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Tips On Negotiating To Get A Better Deal

By Erik Folgate

Negotiating takes practice. Some people are born with good negotiation skills, because they have a natural ability to talk to people. But for the rest of us, it doesn’t come naturally, and practicing your negotiation skills in everyday situations will help you save a lot of money over a lifetime.

Don’t Ask For A Deal Right Away

Some people make a big mistake by asking for a discount or a lower price in the first breathe. Getting a deal takes time. Instead of immediately asking for a discount or a deal, talk about the features of the product with the salesperson. Ask them to research the product on Google Products to check prices on the internet. Ask for a discount without actually asking for it, then if the salesperson doesn’t get the hint, ask outright.

Connect With the Sales Person

Whether it’s a salesperson or someone selling on Craigslist, find something in common. Get to know the sales person. This is usually the tactic of the salesperson, so reversing it onto them will take them off guard, and it might cause them to let down their guard, which will soften them to the idea of giving you a deal. My grandfather was a master at this tactic. He would sit in a model home selling real estate and when a potential buyer came into the model, he spent the first 30 minutes talking about something completely different than real estate.

Do Your Research

If you don’t know your stuff, the salesperson will destroy you on facts and features, and they’ll convince you that the product you’re looking to buy is worth the fulll price. Cross-research is key. What brands offer what features for how much?

That’s Not Good Enough

Use the “That’s Not Good Enough” method of negotation. If someone offers a price or package, tell them that’s not good enough, take a step back, and don’t say anything more. Let them come up with another price. This works great when negotiating a car deal.

Got more suggestions? Share them with us!

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • Craig

    Always do your research and wait. The longer you wait and more patience you have, the more likely you can get the better deal.

  • Elizabeth I

    Read negotiation books like Getting to Yes by Roger Fisher, William Ury, Bruce Patton. You often start thinking out of the box and coming up with ways to meet your needs in different ways.

    Negotiation is much more than just buying a given object. It is finding ways to meet needs within constraints. Say you want a new TV to watch the big game. However your wife likes to eat out every Saturday night. Perhaps you can suggest that instead of going out to eat every Saturday night, you rent romantic movies and watch them on the new TV. Maybe your wife is more interested in “couple time” than actually eating out and watching a movie would fill that need. In this case each person would win.

    • Erik Folgate

      Elizabeth, great recommendation, I’ll have to check out that book, thanks!

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