Friday, August 30, 2013

5 Ways to Get the Best Price at a Flea Market

Are you afraid to negotiate? Do you watch with envy those TV shows where the participants negotiate at flea markets and get the best price on the item they wish to buy? Well, that can be you if you follow a few easy tips.

What is it that those flea market purchasers can do that is different from what you are able to do? Let me suggest that the key is preparation and knowledge. When they go to a flea market, they bring with them knowledge of what they want and how they can go about getting it for the best possible price. In other words, they come prepared to buy what they know. They know the value of the items they are seeking and if they do not know it already, they will check it out on their iPad or smart phone. You can do the same in any negotiation. But you must prepare.

1.  Lesson Number 1 is "Be Prepared".

Let's assume you see the item you are looking for, such as an antique chair.  It is priced, however, way above your budget. How can you get it down to a  price that you can afford? Once you have information concerning comparable items (see Lesson No. 1), you must not make it clear to the seller that you are too interested in the item. In fact, you might even walk away to demonstrate how little you are interested

2. Lesson Number 2 is "Be a Bluffer".

Many people assume that you should always open the discussion on price with a low ball offer. Sometimes that can be a good strategy, particularly if the item is grossly overpriced. Let's assume it is overpriced but not grossly overpriced, what should you do?  This is where you begin to admire the object. You tell the seller, what a wonderful piece it is, but you think the price is too high. 

3. Lesson Number 3 is "Admire the Item."

Here is where it becomes difficult for a lot of people. However, there is a simple solution: Let the seller lower the price.  If you have followed the above three steps, you have essentially softened the seller by initially walking away and then returning to show your admiration for the item, but making it clear that it is too pricey for your pocketbook.  If the seller is anxious to make a sale (and who isn't), you may be surprised how quickly the seller will drop the price---and sometimes, dramatically, particularly if you return at the end of the day.

4. Lesson Number 4 is "Let the Seller Make the First Offer."

At this point, you should be prepared to make your best offer based upon your knowledge.  Make it clear that it is your best offer and that you are prepared to buy the item right then. The seller will undoubtedly come back with what he says is his best offer. This is where you agree to "split the difference" and the item is yours.

5. Lesson Number 5 is "Split the Difference".

Will this approach always work?  Probably not, but in a substantial number of instances it will. "Try it, you'll like it."

For more information on negotiating the best deal in all situations, click on my name below.

Tony Basinski

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