Your search has ended and you have finally chosen your dream house. If you think the hard part ends there, you have another think coming. The game has just begun and it’s time to negotiate. No one pays the first price quoted, neither should you. Here are some tips to up your negotiation game.
- Research current market trends. Before you negotiate with the seller, fix your bargain price. Find out the going rate of similar properties in the locality and peg your bargain price lower than that. If the market is sluggish and the supply is more than the demand for real estate, you may be able to negotiate the price down really low.
- Understand the seller’s intentions. Think of it as a game of poker. To negotiate the best deal with the seller, you have to first get into his head. What is the seller’s intention behind the sale? Do they need immediate cash flows? Do they have a more lucrative investment to make? Are there any issues with the property or locality that might bring down their returns if they delay the sale? Depending on the seller’s intentions, you can find leverage for bargaining.
- Play with payment terms. Can you make the payments in larger instalments? Can you make a substantial down payment? Do you have a pre-qualified loan? Often sellers will agree to a lower negotiated price if assured of early payments.
- Don’t play too hard to get. When a seller is on the verge of selling you one of their most valuable assets, your lack of interest in it could put them off. Ask more questions, show inclination, and show him you are interested in his property. Only when you go halfway, you can expect the seller to meet you there.
- Seek cash discounts. Real estate is one of the most competitive markets and sellers employ all sorts of sales strategies to attract buyers. Giving away free gifts or allowing certain percentage of discounts has now become a common thing. Don’t wait for the seller to offer the discount or nod your head to his first offer. Your confident negotiating tone is what pushes the seller to agree on your price.
- Know when to stop. It is good to be aggressive while negotiating your price with the seller, but don’t be too adamant about your fixed number. Negotiation can only happen when both the parties are ready to compromise. You may have 48 lakhs in mind, but it is okay to stop at 50.
- Win-Win: Every negotiator’s goal is to achieve a win-win situation. First thing, build a good rapport with the seller. The seller should feel that you are also listening to his side of the story and not just imposing your views on him. Make sure to arrive at a situation that is going to benefit both parties.
- Get help. Builders and developers often have an upper hand on the buyer in terms of knowledge of market trends and the sector in general. Consult experts before you agree on any price and get insights from them to get a better deal.
- Deal directly on Zaasna
Use the Zaasna Deal Desk tool to get your desired price for the property you have chosen. Directly negotiate a price with the developer in real time and cut the costs of middlemen.
With these tips in your arsenal you are ready to get your dream house at your price. Want more tips on home buying? Get them here>>