Let’s talk about nickel and diming and what can happen when you bring this energy into a deal.
I am about negotiating, especially being in real estate.
Yes, you deserve the opportunity to negotiate. I’m all about it.
But nickel and diming is different.
Nickel and dimming is different from Negotiating
I know somebody that was buying a thirty thousand dollars car, and they were nickel and dimming down eighty dollars.
When I heard it, I just asked them “What are you doing?”
Within 24 hours, they ended up having to replace two tires. And that ended up being about five hundred dollars in total. After that, they were the first ones to say “um maybe I shouldn't have been nickel and diming the eighty dollars”. Well, maybe not.
Nickle and dimming in real estate
In real estate sometimes clients come to me with a similar energy to that: “Bethany I’m gonna give him the biggest offer and then we're going to negotiate when the inspections come through.”
That is a tactic. And I'm not really a fan of it.
When agents do this to me I typically blacklist them, don't work with them again, or at least tell my sellers that this agent has used this tactic in the past.
There is someone I know that was buying a million-dollar home.
Initially, he negotiated a hundred thousand dollars off. Then the inspections came through, and there were some rough patches to it. So then he went for an additional eighty thousand dollars off.
But the way he did it was so nickel and diming, and needy, and then he went for the agent's commission... I mean - sure give it a shot, it doesn't hurt to ask - but when you aren't valuing the people that you're working with… It’s not good energy.
Walking away from a deal may be the best solution
Just walk away from the deal.
If it doesn't feel right, walk away. As long as you're in your contingency period.
If it is just not the right deal and you move forward with this nickel and diming energy, things will not turn out right for you.
So, guess what happened in the last year since this person bought this property.
Since the purchase, he has been out of pocket two hundred and fifty thousand dollars.
He claims it is because things weren't handled properly.
I’ll beg to argue it has something to do with the energy he was putting in during the transaction.
How nickel and dimming may invite scarcity situations in
I'm all about taking responsibility for it all.
When I bring in weird situations - and trust me, I have - I’m even dealing with one right now.
I knew in my heart that there was something off, something felt creepy and sure enough, the creep came out!
And I learned my lesson, it's not the first time this has happened and I guess I needed to have that lesson one more time to really get it. To really understand that I need to trust myself when I feel that energy.
Because I did feel it, and I ignored it because I saw the other opportunity and benefit and I allowed that to outweigh my intuition. No more - all done!
And it is the same with nickel and diming.
Follow your Gut & Be Generous
Instead of going with that approach, pay attention to your gut. Listen.
If it doesn't feel right just don't do it.
If you can't afford an extra eighty thousand dollars or fifty thousand dollars when you're buying a million-dollar home, you probably shouldn't be buying that home.
Be generous. Be generous. Be generous.
I’m not saying go broke. I’m saying be generous - it could be with your time, it could be with all sorts of things.
Be generous, and you will be rewarded tenfold and more with that generosity.