Is The Art of Property Sales Negotiation Dead?

Don’t be afraid to negotiate - that’s the message from Glyn McKenna, residential sales manager at the Nock Deighton Ironbridge office, in his latest blog...

Recently, I was asked by a client to assist and advise on a property they wished to purchase in another town. They were first time buyers who were so excited about buying their first home together that they were all set to offer the asking price to try and get the deal done.

The property in question had been on the market for just a matter of days and numerous viewings conducted.

There are of course many strategies and tactics that can be employed to try and secure a property for the best possible price. Whilst I can’t give all my trade secrets away, part of our plan was to put forward a slightly obscure odd number to indicate to the owner that the offer had been very carefully considered.

I was amazed yet delighted for my client that whilst we had a plan in place for any counter offer, our first one was accepted!

Looking back, I couldn’t help but feel frustrated for the owner of the house in all of this. Ultimately, they have agreed a sale on their property for thousands of pounds less than what the purchaser was willing to pay.

So what should their agent have done? If one of our clients received such an offer, we would:

• Thank the potential buyer kindly for the offer.
• Politely explain that the property has only just come on the market.
• Politely explain there have been numerous other viewings on the property.
• Politely explain the client wants to market the property for a week or so to get a full measure of the interest before making a decision.
• Politely explain the client would be looking towards the asking price at this early stage

As somebody who negotiates property sales and purchases every day, it always amazes me the dearth of skills in the marketplace, which can ultimately make a huge difference to people’s lives when moving home.

If you find yourself in a similar position and would like to discuss strategy, tactics and best practice when making an offer on a property, please feel free to get in touch and I will gladly help you if I can.

Glyn can be contacted on 01952 432533 or by emailing [email protected]