Yesterday my son bought his first car.
It’s been a long time coming while he patiently saved away, waiting for this big event day to arrive.
He found the car on the web.
First we visited and inspected the vehicle, and to take it for a test drive.
Then we arranged for a professional inspection to ensure he wasn’t buying a lemon.
All good… pass.
Time to make an offer. We were ready to buy.
This part he asked me to do. My son is sixteen and didn’t know how to buy.
He wanted to talk price on the first visit. But we were not ready I told him.
We offer when we are ready to buy. This gives us power at the time of doing a deal because we are ready to buy.
I often see this in business.
The business owner is ready to cut straight to the chase and talk money… often discounting before the buyer is ready to buy. Often the price is not the objection but the seller has given away the margin.
Only talk money when the seller is ready to sell and the buyer is ready to buy.
Answer all objections first.
In reality we are only selling when the buyer is ready.
So what happened when we were ready to buy the car.
It did need a few things done to it so I offered $500 less than the selling price to help offset the expense to get the minor things fixed. I was prepared to negotiate back to $150 less.
Straight away the seller said yes!
Great… I just bought the car cheaper than my son was prepared to pay.
The deal was agreed.
I thanked the guy and said I appreciated his honesty during the sales process. He had pointed out a couple of defects without us asking.
Then it happened….
He said, well actually there is one more thing I need to tell you.
I thought oh no… what have we all missed!
The back tyre doesn’t hold the air pressure.
From his explanation it sounded like a $25 valve problem… $50 max getting help to fix it.
I decided in my head to still buy the car as agreed. After all if it was a tyre problem we were getting the car $350 less than originally prepared to pay.
I felt it was a $50 valve issue.
But the seller had other ideas.
In my silence while I was processing my thinking he quickly said… “would you be ok if I reduce the price by $200?”
I replied… “done deal”
Happy seller and happy buyer.
Now the lesson is buy when you are ready and sell when the buyer is ready.
If I had offered a price way back in the beginning when we inspected the car, I had too many unanswered questions so the price would of had conditions.
We may have had to buy at full asking price.
This is not a clean offer.
So when you are selling… make sure you can eliminate all the conditions (objections) with the buyer.
If you want the simplest, most profitable and enjoyable business model, I can help.