{"id":6124,"date":"2017-09-07T01:20:19","date_gmt":"2017-09-07T01:20:19","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/how-to-negotiate-the-purchase-price\/"},"modified":"2017-09-07T01:20:19","modified_gmt":"2017-09-07T01:20:19","slug":"how-to-negotiate-the-purchase-price","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/how-to-negotiate-the-purchase-price\/","title":{"rendered":"How to negotiate the purchase price"},"content":{"rendered":"

<\/p>\n

\n

There\u2019s much more to negotiating a purchase price than meets the eye. It\u2019s a fine art, requiring careful research and a clear strategy.<\/strong><\/p>\n

Industry expert, WBP Group executive chairman Greville Pabst, shares his top tips for closing the deal, either at an auction or in a private sale.<\/p>\n

\"13<\/p>\n

Get to know the ins and outs of any property you want to buy, including why it\u2019s for sale. Picture: realestate.com.au<\/p>\n<\/div>\n

1. Understand the process<\/h2>\n

\u201cKnowing as much as possible about a potential property transaction and how it will run benefits buyers,\u201d Pabst says.<\/p>\n

That extends from learning about the property itself, why it\u2019s for sale, what\u2019s happening around it and current market conditions, down to who buyers will actually deal with.<\/p>\n

2. Be prepared<\/h2>\n

\u201cWhen going into an auction especially, it pays to be organised,\u201d Pabst says.<\/p>\n

\u201cBuyers without their ducks in a row are immediately on the back foot in any negotiation.\u201d<\/p>\n

Make sure you have all your finances in order. At an auction especially, you need to be absolutely clear on how much you\u2019ve got, what your limit is and what your strategy is. It\u2019s really important.<\/p>\n

Preparation should extend to the terms a buyer wants too.<\/p>\n

\u201cYou need to have the terms you want locked down prior to auction day and have discussed them with the vendor\u2019s agent,\u201d Pabst adds.<\/p>\n

\"Realtor<\/p>\n

Good preparation is key in order to be in a strong position to negotiate a better price on a property. Picture: Getty Images<\/p>\n<\/div>\n

3. Research, research, research<\/h2>\n

Swotting up before entering a negotiation is absolutely vital.<\/p>\n

\u201cResearch as much as you can yourself or use a professional to help you understand the property and the market,\u201d Pabst says.<\/p>\n

Knowledge is power when it comes to negotiation. You need to understand the underlying fundamentals affecting a property and even things like a property\u2019s orientation on the block, if there\u2019s an application in for a block of flats next door or if there\u2019s car parking issues in the street.<\/p>\n

\u201cThere are a lot of external factors and attributes which impact on a property and influence where you go with an offer<\/a>,\u201d Pabst says.<\/p>\n

Buyers shouldn\u2019t be complacent and rely on what the selling agent says.<\/p>\n

\u201cIf you don\u2019t do your homework, you can pay the price,\u201d\u00a0Pabst adds.<\/p>\n

4. Know your range<\/h2>\n

Go into an auction or sit-down negotiation with a realistic range in mind.<\/p>\n

\u201cThat range is not the range the agent gives you, but the figure you\u2019re prepared to go to and are comfortable with,\u201d Pabst says.<\/p>\n

Going in low is not always best.<\/p>\n

\u201cIt\u2019s a case-by-case scenario and comes down to you having done your research.<\/p>\n

\"Auction.<\/p>\n

Follow your head not your heart when it comes to price. Picture: Getty Images<\/p>\n<\/div>\n

5. Keep your emotions in check<\/h2>\n

Buyers can get emotional about the property, but not about the price.<\/p>\n

\u201cIf you\u2019ve done your research, you know what you can stretch to and you know what your strategy is. Don\u2019t let emotions drive the process,\u201d Pabst advises.<\/p>\n

6. Be confident<\/h2>\n

Confidence and strong body language matter.<\/p>\n

\u201cIf you\u2019re going to have a good chance of getting a property, especially at auction, you have to bid confidently,\u201d Pabst says.<\/p>\n

\u201cThere\u2019s no point playing games. Stay within in your limit, but be confident in how you present yourself. What you project, and your body language, both have an impact.\u201d<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s much more to negotiating a purchase price than meets the eye. It\u2019s a fine art, … How to negotiate the purchase price<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6125,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[695,1403,15239,62,12908,543,258,3021,41,818,479,17],"class_list":["post-6124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-agent","tag-buy","tag-chase","tag-for-sale","tag-home","tag-home-buying-guide","tag-new-home","tag-private-sale","tag-property","tag-real","tag-realtor","tag-vendor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/capi_b5a20492a3e15af76e5514dbf96421b9_55b99daeb6f6ed1030b7842fde2203c8.jpeg?fit=1023%2C576&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":5863,"url":"https:\/\/amazingproperty.com.ng\/blog\/which-selling-option-is-best-for-me\/","url_meta":{"origin":6124,"position":0},"title":"Which selling option is best for me?","author":"Amazing Property","date":"August 24, 2017","format":false,"excerpt":"Every property is different, but when it comes to selling, there\u2019s only three ways to do it: auction, private treaty or sale by expression of interest. Understanding the options \u2013 which each have advantages and disadvantages, depending on market and area trends \u2013 then choosing the best method of sale\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"how-to-sell-your-property_2000x1500-1024×768.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/how-to-sell-your-property_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/how-to-sell-your-property_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/how-to-sell-your-property_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/how-to-sell-your-property_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11404,"url":"https:\/\/amazingproperty.com.ng\/blog\/should-you-go-to-auction-or-private-sale\/","url_meta":{"origin":6124,"position":1},"title":"Should you go to auction or private sale?","author":"Amazing Property","date":"November 21, 2022","format":false,"excerpt":"When selling a property, you have to make a lot of decisions, but one of the most important ones is about the method of sale; auction or private sale? 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Knowing when and how to make an offer is important. 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