Learn to negotiate effectively.
from The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley, William D. Danko
In any negotiation, impatience will send a signal to the other party saying, “This person will settle for a price quickly, so let’s give them a higher one.” However, showing the salesperson that you have all the time in the world to come to an agreement will send the ball to their court, leaving them with no option but to either forgo the sale or quote you a low price.
How to Apply This
- Don’t be in a hurry.
When trying to obtain a reduced price on a prospective purchase, don’t be in a hurry. Simply tell the salesperson, “I’m not in a hurry, so give me a call in a month or so, and I’ll make you an offer. But right now, you’re giving me a price similar to all the other salespeople I’ve spoken to over the past few weeks.” Then, be patient. The salesperson will likely contact you with a much lower price than the original.
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