noun the action or practice of making an offer or estimate that is too low
verb to make an offer or estimate that is too low
In real estate, lowballing is the act of making an offer significantly below the asking price of a property. This strategy can be used by buyers to negotiate a better deal, but it can also result in the offer being rejected by the seller.
In business, lowballing refers to the practice of deliberately underestimating costs or prices in order to win a contract or deal. This can lead to negative consequences such as quality compromises or financial losses.
In negotiation, lowballing is a tactic where one party offers an extremely low initial price or demand in order to anchor the negotiation in their favor. This can be a risky strategy as it may sour the relationship between the parties.
In purchasing, lowballing refers to the practice of seeking out suppliers who offer the lowest prices, often at the expense of quality or service. This can lead to issues such as unreliable deliveries or subpar products.
In the freelance writing industry, some clients may try to lowball writers by offering extremely low rates for their services.
Some insurance companies may attempt to lowball psychologists by offering lower reimbursement rates for therapy sessions.
Clients may lowball graphic designers by requesting multiple revisions without additional compensation or offering low pay for design work.
In the consulting industry, some clients may try to lowball consultants by negotiating lower fees for their services.
Homeowners or businesses may attempt to lowball contractors by asking for significant discounts on construction or renovation projects.