THINKING DIFFERENTLY ABOUT BUYING PROPERTY

sealing the deal

PART 3 | BY EVA COUGHRAN  — 1 MIN READ

Ready to learn how to negotiate a property purchase? So you’ve just spent months, weekend after weekend at open homes, searching tirelessly for the ultimate home or investment property and FINALLY, you’ve found it!

Firstly congrats!! It’s a tough gig to line up your brief with what’s actually on the market, so you’ve done extremely well getting this far. Playing your cards right in the next phase is vital if you’d rather be packing then back on the wheel of open homes.

We’ve put together nine hard and fast tips for going into negotiations – suit up – it’s time to seal the deal!

01. Never fall in love

Vulnerability has its place. But keep your heart out of the negotiation process. Whatever that takes. Professional advice at this point could literally save you thousands.

02. Be prepared to act fast

Some buyers spend far too long thinking about the ‘what if’ as they watch the good opportunities slip from their sight. Often, the best property purchases are the result of quick (informed) decisions.

03. Know what the vendor wants

You’re not in a position to negotiate until you: recognise what the sellers motivations are; know if there’s any other interested parties; are clear on the sales evidence; and understand the likely market value and calibre of the property. Missing this vital information can put you at a distinct disadvantage.

04. Cash is still king

Remember, the hardest offers for a seller to knock back are the simple ones, little to no conditions, straight forward. Look at conditions as a bargaining tool and once you understand what the vendors motives are, be flexible and use them to your advantage.

05. Don’t trust the agent

No two agents are the same and although it (literally) doesn’t pay to get nasty or defensive, don’t be fooled into thinking the agent is going to do everything to secure the property for you once you’ve made an offer. An agent works for the seller remember, not the buyer.

06. Be respectful

While the agent doesn’t have your interest at heart, they’re still human and are just doing their job. No two agents are the same and it (literally) doesn’t pay to get nasty or defensive.

07. Don’t start the bidding low at auction

When it’s clear you’ve got good competition at auction, don’t start the bidding low. This helps the auction gain momentum and puts more people in the ring to build emotion. You can often buy for less by starting high – helps when you know the value of the property from the outset.