LAWYER EXPLAINS | How to Negotiate The Best Price

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Today I’m talking ALL about NEGOTIATING. Specifically, I’m talking about how to negotiate the price down on anything. Whether it’s a car, or electronics, or furniture--these are the strategies I’ve used as a lawyer to save thousands of dollars. Negotiating is a key skill that’s often overlooked. I think it’s important because whether you’re negotiating down a price, or negotiating up a salary, it’ll get you closer to your financial goals by either saving you money or allowing you to earn more money. This video focuses on negotiating down a price.
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Disclaimer: I am not a financial advisor. Although I am a lawyer by profession, I am not your lawyer and no attorney-client relationship is established with you in any way. This video, and the ideas presented in it, are for entertainment purposes only and should not be construed as financial or legal advice.

Опубликовано:

3 окт 2024

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Комментарии : 95

@jeffg6924 4 года назад

NOT IN AUTHORITY: During my time in ARMY Psy Ops, interrogation was part of job. While I don't approach the sales person without the authority to purchase, I do approach with a sense of apathy (where so long as I get my price I do not care who its with). Same as interrogations, if you walk in to the room projecting that you do not care what happens to the person being interrogated, but you are fair and will follow through on your end, the interrogation will end quickly and with both sides getting what they want. These price negotiations are very similar. FYI, my interrogations usually ended with the interviewee and his family being escorted to the nearest boarder, refugee camp or some other safer place which is like getting a golden ticket. The information was always excessive and fairly accurate. While not being the one in authority, a sense of apathy to the completion of the sale works under the same principle. As long as you make it understood that you will complete your end and pay if the price is close to what you want, but does not go under what they want, both sides walk away getting what they were after. However.... if I am buying something like a snack from a scruffy old lady on the street, I usually pay double.

@Erika2 4 года назад

As always, I love the perspective you bring. Really fascinating reading about your interrogation strategy. I think what you said is spot on. Just from our conversations I can also imagine you coming off naturally as a very fair person.

@CuriosityUnchained 4 года назад

I always go straight to final offer, walk away. In combination with paying in full right on the spot. I usually get what I want. And I always do my dilligence

@Erika2 4 года назад

Love it!!!

@Erika2 4 года назад

Hi, hope you're having a great week! If you haven't already seen it, this is the video I made on how I'll build $200,000 of *PASSIVE INCOME* this year! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-rPnzi0TMWyg.html

@freedominabudget 4 года назад

These tips were so helpful! Such important questions to ask!

@Erika2 4 года назад

Freedom In A Budget thank you Kelly!

@SteveRam 4 года назад

Establishing your last price through due diligence is imperative. I do this in real Estate Investing all the time. You have to have confidence in either pulling the trigger or walking away.

@Erika2 4 года назад

Yes, exactly!! Love what you've said that confidence is key. This is really true!

@KenanGrace 4 года назад

This is such a great video! Such quality information and very easy to follow! I made a video teaching others how to be better with money and it linked me to your video! I’m glad it did! You earned a new subscriber and supporter! Great editing! I wonder what software hat is. Hitting the notification bell!

@Erika2 4 года назад

I'm going to have to go check it out! Thank you for watching!!

@jermaineboyd6594 4 года назад

Once again great advice erkia,I take these lessions and put them into practice not use to or good at negotiations but that's why I'm here to learn other wise skip to the next video lol..this will come in handy when I negotiate on a car price.

@Erika2 4 года назад

Yes, please do try! Negotiating is really important. I'd love to hear how your negotiations go! Also, I would say if you're not used to negotiating, do a few practice runs on items that you don't really want (just to get the hang of it), before going for the car that you actually want.

@europeanliving6077 3 года назад

Hi Erika.just found your channel a couple of days ago. I have binged watched lots of your videos. You are so so smart and what a beautiful person you are. Smart and Kind , your Mammy must be so proud of you. Greetings from Ireland. I love your videos :)

@Erika2 3 года назад

Thank you Deirdre!!

@LewisMa 4 года назад

I've watched and read a lot stuff that I've used in high-dollar B2B deals. Some good stuff here 👍

@Erika2 4 года назад

Lewis Ma - Maximize your Lifestyle thanks Lewis!!

@jeffg6924 4 года назад

Read your first new letter. Well done. Who ever did your graphic design work put a lot of care into developing your brand. Happy to see your roadmap for the year and I honestly believe you'll achieve those goals. =) Anyone who hasn't yet subscribed should. How about a template for S-Corp bylaws?

@Erika2 4 года назад

Jeffry Garew that’s a really good idea! I haven’t created that template yet but will make it happen! And thank you. I really appreciate the encouragement :). For graphic design I paid a guy on fiverr $15 for the RU-vid banner and have just been using those fonts and colors hehe 😂

@KenanGrace 4 года назад

@Erika2 4 года назад

Thank you Kenan!! It's adobe premiere pro.

