This week we're joined by Emma Duncan from Anne Duncan Real Estate to talk about her top negotiating tips on property.
The Art of Negotiation
While many of us shy away from confrontations, negotiations are an integral part of many professions, especially real estate. In Emma’s experience, no two negotiations are ever the same. Factors like the house’s value, the type of buyers, and their motivation levels can vary immensely, making each negotiation unique.
Understanding Market Dynamics
One of the critical factors in any negotiation is understanding the market dynamics. This involves looking at historical data, understanding motivations behind sales, and staying updated on current market trends. In 2021, the value of a property might have been different than in 2023, especially considering market fluctuations and external factors such as recessions.
Emma emphasised the importance of gathering knowledge before diving into a negotiation. This involves understanding why a property is on the market. Is the owner looking to buy a new house? Or are they just testing the waters? Knowing the motivation can be a game-changer in negotiations.
Tools and Techniques
There are numerous tools available to aid in understanding property valuations. However, Emma pointed out that these online tools, while useful, often offer a broad range and can sometimes be misleading. Thus, relying solely on them might not be the best strategy.
A practical approach would be to ask the real estate agent for the top three comparable sales. Analysing these sales in terms of floor area, building age, land size, and location can provide a clearer picture of the property’s value.
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Disclaimer:
The information in this article is general information only, is provided free of charge and does not constitute professional advice. We try to keep the information up to date. However, to the fullest extent permitted by law, we disclaim all warranties, express or implied, in relation to this article – including (without limitation) warranties as to accuracy, completeness and fitness for any particular purpose. Please seek independent advice before acting on any information in this article.
