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Old 05-24-2013, 01:49 PM
Brian Carlton Brian Carlton is offline
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Join Date: May 2002
Location: Blue Point, NY
Posts: 25,396
Quote:
Originally Posted by qwerty View Post
No amount of homework is typically going to allow you to determine what a particular buyer is willing to pay. The first person to name a price loses the advantage. No two ways about it.
There are some exceptions.

If you as the seller refuse to provide a price, I will offer a price that is significantly below what I believe the vehicle is worth. Say it's a $5K vehicle...........I'll offer $3.5K.

Now that a lowball offer is on the table, the seller has only two options:

a) Just walk away.

b) Negotiate up from that price.


So, in this instance, letting the buyer give the first price is an unsuccessful approach. If you are the seller, you walk away without knowing what the buyer was willing to pay. Or, you begin negotiating upward.

A clear example of waiting for a price from the buyer and losing the sale.

Offering up your own price............realistically high...........is a much better tactic.

Your only loss in this scenario is if you give a price that is below what the buyer will pay. If you've done your homework, this is a very remote possibility and can be easily dismissed for most items that have comparables. Now, if you're selling a very rare item, where there is no easy way to compare it, all bets are off.
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