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How to Haggle: 5 Negotiation Tips to Get the Best Deals

12 January 2023
How to Haggle 5 Negotiation Tips to Get the Best Deals

With commodity prices rising and the purchasing power of the Philippine peso dwindling, Filipinos find themselves feeling desperate to earn extra income, save money more, and spend less on the non-essentials to survive the wrath of inflation in a post-pandemic setting.

 

It could be seen from the recent holidays when shoppers scrambled to look for discounts, claim vouchers, and take Noche Buena packages and bundles that will reduce the original price if bought separately. It's one smart money skill that is vital in an inflation-ridden economy. As for sellers, coming up with win-win outcomes like this have the potential to create a loyal customer out of a first-time buyer.

 

In this article, Lumina Homes aims to bring to light the haggling culture in the Philippines and how Filipinos can enhance their negotiation skills to get the best deals for their purchases, be it for basic commodities, goods, services, and even in negotiating the listing price of an affordable house and lot for sale.

 

 

Negotiation 101: Tips How to Bargain for a Good Deal

Are you one of those people who wouldn't bother haggling for fear of offending the seller? Or is it about not wanting to look economically challenged when you politely negotiate for a lower price? Either way, the haggling culture in the Philippines is normal, prevalent, and has nothing to feel embarrassed about!

 

With the right approach, following these negotiation tactics will save you ample time and money. Without further ado, we come up with this roundup of successful negotiation tips to help you seal a better business deal. Next time, you won't feel mortified about asking for discounted price again!

 

 

1. Prepare by doing your own research

Coming prepared is of the essence when looking for a better deal. This preparation involves doing your own research about the product's real market value and coming up with a fair price point to haggle with. Another best practice is to compare prices among various competitors of the same product. You could then eliminate the shop offering the priciest deal and focus on two to three sellers to start the negotiation process.

 

 

2. Give sellers the impression you're a knowledgeable buyer

Firm sellers will be challenged by equally firm buyers who know the features of the product being sold perhaps even better than the sellers. Without sounding arrogant or condescending, you can discuss features you know about the product you're eyeing in a conversational tone with the dealer. This will give the impression that not only are you a serious buyer who gestures a great chance of buying from the store, but also that you know how the market works, and that you cannot be fooled by unreasonable price points.

 

 

3. Remain polite without losing your resolve

A crucial aspect of haggling is how you approach the seller or dealer. Refrain from blurting out strong assertions like, "this is way too expensive!" and instead reframe your sentence to express politeness without losing your resolve. "By any chance, could I get this item at a lower price?" would be a better response rather than sounding needlessly antagonistic. Sellers are more likely to consider lower-price proposals from polite hagglers than hostile bargain hunters.

 

 

4. Make silence your response to a bad offer

Not every negotiation you will propose will result in a quick affirmative response from the other party. Turn it in your favor by maintaining silence. This might just prompt the seller to offer better alternatives, or even succumb to your haggling tactic. But this game of strategic silence must be played alongside another equally important tactic - showing that you're a serious and intelligent buyer who knows this game very well.

 

 

5. Learn to leave and haggle somewhere else

There are hopeless situations where the seller is decisively firm with an item's price, and there's nothing you can do about it. After trying soft to a hard bargaining tactic that still didn't work for both you and the seller, don't bother mustering all the haggling strategies you have up your sleeve. It's perfectly fine to leave and move on. There are other shops and boutiques to get the best deal. That's where you can try your luck again and play your cards out.

 

 

Bargaining Tips When Looking for an Affordable House and Lot

Fluctuations in the real estate market make the purchase price oftentimes different from the initial listing price. This is a chance for homebuyers to haggle prices and get the best deal in their real estate transactions with a direct seller or an agent.

 

There are considerations when haggling for property prices. This includes comparing similar homes and, by extension, their prices; taking a good look at your finances to determine what you are willing to pay to attain your dream home; potential bidders with whom you will be in tight competition with for a house that you have all unanimously eyed; and finally, aiming for a flexible closing date with the seller where you could prolong the transaction for negotiation purposes.

 

The abovementioned negotiation tips also work in real estate, although it's quite more complicated than that. Aside from doing adequate research on the current real estate market value, another factor to consider would be hiring a real estate agent to help you with the negotiation and educate you more on property taxes, interest rates, and other relevant information you need to know before any home purchase is sealed.

 

To make sure that you're eyeing the most ideal house and lot that's within your budget, one great tip is to request a thorough home inspection with the property seller's consent. If there are any renovation needs that you have noticed during an inspection, politely ask the seller that the repairs must be paid for by them before any contract in finality can materialize. After all, a house and lot must be in good condition when being sold. Any property to the contrary makes it less ideal, as it incurs additional costs on repair and home improvement.

 

What is more, prior to an actual contract agreement, it is equally essential to first settle a pre-approved housing loan. You can then present this to the property seller, which would make you an attractive buyer and give you an edge over other potential bidders. This means your finances are in place, and shows how a serious homebuyer you truly are.

 

At Lumina Homes, you definitely can get a good deal with our quality yet affordable selection of houses. Don't hesitate to inquire us about all your real estate investment concerns, and we will make sure to get all your inquiries addressed and covered.

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