Mastering the Property Negotiation Tips

Mastering the Property Negotiation Tips

24 Sep 2015 Professionals Real Estate 0 Comment

Image of two hands shakingA property sales agent has a lot of ongoing learning to be involved in so they can be continuously successful. Learning and mastering the property negotiation tips for anyone buying or selling property will definitely provide an advantage over the competition.

When negotiating a property sale there are three key factors that have got to be in the forefront. These are comprised of know what is negotiable and what is not. Keeping calm and maintain a level head is another. Then finally doing your homework which entails your market research is the third big factor for property sales success.

Auction Contract Terms Negotiation

After the auction it doesn’t mean there is no room for further negotiations. The buyer can pursue negotiations on term they don’t agree with. Important matter like deposits and payment methods, as well as possession dates can be negotiated. There are several detail still open for discussion and settlements.

Public Auctions

It may be that if negotiations are made on one contract that these same negotiation opportunities should be open for all the bidders. It should not be an exclusive right to only one contract.

Bidding When You Should

When you feel the time is right and you have found the home you want then don’t hold back. Start with a high bid and get the deal done, so you can move right onto the necessary negotiations. Don’t hesitate to use aggressive tactics when it comes to private treaty sales.

Don’t Worry About Waiving the Cooling Off Period

It is becoming the trend during private treaty deals to let the cooling off period go, or reducing it. It can be utilized as a strong negotiation move. Only do this though if you have done your due diligence prior to the sale, otherwise it could lead to serious problems.

Pre-Approved Financing

Don’t even consider waiving the cooling off period unless the financing is in place.  Don’t forget to do the proper inspections either if you are going this route.

Don’t Adopt Tunnel Vision Regarding Counter Offers

Owners often become set on a fixed figure when it may not be feasible or not in their best interests to hold out on a sale because the amount hasn’t been reached. For buyers, they have to adopt the mind set that they are willing to walk away if the price is out of their reach or is not what they were prepared to spend.

Partnership Agreement

When the purchase of the property involves more than one, then it is very important that both parties are in unison about the potential purchase. If not, it can lead to one being unhappy with the deal in the future.

Agents Must Practice Transparency

Buyers and sellers must take on the responsibility of doing their own market research concerning the pricing. This way there are no surprises and they know what to expect and can make the right decisions. They should also insist on dealing with an agent that puts everything up front.

Learn from Your Mistakes

Whether you are a buyer or seller, mistakes can be made. Learn from these so they are not made the next time.

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