Did you know that the price you see on the price tag, isn’t always the full price you have to pay? Sometimes all we have to do to get a discount is just ask! Negotiating prices doesn’t fly with every company though. Most big chain stores like Forever 21 or Walgreens don’t allow price negotiation. That may lead you to a price argumentation! First, you must learn how to negotiate price.
How To Negotiate Price
- Is the Price Fixed? – Before you spend the effort and maybe embarrassment, make sure the item you want can be negotiated.
- Determination – The first step in price negotiation is determination. Be determined to get a lower price no matter what! The seller will likely say no or counter their offer so you have to be ready. Really wanting an item for a lower price is a great determination.
- Confidence – You have to confidently walk, talk, and look the part. Even if you aren’t the most confident person, you can practice before you go to the store.
- Know the Facts – Know how much the price is, what you want it for, advantages and disadvantages, and the best way to do it. After you know the price, ask yourself what a good but reasonable price for the product is. Additionally, have a price for the minimum amount you will accept. I would try for at least a 25% discount for your goal price. But don’t start off negotiating at the price level you want. To negotiate price, your first offer should be less money than your planned offer.
- For example: Say TV is 500 dollars. If you think a fair price is 300 dollars, give your first offer at $200. If she/he brings it down to 400, say 250. Then she/he will say 350. End the deal with, “Meet me in the middle at $300. If the seller offers a $50 discount instead of your $100 offer, start negotiating your price up by $50. Keep matching his/her price.
- For how to negotiate price, know your advantages and disadvantages. Advantages may be the box is damaged, a newer model is available, it was on display, it’s already been used/opened, etc. Use all of these negotiation advantages to negotiate price.
- Knowing your negotiation disadvantages beforehand will also come in handy. Some price disadvantages when negotiating a price would be that the product just came out, is brand new, already has an offer, or this is the last one. Counter these disadvantages with your negotiation advantages you came up with earlier. Your advantages will level the playing field for the price negotiation.
- Be nice – Do not get angry or hostile! This will lower your chances to negotiate for the best price possible. Be stern, not intimidating or hostile. You want to be on good terms with the seller. If the seller feels attacked, he/she will be less likely to barter to help you out.
- Accept Victory or Defeat- Whatever happens, it’s not the end of the world. Don’t get upset or be angry. Keep a level head a know that this a good learning experience on price negotiation. If you made a deal, congratulations! With your planning and determination, you did it. What other places will bartering work?
Where Can You Negotiate Price?
This one is probably the most important. You will literally save thousands. Don’t pay full price at car dealerships! Car dealerships have some of the best negotiators, so do your research and bring your A game.
Flea markets are full of tons of interesting objects. The price is can be very flexible to non-negotiable. Give it a shot anyway.
Pretty much every furniture store you go to, the prices are very overpriced. There is a big possibility to save a lot here!
Cell Phone Companies
Many employees at cell phone companies like AT&T and Sprint work on commission. There are so many offers that they can pull out of their hat. The employees want to make a sale to get more money. They will try whatever they can to help you out.
Mattress companies like Mattress Firm are also notorious for overpricing. There have even been reviews that customers have gotten up to 50% off.
Flea markets are full of interesting objects. The price can be very flexible to non-negotiable. Try your chances for everything.
Need a bike? Haggle the price! Bike shops can discount most of their merchandise including bikes. Many people don’t know this though. Good thing I’m here…..
If you have ever seen Pawn Stars, you know you can negotiate prices. Pawn shops sell used and damaged items. Make that a big advantage for you Hopefully Rick Harrison isn’t working when you go.
Locally Owned Stores
Stores not owned by a big corporation or franchise are often flexible. Because locally owned businesses set their own prices, they are willing to make a profit on almost anything.