We can boil down negotiating Real Estate to 8 specific and very handy rules:
- Arm yourself with facts and figures. In the case of real estate, you must find out what price comparable properties have recently sold for.
- Point out any defects in the property. This is a buyer’s means of getting a better price, but a vendor can also use this by accounting for it in the price and pointing that out.
- Try to keep the agent and vendor on side. Communication is of paramount importance. If you alienate the other parties, you will almost certainly lose the deal.
- Don’t put your best offer first. This allows you to assess the state of affairs. Often the vendor may not be expecting as much as you think or other offers are lower than expected.
- Understand the importance of timing. This is crucial when you actually advance your top price. Sometimes you can achieve a knockout blow to other bidders just with right timing.
- Keep your emotions in check. You don’t want to tip your hand. Keep the other parties guessing.
- Know when to walk away. This one relates both to not getting over-emotional and when your top price has been exceeded, but it can also be strategic.
- Select the most experienced estate agent to assist you.
At First National Browns Plains, we are experienced in all aspects of real estate.