In some time or another in your life you will have to negotiate. Good negotiating skills are not only valuable, but also essential when buying property. Here are a few basic tips on how to negotiate a good price for a property:
1. Information is Power
Try to get as much information on the buyer as possible, like if it is a quick sale and how long the property has been on the market. Try to find out if a sale has fallen through. This information is very handy when negotiating.
2. Don’t Give it Away
Try not to give any information away about your reasons for selling etc. You don’t want the seller to beat you at your own game.
3. Hide Your Emotions
Sometimes it is hard not to show your emotions when you like a property – especially if you are a first time buyer. Do not let the seller see that you are eager to buy and if an agent says there is another offer, ask to see it in writing.
4. Make it a Win Win Situation
A good negotiator always makes the seller think that he is winning; therefore it is important to let the seller know that he is getting the best deal. Think of ways to negotiate a lower price like bringing up the noisy street in front of the house or the high crime rate in the area.
5. Make Yourself Look Good
Make sure your mortgage is in place or that you have a pre approved loan to show the seller that you are serious as well as reliable. He might choose your price over an unreliable buyer because of the fact that you won’t back out.
6. Try Your Luck
Start by putting in a very low offer. Try your luck but don’t be insulting. Be realistic and remember to give good reason to defend your offer.
7. Put the Pressure On
If a seller tells you that he might wait for a better offer, apply some time pressure. Tell him that your offer stands for another 48 hours or a week to press him for an answer.
8. If All Else Fails … Try To Get More
If a seller suggest a higher price than you offered, try to get more out of the deal such as including the carpets or curtains or levies paid till the end of the year.
9. Negotiating is a Game
Treat negotiating as a game. Sometimes you will win, sometimes you will lose. The more you are able to work with negotiation skills as a game the more in charge of your negotiation you can be.
10. Don t Take it Personal
If the person you are negotiating with acts rude or difficult to deal with, try to understand their behavior and don t take it personally. The success of you negotiating will depend a lot on to what extent you are able to stand your ground. Remember this when the person you are negotiating with gets rude or too argumentative.
Author Resource:
Elizabeth works for SAHometraders - South Africa's leading online property portal, advertising property for sale in all areas of South Africa. For more information visit http://www.sahometraders.co.za
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