Negotiation is a key part of buying and selling property. Buyers and sellers alike have their own goals and financial expectations. That is why it is worth preparing thoroughly for the conversation, learning negotiation techniques and understanding how to avoid mistakes that could jeopardise the transaction.
For buyers:
- Gather information: Check the market prices of comparable properties in the same location. A well-justified proposal to lower the price has a far better chance of success.
- Find your arguments: Identify the property's drawbacks (e.g. in need of renovation, poor window aspect, no lift). Factors such as these can form the basis for negotiation.
- Keep your emotions in check: Too much emotional involvement can weaken your negotiating position. Stay calm and professional.
For sellers:
- Prepare for negotiation: Set a minimum price below which you will not go. Know your strengths: location, standard of finish and the property's additional assets.
- Assess the buyer's situation: Are they a cash buyer? Do they need a mortgage? The more you know, the better you can tailor your strategy.
- Don't reject a lower offer out of hand: Instead of saying "no", make a counter-offer. Keeping the door open encourages agreement.
The most common negotiation mistakes:
- Lack of preparation and data.
- Letting emotions take over.
- Applying pressure without understanding the other party.
- Lack of flexibility.
As part of our services, we will guide you through this often highly stressful process. If you need expert assistance, please get in touch. Our agents will take you safely through every stage of buying, selling or renting a property.
