Negotiation #1 "Appleton V. Baker"

I represented the Appletons and Natalie played the part of the Bakers. This was my first negotiation. In my role as Mr. Appleton, I am required to pursuade Mr. Baker (buyer) into buying Lot 42, which is a half spare lot. The lot really has no value because it is not rebuildable. I am not happy with the $5,000 dollars that a different buyer has offered me, I would rather try to sell it to the Baker's for $7,000 or more to get my money's worth back.

Since this was my first negotiation, I had no particular stategy or technique to apply here.
Natalie was amiable and interested in the offer of Lot 42.
I dove in right away and put the price up front without finding out value of importance of the land to my neighbor. I think one reason was in fear of not being able to sell this awkard piece of land to them, so I wanted to settle it quickly.

To my suprise she took the $7,000 dollars I fairly offered. I then thought to myself as she settled so quickly (with a big smile on her face) that I overlooked some valuable research in this conversation.

I learned that Natalie ( Mr. Baker) was willing to pay up to $20,000 ( I do believe- my memory fails me at times). She laughed and I felt silly for not forseeing that!

I learned to try not to set the price so quickly and find out how the value of the property, or whatever it is means to the buyer. This will give help me with a starting price and perhaps propose a good time for the buyer to offer up a $ figure for me to work with.

The outcome being I (Mr. Appleton), the seller, very happy at breaking even of $7,000 of what I paid for it, and Mr.Baker happy for buying the lot, as he intended to add a sunroom on to it and he will now own it, with no fears of strange people close to his property. We were pretty happy with the deal, but it was a good learning experience for me. I believe Natalie did good with her analysis of her negotiation from what I could tell.