Opt For A Win-Win Outcome in Property negotiations

Property negotiations require give and take so keep a few ‘concession tricks’ up your sleeve and you’re more likely to get what you want.

Real estate negotiations don’t have to be a close combat affair if you abide by the golden rule of give and take. The ultimate goal is ensuring that both sides have a warm and fuzzy feeling about the deal on the table. The crucial point however, is, it’s a perceived deal – it doesn’t have to be in line with reality. As long as the buyer and seller feel they have gotten a property at a fair price or sold a home at a profit, they’re happy. It’s human nature after all - whenever we make a major purchase we like to be seen to have behaved wisely and done the best we could. So what steps should you to take to ensure a favourable outcome?

Pitch the price right - as bizarre as it may sound, pricing below the competition can ultimately put you, the vendor, back in the driving seat. By undercutting the market and asking for 90% of the perceived value, your house will look like a ‘bargain’ compared to your neighbours. You’re also much more likely to achieve your asking price, as buyers will be shopping around for properties where sellers have already priced in incentives.

Don’t back your client into a corner – stay flexible. Find out what makes them tick. Sometimes it’s not all about money. Very often it’s the small concessions that carry sway: the seller might not want to move out for another few months or the buyer might need the property at short notice.

- if you’ve gotten most of what you want and the other party is trying to wangle a few extras, then go with it, so they too can sense some “victory” in the bargaining process. If they perceive to be getting what they want, the deal will be less likely to fall through at the last minute. Pride can be a deal breaker, so take a step back, and look at the whole picture. Is it a fair offer for you? If yes, then act accordingly.