Effective negotiation of a property price

Negotiating property prices – a practical guide

Buying a property is an important event in anyone's life. Such an investment involves large costs, so nobody wants to overpay. However, getting the most attractive price is quite a challenge, and not everyone can meet it. Effective negotiation is a skill that even professionals spend years learning. How do you go about it to achieve your goal? We offer some suggestions in today's article.

You view one flat after another, looking for your dream place to live. At last you come across the ideal property, where you feel at home from the doorstep. But the price does not quite suit you? All is not lost. Remember that flat owners are usually prepared to negotiate, and often inflate property prices so that they have something to come down from during the haggling. Before you move on to talking about the price, learn the most important rules of effective negotiation.

Prepare yourself

Before you start the bargaining, prepare well. Research the prices of similar properties in the area. If they turn out to be lower, you have gained a strong bargaining chip. It is also worth calculating the price per square metre. In this way you will counter the argument about the number of rooms. Sellers often praise their flat by saying that, compared with a cheaper one, it has e.g. 3 rooms rather than two. But if you compare the floor area, it turns out that there may be more rooms, yet the space is exactly the same.

Keep a poker face

The worst thing you can do when negotiating the price of a flat is to show how keen you are. Even if you have found your ideal property, where you can already picture your whole happy family, do not let it show, because you can be sure the owner will use it against you. Stay calm, ask many detailed questions, and make it clear that you still have plenty of flats to view. In this way you may be able to prompt the owner to lower the price just to finalise the transaction as quickly as possible.

Find out the seller's motives

Knowing why the owner wants to sell the flat is very valuable to you. It may turn out, for example, that they are in the middle of building a house and urgently need the money, or want to move to another flat and are also keen to complete the sale quickly. Knowing this, you gain an advantage that is easy to use during negotiations. If the seller is keen on a faster sale, they will be more willing to lower the price.

Estimate the costs

The cost is not only the price of the flat itself, but also the renovations or repairs that need to be carried out. If you want to buy a flat, you have to awaken your inner critic and find fault with everything you can. Every minor defect, unpainted wall or bathroom door that does not close properly should either be put right before the deal is struck, or the price of the flat should be reduced accordingly. And everyone knows that in any interior, even the most beautiful, some shortcomings can be found.

Negotiate the transaction costs

The costs of carrying out the sale of a flat can amount to 6 to 10% of the property price. It is worth agreeing who will pay them. A common tactic is to accept the price quoted by the seller on condition that the seller covers these costs. Most owners agree, wanting to close the deal quickly. If such a solution satisfies you, it is worth raising the subject during the negotiations.

We realise that effective negotiation is a skill that even estate agents spend years learning. So if you do not feel up to fighting for the price of your future flat on your own, rely on the help of experienced experts. With Marta Kulawik you can be sure of negotiating the best price for you.