7. How to negotiate counter offers
Try to find out how many other offers have been made in writing or verbally. Ask the agent how many contract requests, building reports and repeat inspections they have had in order to gauge the level of interest and competition. Finding out how many buyers have inspected the property
can also help you anticipate the
interest level.
Negotiate counter offers by giving something more back to the vendor, improving your terms to offer the vendor a win-win situation. Improving the terms of your counter offers shows the vendor that you have played your part in the negotiation.
You can successfully handle counter offers by making your offer seem like it is your final walk-away offer. In the current strong market in most capital cities, you will most likely be up against offers from other buyers, so dont waste too much time. Try to make the first offer and set the negotiation up so that you have the last right of reply with the agent.
Keep in mind that not every deal is worth trying to save. Just as important as knowing how to negotiate is knowing when to walk away. This is because there will always be another property out there for you somewhere.