1. Understand the method of sale
A skilled negotiator can buy well at auction or through private sale if they separate emotion from the purchase decision. Buying at auction today is more competitive than in the past six months – as you will notice from multiple bidders and clearance rates that average 20-30% higher than last year.
But vendors can become more open to negotiation after going through a failed auction campaign and realising that the market doesnt value their property as much as they do.
The private sale negotiation can often be more cumbersome. The agent may say that other offers are coming through, but it is generally unclear whether you are bidding against real competition – or just against yourself.