My Grandfather sold cars in the 50's, and then insurance until the 80's. He had a love of wheeling and dealing, flea markets, auctions, and coffee shops. He taught me a few tricks that have done me well. and I fell I can do some good sharing a bit of his wisdom. Feel free to share your own.
If you are trying to sell something, put a price on it that's 10% more you want. Don't expect a potential buyer to put an offer on it because it will always be a low ball figure. Be willing to settle a price for 5% less than you want. People offering you 60% or less will be told no outright, while offers above 60% will be countered.
If you are trying to buy something that someone doesn't have for sale be prepared to make an offer on the spot. Be fair and don't low ball if you seriously want the item. Sometimes you will get lucky and the seller will give you a price right off the bat but not always.
On the same note if someone wants to buy something of yours and you don't particularly want to sell make them give you a figure. If you really don't want to sell its still fun to watch them sweat a second or two.
If you are buying something that is for sale (with known asking price). Make your starting offer 10-20% less than you are willing to give. Be able to walk away but also if you know you have a good deal then jump on quick.
Never gamble with more than you are willing to lose.
And end all deals in a Handshake. A Handshake is your bond, your honor, your word, and your integrity. Make it mean something.
I will not do business with someone that backs out or tries to change the deal after the handshake.
I'm sure there's more and I'm sure I paraphrased a lot of his wisdom but I constantly see people and try to do business with people that don't seem to have the basic concepts of horsetrading. Obviously you can play with the numbers some to suit your personality. I hope this helps someone out. Feel Free to add your own stories and interpretations.
If you are trying to sell something, put a price on it that's 10% more you want. Don't expect a potential buyer to put an offer on it because it will always be a low ball figure. Be willing to settle a price for 5% less than you want. People offering you 60% or less will be told no outright, while offers above 60% will be countered.
If you are trying to buy something that someone doesn't have for sale be prepared to make an offer on the spot. Be fair and don't low ball if you seriously want the item. Sometimes you will get lucky and the seller will give you a price right off the bat but not always.
On the same note if someone wants to buy something of yours and you don't particularly want to sell make them give you a figure. If you really don't want to sell its still fun to watch them sweat a second or two.
If you are buying something that is for sale (with known asking price). Make your starting offer 10-20% less than you are willing to give. Be able to walk away but also if you know you have a good deal then jump on quick.
Never gamble with more than you are willing to lose.
And end all deals in a Handshake. A Handshake is your bond, your honor, your word, and your integrity. Make it mean something.
I will not do business with someone that backs out or tries to change the deal after the handshake.
I'm sure there's more and I'm sure I paraphrased a lot of his wisdom but I constantly see people and try to do business with people that don't seem to have the basic concepts of horsetrading. Obviously you can play with the numbers some to suit your personality. I hope this helps someone out. Feel Free to add your own stories and interpretations.
