Hey Hustlers!
I just wanted to post a quick refresher and add some new lessons for some of you. I started hustling hard this week and thought I'd share some of my most important experiences with you.
01 - "Lowballing Follow Up"
If you send out emails with lowball offers and people reply, but make a funny comment about your offer or how low it is and they'd never sell for that, follow up and make a second, improved offer. They took the time to reply - this means they are willing to sell to you. Use this to your advantage. In my experience, on the second, the latest on the third offer they agree and I am still well below the market average.
02 - "Lowball Combination"
I found that you increase your chances of getting a good deal when buying by adding one small thing. When I lowball, I always add the following: I can come pick it up today, or even now. This got me a lot more responses, since people want to get rid of their stuff quickly.
03 - "Carry Cash"
Sometimes, it happens to me that I send out my lowballing offers and then go for another pickup in the city. Meanwhile, I get a call or email that they agreed to my price, if I come now. Well, if you don't have enough cash with you, the deal is gone (if you are dealing with expensive items, this might be a bit more delicate).
04 - "Count Your Cash"
It happened to me that I agreed on a price for an item and once I arrived there, the price suddenly went back to what it was before the agreement. Since then, I count out the cash I agreed on to buy the item for and put it in my wallet. If I have surplus cash, I put it somewhere else, like my jacket or jeans. When someone tries to pull this off on me, I tell them I have what we agreed on, show them and tell them that I buy it for the agreed price or I'll leave. Works in 9 out of 10 times.
05 - "Don't Be Afraid To Walk Away"
One of my first deals went as follows. I bought an iPod for 50 bucks and put it online for 65. Nothing too big, but took me 30 minutes and was one of my first hustles. 5 minutes after I put the ad online I got a call from a guy wanting to buy it. He wanted to push the price and referred to an offer on another site. I agree on 60. He said he had to come by car for quite a while and started now. Meanwhile, I checked for this site online (I have never heard of it before), and didn't find it. 20 minutes later, he called me again and asked me if the manual for the iPod was part of the package as well (I never advertised it like this). He said that we need to work on the price a little more if I missed the manual, but we would do that when after arriving. The third time he called me, he should have been away around 20 minutes by car, still. He asked me for the original packaging, which I didn't have (and I also never advertised it with it). He said he'd buy it for 50 in this case. While on the phone, I could hear the same ambulance that just passed in my street. I said I wouldn't sell it to him for 50. 60 it is or nothing. He pushed me, since he came so "far". I walked away from the deal and sold it the next day for 63. Just had another guy trying something similar with me. I refused and 10 minutes later I arranged a meeting for 20% of what I got offered before. I am open for bargains, since they are included in my initial asking price. But don't f**k with me.
Might seem like simple lessons, but I found them pretty helpful. Maybe they will help you too. In one way or another
All in all, the old saying "Cash is king" cannot be more true. Hustling is about being QUICK. Be quick when you buy and be quick when you sell.
Happy hustlin'!