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hello everyone welcome back to restart with me Jason tardy today we are talking about negotiation and bargaining now in negotiation there are going to be so many different strategies based on the scenario are you buying into a business are you taking an equity partner out are you trying to renegotiate a salary package will address all those in separate instances today is dealing with covin 19 and all the sad monthly expenses so today I was calling for the situations where for myself one was for a friend about monthly expenses given the current economic climate and in summary within about 45 minutes we saved ready drumroll nine thousand two hundred eighty five dollars and eighty one cents so let's get into the clips we called the credit card company an Internet service provider an auto insurance company a gym and also a landlord so let's break through these and at the end I'm going to tell you what you can do to begin this process yourself yes I'm just curious so I haven't had any type of balance on my credit card I usually pay it monthly but if I did have a balance this month is there anything you guys can do from an interest rate perspective or deferment just given the circumstances going on okay so no late fees no interest and you guys will push the payment back a month do from what it is do without any type of and if I want to exercise that option what do I do to I call back and let them know that you communicated to me that that's not sin and to exercise it perfect all right sounds good really appreciate you to help you to take care thank you bye bye okay so that was really interesting I called the American Express and what they said they would do for me is they would move everything back one month so a one-month waiver so suppose I owned a thousand dollars on May first it wouldn't be due to now until June first but there would be no late payment no interest no fees of any sort but I don't know if you caught this they're not proactively calling and letting us know that I had to call I had to find that out and then if I want to actually exercise that option I have to call back ten days before my next payment and do it so I think you'll find many companies like this will do it they'll take care of you but they're not gonna come to you call you and say hey you're good here's our waiver if you take the initiative they will react yes I use go go wireless through Delta travel usually once a week and I've used you guys for I think over a year now for the subscription model and $50 a month and I certainly will pick you guys back up once we can get traveling again but I was just wondering given the circumstances that you know really we can't fly if there's anything you guys can do to help me I notice I'm still getting charged with $50 in March and then in April and all my flights had to be cancelled and more more flights that I'm now cancelling in May so you know once we get back up and running certainly we'll be using the service but just not using it anymore given the circumstances [Music] instead of cancelling your subscription that we like to offer your suspension in that way you won't get charges free amazing so so I will continue to use the account or I'll have the account what I take the suspension off and I won't be charged in April yeah I don't think I don't think we'll be in a position to be travelling by May so should I call back at this time next month or so you yeah why don't ya we'll suspend will suspend April May June and then we'll go back on July that sounds great now is there anything you guys can do first so that's that's a good plan I appreciate it for March knowing what happened and the fact that you know no one could travel mid March anywhere is there any way to refund that $49 because that service couldn't be used ok thank you so much and once you know once things are back up and going I will be right back on this service and I really appreciate this customer service thank you you're welcome my pleasure thank you for coming and have a great day ok you too thank you that was great we had April May and June all suspended so there won't be any charges to get back that's $49.99 a month times three months and then you know you can't be afraid to ask for more and I think my task was very reasonable right so it was March I couldn't use the service in March I used the service once I wouldn't ask for but I'm trying to cheat the system but I literally from March 16th um I couldn't travel I couldn't use internet so I asked if they would refund that they would so that was another $49.99 okay so that is quick math here $199.90 that we just saved from a quick call now notice I did not ask again for that March amount refunded to do it for me so you got to be an advocate for yourself and you really got to think about what your goals are and you know what the planning strategy is in a negotiation all right let's go to the next one I saw your text so you're trying to potentially negotiate with your landlord in New York City about just decreasing your rent because you're in Connecticut right now right correct yes we left the city about a month ago and been living that good sense and I was hoping that you could help remember to draft a letter to my landlord to discuss a potential rent reduction okay nice I think I like to place here I think we put together a letter but then we also give them a call just to continue to like build that relationship I'd say we send a formal letter so it's in writing and then let's give them a call question for how long have you lived there there about six years six years okay I actually didn't know that six years Wow all right and what do you pay in a month they're about 35 okay six years thirty five hundred a month Wow okay so gotta love New York City and you live like in the upper Upper West Side area right yes sir got it so 3500 times 12 is 42 42 grand so you pay this guy 42 grand a year every year and then on top of that you've done that for six you know I mean this is sometimes you get a little nauseous when you hear how much you spend it just typed it right but so it looks like you it's about I'm thinking 252 K with this guy I just want to double something numbers right times 6 so wonder 52 km I math was good all right so 252 K have you ever been late ever around a payment okay all right so here's where I know how we're gonna put this email together and I'll call I'll call you and actually I will get our computers up we'll go through this in detail but I want to structure first of all is just like what's most important how is he doing how's your landlord doing you know let's talk about what's going on because that's what's most important that he's healthy and safe once we get past that and hopefully he's doing all right or he or she or the family or whoever it is that manages this and owns let's talk about the value you have brought to them so you have been a you've been a tenant for six years you have paid every single month for six years every single month on time thirty five hundred dollars two hundred and fifty two thousand dollars you're now not even living in the city and we don't need to get into details about your job but I know there's obviously some things going on around work so I think you're completely warranted in getting some type of reduction given your situation so let's first establish credibility with the value you've brought to him does that make sense it makes sense yes okay and then I think what we do for that