@Malthizar 3 года назад

I'd also stress the importance of being ok with walking away. There is a saying that the person that cares the least wins the negotiation. If you want that item more than they want to sell it, you're much more likely to cave.

@jeffg6924 4 года назад

Something to try... when they give you the price. Just stare at them with no expression. It totally breaks them, being thrown off they will usually just give the lowest they can. This is particularly useful with used cars and you-pull-it places. Tried it when getting a wiring harness for a older Toyota I owned. He gave me the price of $150... I just stared at him and got it for $20.

@Erika2 4 года назад

HAHAHA I love this!! Just imagining this scenario in my mind. Love that your stare got him down to $20. Really good point.

@MrSayonara88 4 года назад

did not know you could negotiate at legit stores, i would never buy a car from a dealership. The only time i negotiated was when I was in another country with vendors selling bootlegged products haha

@Erika2 4 года назад

MrSayonara88 haha, yes! Most people don’t realize this!

@kaylaferguson6623 4 года назад

Erika Kullberg: Finance, Investing, Passive Income I didn’t realize this either! At my current place of work as a skincare consultant, we NEVER negotiate. Our company specifically explains how to turn away those asking for a negotiation 😢

@jeffg6924 4 года назад

WHEN NEGOTIATING BULK: One of my businesses is importing. To get the best prices you have to go to the manufacturers (ShenZhen in my case). I will always ask for the oldest sales person. These manufacturers hire young pretty women about 20~22, because they know most of there customers are men over 50. Men have a hard time saying no to that kind of sales person. However, I don't want someone to be flirty with me, I want someone with experience and that can work on a business level. Many times, I have wanted something and the younger associates would not be able to handle, but for the more experienced ones its no sweat. If there is a part or some assembly procedure to be followed and that particular manufacturer couldn't handle it, an experienced person might know a company down the road or a production manager they can communicate with. While 95% of the sales force is young ladies who have been on the job just a few months, its worth it to go with the experienced ladies. The prices are better and they can handle complex requests.

@Erika2 4 года назад

YES, this exactly!! I've never had the need to negotiate bulk, but for any of my negotiations I always need to find the person with the most seniority. I'm loving reading all of your negotiating tips and stories!

@colincheek4581 4 года назад

Ericka Kullberg: The art of the deal! I loved the point at the end about leaving the door open at the end. I think it’s the most important part because it leaves a lot of space for the next time you come back in for even another product. One thing I’ve always wondered about compromising and negotiating with the numbers is: is there a percentage that you go up after the second returned number that makes it more likely that they’ll agree with you. I.e. if you start at 30% lower, and go up to 15% below your desired price, will they drop further on that than if you go up to 10% because they feel you’re doing more for them. Or is it not even percentages and it’s in fact strictly the price tag. Loved the speaking! You sounds more relaxed already! And the animations were really fun to watch!

@Erika2 4 года назад

Hi Colin! YAY--I'm glad to hear about speaking and animations! Hmmm.... that's a really good question. The name of the game is all about finding out how much their "bottom price" is. Every seller has a body price that is the lowest they can go where the sale would still make sense for them (a minimum profit %), so the game is really that you're trying to get them as close to that number as possible. Let's call this "their number". So the answer is, it really depends on how close your "go up 15% below your desired price" is to their number. Maybe if their number is actually 15% below your desired price, then you have a match. But if their number is only 10% below your desired price, it won't matter if you go up to 15% below your desired price because they'll say no. Hope that makes sense! This is hard to explain in writing haha

@colincheek4581 4 года назад

Erika Kullberg: Finance, Money, Investing I completely understand! I’m just wondering if you can turn sales into an equation or a science. When I was at my last job where we’d sell stuff to customers or in my sales class in college, I was trying to figure some way to put it into an equation. Maybe I’m just weird and overthinking it. My boss told me not to worry about it haha. Most of sales is getting an the empathetic side of someone anyway which is more than fine with me! Because if you play to the empathetic side, more than likely they’ll help you out since emotions are more reaction than logic. And maybe that’s part of it as well because the emotions will be drawn out more depending on the numbers that are put out there. At a certain emotional point it people are more inclined to worry less about the numbers and more about the person or cause it’s going to which brings back the point of making nice with the seller so they’ll help you out. Maybe that’s part of it as well. I just like figuring out patters and rhythms to things is all haha! How did you end up doing the animations anyway? They looked super fun and playful! Everything seems a lot more seamless to me! What’s your favorite part of the negotiating process for you?

