Bargaining or negotiating is a game in which both sides (seller and buyer) negotiate something, most commonly a price, in attempt to reach an agreement. Various rates and offers are made until someone accepts.
Knowing when and how to negotiate for the greatest deal and pricing is not easy; it may come with a risk, it may be humiliating, or you may simply be unsure where to begin, but it can also provide that feel-good factor after you succeed and save a small portion of your purchase money.
So here are some suggestions and tricks to help you improve your bargaining skills and eventually save some money:
1. Do your Research and Know the Competition
Knowing when and how to negotiate for the greatest deal and pricing is not easy; it may come with a risk, it may be humiliating, or you may simply be unsure where to begin, but it can also provide that feel-good factor after you succeed and save a small portion of your purchase money.
So here are some suggestions and tricks to help you improve your bargaining skills and eventually save some money:
2. Learn to Ask
We frequently miss out on the finest deal or price because we are afraid to inquire or do not ask at all. There are several reasons for this, including the fact that it is not part of your culture, you feel like you are stepping out of line, or you are simply bashful. It's fine to ask for the best deal and negotiate, but remember to be kind and courteous. Negotiating for a better deal isn't a fight, so ask in a courteous, calm, and pleasant manner, and the sales person will be far more likely to want to help you out.
3. Look for Best Times to Buy
When trying to negotiate or bargain for the best deal, look for the best time or the right moment to strike. If you’re trying to negotiate don’t try at the busiest time. You are likely to get a better result when the salesperson has more time to think. If bargaining in store it’s a good idea to pick the time of the month when staff are trying to meet their sales targets like the end of the day, or the month, or the financial year.
4. Try the Bundling Product or Add-On Techniques
Adding additional items in exchange for a significant discount? You can do this! Increase your bargaining power by purchasing multiple items at once to see if you can get a better deal.
5. Learn to Compromise but also Know When to Walk Away
During negotiations, you must strike a balance between firmness and kindness. Compromise is essential for achieving a win-win situation for both buyer and seller, but be prepared to walk away if you do not receive the minimum you desire from your negotiation. This is to let the salesperson know that if they can't beat the competition's price, you'll take your business elsewhere.
Try out some of the ideas and methods we the next time you go shopping, and you'll soon be bargaining like a pro!
PS: Don’t practice too much, you can’t be beating me at negotiations when trying to buy a property from me!! Haha!
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