In a strong market like the current, there are always many buyers who go home every weekend sad and disappointed, yet again, missing out on the property of their dreams. It’s hard, only one buyer wins the property at the end of a sales campaign, so where does that leave you?
There’s no secret weapon when it comes to negotiating the purchase of your next home. Unless you have an endless amount of cash, then how do you compete with those who seem to? It’s not easy, though you can turn each loss into a win.
Before the conclusion of any sale, whether it is negotiating best offers in a private treaty or putting your hand up at an auction, I always ensure that every buyer involved with the sale is contacted and given an opportunity to purchase. After identifying that a property is of interest, I make the buyer only feel the need to compete with themselves and also have a complete understanding of their limits, emotionally and financially. I try to get them to release all emotions surrounding the purchase and look at it as just a number and make sure they know exactly what dollar they can spend up too.
My advice would be the following, ensure that when you go to negotiate a private treaty or bid at an auction, you go with confidence having researched the market and property and always make sure you put your best foot forward. In an auction, bid strongly and don’t surpass your limits. If you bid or offer up to and not over the dollar that property is worth to you or what you can afford and you lost the property for one dollar more, know that you went to your limit and walk away with your head high with the thought ‘they can have it’ running through your mind, then you know that it wasn’t meant to be or that property isn’t for you and that way you never really lost.
If you’re out to buy, always prepare your finances and don’t miss out on properties because you thought you didn’t have a chance. Always bid with confidence at auctions or offer your best dollar in private treaties. Sometimes you never know your luck. The only people who lose are those who offer less than they would have paid trying to get a bargain or those who didn’t come prepared. Remember, if you turn around and say, “I would have paid more for that property”, then you’re the one who loses. The owner’s happy, they’ve sold… The buyer’s happy, they’ve won… and well, I’m happy because I just got paid. The only one unhappy is you.