Negotiating is not a common practice among Canadians. It is simply not part of our culture. However, haggling can still be a prudent move in the right environment and with a negotiable product.
No matter what, politely asking for better deals on these five things is always a good idea.
1. Negotiate for a better deal on mortgage fees
Shop around for quotes from different lenders and brokers.
Shopping around may sound tedious, but higher interest rates can increase the cost of your mortgage by tens of thousands of dollars for a 25-year loan. You’ll be glad you took the extra hour to call a few people. Homewise makes the entire shopping process easier. The Homewise mortgage process is automated online, allowing it to be faster, transparent, and easier than ever. Consumers can apply online in five minutes, whether it’s pre-approval, approval, refinancing. Once a user applies, Homewise’s technology negotiates with over 30 banks and lenders to match consumers with tailored mortgage options.
2. Negotiate for a better deal on credit card fees
You have a great deal of negotiating power if you have a good credit score. You can negotiate for anything from lower credit card rates to waived annual fees to a higher credit limit.
Even if you aren’t in good standing with a credit card company, they can assist you with developing a payment plan if you are unable to make the minimum payments. All you have to do is ask.
Even when you miss a payment on a credit card, you do not always have to shell out more money. Negotiating for lower rates or removing charges often works when you explain your case to the companies.
3. Furniture prices
Keep in mind that manufacturers’ suggested retail prices and showroom prices are not fixed. It is common for retailers to list products at their highest price, since they are naturally trying to make a profit. Try negotiating for a discount or other benefits such as free shipping. Shopping around on a website like Wholesale Furniture Broker can also pay off to find a better deal on the same product. Retailers may agree to sell for less if they don’t want to lose the sale to a competitor when you present them with that information.
4. Negotiate for a better deal on rent
The rent may not be negotiable in your first year. But if you’re getting ready to renew your lease, don’t just accept the new price quote.
Rent fluctuates like any other market, and there are no set rules or standards for how much rent should be. This means in most cases, you could negotiate for a better deal on rent. There is a possibility of negotiating a better price or at least getting the owner to cover some of your expenses, such as internet, electricity, or water.
5. Insurance Rates
Insurance is a highly competitive market. It’s a good idea to contact a few companies and let them know you’d like them to give you a competitive rate. Call around and take notes on the prices, reporting the company with the lowest rate.
If you are in good standing with your insurance company, you may be able to negotiate a better deal, just like the credit card companies. It is at least worth asking whether bundling your insurance policies could save you money.
In conclusion
In life, everything is negotiable. But, nowadays, things seem to be standardized, and prices are usually set without any chance for adjustment. Consequently, we no longer believe that negotiating is a viable or acceptable business practice.
Often, prices are set, and you cannot change them no matter how hard you try. However, this isn’t always true. There will be times when you can negotiate for a better deal. In those cases, a little dialog can be helpful.