It can be easy to fall in love with a property and pay too much – here’s how to negotiate like a pro

first_imgFollow these five tips for negotiating so you don’t pay too much.THE majority of home buyers are only in the market a few times in their lives, so negotiating on a property price can bit a bit awkward if you aren’t used to it.According to Darren Piper of Universal Buyers Agents said there were five things all buyers should do to help them negotiate like a pro.ASK FOR WHAT YOU WANT“Successful negotiators are assertive and challenge everything – they know that everything is negotiable,” Mr Piper said.He labelled this “negotiation consciousness’’ and said this was what made a big difference between negotiators.SHUT UP AND LISTENMr Piper said he was amazed by all the people he met who couldn’t stop talking.“Negotiators are detectives – they ask probing questions and then shut up. The other negotiator will tell you everything you need to know – all you have to do is listen.”DO YOUR HOMEWORKDo your home work well before the negotiating starts.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours agoIt was important to gather as much pertinent information as possible before you start negotiating.“What are their (the sellers) needs?’’ he said“What pressures do they feel? What options do they have?’’Mr Piper said this was vital information and you couldn’t make accurate decisions without understanding the other side’s situation.WEIGH up these three things before buying an investment property“The more information you have about the people with whom you are negotiating, the stronger you will be. People who consistently leave money on the table probably fail to do their homework.”ALWAYS BE WILLING TO WALK AWAY“When you say to yourself, ‘I will walk if I can’t conclude a deal that is satisfactory’, the other side can tell that you mean business,’’ he said.DON’T BE IN A HURRY“Your patience can be devastating to the other negotiator if they are in a hurry because they start to believe that you are not under pressure to conclude the deal,” he said.last_img

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