How do you present yourself?
I came across this post in response to the question, "What is the worst advice you've received?"
Originally posted by @Justin B.:
"Make a lot of low offers and one will eventually be taken." Well yea, but it won't be the property you want. and I'm not sure how it works where everyone invests but if I did that, my reputation would be tarnished and no one would take me seriously.
and was reminded of an old story a former co-worker of mine once told. He used to take contract bids for a trucking company. On the phone he would often ask, "What is your best possible price?". The company would reply with a dollar amount. He would record the figure, proceed to phone another company, and then repeat the process. The company with the lowest bid would win the contract. Simple.
However, there's a twist to the story, sometimes a company would call him back with the question, "Did I win the contract?"
He would reply, "no, company XYZ had a lower bid"
"Well, I can do better, what did they quote you on?"
"I'm sorry, company XYZ has been rewarded the contract, that's why I originally asked for your best possible price". The conversation would often turn into a one sided yelling match by the trucking company; but in the end they would learn to respect him, and give a more competitive bid next time.
I wonder, does this work in re-estate? Can I go to a seller and ask, "What is your best possible price?" I am new to the game, and want to act with integrity. I would rather pay 2% more for a property and be known as a closer, than 1% less and be known as a sleaze ball.
Thoughts?