Amass BMV Properties With Killer Negotiation Skills!
Competition for BMV properties is stiff, so learning a couple of negotiating tips can help improve your chances of landing a great BMV property deal.
Read the tips below to start negotiating like a pro for BMV properties:
Set a goal
The first step to successful property transactions is goal setting.
What do you want to achieve from this transaction? What happens after you buy a BMV property?
Failure to see the big picture early in the game can make you lose control over the negotiations. If you don’t want to hand over the reins of the negotiations with the seller, then better prepare a game plan before you even set the first meeting.
Part of this preparation includes setting a price cap for your offers. I don’t have a definite solution in computing for the price ceiling, but the condition of the house and median property prices for the neighbourhood can help you decide a fair price ceiling.
No matter how much the seller tries to negotiate a higher selling price, be firm in sticking with your ceiling cap. Otherwise, you might end up losing sight of your end goal.
Try to relate with the Seller
As I’ve mentioned earlier, you have to stand your own ground when negotiating on the price of BMV property. However, this doesn’t mean you shouldn’t totally ignore the explanations of the seller. There are times (although not often) when the seller even allows a further discount on the price, provided you comply with certain conditions and concessions.
You can also improve the standing of your negotiations if you discuss with the seller how this deal can help them, rather than making the talks all about you. This means talking about things such as how quickly the sale will go through and any extras that you are willing to provide (like paying for legal fees). Make your offer sound as tempting as possible to the seller.
Take your time
Patience is a virtue when negotiating BMV properties.
Sellers usually take time to decide if they should sell their property below market value. If you put in an offer today, don’t expect them to make a decision tomorrow. Trying to push people into your offer might only scare them away and you’ll end up losing the whole deal, instead of hitting the jackpot.
Aside from being patient with the seller’s response, you should also be patient in waiting for the right deal to come. In case the seller makes a first offer and this offer doesn’t give you a good deal for the property, it’s better not to grab it as soon as it is offered. Try to talk with the seller and see if there’s any possibility to get a better deal for your money.
Remember, there isn’t just one house on the market, so don’t just rush into any deal. Be wise and keep a level head. If negotiations aren’t going your way at the moment, chances are, there always be another BMV property that suits your needs better.