We all want to get the best deal whenever we enter any business negotiation. That’s why it’s very important to level up your negotiating skills – especially when buying property.
The best way to get a deal is through having a middle man. Hire a real estate agent who simply has the expertise in these area. Pick a real estate agent who has been in the business for a long run and have the knack in getting the best deals possible. But even though you’re under the guidance of your agent, you have to learn some tactics that may bring you what you want. Here are some of them:
Quickly respond to the uptake
When the seller says an offer, give a counteroffer right away. Delaying your response can lead for the seller to initiate a bidding war to other potential buyers leaving you with a possible higher offer than before.
Communicate through your agent
Whenever you are negotiating for the price, always remember to pass your opinion to your real estate agent. This seems like a long process but your real estate agent will be able to see any red flags that are happening during the transaction. Your real estate agent is also equipped with legalities. This assures that nothing in the negotiation will go awry.
Be flexible
Be flexible. Always change strategy when you are in a certain market. When you’re dealing with a soft market, you must choose the initial bid that’s 10% lower than the amount that you want to pay in. This way, you still have space to bid for the price that you’re really willing to pay for.
In a more competitive and hazardous market, remember to establish your credible financial background. Sellers favor those buyers who are already established rather than those who are younger and just starting out.
Always keep a poker face
It’s a classic maneuver in the world of buy and sell: do not look interested. Do not show sellers that you are already falling in love with the property. Do not gush how pretty the bathroom is or how perfect the location is. Keep a poker face and show that this is not the only property that you’re looking at. This will make the seller willing to lower the price.
Count, count, count
Always remember to compare prices. Call your mortgage broker and ask him or her to calculate your estimated monthly payment including the taxes.
Remember these tricks and you’ll surely get your dream property for the price that want!
Image source: http://www.persquare.com.ph/for-sale/condominium-ncr-metro-manila-pasig/2-br-condo-unit-in-pasig-start-investing-now-before-it-s-too-late-limited-slots_122241 – Empire East Holdings Inc.