offering selection, and bargaining concerning price fluctuations, contingencies, and closing costs. The homebuyer, their real estate agent, and the lender will set the underwriting and the homebuying process’s financial readiness for the transaction.
Seller
The seller will actively contribute to the deliberations since he owns the property and can specify whether he accepts the buyer’s offer, negates it, or counters it. They will also focus on obtaining the best price, a few concessions, and the speedy completion of the sale. When many bids are offered, the seller will engage the most likely bidder in negotiations.
Buyer’s Real Estate Agent
The real estate agent that the buyer hires represents the buyer and gives proper advice during the negotiations. They are mainly involved in key areas such as market understanding, offer development, and seller-agent communication (Gilbukh & Goldsmith-Pinkham, 2023). The agent also has the responsibility of conducting negotiations regarding contingencies, repairs, and closing fees for the buyer’s benefit.
Seller’s Real Estate Agent
The seller’s real estate agent works for the seller by promoting the property, obtaining offers, and negotiating the conditions of the offer (Benites-Gambirazio, 2020). They will bargain the best price and terms for the seller and ease the overall process. With the buyer’s agent and seller, they will counter-negotiate for counteroffers and additional concessions.
Mortgage Lender
The mortgage lender will arrange the financing for the purchase and decide who is eligible for the loan. They will assess the buyer’s creditworthiness, decide on the loan terms, and sign the mortgage (Nakiwala et al., 2023). The lender approval process is significant for the buyer to have adequate cash for the purchase.
Home Inspector
A home inspector will examine the house for possible issues, including roof or wall defects and problems with the electrical systems, and plumbing (Gurmu & Mudiyanselage, 2023). If there are significant drawbacks, they can lead to a demand for repairs or a lower price, which can affect bargaining. The decision to purchase depends on the inspector’s findings; hence, such a report will be essential.
Stakeholders with Indirect Influence
While not directly participating in the negotiation, several external stakeholders will have a significant impact on the process by influencing financial, legal, and logistical aspects of the transaction.
Appraiser
The appraiser will assess the property’s fair market value on behalf of the mortgage lender. The lender may demand the buyer to renegotiate or pay more cash if the assessment is lower than the agreed price.
Homeowner’s Association (HOA)
The negotiation will be affected by HOA rules, fees, and restrictions (Pienaar & Horn, 2022). Before buying, the buyer must study the HOA’s fees, property alterations, and community regulations. HOA limitations might sway buyers.
Evaluation of The Key Negotiation Preparation Topics and Resources
To effectively negotiate a home purchase, several key pieces of information must be gathered in advance.
Market Value and Comparable Sales: The impression of the market value of the property should be determined in order to make a reasonable offer for the asset (French, 2023). Comparing the house prices of some similar houses, the current sales trends and community characteristics help in setting a fair price. It assists the buyers in not overpaying and, therefore, makes offers that are competitive in the market. Fluctuations in the markets, supply, demand, and seasonal fluctuations also have to be factored in during scheduling discussions.
Financial Preparedness: A strong financial foundation is necessary for a successful negotiation. Mortgage pre-approval informs the purchasers of the borrowing restrictions and benefits. Interest rate trends and different loan options should be considered in order to acquire better interest rates. Also, determining the realistic price range of the home, the closing costs, taxes, and other probable improvements helps in making sound financial decisions during the purchase.
Legal Considerations and Contract Terms: Legal issues should be well understood before entering into a home purchase to avoid future disagreements (Wolff, 2020). Analyses of contracts, conditions and zoning restrictions confirm Housing law compliance. Buyers also need to pay more attention to such clauses as financial ones, inspection ones and deadlines to defend their rights. Real estate attorney consultation may also provide more information on the legal responsibilities and issues that may arise.
