A good negotiation is a strategy game. Make sure you know ahead of time what your red lines are and what is more moveable. For example, if the sellers won’t come down on price could you make it work if fixtures and fittings are included?
Other things that can be included in your negotiations are your time scales and exclusivity – whether the property comes off the market or not as you are finalising the deal. As you are increasing your price you can request more strategic asks to be included to support the sale to move forward.
And as these discussions take place, I make sure everything is put down in writing.
It is important for both sides to have a paper trail as at this stage very little is formalised and while this is a business deal there are emotions involved so it is valuable for everyone to be clearly on the same page.
On occasions when I have been acting for a client, I have told an estate agent that the buyer is looking at two properties and, while the agent’s is the favourite, we need an answer soon or else we’ll lose the other, which they are not prepared to do.
It is a bit of a gamble – if they say no you have to walk away – but it has worked on a couple of occasions (even when there wasn’t a second property in the mix).
Finally, don’t get principled or personal.
Buying and selling homes is stressful, emotional and expensive, but it’s not going to help if people get irritated. Stay calm and try to put yourself in the other person’s shoes.
They are likely selling their most valuable asset, where they have brought up their family, and there’s a lot tied up in that.
But also it is the house that you’ve fallen in love with and there’s a lot tied up in it for you, and so it can get fraught. Being prompt and polite never does any harm and could even see you edge ahead of another buyer. It is rarely all about the money.
People often want to know they are selling their home to someone they can trust with it. I’ve heard of people courting their neighbours for years in the hope they are first in line when they come to sell. Cynical, maybe. Effective? Definitely.
Also, don’t shoot the messenger, always try and work with an estate agent rather than against them. A good agent who can broker and hold together a deal is a valuable asset for both sides.
If you happen upon one I’d even suggest pocketing their card for next time.
