From the course: Negotiation Skills
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Calculate your opening offer
From the course: Negotiation Skills
Calculate your opening offer
- So maybe they've put an opening offer on the table, or maybe they haven't. But now it's your turn to make an opening offer. What should that number be? The simple rule is that whether you're buying or selling, your opening offer should be beyond your best hope. If you're buying, it should be lower than the lowest you think you might get it for. And if you're selling, it should be higher than the most you might get for it. Let's look at it from the seller's point of view first. How should they come to their asking price? Their opening offer? The sellers difficulty is that they don't know how much you're prepared to pay. If you're prepared to pay a $100 for something, let's say it's some sunglasses or headphones or something, and you ask a price and the seller says $65. You're delighted. And this means that they've got their opening offer wrong. They've given away the extra $35 that you would have paid. The only way…
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