Things You Probably Didn’t Know You Could Negotiate on Price

Most people know you shouldn’t pay the sticker price on a car and that it’s important to negotiate a job offer, but there are plenty of other things you can haggle for that you may not know about. From high-end jewelry to medical bills to big-ticket furniture items, you could be paying way more than you need to without even realizing it.

What companies and marketers don’t want you to know is that almost everything is negotiable. If you’re new to negotiation, there are some key things to keep in mind that will apply to almost any situation no matter the good or service. Brush up on some general negotiation tips first, then read on to learn how to negotiate some specific costs.

1. Credit Card Rates & Fees

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The high interest rates that come along with most cards can make it hard to claw your way out of debt. However, you do have some options as you work to pay off your balance. For example, did you know you can call the credit card company and try to negotiate a lower APR?

How to Negotiate This

Call your credit card company and explain that you’ve been stretching to make the monthly payments and need to reduce the interest rate somehow. Explain that it would be convenient for you to stay with them and keep the balance on their card, but that you’re considering other cards with lower interest rates. Then ask them if they can reduce the interest rate on your current account.

Be sure to convey that you’re a good existing customer, but you’re having a hard time making the payments with your current rate. Be courteous but clear: You want them to lower your rate, or you’ll consider transferring your balance to a different card with a better rate and closing your account with them. Most companies would rather keep an existing customer than lose them to a competitor. entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money

If you pay off your balance in full each month and don’t have any credit card debt, but you use a card with an annual fee, you can also try to negotiate that fee. Many rewards cards have a fee that can range anywhere from $30 per year to thousands, depending on the rewards. If you’re interested in the perks but can’t stomach the annual fee – or if you had the fee waived in an introductory period but are now facing paying the full amount – call and ask if the fee can be waived or reduced.

If the answer to that query is no, ask for bonus perks or points instead. Again, it’s much more cost-effective for these companies to keep an existing customer than to recruit new ones, and they’ll do a lot to keep you happy. ncial

2. Rent

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Here’s something most landlords and property managers don’t want you to know: The amount of rent they charge each tenant varies, and they usually have a bit of leeway on the monthly amount they quote you when you tour the property. It’s worth trying to negotiate if you’re looking for a new place to rent. Even saving $50 a month will add up to $600 over the course of a one-year lease.

If you’re renewing your lease and the landlord wants to increase your monthly rent beyond what you can – or want – to pay, you may be able to negotiate that amount too.

How to Negotiate This

If you’re touring new apartments, tell the landlord or leasing agent that your monthly budget is between $50 to $150 less than they’re quoting you, depending on your budget and the rental market in your area. Then mention that you’re looking at a few other places nearby that also fit your criteria and include many of the amenities the place they’re offering has, but that you’d rather stop looking and rent from them if you can agree on the amount. You can also offer to sign a longer lease, such as an 18- or 24-month lease instead of just one year, thus locking in your monthly rent for two years instead of one. entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money entrepreneurship startup business personal financial money

If they won’t budge on the rent, you can try to ask for them to waive any move-in fees, pet deposits, or other costs that can add to your moving expenses. If you’re handy, consider offering to work for a reduction in rent. Many landlords would happily save on lawn maintenance, yard work, or shoveling snow in the winter, so if those skills are in your wheelhouse, consider exchanging work for a better rental rate.

Finally, try to negotiate other perks, such as free parking, guest parking passes, storage space, or reduced pet fees. The answer may be no, but it never hurts to ask. SHOW MORE….