When you are inspecting a property keep your mouth closed and your emotions in tack. If you talk the property up and get excited, you are giving too much away to the agent. Remain neutral this could save you $10,000’s. A buyer that gives away too much pays too much.
Carry out the necessary inspections such as building, pest and strata reports. They can be a great negotiation tool with pricing if you use the reports to your advantage. For example, there may be items that you can live with but at the same time, you can take advantage of as it wasn’t something you factored into the agreed price.
Low offers are a good starting place, you can always increase your offer. You don’t know the seller’s position and you could save yourself so much money. Keep in mind within reason and the current market conditions in the area that you are buying in. Most buyer’s pay too much.
“Most Property Buyer’s Pay More Than They Should Have“
One of the golden rules of negotiation is silence. After you have submitted and offer, leave it with the agent. If you are following them up it shows your keen. Wait to the agent comes back to you and if they are you to increase your offer, tell them you need to think about it. The person who breaks the silence seldom wins.
Terms can work in your favour, for example, you may be ready to buy but you would prefer the proper settle earlier or later than scheduled. This is a negotiable term. The owner wants a longer settlement you may be able to negotiate a better price and justify this by saying an additional 4 weeks is equivalent to $2,000 in rent.
“Negotiation is Not Only a Skill it’s a Mindset”