Buy Low Sell High

17 Apr

 

I know this may sound like common sense but what comes across as common sense is not always common practice.  It is very important to have the most up-to-date pricing references (some special items make this preparation very difficult) on whatever coin, token or other sweet collectible/antique you are negotiating to buy.

It is up to you to decide how much money you want to make on a deal.  It is also up to you to decide how much money you can lose on a deal.  Once your upside and downside risks and rewards have been calculated, it is time to negotiate. 

The person across from you is not your friend but they are a business acquaintance and should be treated respectfully.  They may or may not be your friends personally outside of business but when you are in the moment of doing business with them, keep it that way.  Make sure that they understand that haggling and negotiation tactics are only business, they are not personal jabs in an attempt to make them upset. 

You want to pay the least possible price for your item; one of many strategies is to offer the least amount that you think that they will consider without getting upset with you.  If the price is too low, you can always move up with another offer.  If your price was accepted right away, you will always wonder if you could have paid less.

There are other buying strategies that you can use for maintaining certain suppliers or volume discount approaches. However, for now we are buying low and selling high; selling high will come later and involve asking the most for your items because if you never ask for a lot, it will never be offered to you and you will never get it.

I am not a negotiation and strategic genius or even a seasoned veteran but I have bought and sold coins and collectibles before I have seen what works and what does not. Every person is different too, never forget that.

I would love to hear about some of your negotiation experiences in buying low and selling high; send me an email or leave me a comment at the bottom of this post!

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