How to Negotiate a lower price on a property [6 Mistakes to Avoid]

In today’s video I’m going to show you exactly how to research and negotiate before making an offer to purchase a home, step by step so keep watching.
Today I’m going to walk you through 6 things you need to do before making an offer on a property, breaking down how to research and negotiate like a boss so let’s jump in.
00:40 1 - Gather intel, the things to look for
03:05 2 - The tools of the titans, apps to use
04:40 3 - Lowballing your offer
05:52 4 - Mistakes to avoid when negotiating
08:01 5 - How to negotiate like a boss
10:35 6 - Steps in making an offer
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1 - Gather intel
The most important thing when looking to make an offer is to gather as much information as possible. As it’s through this intelligence gathering process you’ll uncover whether you can begin your negotiation low, or if you’ll need to be aggressive and cut to the chase rather than playing hardball. Each property presents a unique situation, therefore, to be successful will need to adapt accordingly.
Here are the 5 things you want to do to gather intel on the property;
1 - who owns the property.
How you negotiate with an owner vs an investor of the property is vastly different. So knowing how to own the property is vital because of this. So here are the questions you’ll want to ask the agent;
-who owns the property
-how long have they owned the home
-were they living there or is it an investment property
Here are 6 big mistakes people make when negotiating.
1 Speaking, rather than listening. The movies have it wrong! The one who does all the talking isn’t the one who wins. It’s the one who asks who is the one who’s in control. It’s because in doing so you control the conversation and where it goes.
2 Being over invested in the result. In entering any negotiation, there are so many things outside your control. For one, the seller's expectations, therefore it’s extremely important to understand this and therefore keep a level of separation. Real estate agents get record prices from emotional buying decisions.
3 If you fail to prepare, then prepare to fail. It’s that simple. So before even considering to begin negotiations, have your game plan written down, and follow this. So, that if the time does come and you reach your limit, that you walk away.
4 Revealing all your cards. Too often is this the case. Remember that the real estate agent works for the seller. This is who pays him or her for their service. So be careful what you share with the agent as in the end will be used to the advantage of the seller.
5 Not creating dialogue. Whilst the agent doesn’t work for you, it’s best to keep them on side, no matter what they’ve done or said. The goal of negotiation is to create a dialogue, therefore will want to do everything to maintain this. Keep your cool, show respect and keep everything politically correct so to say. Remember that both parties have the option to walk away at a moment's notice and by understanding this can work towards mutual grounds.
DISCLAIMER:
This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer.
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[@MortgageBrokerAustralia]

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[@aaryaputra108]

Love your work guys, keep it up. Your videos are truely so simple, straightforward and honest 👍

[@MortgageBrokerAustralia]

Thanks a ton!

[@BeforeYouBuyGuy]

Really useful tips. Thank you for sharing. You are killing it, this video was number 3 for my search term

[@MortgageBrokerAustralia]

Thank you!

[@Julian1512]

Amazing video, thankyou!

[@MortgageBrokerAustralia]

Thanks for watching !

[@kg9836]

About to do this. Perfect timing 💙

[@MortgageBrokerAustralia]

Youre welcome good luck!

[@King_2ya]

Great tips!

[@MortgageBrokerAustralia]

Glad it helped!

[@skhabib754]

The information is so precious in this video

[@MortgageBrokerAustralia]

Thanks for watching!

[@danielwilson6311]

Thank You for sharing information in such a well laid out form. Well said! (5:51 - 6:11) Responding to questionable questions with an answer in the form of question, as done on the game show "Jeopardy".

[@MortgageBrokerAustralia]

You're very welcome! I'm glad to know you found the information useful and well-presented. And yes, responding with a question can indeed be a clever method of interaction. Just like in "Jeopardy", it can often lead to new insights or change the direction of a conversation.

[@rafakao9577]

Amazing tips, as usual 👌👌👌

[@MortgageBrokerAustralia]

Thanks Rafa, you're welcome!

[@drevil7684]

Hey guys I'm very impressed with your videos. I'm on my 3rd house via buying selling upgrading buying small house first out in the sticks building equity. I'm trying to get my brother in the market and he is worried he will never afford a house in Brisbane. I told him buy further out or start with townhouse or unit. But you guys have covered everything well done!!

[@MortgageBrokerAustralia]

Thanks so much for the feedback and I'm glad we've been able to help provide some useful information!

[@Fairychef]

This helped me seal a deal! Thank you!

[@MortgageBrokerAustralia]

Glad it helped!

[@soothingrelaxationwithhoko5460]

I happen to find this... meaning makes me feel lucky. Thanks guys!

[@MortgageBrokerAustralia]

Haha thanks for watching

[@nikandclay]

Very helpful video- thank you. We are currently renting the house we want to buy and the owner has mentioned wanting to sell.

[@MortgageBrokerAustralia]

Nice! good luck with it and if you need help with finance hit us up www.huntergalloway.com.au/

[@AvoidantNomad]

I don’t know what I’d do without you guys and your advice, especially since a lot of the rules for buying a house have changed since the pandemic began. Thanks again!

[@MortgageBrokerAustralia]

Hahah thanks so much for watching! Appreciate that

[@nickhayley]

I'm not sure much has changed. People still want to be treated respectfully and trust you. No one will sell their family home to an uncaring ruthless person.

