ARE YOU GOING TO YOUR SUPPLIERS AND ASKING FOR DISCOUNTS OR TERMS?

By
Real Estate Agent with Keller Williams Capital Partners Realty 277320

Sometimes we get too comfortable with a supplier and may be overpaying for their product or service.

Recently our calendar supplier had asked us for our order for 2011 calendars. They always do this in Februaryand give a bonus of 10% more calenders for free if we order that month

 

Well, we went and asked for some financing terms instead of the usual  $3,000 up front

Guess What? We go terms of 50% down in 60 days and the balance within 90 days

Never hurts to ask!

 

Have you had a similar experience with a supplier that you can hare?

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Rainmaker
1,078,377
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

As a property manager I have leverage with vendors and service firms.  My HVAC firm wrote me at the end of the summer before the fall HVAC season indicating they were going up $10 per property.  I made an appointment with the HVAC service firm owner and went in and explained that my 100+ properties probably keep one of his trucks on the road for a year...spring and fall servicing and service calls as well as system replacement.  I came equipped with my vendor payment report of payments from Jan 1st * after a 10 minute discussion * he realized that MY patronage was MORE valuable than individual property owners calling off his yellow page ad and that he could not put me in that same category as that of an individual homeowner....he did not increase my service contracts.

This is one of the reasons individual landlords should use a professional property management firm in order to leverage their $$$ with other investor/clients

February 11, 2010 02:42 PM #1
Rainmaker
1,353,937
Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio

Joe - Great idea for sure.  I was recently in a session with Alan Domb in December and he shared a few ideas on negotiating with vendors.  Before you cancel something because it no longer fits in your revised budget or business plan...approach the vendor about repricing the product or service before you pull the plug.

February 11, 2010 02:55 PM #2
Rainmaker
1,108,114
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

And make sure you keep doing comparison shopping because sometimes suppliers think you are going to come to them regardless of the price, so they'll up the price significantly.

February 14, 2010 11:58 AM #3
Rainmaker
1,166,372
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Thanks for all your comments

February 14, 2010 02:57 PM #4
Rainmaker
1,166,372
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Thanks for all your comments

February 14, 2010 02:57 PM #5
Rainmaker
1,166,372
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Thanks for all your comments

February 14, 2010 02:57 PM #6
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Rainmaker
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Joe Jackson

Clintonville and Central Ohio Real Estate Expert
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