Happy re­sult key to ne­go­ti­at­ing

Whitsunday Times - - REAL ESTATE - – realestate.com.au

YOU’VE found the per­fect prop­erty, but can you get your per­fect price?

Here are some tips for ne­go­ti­at­ing a pur­chase price.

Ac­knowl­edg­ing the real­ity that ne­go­ti­a­tion is a two-way street can help make the process less daunt­ing.

Each party – the buyer and the seller – needs to gain some­thing from the trans­ac­tion and feel happy with the out­come. So ex­pect some give and take. Putting your­self in the seller’s shoes can help you work out how to best play your hand.

For ex­am­ple, why is the ven­dor sell­ing? And how can you present the case around your of­fer, and best time it for a suc­cess­ful out­come?

What you’re will­ing to pay for the prop­erty is only part of the equa­tion.

Sale and auc­tion prices are de­ter­mined by de­mand, and how much others in the mar­ket are will­ing to pay.

Make sure you re­search cur­rent, com­pa­ra­ble sale prices for sim­i­lar homes in the same area be­fore putting in an of­fer or bid­ding at auc­tion.

Put any fears and any neg­a­tiv­ity to the side. A con­fi­dent, pos­i­tive at­ti­tude is key in any kind of ne­go­ti­a­tion.

In most cases, the seller will be us­ing a real es­tate agent.

So avoid the temp­ta­tion of ne­go­ti­at­ing di­rectly with the prop­erty’s seller, and al­ways re­di­rect back to the agent even if the seller con­tacts you di­rectly.

The agent is an in­te­gral player in the ne­go­ti­a­tion process so make sure you are po­lite, pro- fes­sional, re­spect­ful and make a good first im­pres­sion.

Open, clear com­mu­ni­ca­tion is vi­tal. Re­sist too much game play­ing.

For in­stance, hid­ing your in­ter­est in a prop­erty can some­times back­fire, with an agent not tak­ing you se­ri­ously as a buyer; con­versely, don’t put all your cards on the table at once with­out think­ing it through.

Al­ways be aware of your up­per pur­chase limit and stick to it.

You could make a ridicu­lously low of­fer for a prop­erty in the hope that the seller may be naïve, des­per­ate or not know the true value of their prop­erty.

How­ever, if you are gen­uine about the prop­erty, for the sake of sav­ing time and po­ten­tial heartache, it’s best to of­fer close to your ex­pec­ta­tions.

The seller will ei­ther be in­ter­ested in your of­fer or not and ne­go­ti­a­tions will con­clude, or you will have the op­por­tu­nity to move away be­fore any emo­tional at­tach­ment over­whelms you.

If you make a le­git­i­mate low of­fer, in­form the agent why your of­fer is low so they can com- mu­ni­cate this to the seller.

Rea­sons for mak­ing gen­uine low of­fers might be be­cause some as­pect of the prop­erty re- quires re­pair or ren­o­va­tion in or­der to make it more live­able for you.

Al­ways be aware of your up­per pur­chase limit and stick to it.

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