5 Tips for Price Negotiation
Olav Leok, a real estate broker at Pindi Kinnisvara with over 20 years of experience, shares tips from his own experience on techniques worth using when purchasing real estate for price negotiation.
- Familiarize yourself with comparable offers. If the owner is a serious seller, they must take into account market conditions and competing offers.
- Don't disparage the property, it will anger the owner. Throwing in a few kind words about an interesting property is not a sign of weakness, but sends a signal to the seller that you are a serious potential buyer. The owner is already familiar with the property's shortcomings, and constantly reminding them of these may derail negotiations.
- Ask the owner to tell you about the property's history and reasons for selling. Again, this may seem like it would disrupt the transaction, but a seller is more willing to let go of the property for a person who cares about it and understands the need to sell.
- Offer as flexible a transaction timeline as possible. If the owner wants to hurry, hurry. If the owner needs time to reorganize their life, give them time. If the owner feels that they are being considered, they will reciprocate.
- Don't offend the seller with an offer that's too low. It may be that the sale is indeed urgent and 10 percent price reductions are nothing unusual in the market, but that never happens if you start at half the price. You will simply be ignored and your offers won't be answered.
Article source: Pindi Kinnisvara
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