otavalo-market.jpg Haggling is the process of negotiating the price of something (e.g. a piece of merchandise or a service) with the intent of getting a better deal than the stated price. (http://en.wikipedia.org/wiki/Haggle)

Haggling is a part of getting the best deal in retail real estate and business in general. Everyone is looking to get to the “Yes!”, but some people haggle just for the sake of haggling and it really does not help when you are trying to get a deal done in the perfect location. Let me explain…

Occasionally, I get calls from people looking to lease space in one of the shopping centers or buildings that I handle. They seem excited when there is a vacancy or turnover and then they ask the price. At this point I quote the price per square foot (psf) and then they ask how much that is per a month which I happily provide for them. If they are interested, they will ask for a proposal or send a proposal. This is when the real shocker comes…

I have received proposals from people looking to haggle or get a “steal of a deal” from the landlord. Many times, they are $10 psf cheaper than what the landlord really needs to get. These offers are usually ridiculous and pass the perception of being inexperienced and unprofessional.

So before sending out some ridiculous low ball offer, do your homework and know your business. This saves everyone countless hours of precious time and ultimately will help you get that winning space!

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