Essential Debt Collecting Skills – Negotiating (Part 4)

“The secret of many a man’s success in the world resides in his insight into the moods of men and his tact in dealing with them.” – JG Holland 

Continuation of “Essential Debt Collecting Skills – Negotiating” (Part 3)

Negotiating is a necessary life skill we all have to some degree. It enables us to achieve the best results for both ourselves and the other person. Unfortunately in lots of businesses negotiation is an area that is often neglected, but that can improve a firm’s profitability as well as its standing in the eyes of its clients. This continuation of negotiating tips has been written to provide guidance in negotiation skills to debt collectors, but it is also a general guidance in everyday life negotiating. So, what are some other principles worth using in negotiating?

Don’t be afraid of silence
Give the other party the time and space to think and process what has been discussed at their own speed. Do not be afraid of the silence – it only means that they are seriously considering.

Watch for the barriers to the negotiations
Be alert for the red flags /barriers to the negotiations. Some of the clear signs are lack of trust, communication problems, and die hard bargainers. These signs are the reflags that the desired outcome will be achieved.

Be specific with schedules, deadlines and budgets
In negotiations there is no small detail worth neglecting. Be as specific as possible at the time of negotiations to pinpoint it in details for a better chance of coming to the aimed outcome. Be precise in dates and deadlines, schedules and amounts.

Be prepared to walk away
If the negotiating process is not going even close to where you would like it to go – be prepared to walk away. This point of negotiations should be clarified prior to you starting the process. This point should be as clear as the goal point. Quite often this is neglected.

Watch out for the upcoming Continuation of “Essential Debt Collecting Skills – Negotiating” (Part 5)

One thought on “Essential Debt Collecting Skills – Negotiating (Part 4)

  1. Nice post. I keep on coming to this blog and I’m impressed! Extremely helpful information, particularly on negotiations. I used to work in the debt industry and know how very important it is. Your insights are very helpful. Thank you and good luck.

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