Self-Evaluation Assessment Report
Background
In March this year, I had some negotiations between our leasing agent, myself, and my roommate. After the coronavirus pandemic had hit the United States, My roommate and I decided to cancel the lease agreement o that we could travel back to our home country in Oman. The leasing agent insisted that we should pay our dues up to the end of the lease agreement. My room and I had anticipated that since it the lease agreed time was not over yet, we would not get charged for the rest of the term. The agent read out the leasing agreement that read, “That upon the termination of the lease, the terminating party shall submit a notice to the other party at least one month before the date of the vacation.” We had earlier noted in our abrupt notice that it is urgent, and it is due to the unforeseen coronavirus pandemic that we wish to leave the country. The negotiation can best be described as a distributive because it was based on a fixed sum.
| Parties involved in the negotiations | My roommate and I | Leasing Agent |
| Why do they have a stake in the outcome (BATNA and ZOPA) | Interested in leaving the leased property before the end of the lease agreement. | Insists that we, the tenants, continue living in the property or if we insist on leaving, that we should do so after submitting a one month notice of vacation and agree to pay for the rest of the initially agreed term |
| What Motivated each party | We were motivated by the need to vacate the apartment. That upon return to the US, we would find a bigger house. | The agent was motivated by making maximum profits from the leasing of the apartment. Additionally, the agent wanted to abide by the agreement strictly |
| How each party began negotiations? | We began the negotiations by anchoring our proposal on a good outcome for us. That is, getting a refund for the extra paid fee. | The agent started negotiations by proposing a firm stand on strictly following the terms of the agreement. |
Negotiation Process
Before the negotiation, we considered our options and settled on moving from the apartment within a short notice. We had thought of the possible outcomes of the talks.
We anticipated that the agent could agree to our proposal, the agent negotiates for better terms of leaving and for cheaper refunds of the upfront paid amount, and the outcome of no refund at all. With all the considerations, we were set to bargain for the best terms to our benefit. The agent, on the other side, seemed to have had preparation for getting the outcome to his favor.
The Bargaining process was lengthy, and we kept it formal at all times. The agent first denied our proposal to get a full refund of the paid deposit without us paying the March rent. The agent stated that if we wished to leave at the moment without a one-month notice, we would not get a refund of the upfront paid amount which is equivalent to a two- month’s rent. On realizing the firm stand taken by the agent, we gave a proposal of calculating our rent due up to March 5; then, instead of getting the full deposit refund, the agent would allow us to vacate without completing the rest of the term’s payment. The agent agreed to the terms, of us not paying up to the end of the lease, and we agreed on not getting a refund.
Post-negotiation Analysis
Our urgent need to vacate the apartment could be justified by the fact that there was a pandemic in the country, and staying at home was best for everyone. The condo was little for us to settle for an unknown period, so we chose to vacate and head home. During the conversation, we used a negation strategy to convince the property manager to get us a deposit refund.
Our negotiations would have been better off if we had followed the right procedures, as stated in the lease agreement. Alternatively, it would have been better if we had established a firm stand on getting the full amount terming the situation as an emergency and that we could not abide by the agreement at the time of an emergency.
Conclusion
This class has been informative and has given me lots of insights on how to handle negotiations in future. In future with the negotiation strategies learnt in this class, negotiations will be handled in a better way. I expect in future to create an online tech company, and I will use the skills earned in this class to negotiate deals with investors for funding.
Several concepts from this class have already proven essential to me. For instance, the account narrated above is an example of Negotiation Jiujitsu, where I took a firm stand proposed by the opponent, and broke it down and found a way to share the benefits. Additionally, the class has also taught me how to maintain business relationships, including those that should be long-term and those that should be short-lived.
To be a good negotiator, I need to overcome certain shortcomings, such as having to get to a negotiation without gathering enough information. I also need to overcome the habit of not prioritizing goals and objectives. Finally, to become a good negotiator, I would exercise the persuasive tactics to win any negotiations and to become influential in any negotiation table.
Appendix
http://8nlofts.com/sample_agreement.pdf Lease agreement form.