From the course: Negotiation Skills
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Determine your limit vs. your opening offer
From the course: Negotiation Skills
Determine your limit vs. your opening offer
- There are two numbers that you need to know before you go into a negotiation, your limit and your opening offer. The limit is the most important number. And you set this first. And then there's the opening offer, which is your second most important number. And you set this second. Let's just explore the difference between these two. First, they are at opposite ends of the scale. If you're buying your limit is the highest number that you'll go to while your opening offer is going to be a low number, an optimistic attempt to get a bargain. I'll come to the details of how to set this later, but you can see that it has to be low. Nobody's ever going to say that offers a bit high, I'll send it to you cheaper than that if you like. So it has to be as low as you might get, completely different to your limit, which is the most that you'll pay. If you're selling it's the same, but the other way around. Your limit is the lowest…
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