Would someone give me negotiating lessons?

[Upgradable]

I''ve got a great eye, but a lousy business sense. I really need some tips on how to go about negotiating buying/selling jewelry.

What approach should be taken when someone asks "what''s your best price?" What would sellers typically offer, how should buyers best respond?

In the second hand market what kind of markup would you expect to pay on a piece (% less retail, or % more of cost)?

I typically "cave" waaay to fast and either sell low or buy high. I need some help!

 

[wishinpink]

Some general negotiating tips-

1. When they ask you what your best price is- my typical answer is, well, what are you looking to pay? Never just give them a number directly!

2. Give them a range if you are giving the lower end of your price.

For example- you are looking to sell something at $3500.

I would say- well I was hoping for something between $3700-$4000.

They will naturally focus on the low end of your range, but this establishes a benchmark figure of somewhere in between, leading them to thinking that they are getting a good deal when you finally give them your "absolutely, lowest, final offer."

Do not verge on the crazy for prices-

Don''t say- I was thinking of $5000. They will just leave. lol.

3. decide on the lowest price you are willing to take beforehand, and do not break it!

4. Never concede quickly. Always take your good time to think. The longer more reluctant you are to conceed, the more the other person thinks they are getting a good deal.

5. Be polite and nice. People tend to cut you down less, when they think you are friendly, approachable, and not out to skin them.

6. To prevent buying high- negotiate a price with the seller BEFOREHAND, that you would pay for the item if it is how you like it-imagined, and what they described. This way, you don''t get on the spot pressure of how much to pay- you''ve already hashed that out via email, you just decide whether you like the item or not.

7. Always be knowledgeable about what you are buying or selling. If people lowball you, be prepared to explain with facts and details, why the item is worth what you say. People value logic.

Last piece of advice- maybe find a business partner who is good at negotiating (*cough* I''m available). You do the finding, they do the buying and selling, split 50-50! This is if you are thinking about it in the business sense of doing lots of buying and selling.


Hope this helps!

 

[LtlFirecracker]

Hmmm...I am good at cars, bad a jewelry

 

[tlh]

do you have leverage? use it.

Cars... you have leverage.. no one is buying SUVs and Trucks... so you might have leverage... just find your angle... and use it to your advantage.

 

[Upgradable]

Rosebud, thanks!! Those are great tips, many of which I''m terrible at!!

 

[AdiS]

I''m not sure the tips I could give are going to be of any help, since my negotiating experience is gained in an entirely different area (corporate meetings negotiating contracts and stuff.) Still, people say I''m good at this (

) so I''ll give you the basic rules:
1. Always look your interlocutor straight in the eye-this means "See, I''m telling the truth and I''m not trying to hide anything from you." It may be intimidating sometimes, if you''re staring too intensely, so try not to look creepy! lol
2. Always speak with confidence and try to look calm and competent. Even if they somehow catch you off guard with a question (hey, it can happen to anybody!) don''t panic, don''t mumble and don''t immediately start to appologize or give lenghty explainations. That''d make people think "Hmmm, she doesn''t seem to be sure about it, maybe she''s going to yield and accept a lower price." Instead say something in the lines of "I''ll check that for you."
3. Like rosebud said, it''s always best to have an internal boundary on what you''re willing to pay max and what''s the lowest price you''re willing to accept and NEVER cross it. Be polite but firm.
Ok, these are the most important things I can think of! Hope I was able to help!

 

[strmrdr]

buying - don''t be afraid to walk away, know what you are buying and what it is worth. If your buying to resell and don''t know the exact number you can sell it for you shouldn''t be buying.

selling - cut the BS, set a fair price and be firm.
Most people don''t like games.

 

[strmrdr]

When I ask someone their best price, they give it and I like the price I buy if I don't I just say no thanks and leave.
I have had sales people walking behind me offering a better price every step of the way.
What is fun if im bored is repeating the process the next day with the new lower price as a start.
The smart ones figure it out and give me a good price the first time I ask.
The not so smart ones ask me how much I am willing to pay and I will offer 50% under what it is worth and I am not going up.
About 25% of the time I get it for that price the rest of the time I will find it elsewhere.