[@jalogrono]

Are there agents who work for the buyer specifically for PPOR? We get doctors to treat diseases and pilots to fly planes; I think it makes sense to hire a professional to negotiate. We hire professional travel agents to get us the best deals for holidays that cost $2,000 - so why wouldn't we hire professionals to work for us for mortgages that cost $750,000

[@MortgageBrokerAustralia]

Hey John, yeah they are called buyers agents and work for the buyer - check out more info on this www.huntergalloway.com.au/brisbane-buyers-agent-review/

[@ree22673]

Any video for vendors (seller) on how to get the expected price required? The agents also make vendors negotiate on a lot. Please help.

[@MortgageBrokerAustralia]

Yeah for sure check out www.huntergalloway.com.au/multiple-offer-situation/

[@mohsenjan3136]

how to offer if the add has a range? like 450-500k. do i go 10% of the upper or lower range?

[@MortgageBrokerAustralia]

You can start at the lower end and try from there, always hard if there is lots of competition you may need to sharpen your offer.

[@narcotect]

wondering if you guys also provide a buyers agent service

[@MortgageBrokerAustralia]

Thanks Narcotect, we don't unfortunately

[@mjb6446]

Regarding lowball offers, I think a real estate agent's response, or lack thereof, is a good litmus test of whether real estate is in a buyer's market or in a seller's market. Other constraints being the vendor's personal circumstances and how long the property has been on market. I haven't seen any sold prices that are anywhere near what could be considered to be a lowball. I would consider a lowball offer to be, at a minimum 10% less than the low end of a price guide but the historical idea of a lowball is generally 20%+ below asking. These kinds of offers would still be laughed out of the room by an agent which I think really indicates that we are in a softer seller's market and by no means are we in a true buyer's market yet, where lowball offers start to be taken seriously.

[@MortgageBrokerAustralia]

I agree with your observation. The acceptance or dismissal of lowball offers can indeed provide some insight into whether the market favors buyers or sellers. However, it's important to note that this is just one piece of a complex puzzle. The state of the real estate market can also be influenced by a variety of other factors, including interest rates, employment rates, and the overall health of the economy. In a seller's market, where demand outpaces supply, sellers are more likely to dismiss lowball offers because they are often receiving multiple offers, many of which may be at or even above asking price. In contrast, in a buyer's market, where supply exceeds demand, sellers may be more willing to consider lowball offers in order to secure a sale. But it's worth noting that every property, and every sale, is unique. Factors such as the location, condition of the property, and the seller's personal circumstances can all play a role in whether a lowball offer is considered or rejected.

[@jaswahn]

dammit guys! 4 weeks too late! great info for my next purchase though, thank you!

[@MortgageBrokerAustralia]

Congrats on the purchase!

[@martinp3371]

I been in construction for 30+ years. That's the best tool ever. Besides that you're just talk.

[@haneby1114]

I find you need to add 300k on top of the realas prediction to get the real price

[@MortgageBrokerAustralia]

Yeah in the current market we are finding this more and more.

[@saovier]

Can a broker help buyer looking for theright property to buy?

[@MortgageBrokerAustralia]

Thanks Sharla, great question. As a mortgage broker, we will generally help with the finance process and can provide property reports through RP Data Corelogic. If you were wanting someone to find the right property, there are buyers agents that can assist with the process.

[@Eastbaycaliforniarealestate]

Usually you need a great realtor to negotiate a great deal for you.

[@jso19801980]

9:16 c'mon, we don't live in a fairytale, the seller will always go with the highest price

[@miguelortiz7227]

Good video but im in chicago

[@MortgageBrokerAustralia]

Thanks for the feedback Miguel!

[@tessajones9393]

I'm secretly hoping our future home sellers are going through a divorce or something lol.

[@MortgageBrokerAustralia]

hahahahahahahhah!!!

[@lilariki3183]

😂😂😂

[@n4870s]

Yeah right, no one will sell a house for less than offered

[@MortgageBrokerAustralia]

Thanks for watching K S

[@danskdna8550]

No longer true. NW U.S. Coast. Seen several cuts here and definitely Idaho, past few months.

[@dsinghr]

realas is closed now

[@MortgageBrokerAustralia]

Yep, ANZ gobbled it up and closed it down. A real shame!

[@K3N5KI]

@@MortgageBrokerAustralia what's your recommended alternative?

[@neversaynever8732]

Seller's market. No negotiation. You negotiate you lose.

[@MortgageBrokerAustralia]

Thanks for watching Never say Never 😊

[@fpaoy3529]

EXACTLY!!!

[@Ride_on54]

Not now its not Lol

[@ARmYofSixxTH]

Welcome to 2023 lol

[@user-ds2rd2oq1r]

lol 😂 not if you know what you’re doing. There’s no such thing as hot or cold market. That excuse is for people with limited beliefs.

[@MortgageBrokerAustralia]

Get the 5 Best things I've found in the property and finance world every week - for free. hubs.ly/H0qHChB0

[@snookies1224]

this is all complete bs in a seller's market

[@MortgageBrokerAustralia]

Yeah depends on the market conditions

[@jsimmons9094]

No need to be so harsh... it's valuable information regardless.

[@christopherpowell22]

Why is none of anyone’s business. What if someone has medical issues and that’s the reason. Medical is none of anybody’s business but the individual. So the first suggestion is not the best.

[@MortgageBrokerAustralia]

Thanks for watching Chris and appreciate the feedback.