Negotiate like a professional to secure the property at the price you want.
We all want to know that we have got a good deal. Whether that is for the purchase of a new car, a holiday and even your home. As property is the, if not one of the, most expensive purchases you will ever make, it is vital that you are happy with the outcome. Therefore before you make your offer be sure to work out your negotiating strategy with these helpful pointers.
1. Keep your cards close to your chest.
It probably won’t be that easy hiding how much you like a property. But remember to keep a level head and don’t let on how desperate you are for it to the real estate agent or owner. If they have seen that you have fallen head over heels for it, then they will know that you will give anything to get it. But if you do give too much away, don’t forget to drop in the negative points too such as the old air conditioning unit in the bedroom that will need replacing that should be factored into the agreed cost.
2. Keep your agent even closer to your chest.
Your real estate agent will want to get the deal done as they will work on commission. You can use this to your advantage but being nice to them to get an inside scope on the situation. Appease to them to see if you can ascertain what the price is the owner is willing to accept or how desperate they are to sell. Get on side with your agent but whilst doing this do not forget point 1. This can be a tough balancing act as many agents get paid commission on the sale so it is in their best interest to sell at the highest price. So tempt them to work hard for you by reassuring them that you will use their service to rent out the property or sell it later down the line.
3. Start at the bottom.
Your first offer is your starting point. Remember that owners will want to see an increase on this so don’t start too close to your maximum but equally don’t start too low which may think that you are not being serious. Be realistic and gauge their reaction with your first offer in order to make your next move.
4. Provide evidence.
Why should the owner accept your offer? Spell it out to them. Are you looking to transact immediately? Do you have the funds in place? Is the lower offer because you noted that the water tank needs replacing? Did the property next door recently sell at this level? Provide comparable evidence to back up your offer.
5. Keep calm and don’t change your mind.
However frustrating the negotiating process may turn out to be, keep smiling and remain calm. You want to remain professional throughout the process so only offer on a property you genuinely want. No one appreciates time wasters. This will irritate the agent and the seller and could result in them choosing another offer over yours. Keep to your word as a loyal customer counts for a lot.
If you are still looking for a property to rent or buy in Malaysia then have a look through Dot Property’s comprehensive listings found online here.