High-stakes haggling

Pushing for a better deal, whether you're getting a home loan or renewing insurance, can pay off handsomely

- OLIVIA GEE

It would be fair to say that most Australian households are familiar with the popular hardware store's mantra, "if you find a lower price on the same stocked item, we'll beat it by 10%". But how many times have you taken up the offer?

Consumer group Choice says the practice of negotiating when buying goods and services isn't as common in Australia as in many European and Asian countries. While price matching is often available across white goods, alcohol and electronics, we tend to shy away from haggling more broadly, even on more expensive purchases. For example, more than half the participants in a 2021 Finder survey said they preferred not to negotiate on price when buying a car.

Choice puts this hesitancy partly down to supply we sit at the end of a long global supply chain and can't always walk away if local competition can't deliver the goods. But there's also the mental block. Demanding a better deal can feel like you're devaluing what someone is offering - and, indeed, you should consider the costs small businesses face when bargaining at this level.

But the art of negotiation is important for more costly deals. So, let's explore the realm of high-stakes haggling.

WHAT TO GO FOR:

Pay rise or other work perks

You should never approach pay negotiations solo, according to Judith Beck.

With over 25 years' experience in executive recruitment and mentoring women in financial services, Beck has found the most effective way to approach salary discussions is with advice from someone who's a little ahead of you on a similar career trajectory. She calls them "advocates".