@Erika2 4 года назад

@@colincheek4581 I love everything you said about sales. Agreed that a lot of it is about empathy and emotions over logic. I also don't think you're overthinking it haha--it's cool to be curious about this stuff. To answer the questions in the last paragraph--THANK YOU!! I actually have someone helping me with the animations since we are now getting beyond my skill level. I learned how to edit when I first started the channel just by watching youtube videos, but I am still a beginner haha. My FAVORITE part of negotiating is step 4 (final offer or walk out). I don't know, something about it is just thrilling. I'm glad everything seems more seamless! I'm really trying to improve each week for you guys, and I feel like last week's video was a huge turning point for me. I felt really vulnerable putting it out there, and honestly until the last minute when I hit "post", I wasn't sure if I would do it. But then, I got all these supportive comments from you and others that just made me feel SO GOOD! So I think that I'm slowly starting to get a little more comfortable with this youtube thing and not as afraid of being judged. That's definitely a big shift that's happening for me.

@JohnDoe-pi4lu 4 года назад

Hi Erika - great video! I saw your other post on calculating net worth and found it very helpful. Could I ask what you had in savings when you left your big law firm? In other words, what was your "walk-away" number? I know a lot of people who work high paying jobs that they do not like, but have trouble leaving the high salary. It shows a lot of courage on your part to go find fulfilling work!

@Erika2 4 года назад

John Doe Hi John, are you in big law too? Love the question and thanks for taking the time to watch and comment! So everyone differs depending on risk tolerance, but my walk away number was in terms of expenses: somewhere between 2-4 years worth of expenses. I’ll do a video soon (just working up the courage to do it, honestly) where I talk about why I quit and all of the factors that went into it, but basically I felt that 2 years minimum was enough time for me to give my passion projects (RU-vid and the online legal business) a real shot, and if they don’t work out, at the end of 2021 I can go back to work for a law firm. I knew if I didn’t jump and take the risk now, I would regret it for years and no one wants to live a life of regret. People hesitate to leave high paying jobs because they get accustomed to the lifestyle and prestige-I was careful not to inflate my lifestyle and get “Golden handcuffed”, as we call it. I also realized prestige and money aren’t the primary motivating factors in my life anymore. Hope this answers! Would love to hear what you think 😊

@trevor7234 4 года назад

Hey! Great content... how do you edit your videos? Awesome effects!

@Erika2 4 года назад

Thank you Trevor! I use Adobe Premiere Pro. For effects I have an Envato Elements subscription: 1.envato.market/E6r3K

@CuriosityUnchained 4 года назад

Very nice video Erika I’m happy your not buying from me. I would be completely ruined 😁

@Erika2 4 года назад

Hahahahah!!

@swipper74 4 года назад

Great tips! Thanks for laying it out step by step, gotta purchase new carpet and car before long so these will come in handy!

@Erika2 4 года назад

Shawn Lancaster yay!!! Thank you Shawn! Hope you’re having a great week!!

@Boni_Bmx 2 года назад

This prevents u from getting mislead...

@TFD-sn5nt 2 года назад

Asian Strategy over here lol! Thank you

@aristideregal 4 года назад

Very nice and valuable video Erika. I learned a lot! Thanks!

@Erika2 4 года назад

Thank you!!

@FlamingBasketballClub 4 года назад

Great video and tips 👏🏽👏🏽👏🏽👏🏽

@Erika2 4 года назад

Thank you!!

@FlamingBasketballClub 4 года назад

@@Erika2 What time do you upload on Tuesdays?

@Erika2 4 года назад

@@FlamingBasketballClub I've been experimenting with different times on Tuesday mornings... usually sometime between 5am-10am ET Tuesday. Is there a particular time that you think would work best?

@FlamingBasketballClub 4 года назад

@@Erika2 10am EST works for me

@Erika2 4 года назад

Flaming Basketball Club love it! I’ll experiment for a few more weeks but 10am might be the way to go!

@beikerlynsmartinez-kennedy7729 2 года назад

Does this work for car loans or car leasing? Is there a way to do this without running your credit?

@RodasYonass 4 года назад

Loving set and editing Erika.

@Erika2 4 года назад

Rodas Yonass Thank you!!

@kimberlybrowder3700 4 года назад

Great video! The Dealership I worked at would only only honor that deal that day! But Hey You Never Know!

@tioluwanielesho1448 2 года назад

awesomeeeee content, very very practical and helpful tips for the most part... just don't think you should trade honesty for a few extra dollars, don't think we should call any imaginary husbands(in the context of the example in the video), aside that, great work Erica!

@PaulVazquezJD 4 года назад

That sounds like a timely pursuit. I guess you need to know the value of your time compared to the value that you expect to save. Unless you are just practicing for bigger negotiations.

@Erika2 4 года назад

Haha, I think it just sounds more timely when I describe each part in detail like I did in the video. But you're right, generally I'm only doing this for high-ticket items.

