Smart negotiation tactics buyer’s agents use
Buying a property can be a highly emotional decision for you, but it is first and foremost a business transaction. You have to know all the smart real estate negotiation tactics to use if you want to get the right property at the best possible price.
Engaging the services of a buyer’s agent can be the best way of doing this, as they know exactly how to deal with real estate agents when buying a property on your behalf. We have put together this guide to buyer agent negotiation techniques. You’ll learn why buyer’s agents are better placed to find you the perfect property than if you do it alone.
Negotiation tactics buyer’s agents use to get the deal done
1. Negotiate without emotion
When you’re looking for a new home in the Northern Rivers and Tweed region, it’s very easy to get overly excited about an individual home. This can lead to rationality going out of the window, and you can end up paying far more than a property is worth, simply because you’ve become emotionally attached to it.
To a buyer’s agent, buying a property on your behalf is simply doing business. They will negotiate without emotion and get you the right price.
2. Know how much the property is worth
A buyer’s agent has a thorough knowledge of the property market in the area/s where you are looking for a home. They also understand all the benefits and drawbacks of the neighbourhood. This gives them an in-depth understanding of the relative value of homes in the area, so they are better placed to negotiate the right price than a buyer who doesn’t have the same amount of experience.
3. Understand what the buyer wants from the purchase
A buyer’s agent will take the time to understand exactly what you are looking for in a property. They will ask you about the areas you are interested in, your price range, the type of property you are looking for, number of bedrooms, and a wide variety of other questions. Then, based on their local knowledge and real estate contacts, they can perform a targeted search in much less time than it would take you.
Additionally, buyer’s agents know exactly how to negotiate a house price, so they understand where there is room for manoeuvre and can potentially get you a better deal.
4. Establish good relationships with the real estate agent or seller
One of the main advantages of using a buyer’s agent is the number of contacts they have within the local real estate industry. Their database includes many of the real estate agents in the area, as well as plenty of sellers. This means they can find opportunities that buyers like yourself might not be aware of, such as off-market sales.
In addition, they can formulate a successful real estate counter-offer strategy for buyers in cases where the property already has an offer on it but the vendors are willing to consider alternative proposals.
Buyer’s agents also understand that there might be a possibility to continue to negotiate the price after the contract is signed. For example, they might be able to gain you a significant reduction based on structural and pest reports, even after contracts have been exchanged.
5. Devise a presentation that appears exact
One of the main problems for home buyers is that they do not know how to deal with real estate agents when buying. You might come across as vague in your negotiations, suggesting that you like the property but you’re not sure, or you’re too aggressive in your negotiating tactics – which can discourage the seller.
A buyer’s agent will put together a presentation that is precise, stating exactly why the property is worth the amount offered. They know what figure is likely to be accepted, and they will secure the property for the best price they can, through their market knowledge.
Find out more about negotiating tactics for home buyers
Buying a house can be a difficult process, but it will go a lot more smoothly if you know the best negotiation tactics and have the right people on your side. If you would like more information about real estate negotiation tactics, as well as how a buyer’s agent can make things easier for you, please reach out and we will be happy to help.