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Professional negotiators can help you lower your bills and save money

Professional negotiators can help you lower your bills and save money

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Every year, Julia Zhu’s husband gathered information about property values ​​in their area, including his own appraisals, receipts and more, and then took a day off work to argue in city offices why her property taxes should be lower.

That changed when she received a letter in the mail from Ownwell describing how the company could take over this role from her husband. All she had to do was register online, submit basic information, and Ownwell did the rest. Only if the company saved them money would Ownwell receive a percentage of the amount it saved the Zhus. Otherwise, Ownwell wouldn’t get paid anything, so there would be nothing to lose.

“Last year we saved about $160 in property taxes” after Ownwell took its share of the savings, said Zhu, 64, who lives in Houston. She was so pleased that she hired Ownwell again. “This year we saved $260.”

Property tax is just one area where Ownwell saves its customers money. The company has recently expanded into everyday bills and competes with companies like Rocket Money and Experian, which also offer bill negotiation services. The types of bills each company can help Americans negotiate may vary slightly, but the intent is the same: help Americans save money, especially at a time when millions of people are struggling with rising prices .

According to a Sept. 3 LendingTree survey of more than 2,040 adults, more than three in four Americans said inflation and the economy are making it harder to pay their bills, and 40% are less able to pay their monthly bills settle than a year ago. 5.

“Many people may not even be aware that they have the power to negotiate bills, or they may simply not have the time or expertise to do so,” said Yahya Mokhtarzada, co-founder and chief revenue officer of Rocket Money. “Especially at a time when inflation and rising costs have affected so many people, this service can provide significant financial relief and ultimately improve the user’s overall financial well-being.”

How do these companies help reduce daily bills?

As soon as someone registers and uploads their invoices, companies start negotiating with service providers or agencies for cheaper prices. The bills they negotiate include cable, internet, cell phone and home security services.

Rocket said it can even negotiate gym memberships and walk you through the steps to get refunds for late fees and overdraft fees.

Ownwell also offers mortgage monitoring and, in some areas, property tax assistance, and that’s how it all started.

“It was an injustice that a billionaire could reduce his property taxes and no one else could because it was so costly” because the process often requires the help of a lawyer, said Joseph Noor, co-founder and chief technology officer of Ownwell. “We wanted to create a solution to use software to serve everyone, whether they are in an RV or a villa.”

Rocket and Ownwell also said they will monitor insurance premiums and notify you when an opportunity to save money arises. They also keep track of the bills they’ve negotiated for you as contracts expire or new offers emerge, so you don’t have to, they said.

“With the customer’s consent, we will renegotiate on their behalf as the contract renewal date approaches,” Mokhtarzada said.

Because services vary slightly by company and region, customers should check which companies offer them in their location.

What about your IRS bill?: Can you negotiate your tax bill? Perhaps. Here’s what you need to know first.

How much does it cost?

Rocket Money and Experian offer bill negotiation for their premium subscribers, so there are no additional upfront costs for the service other than the monthly subscription they already pay. Rocket Money’s premium monthly subscriptions range from $6 to $12, while Experian charges $24.99.

Ownwell does not require a subscription to use its service.

If successful, Ownwell and Rocket Money will receive a percentage of the savings. The cut at Ownwell is typically 25% to 35% and at Rocket Money it is 30% to 60%, the companies said. Experian said its customers will receive 100% of any savings achieved.

How successful are companies at negotiating lower prices?

Rocket Money’s average savings are between 10% and 20% per bill, Mokhtarzada said. The company did not disclose its success rate but said it has helped millions of Americans save money.

Ownwell estimates that this saves consumers an average of $250 per year, with an 86% success rate.

According to Experian, 81% of negotiations resulted in savings.

Can’t Americans negotiate bills themselves?

Americans can monitor and negotiate each bill themselves, but doing so can be time-consuming and confusing. Even former U.S. Surgeon General Jerome Adams struggled to negotiate his own medical bills.

“I am a realtor and my clients have often asked me to provide market data to help them go into the county to file for their own property tax protection,” she said. “I need to provide all the reports so they can compare. After that (with the help of Ownwell) it’s very easy for me to get a tax reduction. I now refer many of my customers.”

Zhu, who moved to the United States from China in 1993, added that these services are even more beneficial for non-native speakers like herself.

“Some people don’t speak much English,” she said. “It’s very easy for them to use and they get savings very quickly.”

Medora Lee is a money, markets and personal finance reporter for USA TODAY. Reach her at [email protected] and sign up for our free Daily Money newsletter every Monday through Friday morning for personal finance tips and business news.