Sources for Research and Preparation
Multiple Listing Service (MLS) and Real Estate Websites: Online real estate portals such as Zillow, Redfin, and Realtor offer detailed particulars of the present homes on the market, past sales, and trends prevalent in the neighborhood (Park, 2020). These types of services help appraise the properties by comparing local houses among potential buyers. Real estate professionals can make use of the Multiple Listing Service (MLS) data, which includes price changes and the average time the property stays in the market. This information enables the buyers to evaluate the fairness of the asking price besides establishing whether a given property is in buyer or seller’s market.
Mortgage Lenders and Financial Institutions: Major banking institutions, including Wells Fargo and Bank of America, offer information on mortgage interest rates, loan pre-approval criteria, and estimated affordability. It also helps the buyers to estimate the amount for monthly instalments and borrowing power through these parameters. Analyzing the interest rate fluctuations makes the buyer time his buying in order to secure reasonable rates.
Conclusion
Home purchase negotiation calls for comprehensive planning to enhance the prospects of achieving a positive result for the client. Applying market research, funding, property examination, and legal advice, buyers can be prepared and confident during negotiations. A knowledge of the value of the property enables the buyer to place competitive offers that do not value the property too highly. Mortgage information enhances credit standings, thus making it attractive to sellers. A comprehensive home inspection helps buyers avoid these risks and ask for repairs or a reduction in asking price for compensation for the discovered problems. Legal expertise also helps to make contracts clear and makes sure that housing abides by those contracts. All of these elements aim at ensuring that the negotiation process is informed and free from risks that are likely to have a negative impact on the value. Real estate transactions are known to be complex to negotiate; however, planning and preparation can help buyers overcome all the challenges and acquire a perfect home that meets the required standards and price.
References
Benites-Gambirazio, E. (2020). Working as a real estate agent. Bringing the clients in line with the market.
Journal of Cultural Economy,
13(2), 153–168. https://doi.org/10.1080/17530350.2019.1697954
French, N. (2023). Pricing to market – an investigation into the use of comparable evidence in property valuation.
Journal of Property Investment & Finance. https://doi.org/10.1108/jpif-02-2023-0007
Gilbukh, S., & Goldsmith-Pinkham, P. (2023, September 1).
Heterogeneous Real Estate Agents and the Housing Cycle. National Bureau of Economic Research. https://doi.org/10.3386/w31683
Gurmu, A. T., & Mudiyanselage, P. W. (2023). Plumbing defects in residential buildings: analysis of anomalies and their causes.
Facilities,
41(13/14), 927–956. https://doi.org/10.1108/f-10-2022-0130
Lewicki, R. J., Barry, B., & Saunders, D. M. (2015).
Negotiation: Readings, Exercises, and Cases:7th Revised : edition. Mcgraw Hill Higher Education.
Lewicki, R., Saunders, D., & Barry, B. (2023). Negotiation (9th ed.). McGraw-Hill Higher Education. ISBN: 9781265608750
Nakiwala, M., Mukiibi, S., & Kigundu, T. A. (2023).
Mortgage Financing: Access, Knowledge, Attitudes and Challenges Experienced by Urban Housing developers.
1(1), 47–56. https://doi.org/10.37284/ijfa.1.1.1030
Ngoc, N. M., Tien, N. H., Hieu, V. M., & Doan, L. (2021). Enhancing efficiency of real estate brokerage activities in Vietnam.
Ueh.edu.vn. https://digital.lib.ueh.edu.vn/handle/UEH/69636
Park, S. J. P. (2020).
Data science strategies for real estate development. Dspace.mit.edu. https://dspace.mit.edu/handle/1721.1/129099
Pienaar, G., & Horn, J. (2022). Homeowners’ Associations as Urban Property Management Entities.
Stellenbosch Law Review,
2022(3), 438–459. https://doi.org/10.47348/slr/2022/i3a5
Wolff, L.-C. (2020). The relationship between contract law and property law.
Common Law World Review,
49(1), 147377952090372. sagepub. https://doi.org/10.1177/1473779520903729
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