Nowadays, buyers are lucky. They can search the web to get data on a desired property. They can then count on experts, such as the real estate broker, to obtain more data to bridge their knowledge gap. Having all the data on hand is the lifeblood of negotiation.
Some buyers use intimidation and tenacity to reduce the price of a property. When, in fact, raising your voice, constantly criticizing, and acting up are ineffective methods. All these attitudes lead to confrontation.
The buyer’s most persuasive argument remains his or her knowledge of a property’s data. The more the buyer knows about the property, the more negotiation power he or she will have over the seller, especially if the selling owner is unprepared.
In a very short time, buyers will be able to explore every nook and cranny of the desired home, in the comfort of their own living room. Researching will soon be virtual. Until then, buyers have to make the most out of what the web and the professionals have to offer. The municipal assessment gives an idea of the property’s fair market value. The real estate broker can also give the selling price of the similar properties that were sold in the neighbourhood not too long ago.
If the property has undergone major renovations, the buyer may ask the city for proof since it issues the building permits. A site inspection carried out by a professional will then come to complete the data collected by the buyer.
There is another tool in the buyer’s arsenal: the real estate market analysis platforms on the web allow buyers to obtain a fair market value report of a certain property in less than one hour.
The buyer may ask the financial institution, when negotiating the mortgage, to have a certified appraiser set the fair value of the property if it was not already done by the selling owner.
The smart buyer will use logic. If the desired property has been on the market for a long time, it is very likely that the seller is asking for too much. This is a known fact in the real estate business. This is where the property data collected by the buyer become useful. Unless the seller is just not in a hurry to sell.
Blogger Monick Bergeron of JLR Land Site Solutions explains how important the data are to negotiate the price of a property. Among other things, she recommends getting a hold of the property records. If the number of transactions is unusually high, there is probably something fishy going on.