I have had the privilege of growing up with a master negotiator (my father) who has built a small real estate empire over the last 25 years. He negotiates for

I have had the privilege of growing up with a master negotiator (my father) who has built a small real estate empire over the last 25 years. He negotiates for everything he touches and here is the advice he always gave me and my older brother (which has served us very well): a) try to understand the costs associated with the product/service you are buying as much as possible before you make an offer. in other words, assume a reasonable price someone is putting on their labor and try to quickly estimate to the total cost of materials. if the price they are quoting is out of line, your job is to put them in line. a notorious industry for this is plumbing and electrical work. plumbers try to get away with murder, often charging what equates to $400 an hour for work on top of material cost. $400 is unreasonably by any measure and you'll find that they agree too when you push them hard enough. b) never, ever pay more for something than what it's really worth to you. this seems a bit silly and self evident but you'll be surprised how often people violate this rule. this requires a bit of self reflection. c) the most serious buyers are the ones who ask a lot of questions. ask questions and you'll be taken seriously. it will also help you understand them and where they are coming from. d) regardless of whatever they may try to make you think or believe, if you have the money, you have the power. period. e) most important rule of all, never be ashamed of your offer and take it very seriously. they'll take it seriously too and it will force them to reflect hard on their offer. As shakespeare said, all the world's a stage and all the men and women merely players