I don’t care if you’re buying a car or a house or a skyscraper, if you are buying for cash, always go back and ask for more off the price.
For example, today I bought a car (heather and I got rid of our last two cars before we moved to Virginia). I couldn’t resist going for one last nibble with the salesperson. Knowing that they wanted to control the commitment and environment by having me come in to the dealership I made sure to use this nibble over the phone.
I said, “Paul [pause and sigh] I know there is probably no way you can do this but I’m going to ask anyways because I’d hate to not be able to buy this car. I understand you can’t come down any more on the car, is there any way you can give me a token concession [notice the labeling going on here] by waiving the dealer processing fee [$500].
It’s embarrassing to share this, but I have to live with Heather for a long time, and this would let me save face and get to be a hero in her eyes. Can you make that happen for me?”
And guess what, Paul did… And when I told Heather she sweetly [read gently sarcastically] said I was her hero…
Who said there was no such thing as a happy ending when shopping for a car. You can apply the exact same principal when buying for cash.
The major reason investors don’t ask for a deeper discount on a cash deal is because they are scared to look cheap or of the other party blowing up. Notice how I used negative phrasing and powerful labeling to protect myself from that happening.
Try it in your next negotiation with a seller.
Hope this helps
This nice post was written by David and posted by Peter Conti
Peter Conti went from auto mechanic to self made millionaire in 3.5 years by tapping into the power of commercial and residential real estate. He has consulted with thousands of investors helping them to invest in apartment buildings, shopping centers, office buildings, warehouses, and land development projects. Today Peter invests across the country with a handful of clients and lives in Annapolis, MD with his wife on the Chesapeake Bay.