10 Negotiating Mistakes to Learn From!

Quit Losing Thousands… here are 10 Negotiating Mistakes to Learn From! By negotiating more often, you not only put more money in your pocket but also increase your negotiating skills. You’ll also soon find that bargaining can be a very profitable and fun way to spend your time, whether buying or selling.

10 ways to focus on to better your bargaining position…

Mistake #1 Being Afraid to Bargain

Some people are a bit shy about negotiating because they’re afraid of being rejected. In reality, there is no rejection in negotiating. The power to choose is now in your hands. You can continually pay full price or take your business elsewhere. It’s up to you as you are in control.

Mistake #2 Everything is Negotiable

Great bargainers are constantly aware that anything is negotiable under the right circumstances. You would be surprised to learn what others will do to earn your business. Keep in mind there must be a benefit to doing business with you.

Mistake #3 Believing It’s Not Worth Haggling Over Small Items

Many Americans only think about negotiating regarding big-ticket purchase items like their homes and automobiles. The real savings will come when you get discounts on things you buy more frequently. 

Mistake #4 Thinking About Ourselves First

Many people only consider the benefits they’ll get from the negotiation. Real bargainers are always thinking about what’s in it for the other person to accept a deal, not what’s in it for themselves. They know that if there isn’t a clear benefit to the other person’s interests, they will never seriously consider an offer. Find ways to help people solve their problems, and you’ll make it easier for them to give you what you want. Most businesses make their money on repeat business because this eliminates marketing costs. If you’re a regular customer, you deserve a discount for saving them money. I usually give commission discounts on repeat business, and the business always comes back around.

Mistake #5 Making the First Offer

Avoid making the first offer anytime you bargain because it limits your options. Even when the price is clearly marked, you should ask, “Would you take less to sell this today?” If you are the buyer making the first offer, it sets the lower limit because now you can only raise your price. If you are a seller and you name your price, you can only go down from there.

Mistake #6 Being Too Nice

If you must make the first offer, make it very low when buying and very high when selling for the above reason. You’ll be setting the lower or upper limit and reducing your options. Being aggressive with your first offer leaves room for negotiating. Don’t worry about being nice; the other party can only say “no.” You never want the other party to agree to your first offer because that leads to the next mistake.

Mistake #7 Being Too Eager

In America, “time is money,” but it’s used for building relationships in other countries. You never want to hear “okay” too early in the negotiations. This means you paid too much or asked too little of a price because of impatience. Take your time, and don’t put any pressure on yourself. This is primarily geared towards big-ticket items like a home or a new car.

Mistake #8 Not Doing Your Homework In Advance

If you’re buying a car, search the web to find the dealers’ costs, when the new models are due, and if there are any bonuses or incentives available. Many buyers research my website MiamiDreamRealty.com first to determine home values and available competition. No matter what you buy or sell, you can find valuable information online to prepare yourself.

Mistake #9 Not Playing To Win

You should always try to get the best deal possible and assume the other party is doing the same. You don’t need to be concerned with fairness because if they agree with your offer, they must feel it would benefit them.

Mistake #10 Missing Opportunities To Negotiate

Whenever you pull out your wallet, ask yourself, “Is this a chance to fine-tune my bargaining skills?” This doesn’t mean that you must bargain on everything you buy, but every transaction does add up, and the more you bargain, the better you become, saving you thousands each year.

Article inspired & derived from AgentDirectNews.com January 2008. If you’d like an experienced negotiator on your side when buying or selling in Miami Beach, Bal Harbour, and Sunny Isles real estate, call me for an interview. I’ll show you how to make the process stress-free and results-driven without negotiating mistakes. If you’d like new blog updates, you can be notified by RSS feed each time a new posting occurs. 1.888.38.DREAM or contact me here today.