When to make the first offer?

When is it best to make the first offer?  The answer is – it depends.

Journalists Jill Barshay and Seth Stevenson created a series of short podcasts designed to teach a few simple rules for any negotiation. In Episode 1, they address the crucial question: Who should throw out the first number, you or your opponent? Click here for the podcast link: Anchoring the bid

This short 12 minute podcast does a nice job demonstrating how giving the opening bid can anchor the price to that number.  Near the end they give a short demonstration of the winners curse.

Remember:  If you have not done your research you might NOT be at an advantage giving the opening bid.