Negotiations

Generally speaking, when buying a property, there is a series of offers and counter offers which is part of the negotiation process.

Try to stay objective and reference your plan and budget before any discussions. Don't be afraid to ask questions.

Know your price range and stay within it.

Here are some tips on negotiating the best deal.

Have a plan well before any negotiations start. Remember, negotiation is always an option, so don't be rushed into a decision you are not sure about. There will always be another property for you. 

  1. Negotiation should be about getting a win/win outcome.

  2. Make sure your financing is in place so you can close the deal quickly if necessary.

  3. Make sure you are clear about what you want.

  4. Consider what is most important to you.

  5. Don't assume the Vendor shares your priorities. Ask questions and listen carefully to the answers. This will give you insight into the reasons the Vendor is selling and their priorities. For instance, does the Vendor have a deadline?

  6. Consider points you are willing to concede to get the property at the price you want.

  7. Make sure you do your homework on the area so you know what a fair price is.

  8. Be confident in your knowledge about the property and the area, for instance, are properties selling quickly in the area? What sort of prices are similar properties getting?

  9. If you don't feel comfortable negotiating yourself, you can always employ the services of a Negotiation Advocate. These professionals are trained negotiators and may be an option to consider.

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