Tips to Negotiate Best Property Price

Bangalore : The housing market is on the mend and the real estate values are hiking. Whether it is a buyer’s market or a seller’s market, negotiation is an intricate matter and dealings are unique. All property buyers have one thing in common; they don’t want to get sheared off and that’s natural and reasonable. Buying a property is one of the steep transactions in life, so it is imperative to do it accurately and get the best price. Here are the tips to negotiate property price.

These tips are aimed mainly for property buyers but it can also be helpful for sellers to be aware these techniques. These tips will help you to lock down the best deal on your property.

Maintain affirmative mindset:

Approach the negotiation with a win-win and plethora mindset, hoping that everyone can profit from the transaction while communicating with an agent, be clear, concise and straightforward.

Do Prelim research:

To be a triumphant property buyer, it is advisable to do research on prevailing property prices in that area. You should know what properties have recently sold out, as this awareness will give you a diverse pro and allow you to find out whether the property is worth pursuing or not. If you find that the property sold at a significant lower price per sq.ft, note it down and use it during negotiations.  You can also find out the same from real estate sites, but keep in mind that the rates quoted on websites are usually 3-5 Lakhs high compared to actual rates. It takes a substantial amount of time to gaze at comparable properties. Be warned that, when agents proffer you a list of comparable sales for free they will often pick out the utmost selling properties to lug the price of your sale up.

Keep knowledgeable:

Get sellers information from the agent. Are they looking for a fast sale? Has the property been on the market long? Have sales fallen through? All this can help you out whether your seller is ready to drop the property price or the market is signifying the property is high-priced. The agent knows what price the seller would accept. He should not be revealing this information but his best interests are in seeing the sale go through. Turn this to your benefit by making few changes in price and then, the seller might think something less than the asking price and see if the seller arranges a presentation.

Keep your Motivations secret:

If anyone found their dream home, they will be exited and they reveal in excess. The seller certainly doesn’t have to know that revealing too much in front of sellers, may lead sellers to take the upper hand in negotiations. Be careful and don’t tip your hand as buying a property is a bit like a poker game.

Demand repairs prudently:

Be sure to approximate the price of any essential home improvement which you are going to take on for the property. You can submit this list and demand that the sale be dependent upon completion of the repairs. If you feel that you can get the work on cheap by yourself then,  try to get a price reduction on the property and complete the home improvement yourself later.

No home will be perfect so consider and list out each and every problem and be prepared to fall the property price.

Create time pressure:

If the seller is interested in your offer but wants to hold out for a better offer take this option away by creating time limit. Create a realistic reason otherwise the seller may think manipulated. For example, create reasons like that you have seen another property you and don’t want to miss out offer.

Conclusion:

When you are in the buyer’s market and trying to determine the property price, it’s important to comprehend how the properties are priced so, you can make a sound investment and a fair agreement. Using these tips, try to reduce the property price as well as don’t forget to research as research helps in making you confident and uncover the well-read offer.