Let’s talk about the art of negotiation. If you’re new to flipping it might be hard to go up to someone you’ve never met and start negotiating a price on an item. Here are some tools that can help you get through that process and master the art of negotiating.
It is so important in your business to get a good deal on an item so you can turn around and make some good money. We always say, “The money is made in the buy.”
We can give tips for both sides of negotiating, buying an item and selling an item. It’s an important skill to practice and get better at.
Learning Negotiation
When I was growing up I would go to flea markets with my mom and she had the confidence to negotiate. Typically it was about a 45-minute trip. The first time I went to the flea market by myself, I was nervous to talk to anyone and zoomed through in 10 minutes.
I was nervous if they told me a price, I would have to buy it because I didn’t know how to say no or negotiate. Now I can talk to anybody and it’s very easy to go to the flea market, negotiate, talk to people, walk away, do what you need to do, so it is a learned skill. The more and more you do it, the better you get at it.
Walk Away From An Item
We recently went to the flea market to buy a new bike for my daughter. I didn’t want to spend $120-$150 at Walmart since my kids go through bikes a lot. We saw a smaller BMX one at the flea market and I asked the guy how much. He came over and said $45 and I told him we’d just got there so I was going to walk around and see everything else. He asked me how much I was willing to pay and was trying to get me to buy the bike then and there. That’s a tactic sellers sometimes use.
When that happens, just say thank you and repeat that you’re going to walk around first. Know how to handle someone who is aggressively trying to make the sale. He asked me probably four or five times how much I was going to pay for it.
It was only the third vendor so I wanted to see what else was there. We ended up getting one for $20. That’s why we always walk around and look at everything. If it’s a steal of a deal you can buy it then and there, but walking away can give you an edge.
Even if you walk away, you can say, “I just got here. Let me walk around and I’ll be back.” Sometimes they’ll go down on the price as you walk away.
Stay Quiet And Research
Another technique when negotiating is to ask the price and stay quiet. Sometimes they just talk themselves down, when you’re trying to negotiate a purchase.
Always get the price, walk away, do the research on your phone, and figure out what it’s worth.
Get the name of the item, the model number, do all that stuff while you’re sitting there looking at the item. Then walk away, do the research, come back, and buy it after that.
Sometimes if the price is too good we’ll just buy an item. Recently there was a Total Gym on an app for $40 and I knew I could get at least $2,000 for it so I just bought it at that $40 without negotiating.
Negotiating Is Psychological
Negotiating is a psychological thing because people want to feel like they got a good deal. If we have something listed for $500 and they offer me $400 I almost never accept it. I might say, “I can take $50 off if you can pay $50 more and we meet in the middle.” Then they feel like they got a deal and you did too. If you take the offer right away they might feel like they could’ve gotten it for less and then not follow through on the transaction.
Be nice to people. Don’t talk down about their item. Just tell them, “Hey, the most I can pay is this amount,” and if they’re ready to get rid of the item, they’ll give you a deal.
The biggest thing is you do have to get out and do it. It’s not something that you can just learn about. It’s something you have to do to get more comfortable with it.
Negotiate On The Apps
Start working on your negotiation skills on the apps like Facebook Marketplace and OfferUp. You don’t even have to negotiate face to face. Typically we offer way less than what their asking price is, just to see if they’re willing to negotiate and then they come back with, “Yeah, I’ll take it.” It’s very easy to do on the apps.
On the apps sometimes people don’t accept my offers right away, but will come back a week or a month later just needing to get rid of the item, and will take my offer then.
Practice, practice, practice that negotiation, get out there and do it!
Show Notes
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