Tips on property negotiating
Know the market
There are two types of markets, a Buyer’s and a Seller’s market. In a Buyer’s market, the sellers are more and you have a better chance as a buyer of getting a good deal. Whereas in a Seller’s market the buyers are more and the sellers are few and you might not get such good a deal.
Know the locality
You should find out the prices of similar properties in the area. You should also know the period for which the property has been up for sale. If houses in a residential project have remained unsold for long, it would be easier to get a deal but this may also mean that there are shortcomings in that particular property.
Keep the cash ready
Make sure you keep the cash ready as most of them would like to seal a deal with a down payment then and there. Also if they do see that you have come with ready cash you’re more likely to get a good deal.
Work with the middlemen
You can choose to work with the middleman that is the brokers. These brokers could be working solo or they might also have a team that works for them. They would help you get a deal easier and fast and maybe even cheaper but obviously, they would take an equal lump sum as well. They would have been in the market for quite some time and hence would have knowledge about it as well. So if you want to go solo it would require you to have the same amount of knowledge as well.
Make the offer
Once you know where the seller stands on the discount its best to make an offer. Let the seller know that you are interested. This was it would be much more convenient to get a deal and maybe even a better discount.
No property is perfect in this world
Like I mentioned earlier if a property hasn’t been sold in a while it could have shortcomings, in fact all of them would. So if you get an idea about the limitations of the property you can make a deal based on it, they would be obliged to give you a discount if you are willing to buy the property with these blemishes.
Don’t ask for drastic discounts. No seller is going to think you are serious about a property if you make drastic discounts.