If you are looking at buying a property, one aspect of the process that you must be ready for is negotiations. Negotiations can be quite tricky and bad negotiating skills can cost you a deal or lead to a bad deal. Let us look at a few negotiating tactics that you should be aware of as a property-buyer.
The first rule to understand is that negotiations are all about ‘give and take’. You cannot go into negotiations with the mission of ‘getting everything you want but giving nothing what the other party wants’. This can end in failed negotiations. Negotiations are essentially a two-way dialogue. You cannot be stubborn and stick to your demands without compromising on anything – this can cause the seller to get exasperated. At the same time, you shouldn’t be so eager to purchase the property that you agree to all of the seller’s terms without asserting any of your own.
In short, you shouldn’t be aggressive or submissive – just be assertive. While negotiating, it is extremely important to be cool and not lose your temper. Be polite and don’t be provoked into being rude. The negotiations should go like this – the seller may demand that you agree to a certain condition. If you do agree to accept it, make sure that you get something in exchange for your acceptance of the seller’s condition – probably a condition of your own, or a discount. You must be ready to compromise, but you must also be ready to get what you want. Therefore it is extremely important to prepare a list of your top priorities (what you cannot compromise on) and low priorities (which you are ready to compromise on in exchange for your top priorities).
The most important weapon of every negotiator is knowledge. It is knowledge that gives you the upper hand in negotiations and allows you to stay in control. One of the most important things to know is the seller’s reasons for selling the property. Is he going through bankruptcy, divorce, etc.? If you see that the seller is extremely motivated to sell quickly, you can use this as a tool during negotiations. You will also need to be fully aware of the state of the market. In a buyer’s market – when there are many homes for sale but few buyers, you generally have the upper hand. However, during a seller’s market – when there are many buyers, but few homes up for sale – you will generally have to be more ready to compromise during negotiations.
Syazrin Real Estate Team would like to advise all property-buyers to negotiate with property-sellers or their agents only with the help of experienced real estate agents. The process of negotiations in real estate deals can be full of twists and turns, and can be quite overwhelming for those who are not used to it. Competent real estate agents are skilled negotiators and can help steer negotiations in a direction that can secure the price and terms that are favorable for you.
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