So you have found the perfect property, but still deciding on the price? In this post, we will provide some tips you could when negotiating to the property manager or owner.
STEP ONE: Understand that negotiation is a process: Negotiate, not haggle
First thing to do is that you need to understand that the negotiation process is a 2-way street. This can make the process less stressful. Each party (you and the seller) needs to gain something from the transaction to make everyone happy with the outcome. It’s a give and take situation.
Try to put yourself in the seller’s shoes. This can help you work out how to handle the situation. Find out the reason for selling. Are you still getting profits with the current offer? Is this the best time for a successful transaction?
STEP TWO: Be familiar with the market value
Your budget is just a portion of the equation. Before you make an offer, make sure you are asking for a reasonable price. This is why it is ideal to know the market value of each property. You can attend some real estate events like property showcase or auctions to get more information. It is also advisable to make a research about the current situation in the industry. Compare the sales prices for similar homes in the same area.
STEP THREE: Be confident when making an offer
Don’t be anxious or take out those fears and any negativity to the side. All you need is confidence. Be positive when negotiating.
STEP FOUR: Seek professional services
In most cases, the seller is using a property manager or a real estate agent. As much as possible, don’t negotiate directly to the property’s seller. Always communicate to the agent even if the seller contacts you directly. Be polite and professional when talking to the agent. Make sure to give them a good impression for better transactions.
STEP 5: Know your limits
Always stick to your budget. Never purchase anything you cannot afford. If things didn’t go your way, it’s time to move forward and look for other prospects.
These are just some the things you need to consider when negotiating. Again, it is best to consult a tenured property manager or real estate agent. These professionals can help you find the best deal
