Negotiating like a buyer’s agent: 9 Tips for making your best offer

Negotiating like a buyer’s agent is based on the principle of reciprocity. It means that both parties should be treated fairly and equally.

A buyer’s agent knows more than just how to negotiate a contract. They know how to get the best deal possible for their clients, so they negotiate with the seller on their client’s behalf.

Negotiating as a buyer’s agent requires a lot of poise, patience, and self-control. Let’s explore some tips on how you can negotiate like a buyer’s agent in any real estate transaction.

Have a written list of your must-haves

Before you meet with the seller, you should have a detailed list of your must-have conditions in place. You should also have a list of your must-haves for the property itself. For example, you might have a must-have condition that the kitchen has a working dishwasher.

Another must-have condition for you might be a nice backyard, complete with a patio and plants. You should also have a list of your non-must-haves. These items are those things you can live with but you would rather not have in the house, such as a dark basement, or a lack of parking for your vehicle.

Using real estate portals and other resources

Before going to see a listing, make sure to check out the other listings that are relevant to the area you are looking in. There are a lot of great resources on the web that can help you find a listing. You can use the traditional real estate portals to find active listings in your area (in Australia these are Domain and Realestate.com.au).

You can also use subscription websites to find out more about the details, the history, and the price of the property. Research is critical, and there is no substitute for detailed market research.

Stay in communication with the seller and agent

When you go to see a listing, make sure to let the agent know that you are looking at their listing and let them know when you are coming. When you go to see the property, be sure to let the agent know when you are there.

This is important so that the seller and selling agent don’t assume that you are just a tire-kicker or time-waster, or another real estate agent checking out the property on the market, for example. Let them know you’re an interested buyer and a serious one.

Don’t always be the first to make an offer

You should be the first interested party to make an offer where possible. Depending on the state of the market and the property in question, this can be a great way to seal the deal quickly.

It is important to note, however, that you should only make the offer that you can comfortably afford. Make sure you have clarified with your mortgage broker what your maximum budget is before committing to an offer.

Ask for walk-throughs before making an offer

Before you make an offer, you should make sure to request a walk-through of the property. This will give you a better idea of how the property actually presents itself. Online photographs will tend to show a property in its best light, naturally enough.

Often a seller or selling agent will try to paint a rosy picture of the property that is actually not the same as the house in reality. This walk-through is a great way to see if there are any problems with the property that you need to be aware of.

Negotiate in writing

When you are negotiating in writing, you are writing down your conditions and the other party’s conditions. You can then compare your conditions with the other party’s conditions. This way, you can make sure that both parties are getting what they want.

By negotiating in writing, you can also ensure that both parties are still feeling in an agreeable mood when you are negotiating.

Negotiating in person can be a great way to feel like you have already won the deal because you already have the seller in a good mood. But if you have the paperwork signed and in your pocket, there’s no way the seller is going to be unhappy with you.

Ask for concessions when you need them most

When trying to negotiate a lower price for the property, you should ask for concessions when you need them most. This is when you are closest to making an offer on the property.

For example, if you are close to making an offer on a property but the asking price is a little high, you should ask the real estate agent for a little discount. This is a good way to seal the deal without getting into a big negotiation. It might not be the price that is the issue.

Sometimes the terms are key, such as having a finance clause, making an offer subject to a building and pest inspection, or having a longer settlement period.

Estimate what your final closing costs will be

When you are entering into a negotiation, it is a very good idea to estimate your closing costs. This will help you get an idea of what you should be paying at settlement for stamp duty, and other related costs such as legal fees.

You should also ask the seller to include a note that explains what their closing costs are going to be. At settlement, it’s important to have insurance in place to ensure you don’t become liable for unexpected costs.

Wrap up negotiations gracefully

When you are negotiating with a selling agent, you should always be polite and respectful. There is no reason to get into a shouting match or an argument with the agent. This can ruin the deal and make both parties unhappy.

When you are done negotiating, you should always be on your way with a smile on your face. You should make sure to let the agent know that you are ready to close the deal and make an offer. This will help you seal the deal and make both parties happy.

You can also study our property reports before negotiating with a seller’s agent to get the best deal possible.