30 Nov

Written by Kathryn Vercillo on November 30, 2010

FavStocks.com recently wrote an article called 6 Tips to Negotiate Better and Saving Money. The simple negotiation tips in this article were worth reiterating. Many of us have poor price negotiation skills and end up compromising our frugal goals because of it.

The six tips to get you started with better negotiation are:

1. Identify your ideal price. The goal of negotiating is to pay the price that you want to pay for an item. You need to identify what that price is before you start negotiating.

2. Highlight the flaws in a product. This is a great way to start off negotiating. You show the seller what’s wrong with the product and then say that you want to buy it anyway but you want a discount because of the flaws.

3. Review the offer before accepting it. One big negotiation mistake that people make is to accept the lower price that they’re bargaining for without paying close attention to why the seller has agreed. Make sure that you understand the terms of the deal and have looked over the fine print carefully before you accept your negotiated price.

4. Adopt an air of confidence. If you approach negotiations with an insecure attitude then the seller is going to know that you’ll fold easily. Be confident in your negotiations and you’re more likely to get your way.

5. Work with the right person. There is no point in trying to negotiate a lower price with someone in a company who doesn’t have the power to make deals. Make sure you ask to speak with someone who can approve the lower price that you want before you start working on negotiating.

6. Negotiate for more than just a lower price. Sometimes you can get a longer warranty or better terms that are just as valuable as a lower price even when you can’t get a discount on costs.

For a more in-depth look at this topic, check out our article on How to Negotiate a Lower Price on Just About Everything.

FavStocks article

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