so it's like checking in how he's doing establishing value I think build continued rapport let him know that like once this thing is over and the minute you can get back to your home you'll be there and you'll be paying around so this isn't something that's gonna go on forever it has a it has an end in sight so I think he needs to know there's expiration and then the last thing I would say is before we even have an ask what is your goal what do you think we should do here how much you think we should shoot for I'd love to shoot for at least a 50% do you think that's feasible I think that is very feasible so I think 50% makes a lot of sense especially what you've given him so why don't we ask to see if he would consider waiving it or giving you a 75% reduction let's ask for you know around a 75% reduction and I think that what that does is it building a little bit of cushion for us the verbals 50% we asked for about 75% see where he ends up I think that's a good strategy now here's another question we're supposed to renegotiate and renew our lease coming up about it in a month a month and a half or so and we usually get that paperwork in the next few weeks so with that combined with what's going on what are your what are your thoughts that's a really important piece right because now you have a little bit of you even have more leverage than what the reason I see you have more leverage is because who right now is feeling confident in New York City visiting New York City potentially moving to New York City to spend X amount of dollars 3500 month in rent and I'll tell you while obviously it's the most populated city in the United States there still is a lot of risk associated right it is the war zone right now cope at 19 so I think there from from a tenant perspective you do have some negotiation room how long are the leases you sign with him six month 12 months 24 months was it look like 12-month lease so I think what we do here is we ask for a reduction we let him know with confidence that you are going to re-sign this lease assuming you don't want to leave correct and you're doing something for him you're locking in another 12 months of cash flow but in addition I think you asked for something and I think that ask is for either a reduction in read through this Cove at 19 period until things with work are put together back in place and I think what we do is we ask for a minimum period of time so 50 percent minimum reduction in read that's our baseline we'll shoot for 75 you'll resign the lease and he needs to guarantee at least through the summer at least till September 1st that you have this reduction and that there's just a common understanding and an email contract that if kovat 19 pandemic continues to move through that period of time where you are not in the city and you're having issues with employment and work that he'll continue to give you that reduction until further notice what do you think I think that's a great strategy okay so let's uh I'm gonna get my computer out you get your computer out we're going to type this up we're gonna share it and then um let's see what he says sounds great perfect all right man we'll talk to thanks so much to you buddy all right so 3,500 bucks a month there so if we can get a reduction of 50% maybe shoot for three months at 1750 1750 times three off the top of my head is fifty two fifty that is the goal let's see what we can do you yes this is Jason how are you today good good I'm doing well I'm calling because so everything was progressive have been going great no complaints or any issues but obviously given these crazy times and circumstances I'm really not driving my car much and I was doing some research on competitors and it looks like I thought I think I saw State Farm has reduced their auto policy cost by 25 percent to the end user and then Geico it looks like 15 percent so I was wondering given the circumstances if there was anything progressive to do yes so what is it we're doing is we are I'm applied to higher you make your payments or like that's your checking account okay and when will that come at the apply end of May and will that be applied for I mean okay good you know and then what might what is my six month premium around again six seven twenty six twenty percent of 726 will be refunded at the end of May perfect okay amazing well I really appreciate your help are there any other questions concerns of interest no that was it thank you so much keeping Mike and always spent some money with with an insurance policy you also upgraded your new status with March congratulations with that cool awesome all right good to know I appreciate it my pleasure thank you so much that she's a progressive being a silver-level personally elevator YouTube take care all right so we're rocking rolling let's keep going let's combo joke so why gym membership is a little expensive I think it's $129 a month I do get a lot for it so I feel as though that value is worth it to me but I did call them and they closed March 16th so for 14 days in March at what they weren't open so they're gonna give me credit back for March and then I will not be charged again until further notice and that notice will be via an email so good news there I'll get a credit back and then as long as things continue the way they are my credit card won't be charged so another one so what you'll see in each of those scenarios is that in the beginning I always tried to build a rapport try to establish some type of relationship and treat people the way I would want to be treated if I was on the other end of that call or email the second thing I did is tried to provide justification this is the current state we're in this is how it's impacting me for the example of my friend this is how it was impacting him and that's why we're here today and also establishing credibility I've been a customer for this long I expect to continue to be a customer after the duration of this madness but this is why we're talking then after you know you notice a couple times I talked about competition so this is what other landlords are doing is what other credit card companies are doing this what other insurance companies are doing that served as a benchmark and lastly in almost every scenario there was at least an information gathering phase where I was justified with what they gave me or there was an ask I was prepared to know what I wanted to ask and what I wanted out of it I think gogo was a good example they gave me three months 49.99 waive no issue but then I said you know what it doesn't make sense I didn't use the service in March can you give that back and they were willing to do it so in all these scenarios it's about maximizing the leverage you have explaining and detail your situation and being prepared to have hard asks given what you deserve now the first step I would recommend is create a list a list of all your monthly expenses go to your bank account go to your credit card statements see what you're paying for because now we're in a very unique situation one you should star canceling a lot of those subscriptions things you're not using get rid of them too this is a time to negotiate things that you're paying for that you're not getting all the value out of so I hope this video can save you tens maybe hundreds and even thousands of dollars if you have any comments please comment below ask questions I will respond and we'll make sure to get some more money in your pocket thank you again for tuning in to another episode of restart