Whether you are investing in a buy-to-let property or trying to buy your dream home, you want to be happy with the agreed price. Both the seller and the buyer will be working hard to secure the sale. Negotiating is an art form that is perfected with practice.
A good agent should be on hand to assist you with the process, but there are a number of points to be aware of to help you along the way.
Firstly, sound out and gauge the other party. Before the negotiations start it is worth sussing out the other party. Once you know their position it can be used as leverage as part of the process. Are they desperate to sell to free up funds? Can they transact immediately? Or are they in no hurry at all? The answer to these questions will determine how much bargaining power you may or may not have.
From the outset, be nice to your agent. It is likely that they will be the middleman between you and the seller. Get them on your side and they may let you into some insider info on the other party.
Remember the agent works on commission so you will also want to achieve the highest price to line their own pockets, so keep your cards close to your chest whilst appearing to play ball.
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Maybe mention that you could increase your offer by 2 percent when in fact the real figure is 5 percent. This will give you some room to negotiate and the buyer will see that you have reached the top of your budget.
Charming your agent will go a long so building a good relationship is key. They will then want to help you secure a property, agree with a sale before moving onto their next purchaser.
Finally, offer and point out your merits. When placing your offer be sure to back it up. State why you have come in at that price whether it is because a similar unit in the building sold for the same price or because you think it will cost a certain amount of money to replace something faulty in the property.
Providing comparable evidence is a concrete way of supporting your offer and will bring awareness to the seller in case they are not up to speed with the current state of the market.
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