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Negotiation occurs on a daily basis in business, government, the legal and justice systems, non-profit organizations, and in our personal lives. Negotiations are intended to come up with a compromise as the end result for all parties involved. In each negotiation there are different parties involved with different end goals. In this particular case the interested parties are the owner of a home, the real estate agent friend and the potential lessee. It is these three parties that will engage in various aspects of negotiating in order to arrive at an end solution which satisfies all of their individual goals. In this case, each of their individual prospective goals may also differ. For example, the owner of the home, or the landlord, has a goal of renting his home for approximately two years. In addition, the landlord has specific concerns regarding the renter and their ability to take care of his home and property. The owner's ultimate goal is to not only find a renter for his home, but to find a responsible renter who will be able to take care of his home and not cause any significant damages.
On the other hand, the real estate agent, who is also a friend of the owner, has a goal which may be limited to merely finding a renter for the home. The real estate agent may not be as concerned with the type of person renting the property as the owner himself. His or her ultimate goal is to find a renter, have him or her sign the contract or lease, and finally make a commission off of the contract. Finally, the potential renter has an end goal of finding a rental property within his price range during his time of residency at the local hospital. With different end goals in mind, each of the interested parties would also have varying dependencies and motivations behind negotiating.
Based on the known facts, it would appear that the real estate agent would have the greatest motive and dependency on negotiating as he would most likely be gaining compensation and not have to further extend his efforts in finding a better suited renter for the property if need be. The motivations and the level of dependency the single doctor would endure would be dependent on the rental market and availabilities within the area in his price range. If very few similar options were available, the doctor's motivations and dependency may increase and in turn he too may be more willing to negotiate specific terms. Finally, it would seem as though the owner of the home would have the least amount of motives or dependency at negotiating. The owner has already come to the conclusion that he does not want to sell him home, but rather rent it out. Nevertheless, it appears as though the renter's market is quite ample as the owner is being precise, detailed and concerned with the personal character of the potential renter. If there was not such a significant presence of renters at hand in the area, the owner may not be as demanding or selective. Therefore, the owner of the property may be the least willing to negotiate but instead continue looking for other potential, interested renters.
When engaging in negotiations, several different options may often need to be considered before a final agreement is reached upon. In this case, one potential solution would be to rent to the single doctor but to include in the terms of the lease the expected maintenance and up-keep of the home. A second possible option would be for the home owner to require a security deposit of either a month or two of rent and still include the expected maintenance of the property within the contract. A third possibility would be for the real estate agent to suggest to the home owner to continue looking for another tenant for a specific period of time but not completely dismiss the current potential renter. This would give the owner the ability to see what other potential renters are in the market and either find a better fit for his home or decide that the single doctor may actually be a good fit for his home. With this option, the real estate agent may also consider showing the doctor some other potential rental properties within the area that are within his price range so that the agent did not put him or herself in jeopardy of losing out on a potential deal and furthermore compensation. A final option could be for the home owner to entirely dismiss the doctor as a potential renter and continue advertising his home as a rental property until he or she found a renter that fit their requirements. All of these options may require the use of one or more of the different styles of negotiating including accommodating, avoiding, collaborating, competing and even compromising in order to meet all of the concerns and interests of all of the parties involved.
The bargaining behaviors which would be most advantageous in this negotiation would include avoiding losses and not just focusing on the possible gains; understanding the personality trait attributions for each party and its counterpart; and maintaining an open, direct and honest relationship with each party with communication being the key component. Based on this, it appears that collaboration would essentially be the only bargaining style applicable to this negotiation. Collaboration is ideally used in negotiating in order to understand the concerns and interests of the other parties involved. Although compromising might seem like a viable option in this case, it tends to deal strictly with cases of negotiation where the goal is to close the deal by doing what is fair and equal for all parties involved. Based on the facts of this case along with the end goals of each of the parties involved, it does not seem like there would be much room for compromising but collaborating instead. In collaborating, all of the individual parties would work together to not only understand each other's concerns and interests but to also eventually reach their desired end goals. Collaboration consists of three simple steps where all parties involved share what their interests and end goals are; all parties involved work together and brainstorm to identify several possible solutions; and finally they all jointly select the best solution possible.
The collaborative goals in this negotiation are dependent on the individual party in question. In order to determine these collaborative goals, negotiating must be used to understand the concerns, interests, and finally the goals of the other parties involved. Nevertheless, they include renting the home, finding a rental property for a single doctor beginning his two-year residency and finally closing on a deal whether it is a sale or a rental agreement. Now that the collaborative goals have been identified it becomes more apparent that parties may be involved with the negotiations that have developed cognitive biases.
The home owner, for example, may be one such participant. One specific cognitive bias that the homeowner may have entered is the extraordinarity bias. In this case, the homeowner values an object, specifically the home, more than others involved in the negotiation because of an extraordinary characteristic which sticks out to him even though that object does not change the value of the home altogether. In addition, the homeowner may have also entered the negotiation with an impact bias. In this case, the homeowner may be overestimating the length or the intensity of the situation (renting out his home) and its impact in the future. The homeowner is already in a state of believing that the potential renter may cause significant damages to his home or merely not be able to take care of it up to his standards, even though there is no…[continue]
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