How do I negotiate? I love when companies want to negotiate with me. Do they really know who they’re about to deal with?
Toyota enticed me with a “new car opportunity” based on the recent car chip shortage crisis. Wasn’t long before I started listing out my targeted questions and negotiation tools. You better have a really good offer around the corner for me to consider.
This poor Toyota representative who is a week into working for this car dealership had the unfortunate experience of having to deal with me – an aggressive negotiator.
I love how this conversation ended – me passing off a business card explaining that this is literally expertise that I specialize in. Good luck guys!
Although I’m not done with her (or the dealership), I was reminded of the key elements necessary in any negotiation. So, whether it’s negotiating a job offer, a car, or anything else, there are basic principles you should follow:
1) Do your homework. The more prepared you are as a well-informed applicant, the more negotiation power you have to your favor
2) Stop being afraid to negotiate. The goal of a negotiation is intended to be a collaborative conversation between the applicant and employer. HR expects this! I never understand those who don’t even try. Get the confidence and prepare for the conversation because it’s going to happen
3) Understand that negotiation far extends base salary. If this is all you’re considering, you need to realize that this is a total compensation conversation. You need to understand what exactly all of that entails and how to leverage it
4) Realize that there are other negotiation tricks outside of traditional numbers-crunching techniques. Understand the holistic picture to negotiate what matters to YOU
5) If needed, consult with a trusted financial advisor who has your best interest in mind. This person at a minimum should be a fiduciary (this is non-negotiable).
6) If you solicit help from a trusted career advisor, understand their reputation in the business and gain the comfort you need engaging them as a trusted advisor
Last year I proudly signed on the dotted line for my Toyota Corolla Hybrid – a brand new car I negotiated on a 0% loan with all warranties and extra perks and benefits I squeezed out at year-end. An all-day event of negotiating – I happily am still driving this beauty. Only with a competitive counter trade-in will Toyota stand a chance. Special thanks to Ramit Sethi for game-changing financial advice from his New York Best Seller I Will Teach You to Be Rich.
You too can be a competitive negotiator. With confidence and a solid effort towards preparation and dedicated research, negotiation is nothing to be afraid of, which has strong power to accomplish your financial and personal goals.