At Stacks, our Property Finders are professional when it comes to negotiating the correct price for a property. To share some of our wisdom and give you the upper hand in your buying journey, we’re sharing our property negotiation tactics with you.
If you are looking for a professional property finder to handle your negotiation or any part of your property-buying journey, contact our team of Regional Directors today.
Property negotiation is an important part of the property buying process. It ensures that you are getting your property at the correct price that both you and the vendor believe it is worth. Because of the way the property market works, the ‘Asking Price’ is not always the price you need to pay – depending on the competition, it could be more or even less – this is why having good negotiation skills is so important
Getting that balance between the price that the property is worth to you as the buyer and the price it is worth to the vendor – or other buyers – is a very careful balancing act. You don’t want to be too harsh with your negotiation and upset the vendor in the process. But neither do you want to be too lenient and end up spending more than you want to.
Here are some of our best kept property negotiation tactics. If you would like further help and support, make sure you contact us to work with a property expert.
Don’t Underestimate Personalities – when it comes to selling a property, the vendor has more power than buyers often realise. Therefore, it’s important to take their personality into consideration and offer a fair price for the property and their situation.
Vendors also often like to know about the person who will be living in their house and what their story is. If you are a family who wants to create a loving family home, share this information, as it may make you a more desirable buyer.
Understand that it’s not ALL about the Money – this goes hand in hand with the above point about personality. Sharing your story, giving background, being sensitive about the vendor situation or offering flexibility : all of these elements can make you a more desirable buyer, sometimes more desirable than a higher offer.
Check the Market and Bidding Trends – make sure you’re taking all the market trends into consideration. This includes house prices in the area you’re looking to buy in, property desirability and future development plans in the area. Then make sure that your negotiation is in line with all of this.
If you choose to work with Stacks and our property negotiation service, our Regional Directors already have a huge amount of knowledge in the given search area, this will save you time and give you insight into what to expect.
Seek Professional Advice – As buying agents, we work in property negotiation on a daily basis, because of this we are experts in this field. If you want to get the best negotiation deal for your property, the smart thing to do is to seek professional advice from an expert buying agent like Stacks.
We do a lot of the leg work, so you don’t have to. As well as stepping in with the negotiation, we also deal with legal bodies and help with your property search. If you would like to find out more about our property negotiation service, contact our team today.
Set Your Own Limits – This is personal to you and your situation. When going into any type of property purchase, whether it’s auction, sealed bids or traditional property negotiation, you should always set a realistic limit to your bid and stick to it.
Don’t Take It Personally – Along the same lines as setting your own limits, it’s important not to take outcomes personally. If your bid doesn’t get chosen, try to be philosophical – – it is unfortunate and can be upsetting when you have your heart set on a property, but some things will always be out of your control -for example the depth of other people’s pockets, or perhaps the vendor was always going to sell to a friend’s daughter. Distancing your emotions and remembering it is a transaction can help with this. Also, remember, if you are working with Stacks, we will be there to jump straight back into property hunting and hopefully find you an even better property down the line.
If you are trying to get the most out of your property negotiation, then contact Stacks. Our Regional Directors will know all the ins and outs of the area you are looking at and be able to negotiate to get the best deal possible.
For property negotiation tactics that you can rely on – give our team a call.
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