Friday, 8 November 2013

b.Contract - Lethal Combination of Patience and Money

The last part is here:   Contract - The Art of Bargaining

It has been quite a while when I wrote the above essay.

Buying

In this cyber age, everything you want to buy is made available on the internet. As the internet has the biggest suppliers' base, the price you can expect would be the most competitive, don't hope to get anything cheaper from newspapers or magazines. It doesn't pay to waste your time browsing these resources. You only need to trawl the internet for bargains. Once you get the hang of things, i.e., the websites that produce the best bargains. Logged them down and visit them on a daily basis.

Say, if you want something, save approximately enough cash for it. Then, watch the websites for the bargains. Be extremely patient, your days of watching the "market" would reward you with knowledge, the frequency of site visits, the basement prices and how the sellers transact. If the data is too overwhelming, log them down using a spreadsheet. It pays to be detailed.

You will soon notice that these websites would continuously produce desperate sellers of the things that you need, every once so often. If you miss the first time, don't worry, the next desperate seller will come along soon enough. Even if you miss the second time, no worries to that. You will soon be rewarded with a third time. Even if you lose the third time, there is always another good time down the road.

How do you identify these desperations? You have to be extremely patient, you can feel the desperation in between their words in their advertisements. Once you sense it, don't be too eager to call immediately. Leave it for a few days. Call the seller and then do a viewing and see if you like it. Use the technique I have highlighted in the previous essay. You are good to go. Don't feel embarrassed about bargaining. You are a yellowskin, you have no pride. Cut him down by at least 20% and stay there, or if you are more fierce, try 30%-40% down and creep up slowly.

Buying land is no different. Always remember there is no land that you must have. There is always another land that is sexier than the one you just missed, i.e., a bigger hill, a bigger river, a bigger lake, a better weather, a bigger size, and etc.

If there is a competition for the same thing, learn to let it go. It is no biggy. I have said that before. Competition kills bargain. Once the thing is not at basement bargain price, it is not worth anything.

The other opportunity in buying is by word-of-mouth: If you have enough contact, you may smell bargains from your friends. But, I still feel if the seller is desperate enough, he will go straight to the internet and try to get the deal done soonest.

Selling

I am not so much into selling. Again the internet is the best place to sell small things. If you must sell, then go to the internet to sell it. If you are not in a hurry, you will get your price, otherwise you would be punished for being desperate. The same rule applies.

Actually I prefer selling through human touch. Try selling your things using face-to-face contact. Painful but effective. You will get the best price for the deal.

In my business, every time I sell is major account building, i.e., once the buyer bites, he will continue to buy with or without my constant support. I normally leave it to the sale team to manage the buyer's expectations. I only intervene when there is exception handling.

Things that I bought, I will try to use them till they are beyond economic repair. So selling great is not so familiar to me.

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