One of the most helpful skills a person can develop is to negotiate prices. Bringing down the prices of certain products in certain stalls can help you save much money. However, negotiating for prices is a very difficult skill to master, but here are a few tips to help you get on track to properly negotiating prices.
1. The Business Location
Everyone knows that it’s a different thing to buy from a mall, a retailer and a flea market. The location of the shop where you purchase your product is important in considering for negotiating prices. Malls and official retailers usually pay taxes and rent to the mall for their shops, which means that why their prices are high is because they pay for these items. A flea market or a location outside of such establishments that sell the same item at a higher price can be bargained with.
2. Product Quality
Inspect the product carefully and assess if it is worth the price the seller claims it to be. If it does meet with your standards, start off by chipping the price a little. For example, if it costs $10, ask them to lower the price to $8 if the product is really worth the price. This will help you get the product to at least drop to $9 or $8.50. If the product quality is poor by your standards, suggest getting it at $7 and explain the flaws in the product. Be careful about this strategy; some sellers might have short tempers and might argue instead of making price negotiations with you.
A seller can sometimes lower the prices of their products if you purchase more than two items from their shop. So try to buy as much as you need from the shop and negotiate a lower total price for both given the quantity you’ve purchased. Sellers are likely to concede to your offer depending on the quantity of your purchase.
4. The “I’ll Get Back to You Later” Strategy
If you’ve given your bargain price to the seller and they still disagree, tell them that “you’ll get back to them and just browse other shops”. Oftentimes, the seller would sell the item to you for the price you wanted. They might call you back. However, this strategy doesn’t often work, unless you can gauge that the seller had a slow day that day.