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Thuy Lam, certified financial planner Thuy Lam, a certified financial planner and money coach with Objective Financial Partners. THE CANADIAN PRESS\/Handout (HO) <\/p>\nThere are discounts out there that you aren\u2019t getting, because you aren\u2019t asking.<\/p>\n
In an era of corporate retailers and online shopping, it might feel as if negotiation between seller and buyer has receded into the past. But that\u2019s wrong, said Shai Dubey, lecturer at Queen\u2019s University\u2019s Smith School of Business. <\/p>\n
Dubey tells his students there\u2019s only one thing in life that is non-negotiable.<\/p>\n
\u201cDeath,\u201d he said. \u201cYou can negotiate taxes. You just have to move to places that don\u2019t have taxes.\u201d<\/p>\n
Many life expenses seem like they can\u2019t be negotiated but really, it might just look different than a traditional negotiation.<\/p>\n
Groceries, for instance. In Canada, there\u2019s a price and we pay that, Dubey pointed out. Other cultures may still haggle over food prices, and you may have a shot at farmers\u2019 markets, but more formally, we have price-matching programs. <\/p>\n
\u201cThat is a form of negotiation essentially,\u201d Dubey said. \u201cIt absolutely is.\u201d<\/p>\n
It\u2019s not just food. A quick online search calls up other Canadian companies with price-matching programs \u2014 electronics, home improvement, furniture, sporting goods. Some will even beat prices by an additional five or 10 per cent, and others will refund you even if you see the lower price after purchase, within 30 days. <\/p>\n
When Amazon dominated the market, media speculated that Best Buy would collapse, Dubey said. And at first, consumers would check out the product at Best Buy stores, and then buy it online for cheaper.<\/p>\n
\u201cWell, Best Buy got pretty smart, and they said if you find a better price, even online, tell us and we\u2019ll match it,\u201d he said. \u201cThat\u2019s negotiation.\u201d<\/p>\n
Interest rates, mortgages, credit cards \u2014 you can negotiate your banking life as well, said Thuy Lam, a certified financial planner and money coach with Objective Financial Partners, a fee-only financial planning firm.<\/p>\n
Before her current role, Lam was an investment adviser who had relationships with bank branches and branch managers, and she learned negotiations were common \u2014 non-sufficient funds fees, foreign exchange rates, mortgages, GICs.<\/p>\n
\u201cBanks, internally, actually have a profitability calculator for clients,\u201d Lam said. \u201cSo at the branch level, they know what each client profitability is. That gives you room to negotiate.\u201d<\/p>\n
If you have several balances, and are a young professional with good earning potential \u2014 you have leverage.<\/p>\n
\u201cThe key to that is doing your homework, right?\u201d she said. <\/p>\n
\u201cWhat is a competitive rate? And how can I position myself? Lots of times I\u2019ve seen clients negotiate. You\u2019d think that GIC rates are just a given, but no, you can negotiate them and they can be approved by the branch manager.\u201d<\/p>\n
Lam personally hasn\u2019t negotiated credit card rates, because she never keeps a balance on her card. But she has family members who are dedicated \u201cbargain hunters\u201d \u2014 frequently tracking down promotions from competitors, and then negotiating with their credit card company for retention bonuses, including cash back or extra points.<\/p>\n
Thuy Lam, certified financial planner Thuy Lam, a certified financial planner and money coach with Objective Financial Partners. THE CANADIAN PRESS\/Handout (HO) <\/p>\n
Researching competitive offers is not the only strategy in negotiation. You have to position yourself as a profitable customer, Lam pointed out. Good credit score, long history, multiple products, paying bills on time \u2014 the person on the other end of the negotiation should want to keep you.<\/p>\n
You also have leverage based on market conditions. During the pandemic, it was hard to get a contractor, and prices were high, Lam said. Now, you might be able to negotiate for contractor projects. <\/p>\n
Similarly, if your area is now a renter\u2019s market, or a buyer\u2019s market, you might have sway with your landlord, or a home seller, Dubey said.<\/p>\n
Telecom companies should work hard for your loyalty. A customer might have only one concern: how much is my monthly bill? But telecom companies are looking at a different figure, Dubey said. <\/p>\n
\u201cThe biggest problem these telecom companies have is churn,\u201d he said, referring to the key industry metric that measures customer turnover. <\/p>\n
\u201cThey have to fight for a customer every time \u2014 they\u2019re going to have to give them a discount to get them from somebody else. There\u2019s only 40 million people living in this country. We have a limited market.\u201d<\/p>\n
If one company sends you a flyer or approaches you with a deal, why not get that same deal from your current company? Telecoms know it\u2019s expensive to try to lure you back \u2014 it\u2019s much easier to keep you.<\/p>\n
Lam agreed: \u201cWhen I see people\u2019s cash flow, I say, \u2018You\u2019re paying, like, $120 or $100 for your cellphone? Get that down.\u2019\u201d<\/p>\n
The last strategy for negotiation, according to Dubey: be friendly and collaborative. Ask for help. <\/p>\n
Asking for help triggers a psychological response in people, said Dubey, who teaches courses in negotiation and conflict management, and also coaches at the executive level.<\/p>\n
\u201cWhen you ask people for help, when you ask people for advice, you\u2019re hitting the psychological ego interest that people have to be seen as being competent,\u201d he said.<\/p>\n
If it\u2019s on the phone, you might also be talking to someone who\u2019s just had 10 angry calls in a row. Surprise them with politeness. <\/p>\n
\u201cSay, \u2018Listen, I know this is not your problem. I was just wondering if you could help me,\u2019\u201d Dubey said. \u201cYou will see a 180-degree change in that individual. When I\u2019ve done that, I\u2019ve actually had people say to me, \u2018Thank you for being so nice.\u2019\u201d<\/p>\n
Relationships and likability have cash value, Lam confirmed. She has a friend with a husband who bargains constantly \u2014 to the extent that her friend is embarrassed to shop with him. But he gets deals.<\/p>\n
This expert bargainer was even able to negotiate at Walmart, Lam said. He talked to the store manager and asked for a deal on a floor model of a swing-and-slide set for his kids. How did he pull that off?<\/p>\n
\u201cHe\u2019s just a personality. He\u2019s hilarious. He\u2019s really personal,\u201d Lam said. \u201cThat\u2019s the other leverage \u2014 the ability to build relationships. A likability factor just sways.\u201d<\/p>\n
This report by The Canadian Press was first published Jan. 27, 2026.<\/p>\n
Nina Dragicevic, The Canadian Press<\/p>\n","protected":false},"excerpt":{"rendered":"There are discounts out there that you aren\u2019t getting, because you aren\u2019t asking. In an era of corporate…\n","protected":false},"author":2,"featured_media":268792,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,113,176,61,60,174,175,4674,10243],"class_list":{"0":"post-268791","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-economy","10":"tag-finance","11":"tag-ie","12":"tag-ireland","13":"tag-personal-finance","14":"tag-personalfinance","15":"tag-retail","16":"tag-your-money"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/268791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=268791"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/268791\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/268792"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=268791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=268791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=268791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}