Congratulations. You’ve found a property that ticks every box. But now comes the challenging part: securing it for the best price possible.
In this blog, we’ll share eight tips to help increase your chances of getting the best deal possible.
- Do your homework
Perth’s real estate market can vary greatly from one suburb to another, so it’s essential to understand the local property market before diving into any negotiations. Research recent sales data for comparable properties and look at market trends, as knowledge is your most potent tool in negotiations.
- Make a reasonable offer
When you find a property you’re interested in, don’t lowball as this could alienate the seller. On the flip side, an excessively high offer leaves you with less room to negotiate. Strike the right balance by using your research to come up with a fair offer.
- Build rapport with the seller
Establishing a good rapport with the seller can work in your favour during negotiations. Being respectful and courteous can lead to a more cooperative atmosphere. Sometimes, a seller may be more inclined to consider your offer if they feel a connection with you.
- Understand the seller’s motivations
Knowing why the seller is parting with their property can be a game-changer. Are they looking for a quick sale, or are they after financial gain? Tailor your offer to align with their motivations. This can significantly improve your chances of striking a favourable deal.
- Highlight your strengths
As a buyer, you have strengths that can be appealing to sellers. These may include being pre-approved for a mortgage, having flexible settlement terms, or being willing to move quickly. All these can make your offer more attractive because, sometimes, it’s not all about the money
- Don’t rush the process
Negotiations can take time, so be patient and allow room for the back and forth of counteroffers and discussions. Sometimes, the best deals come to those who are willing to wait.
- Be prepared to walk away
Sometimes, the best negotiation tactic is the willingness to walk away. If the seller isn’t meeting your terms or the price exceeds your budget, be prepared to move on to other options.
- Have a buyer’s agent in your corner
One of the smartest moves you can make in your Perth property-buying journey is to enlist the services of a local buyer’s agent. A buyer’s agent works exclusively for you, helping you find properties that match your criteria. They can then negotiate on your behalf, usually helping you achieve a better deal than you could on your own.
Want to buy an investment property in Perth? As an expert Perth buyer’s agent, Resolve Property Solutions can help. To discuss your options, book a free strategy call with Peter Gavalas.