How To Negotiate
When buying your most valuable asset, emotions are bound to run high – you WANT this property but the secret is finding common ground between you and the seller. You both want to move on to your next step in life, be in downsizing or upsizing but this is going to be your new family home, giving great excitement but for the seller, it holds great sentimental connections.
This process is one of life’s most important decisions.
Timelines, goals and finances all play an important role in negotiating therefore negotiations need to be swift and carry momentum for the best outcome
Negotiation breakdowns over such things like the inclusion of the dishwasher, the gutters aren’t cleaned or a price disagreement of just a few thousand dollars can be a real shame. But invariably they do and, in many cases, the unsuccessful buyer will pay much more for a similar property second time round and sellers in other instances, may remain on the market for a period longer and eventually accept a lower price.
Key tips for negotiating as a buyer.
Make sure you’ve got finance arranged and pre-approved. Dealing in certainty for sellers is gold as they know where they stand, particularly if there is more than one offer.
Make your offer a reasonable one. Lowballing offers doesn’t help for smooth negotiations and usually gets the vendors back up and may even prevent them accepting any offer from you.
Make your offer an excellent one. An offer the owner simply can’t refuse. Remember over time and years paying an extra few thousand now will not seem such a big deal over time.
Is your offer a clean one? Be prepared to remove conditions where possible or vary the terms. For example, you can negotiate how long settlement will take, how much of a deposit you will pay, conditions for existing tenants or vacant possession, and any fixtures or inclusions you do or don’t want.
Understand also that the agent’s obligation is with the seller but at the same time they have a duty of care to the buyer. Let the agent know that you are keen and motivated!
