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How to negotiate with Vendors

HOW TO NEGOTIATE WITH VENDORS Tactics

Ever watched American Pickers? Mike Wolf and Frank Fritz, your regular average Joes, literally pick through people’s junk across the United States, hoping to find something valuable. They later hope to sell these for a profit. Before you dismiss this as another failed attempt at reality television, there is much to be learned from just one episode. Keep in mind that not everything learned can be applied to all negotiations.

Mike and Frank usually have their counter-offers ready at the tip of their tongue. This requires immense preparation that mostly has to do with having superior knowledge about the product. Know what you are buying, and know your BATNAs. The two also make quite aggressive opening offers but are not unreasonable. It is very likely that the vendor knows the value of his product, so do not make an offer too low or they might call the whole negotiation off.