Set Your Price Too High, Never Too Low

In Blog, Discipline, Sales
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I went look at this apartment in South Beach Miami once, the very day it got listed. The posted rent was $1,100 per month. I offered the owner cash on the spot. The woman refused my money, insisting we do things “by the book” and that I fill out the background check paperwork etc, and then she would take the money.

Fine.

The next day she called me and told me the number of calls she was reviving for her rental were numerous. Which meant, she realized, the price was too low. She had to honor the price I had come to her on, though, and I ended up living there. Lucky me.

If your price is too high, you can always do the buyer a favor and lower it. In negotiation, you can always remind him of the fact that you’re doing him a favor by lowering your price. Even if that price was never your real price. He doesn’t know that.

If your price is too low, you can’t change your mind and raise it. Well, you can, but you’ll look like an asshole who lacks integrity. Most people don’t want to look like assholes who lack integrity.

So, the next time someone asks your price, start higher than what you actually want or think you can get. Chop some off of it as a give-back and build some goodwill. And you still end up with more than you thought you would.

If you start low you’re stuck there.

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