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/biz/ - Business & Finance

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11761517 No.11761517 [Reply] [Original]

Hi /biz/

Any tips on being good negotiator? I'm 23 years old trying to buy my first property. I'm trying to haggle the price down obviously, but does anyone have any surefire ways on getting a good deal? How do I ensure I'm not getting ripped off?

Pic is the e-mails I've had with the estate agent. How should I proceed? I'm thinking about calling him tomorrow to try and feel him out, see if he's bluffing about the other buyers.

About the repair works bit in my e-mail, the property is a house converted into two flats, and my grandparents are the freeholders. What I'm buying is the leasehold. I only know it requires repair works because obviously I know my grandparents. The estate agent and seller do not get on with my grandparents, and they do not know that I'm related to them (different surname). I'm sure that they will be really fucked off that I know about the repair works, as they are trying to keep it a secret to any potential buyers.

>> No.11761562

Haggling only helps if you can find the other fools who'd happily buy high otherwise.

>> No.11761896

this is supply and demand 101

if the market is saturated and there are actual buyers willing to buy at 115k - 125k, your only option is to sabotage them in advance by telling them about the repair works or shitty neighbourhood stories (basically approach them before or after the property visit, you can pay people to do this; think of it as few hundred bucks investment for a few thousand bucks profit). hard, but doable.

if the market is not saturated and they dont have actual buyers for 115k - 125k (they are bluffing and rejecting you) then you can artificially lowball them with random strangers or friends (again, you can pay people or friends to do it; they must show interest, go on a visit and make lowball offers because of "repair work rumours" or whatever). each lowball will soften their mentality and eventually they will give up.

>> No.11762009

>>11761896
This

>>11761517
How long has the property been on the market OP?

The first rule of negotiating is to not get attached. You didn't score and it's time to "move on". Tell the agent you're not interested in taking on the concerns, tell them good luck with the other buyers, and start looking elsewhere.

If you're lucky you'll get an email in a week accepting your initial ask, and depending on how lucky you feel, you can counter with something even lower because "you found some great options out there willing to address your concerns and work together on an acceptable price."

>> No.11762022
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11762022

>>11761517
EZ

>> No.11762198

>>11761896
I really like this idea, thank you man.

>>11762009
The property has been on the market for about a year now. The sale has fallen through 3 times.

I think the estate agent is bluffing. I'm not gona say I'm not interested, I think i'll keep my offer at £110k and get some friends to make low ball offers too.

>> No.11762308

>>11762198
Property on the market for a YEAR and sales fallen through multiple times? Why the fuck do you even want this total piece of shit? But yea, I'd say you should stick to your offer, he's bluffing 100%.

>> No.11762322

>>11762308
Wouldn't a better strategy be to slowly lower his offer to create a sense of urgency in them?

>> No.11762385

>>11762322
This. Say 108k and leave it at that. In a month do 105k.
Watch graham stephen on youtube on his lsst property.