No doubt, we all love discounts, right? However, the problem is that not all people have the skills on how to negotiate to actually get the lowest price possible. Not all people have the courage to make aggressive price offers when negotiating.
If you are somebody who loves to buy things yet always thinking to save some for the future use, keep on reading. We will cover major aspects on how you can improve your negotiation skills so you can get the lowest price possible whenever you buy.
These tips are not just for the consumers or buyers but also for sellers as well. For you to be a good seller, you need to know what your customers want. You also need to know if your prospect buyers are just pulling the price down to get the lowest price possible.
Hopefully after reading this article, you’ll be able to successfully apply it when buying in Divisoria, wet markets, and other stores where the prices are open for negotiation. However, you cannot apply these things on big malls as most of them have fixed price.
What you need to negotiate well?
For you to negotiate well, you need to always do a little research on things you are going to buy. You need to know the following:
At what price other sellers charge? It is an advantage if you can tell the seller that you can get the similar item from other competitor for a lower price. It pushes the other sellers to lower their price for you just to get the sale. Instead of buying from others, you will buy from them.
If other sellers cannot lower their price, you can always go back to that seller with the lowest price. Always do price canvassing whenever buying stuff on the market. In almost every aspect of life, having a bird’s eye view of things can help you make better decisions.
Another thing you might need to know is “What is the demand for the items you are going to buy?”. This is just an application of law of supply and demand. It is much harder to get higher discounts on items that are high in demand.
During peak season where the demand is high, sellers can easily say no to your low price offers. They know there are a lot of people who are willing to pay for higher price. For you to save more, make sure it is not peak season for the items that you will buy.
Negotiation skills you can use to buy with much lower price
1. Negative facial reaction
No matter the price the seller offers, act as if you are disappointed on what you hear. Make a sad look on your face as if you are expecting for a much lower price. Do gestures as if you can’t believe their price then say something like “Really?” then pause, act as if you are thinking. Sometimes just having the disappointed facial expression will cause the vendor to reduce the price immediately.
2. Lowballing in negotiation
If the seller offered you P1000.00 for an item, you can directly say something like “I’ll get it now for P800.00”. This is an aggressive offer but it can actually trigger the seller to to think and offer price around P900.00 pesos. If you get it at exactly P900.00 you already saved P100.00 for an item that actually costs P1000.00. This is just an example but as the price go higher, say car or real estate, the more you can cut the initial price.
3. Let the seller offer the price first
Generally, you let the seller offer their price first. What they will offer you initially is surely around the highest price they can offer. That initial price has a high margin for negotiation. Once the seller stated the price, this is the time where you can use your researched market price.
The thing here is do not offer the price first because it will be hard for you to move farther or lower from the initial price you personally set. The seller will assume that you can pay for the price you just stated.
4. Have a moment of silence
It can be uncomfortable if there’s a silence between two people. You can use this to your advantage after the seller named a price. Sometimes, instead of saying something right ahead, have “thoughtful look” on your face and keep silent for a moment.
This may trigger the seller to fill the silence by justifying the price. You can use your researched price and tell the seller that you can get the same item from other competitors for a much lower price.
5. Walk away
Take advantage of the fact that no one wants to miss a sale. Give signs that you are about to leave because you are not satisfied about the price. This is powerful that it can actually push the seller to lower the price for you.
However, there’s a problem with this kind of negotiation strategy. Once you walk away, make sure there’s a low chance for you to comeback to that particular store. Why? If that particular seller is offering a product that is not available to others, you don’t have other option.
Here’s the thing.
If you return to that seller after you walked away, the seller will have full control over the price. What you did is a sign that you have no other option but him and therefore he can play to raise the price with much freedom. Again, supply and demand law.
6. Know your seller’s limit
If you have a receipt of a previous sale where the seller previously gave a super low price for a particular product, you can use that in order to get the same product with the same lowered price. You can also just say that you know somebody who previously bought a product from them at a very low cost and you want the same offer too.
Here’s another tip. It’s always better to not buy under pressure of a deadline. Deadlines can motivate you to make hasty negotiation decisions. A tight deadline narrows down your chance to negotiate for the lowest price possible. Make sure you have plenty of time to go around the market and play prices with the sellers.
I hope this article helped you on how you can train your negotiation skills to get the lowest price possible for the things you buy. If you have anything else to share, let’s talk it on the comment section below. Happy buying! 😉
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