Auction, For Sale, Tender or Off Market
Do you know what all of these selling options are? Do you know what rights you have? How many auctions have you participated in and how many pass in negotiations have you closed?
Negotiation begins from the moment we come into contact with the agent. We are usually fishing for information the moment we decide the property “may” be of interest to our client. However the serious negotiation begins after the property report discussion and a decision is made by our client to attempt to buy the property.
We need to have an idea of what we are happy to pay. We need to calculate what our competition is likely to pay (PROPERTY REPORT) and we need to estimate what both the vendor and the agent is trying to achieve (these can be different) and all the numbers are rarely the same.
Terms: most people forget that when buying a property it is the best “deal” not the best “price” that a vendor will take. Negotiation of terms can be a good way to close a deal. See our “how to” series article settlement for more info.
The walk away point for our client will usually be a mixture of our property report recommendation mixed with their emotional attachment to the property.
How much the vendor “wants” seems like a stupid question (it is the quintessential question that once it is answered you have finished the negotiation) The vendor rarely gets what they want. It is simply a starting point.
People forget the obvious question to the agent: What do you think it is worth? You would be surprised how many agents can be more honest than you would expect.
We need to discuss whether the property requires a pest inspection or a building inspection.
Have the contracts of sale been checked by a solicitor.
If we place an offer will we have a three day cooling off period or not.
If we make a conditional offer; how will it affect the vendors’ thoughts?
Once we have all the information we require we use our extensive experience to secure the property at the best possible price.
WE NEGOTIATE PROPERTIES ON A DAILY BASIS!
SO DOES THE AGENT YOU ARE ABOUT TO NEGOTIATE WITH!
HOW MANY PROPERTIES DID YOU BUY LAST YEAR?
Where to next?
For more in-depth information, try one of our “How-to” articles on Negotiation. Please continue to explore our website – there’s a lot of valuable information available here, especially in our How to buy Property in Melbourne series. A complete SITEMAP is also available.
If you are ready to have a chat please call us on (03) 9773 8404 or take five minutes to fill in the YOUR NEEDS form and we will contact you within 24 hours.