6 Fundamental Negotiation Tips to get the Best Deal for a Resale Property

Leading builders do not negotiate when it comes to the pricing of their property. However, when you are buying a property from an individual as a resale property or from a lesser known builder prices are usually negotiable.Negotiation is an art form and it need some practice. However, if you plan ahead, you can negotiate better and get a better deal. Here I have listed the 6 negotiation tips that will sail you through any negotiations.

1. Do not involve ego in the deal

Ego has never been man’s best friend, in fact it makes you weaker. While negotiating with another person your ego or self importance is easily visible to your opponent which he can exploit to his advantage.An intelligent negotiator has only one thing on his mind, to get more money and the best deal. But a self important person will gladly let go off some of his profits if his ego has been tended to. So the golden rule is, keep your calm and keep your ego out of the deal.

2. Do not make the first offer

Let’s rephrase the heading – “Never make the first offer”That is because the other person’s offer might be much better and more profitable than you intend to make.I recently wanted to shift from my present location to another area because it was closer to work. I had been looking for apartments both from owners as well as through agents. One of the agents showed me an apartment which exceeded my expectations. I was in love with it immediately but didn’t want to get my hopes high because I thought it would be beyond my budget. I asked the agent the rent price and was shocked. It was not only lesser than I estimated but also lesser than what I was previously paying!

3. Make yourself as knowledgeable about the deal as possible

Are you a good detective or ever harbored a deep desire to be one? Use your skills now, ask your seller questions that will give you a better idea about him. Why is he selling the house? Is there a point where you could get leverage over him? Is there any way you could solve a problem for him?Say he needs to sell the property and get to his new working place in a very short time. So time is what he is lacking, here’s where you jump in to give him a solution. You promise to get all formalities and legalities completed in much less time and in return you quote a much lesser price. In all probability he will agree to it because you have given him what he lacked, i.e. time.

4. If you ever wanted to be an actor, now is the time to prove it

Whenever an offer is made make sure to flinch or appear surprised about how high the price is. It will always make the other person uncomfortable and think that he has offered too high a price and push them to rethink.

5. Have the guts to walk away

Yes it is always better to walk away than give in to a less profitable deal and though it may not work once or even twice, you will surely get your due. And though it may not seem such a good idea when there is a good offer, be patient, hold on to your side of the deal and you will surely be rewarded.

6. Get a pre - approved home loan

Getting a pre-approved home loan will give you a better chance to negotiate. It shows that you are well equipped and serious about the deal. This will make the seller interested in you and eager to sell you his property. You will thus be in a better position to make your offer.In all these points you must have noticed negotiation is about getting an advantage over your seller.   Money Control & Magic Bricks are two websites that will help you get an idea about the price ranges of properties.It would be helpful to know this information before starting negotiations. Try it out and let me know if it worked for you!