Anyone can negotiate property

It’s true …anyone really can negotiate property, I see it every week.

I was spectating at an auction only a couple of weeks ago, the agent had been guiding $2.8m for the property throughout the campaign. Knowing the home, its strengths and weaknesses, I thought that $3m would be a fair and good price to pay, and should I have been representing any of the circa 12 registered bidders I would have advised them accordingly. The auction kicked off without hesitation and the buyers raised their paddle one after the other bidding for the home, it was intense and really quite exciting. Before too long, the auctioneer started calling …third and final call, SOLD for $3.23m to a young family who unfortunately paid too much. I am confident that if that young family had proper representation, they could have been successful in purchasing pre auction in the vicinity of $3m.

I had been working with my client for a few weeks before I presented them with an off market opportunity, a three bedroom semi-detached home on 357sqm in a good street of Mosman. We inspected the property and the agent was guiding $2.1m – $2.2m, my client had a budget of $2.3m so we knew we could afford the property. After completing the necessary diligence, I advised my client that the property was in fact, only worth $2.05m so a strategy was put into place and I went in to battle on my clients behalf which saw us negotiate a final sale price of $1.95m!

Why have I told you these two stories? Because the difference in experience and outcome is astonishing. Sure, I bet the young family who overpaid were delighted to win the auction and excited to have a new home to move into but if they were told they could save $230,000 in the process, do you think they would have done it differently? I do.

Meanwhile, my clients decided to buy knowing that they had made an informed decision, purchasing a great home for an incredible price and that really is the biggest win of all.

Having the right representation can make all the difference when it comes time to buying property and buying property is one of the single biggest investment decisions most people will ever make in their life …it pays to do it right.

Photo by from Pexels