How NOT to negotiate when buying or renting property!

How NOT to negotiate when buying or renting property!

Negotiating can be a very tough thing to do because you are looking at bringing the price down. In certain countries, the price on the listing is the fixed price and there are no negotiations but in Sri Lanka, owners tend to always add the word ‘Negotiable’ after the price. This practice of adding ‘Negotiable’ after the price is somewhat outdated and was mostly used when there were lands and houses for sale but with the inclusion of apartments, the industry has now changed. However, this does not mean that you cannot negotiate, the concept of negotiation will not fade unless used ineffectively.  Keep the below tips in mind when dealing with property owners anywhere in the world.

Do NOT condemn the property

This is a deadly mistake, never ever condemn the property, you would not know how or with what difficulty the unit was built or done up. Not everyone has a developed mindset and living comes on various levels, if it does not suit you and your lifestyle, it’s best to say ‘Thank you’ and walk out. By condemning the property, you are only exposing your personality and expressing frustration as if to say, ‘Why am I not finding the kind of property I like?’ Well, guess what, you got to view around 30 – 40 or even more properties (if buying) and around 10 properties (if renting). Patience is a virtue!

Do NOT compare the property

If you think this is a good way to bring the price down, you are heavily mistaken. Do your comparison when you are not with the owner. The property does not care about how the property two blocks away was and what price they were quoting, you draw a negative impression of yourself when you are on his property and talking about another property, it’s likely that you would go to another property and do the same thing, so avoid comparing and don’t mention this to your agent if he/she had not showed the other property to you. Remember, agents need to be treated with respect as they have the inside information which you don’t.

Do NOT say ‘Price is too high’

Discussing the price is a very sensitive affair and it’s best kept for later, you know what the listed price was, check out the property, inspect it and then decide on the pros and cons, once you have a clear idea, then get into the price discussion but do not say ‘Price is too high’ on your first encounter with the property owner. There are subtle ways to do this without hurting the property owner’s sentiments.

Do Not put too much pressure on the agent

Cultivate the habit of paying the agent for the service, that way you know he/ she will assist you, it’s even better to have a dedicated agent to be your spokesperson and to allow him/ her to negotiate on your behalf. You can simply get hold of an agent and ask him / her to do this for you if you not comfortable with it and pay a flat rate for the same.  Putting pressure on agents and getting into their bad books is certainly not the way to negotiate and buy / rent property.

Thank you for reading the article and we hope you gained some insight about it. To read about how you should negotiate professionally, please click here.

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