Price Securing the right property can be a challenging and complicated process, especially when it comes to negotiating the price. In order to help you navigate this process, we’ve put together some of our top tips for tactfully negotiating the price without ruining your chances of securing the property.
Tip #1: Never Enter a Negotiation Empty-Handed
Before entering into a negotiation, make sure you have all the necessary facts and figures at your disposal. This includes getting quotes from tradespeople, hiring inspectors for a building and pest report, and doing your own research. These details will give you an edge when requesting a price reduction.
Tip #2: Separate Your Emotions
The most tactful way to negotiate is to eliminate all emotions from the conversation. Try to separate yourself from the outcome and present your side logically. The owner is under no obligation to accept what you offer, no matter how well you present your points. So, if things don’t go your way, being negative won’t help the negotiation.
Tip #3: Remember This Is Someone Else’s House
Negotiation is a two-way street, and to come to an agreement, concessions will have to be made on both sides. Try to understand what is important to the owner and think about what you can offer to counteract the price reduction you’re after. Perhaps a longer settlement period so they can find a new home or other incentives that can often be much more valuable than a couple of extra dollars.
Tip #4: If You Don’t Ask, the Answer Is Always Going to Be No
Don’t be afraid to ask for what you want. From wanting certain fixtures included in the sale price to extra inspection requests, you won’t know what the owners are happy to give if you don’t voice your desires.
A house that requires a bit of repair work, for example, is a great bargaining tool and generally an opportunity to secure a good price. However, before you go wild with requests, think about what is most important to you, as realistically the owners aren’t likely to budge on everything.
Keep in mind that the owners aren’t likely to budge on everything, so be strategic about what you ask for. For example, while you can inspect a property as many times as you like, it’s important to be considerate of the owner’s time and availability. Instead of constantly disrupting them, consider visiting the street at different times during the week to get a better sense of the neighbourhood.
By following these tips, you can negotiate effectively and increase your chances of securing the property you want.