@roachrelax6861 3 года назад

That's right ... diligence for cheaper items, negotiations for the 10k+ items

@anderskrusell9463 Год назад

Never Split the Difference: Negotiating as if Your Life Depended on It (By CHRIS VOSS).

@ProfitLogics 4 года назад

Great stuff, Erika!

@Erika2 4 года назад

Thank you so much!

@Boni_Bmx 2 года назад

Yup...as a businessman/businesswoman..u must have the ability to negotiate..important characteristic for an entrepreneur

@erinhiltz9185 5 месяцев назад

When you’re negotiating and they do ask what price works for you or what price are you looking for then what is the best way to respond?

@RiverDogRun 2 года назад

So funny. As she was telling us to keep a straight face, she's giggling away.

@sophiepheng 3 года назад

Is it really working everywhere ? Like there are already price tag in stores, can they negotiate with us customers ? Most of the time, the manager or supervisor is not even in the store, he/she is in the back doing stuff... And also, does it apply to every country ? For example France, where I am living. I should give it a shot to try ! Have you ever failed ? Like a direct "no, no negotiation possible sorry, price's on the tag"

@repetitiveaffirmations 4 года назад

I loved this video! Thank you for reminding me on Instagram! The tip that resonated with me the most was the part on “being the person with less authority”. My mom used this all the time growing up, and it definitely helped with negotiations! Excellent video once again Erika :)

@Erika2 4 года назад

Multicultural Miss I’m so glad you liked it!! Love that your mom did this too!!

@xlpzten9274 3 года назад

Love love this video! Thank you!!☺️☺️🙌🏽

@donaldtrainer7811 4 года назад

Another great video with actionable steps. Besides consumer goods, another area this can work in is health care. As a doctor who believes that patients should bear the cost of their health care more directly (to encourage wise usage) I like to see situations where people pay cash. Some practices will give you a discount if you offer to pay in full and up front. This can work especially well in procedure based health care like colonoscopies or LASIK surgery. Keep up the good work Erika. The content (and production quality) is great!

@Erika2 4 года назад

Hi Dr. Trainer! This is such a good point--I love the idea of applying this to health care. I got Lasik a few years ago and wish I would've thought to do this!

@joannawilliams9558 5 месяцев назад

I wasn't aware you could negotiate furniture?

@RiverDogRun 2 года назад

Sometimes I want to support local and family-owned businesses, so I will actually offer to pay 20-30% more than their asking price. Surprisingly, my offers had been declined many times by the business owner because they did not think it was fair for me to pay them more than they think they deserve.

@stephenkendall839 3 года назад

Hi Erika, can you give some tips for negotiating loans such as home loan rates etc. a new video idea if you need one. Appreciate your time and videos.

@colinreilly9569 Год назад

How do you know if a store negotiates ? Thanks video is great

@jayatsOX Год назад

ZOPA - Zone of Possible Agreement

@JakeBroe 4 года назад

Another 14 min!

@Erika2 4 года назад

You are THE BEST!

@GusMontoyadaisosasen02 4 года назад

Was that another negotiating tactic? The very end LOL

@wanem1622 4 года назад

👍

@Erika2 4 года назад

WaneM 🙏🏻🙌

@TFD-sn5nt 2 года назад

Thank you

@rodneycollier3556 3 года назад

Wow 😎

@millennialanon8583 4 года назад

This is why I always feel like I overpay for things. I hate the nuance of having to haggle for pricing. I wish you could just buy stuff at face value and this wasn't necessary.

@CuriosityUnchained 4 года назад

MillennialAnon Fixed pricing doesn’t work very well. In a capitalist system, the value is decided by the marketplace. In this case the buyer. If you want a free market system This is part of how it works

@Erika2 4 года назад

MillennialAnon ahhh I know, life would be so much easier that way!

@socaligurrl 3 года назад

Excellent! Ty

@cis4cookiethatsgoodenough456 3 года назад

Thank you!

@-_-_-_-_-_-_-_-_-_-_-_-... 4 года назад

Your advice is sound, but how practical is it? What stores have you utilized these negotiation tactics?

@Erika2 4 года назад

Thanks! I've had success most recently at Bic Camera (electronics store where I live) and a furniture store. I also know that Jeremy from the Financial Education RU-vid channel told me he watched the video and was able to negotiate $5,000 off of a car. So I think it is practical, but obviously depends on the place :)

@-_-_-_-_-_-_-_-_-_-_-_-... 4 года назад

Erika Kullberg thanks for answering! I think if I try it at some electronic stores here like Best Buy, they’d kick me out haha

@Erika2 4 года назад

@@-_-_-_-_-_-_-_-_-_-_-_-... Hahahaha, if you get kicked out you can tell them some lawyer on youtube told you to try it. I'll take the blame lol