Ability to negotiate is not a gift everyone can boast of as it requires great skill and expertise. It could take a lot of skills, time, and technicalities; and that is why some buyers love to hire mortgage experts to handle things for them. However, in the absence of an expert, you can actually negotiate a property to buy with the following tips:
Study/Research The Market
Do your research on and inspect as many houses as you possibly can before making an offer or negotiating with the original owners or representatives of the property. This will help you get a feel of the quality of houses available on the market and the average sales prices.
Set a Limit
You have to pre-plan your budget to determine your maximum buying limit. Avoid buying a property that is above what you can afford and be prepared to walk away if negotiations go beyond your maximum limit.
Never Let The Cat Out of The Bag
Keep your plan close to your chest, and always remain calm and neutral. Don’t let your emotions cloud your judgment and sensibility. Also, make sure the property owner or realtor does not know your personal limit or how much you really like the property.
Always start your negotiation with a lower price
When making your initial offer, always begin by offering less than the asking price; and if necessary, you can work your way up. In the real estate industry, it is quite common for houses to be sold for a value which is below the asking price; as such, you always have to know when and how to pace yourself.
CEO of Home Finders, Seasoned Entrepreneur & Writer. Kola Adisa is a specialist private property finder with staggering experience in the real estate and relocation’s industry in Nigeria. He is helping hundreds of families with specific needs find the properties they want in the shortest possible time. Kola also runs Iyanda’s Diary