Buying or investing in a property can be a stressful process. Negotiating a deal with a real estate agent can be intimidating, especially if you’re not familiar with the process involved. That’s why it’s important to look for a real estate agent who is knowledgeable, qualified and reliable for the job. Before you approach real estate agents, put yourself in their shoes and consider their perspective.
A lot of terminologies and subjects in the process may be new to you, but if you spend a bit of time in the market, you can pick up a lot of tips and tricks to understand the market and negotiating better.
Understand that the real estate agent is working primarily on the seller's behalf. This doesn’t mean, however, that they’re working against you. Take advantage of the agent's experience and connections and inspect as many properties as you can. Doing this will give you an even better feel for the market. When you find one you like, offer less than the asking price and gauge the agent's reaction. If they’re over-enthusiastic, it may mean the seller is willing to settle for even less, so try to negotiate at an even lower price. If the agent is firm about the price, then try to find a middle ground.
Here are more tips that will help you get a good deal.
Be prepared and market knowledge savvy.
Many buyers actively search before being pre-approved for finance, having/engaging a conveyancer/solicitor, and conducting sufficient due diligence on the current market and likely comparable sales. It’s crucial that you’re ‘game ready’.
Assess the seller’s position.
Give the vendor more reason to select you as a preferred purchaser. It’s not always simply the highest price that a seller will accept, but sometimes more favourable terms can make a difference: settlement periods, deposit amounts (and capacity to release), and existing tenancy situations.
Know the method of sale.
Most buyers wrongly assume that all property sellers and selling agents ‘sell’ in similar ways, however, this can backfire if you won’t find out exactly how the property is going to be sold.
Almost everything is negotiable.
Negotiation is a give-and-take transaction (often on both sides), so don’t be afraid to seek changes here that suit. You’ll never know if you don’t ask. Having a great conveyancer/solicitor on the side can also assist if you’re not using a buyer’s agent for your purchase.
Be willing to walk away.
If you’ve done all your homework, presented your best offer and weren’t successful, don’t hesitate to walk away confidently. If you’re a realistic buyer in any market, you’ll eventually succeed. Walking away may be hard, but paying too much over market value is foolhardy.
Consider negotiating a deal with the top real estate agents in Australia today.