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RE study guide - Study Guide(Real Estate Marketing Dr Sirgy...

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Study Guide (Real Estate Marketing; Dr. Sirgy; Spring 2011) Negotiations in Real Estate (March 3 rd , 2011) 1. Based on the video lecture that you’ve seen in class (plus the lecture that followed), please describe the four principles of Principled Negotiations and use real estate examples to illustrate. a. Separate people from the problem b. Focus on interest, not position: don’t take position and defend it c. Generate options for mutual gain: brainstorm to come up with a list of options to chose d. Base choices on objective and measurable criteria to agree on i. People in task-oriented goals have more shared than differing interests. Ex: both want efficiency up, but boss wants cost down as well Study Guide (Real Estate Marketing; Dr. Sirgy; Spring 2011) Negotiations in Real Estate (March 15 th , 2011) Thomas and Kilman’s 5 default conflict strategies/negotiation styles Competition I win, you lose Get what I want at the expense of others Uncooperative Others Cooperative Collaboration I win, you win Working together to get a creative problem solution Assertive Self Passive Compromise No win, no lose Split loses Assertive Self Passive Avoidance I lose, you lose Don’t do anything, and hope it will go away Uncooperative Others Cooperative Accommodation I lose, you win Takes care of other party, but not self. They aren’t cooperative We all have a style we got to right away. If one doesn’t work, we’ll try a second. Study Guide Questions for Lecture on the Psychology of Real Estate Negotiations (March 17, 2011) 1. How do social scientists typically define effective negotiations? a. Integrative (pie can be made bigger and all parties can walk away with a slice that is fair and satisfactory), not distributive (getting as big of a slice as you can) 2. Social scientists typically measure effective negotiations in terms of four dimensions: a. Feelings about the instrumental outcome i. How satisfied are you with your own outcome – extent to which terms benefit you? ii. How satisfied are you with the balance btwn your outcome and counterpart’s outcome?
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iii. Did you feel like you “lost” in this negotiation? iv. Do you think your agreement was based on legitimacy or objective criteria? b. Feelings about the self i. Did you loose face? ii. Did this negotiation make you feel more or less competent as a negotiator? iii. Did you behave according to your own principles and values? iv. Did it positively or negatively impact your self-image? c. Feelings about the process i. Do you feel your counterpart listened to your concerns? ii. Would you characterize the negotiation process as fair? iii. How satisfied are you with the ease of reaching an agreement? iv. Did your counterpart consider your wishes, opinions, or needs? d. Feelings about the relationships i. What kind of overall impression did you counterpart make on you?
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