Speed up negotiating an offer with these tips.
1. Keep up communication.
No news is not necessarily always good news. It is important that you keep both parties up to date, even if you don’t have anything significant to tell them. This applies even more if the property is listed with more than one agent. Even if you do not have a firm offer but your enquiry has expressed an interest, it is important to let your seller or landlord know in case they receive an offer from another agent. This also enables you the opportunity to prep your owner/landlord if you think that the offer may come in lower than asking price or subject to conditions. It will give them time to think over the situation and get used to the idea that they may not achieve full asking price.
2. Be aware of the state of the market.
Make sure that you are up to speed on the property market in order to get the offer agreed. If the market is strong then it is unlikely a lower offer will be accepted. As you work in the market, you are able to source comparable evidence in order to help both parties understand the merits or weakness of the offer. It is even better if these comparables are for units in the same building so take time to do some research to collect these.
3. Crunch some numbers.
On the face of it lower offers are generally not attractive. However, it means that your client will stop paying the mortgage or lessen their costs then it is often worth considering. There is also the uncertainty that another offer may not come in soon, so it could be risk waiting for a higher price. Do your sums over the course of a 12 month period and your client may be surprised particularly if it means that they no longer have anymore outgoings relating to the property.
4. Keep communicating.
Communication should never stop. Maintaining it will give you the chance to feedback to each clients and monitor any wobbles. Just because the deposit is down does not mean that your job stops there.
