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The art of negotiation. It’s something that comes naturally to some people, while others may have to work harder to learn it.
When it comes to getting good deals on items to resell, negotiation is key. The more you practice it, the better you get at it. It’s just like muscle memory. It’s a skill that can be learned, just like everything else with flipping.
There are a couple of ways to negotiate — tactfully and untactfully, in person and on apps.
Let’s dive into why you should negotiate and how to negotiate in the different scenarios.
Why Should You Negotiate?
First, let’s talk about why negotiation is important for our business. Well, the negotiation is where you get your best deal on the item and as a flipper, your money is made in the buy.
So you want to get the items as cheap as you possibly can on the front end, so on the back end you can make more money and that’s the goal of negotiation.
We do have to take into account eBay fees or fees from whatever platform you’re selling on. You also have to factor in shipping and your time because your time is valuable. It has to be worth it for you to get it and make a reasonable profit for the time you invest into the transaction.
How To Negotiate On Apps
Using apps to negotiate is definitely easier because you’re not face to face with someone asking them to take less. Facebook Marketplace, OfferUp, and Craigslist are some of the apps where you can source locally for items. With an app, you don’t have to go through the uncomfortableness of saying, “Hey, would you take less for it?”
When I’m asking people on apps if they’d take less, all I do is send a simple message. It could be something like, “Hey, this is all I can afford, not to insult you, but would you take this much for it? I have cash. I can pick it up today.”
Know what you’re willing to pay for an item so you know what your estimated profit will be, and if the seller isn’t willing to negotiate then you can walk away or decide that yes, you’ll pay their original asking price.
The biggest thing is, do not be afraid to ask. The second thing is don’t offer someone $50 for something that’s $600. Be tactful in your offer. Don’t undercut the seller so much that they will just laugh and not reply when you send an offer.
Some people may not be willing to take an offer, but some people may really want to get rid of it, and may say, “Sure, come pick it up now.”
They may also come back to you a week or month later when they haven’t sold it and have to get rid of it immediately.
How To Negotiate At Thrift Stores
It’s a little harder to negotiate at thrift stores. That being said, you totally can try to negotiate. Some stores like Goodwill, Salvation Army, those bigger thrift stores might be harder to get a deal with, but a lot of times it will depend on the manager.
Especially once you are there enough and you can get to know the manager, they know that you’re a repeat customer. They can choose to give you some stuff for a discount.
Sometimes the one-off thrift stores can be a little bit easier, especially once you get to know them. A lot of times they may be willing to negotiate on the bigger items because they want them to move so they have the space to display other items.
How To Negotiate In Person
The majority of in-person negotiation takes place at flea markets or yard sales. Sometimes you may be browsing in front of the person, sometimes they’re not there. How do you negotiate while being tactful?
Well, remember, this might be somebody’s stuff, so you don’t want to tear down the item you’re looking at and totally undercut them. They may have an attachment to the item and may take those comments negatively.
You can start out by asking, “Hey, are you negotiable on that price?” Some of them will say, “Yeah, make an offer.” That’s where you can start the dance by saying, “Is there any way you could do this price for it?” They may come back with a counter-offer, and that’s ok, it’s part of the dance.
Don’t start picking items apart, pointing out scratches, or things like that. That could insult someone and be a dealbreaker. You never want to be untactful. Just ask, “Is this something you’ll take less for?”
Another negotiation technique is to walk away. Sometimes I’ll snap a picture so I know the brand name or model number and can look it up on my phone while walking away. As I’m walking away some vendors may come up and offer me a lower price because they think I am walking away and they’re losing a sale.
Walking away can be very helpful when you’re doing a new negotiation. You can say, “I can’t do that right now,” and walk away.
And if they come back and say, “Hey, what about this price?” You can turn around and say, “I really can’t go that high, would you do this much?”
Just do not undercut them to the point where they’ll feel insulted.
Be polite and friendly. And again, practice, practice, practice! You’ll get more comfortable and confident in negotiating the more you practice it. Good luck!
FURTHER RESOURCES
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Another great podcast. Thank you for all the helpful tips!