You're in a negotiation with a buyer. How do you handle their demand for a lower price?
In the dance of negotiation, every step counts when a buyer demands a lower price. To keep the rhythm:
- **Understand their needs**: Find out why they're asking for a discount. Could there be a compromise that benefits both parties?
- **Highlight value**: Emphasize the quality and benefits of your product or service to justify the cost.
- **Stay firm but open**: Be prepared with your lowest acceptable price, but show willingness to discuss other terms that might make the deal work.
What strategies have served you well in negotiations?
You're in a negotiation with a buyer. How do you handle their demand for a lower price?
In the dance of negotiation, every step counts when a buyer demands a lower price. To keep the rhythm:
- **Understand their needs**: Find out why they're asking for a discount. Could there be a compromise that benefits both parties?
- **Highlight value**: Emphasize the quality and benefits of your product or service to justify the cost.
- **Stay firm but open**: Be prepared with your lowest acceptable price, but show willingness to discuss other terms that might make the deal work.
What strategies have served you well in negotiations?
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When handling buyers looking for lower prices, it’s important to focus on the value rather than just the price. Highlight the locational advantages, the benefits of the surrounding neighborhood, and upcoming infrastructure developments that can enhance the property's value over time. Make the buyer feel special by personalizing the experience, building a strong relationship, and establishing a bond. Explain the potential of the property—how it could appreciate in value, offer long-term benefits, and meet their needs. This approach shifts the conversation from price to value and helps buyers see the bigger picture. #gaurev
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When a buyer asks for a lower price, my first step is always to understand where they’re coming from. I’d have an open conversation to get a sense of their concerns—whether it’s about the market, the property itself, or something else driving their request. Once I know what’s on their mind, I can address those points directly and explain why the property is priced the way it is. The key is to keep the conversation positive and focused on finding a solution that works for both sides.
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Firstly, start by understanding their reasoning, asking why they feel the discount is necessary. Emphasise the property’s value, highlighting unique features, location benefits and potential for appreciation, while backing it up with market data to justify the current price. It’s essential to work towards a solution that balances both the buyer’s and seller’s best interests, ensuring a fair deal for both parties, but prepared to walk away if the terms don’t align.
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Having been in sales for 15 years I’ve never negotiated a better price with a client. I have been asked, but the answer is No! First and foremost you have to believe 100% that your product is superior to others. My personal belief is that a sales negotiation starts and ends with great customer service and that is also part of the price. Basically, when you know your worth there’s no room for negotiating. I’ve found out by experience people are willing to pay more when they perceive value and not just in the product but also in you! People sell product, not the product itself!
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Stay calm and confident. Highlight the value of your offer. Ask why they want a discount. Offer perks instead of cutting the price. Be firm but open to compromise.
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