http://propertyinvestmentsuk.co.uk/negotiate-like-property-pro-build-buy-to-let-portfolio/ 1. Ask About the Lowest Price They’ll Accept Negotiating house price. This may sound simple but, I can tell you first hand from when I worked as an estate agent, it’s amazing how seldom this question gets asked. The answer you’ll get back will vary depending on the person your dealing with and an estate agent is likely to be a lot more cagey than a vendor. The truth is you won’t always get an answer at all but if you do – if you actually get a figure – it can be a game changer! Depend On A Higher Authority It’s good practice to let the other party know (the estate agent or vendor) that you have another party that you need to refer back to. This could be a business partner, family member, solicitor, or mortgage broker …it doesn’t really matter. This is something you should do at the very start of the process, even while going on viewings, but is something you should definitely do when you’re placing and negotiating the offer. The reason for doing this is twofold: Don’t Put In More Than 3 Offers The First Offer People will normally expect the the initial offer to be a little low and will expect to be negotiating house price a little. The initial offer is usually seen as testing the water. Giving a best and final offer as the first offer can be seen as aggressive and not being willing to move on an offer can build barriers between you and the seller that’ll make it very hard to get a win-win deal. By giving a little, you can gain a lot. The Second Offer The second offer is an opportunity for both parties to give a little ground and move towards agreement. It is your chance to show a willingness to ‘be fair’ and maybe for both parties to meet half way. The Third Offer But, if the second offer isn’t accepted, your third offer needs to be your best and final offer. If you keep increasing your figure you will never be taken seriously and the potential for the deal to fall through is increased.

1. 3 Tips on Negotiating House Price
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2. 1/ Ask About The Lowest Acceptable Price
2/ Depend On A Higher Authority
3/ Don’t Make More Than 3 Offers
3 Tips on Negotiating House Price
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3. Ask About The Lowest Acceptable Price
This may sound simple but, I can tell you first hand from when I worked
as an estate agent, it’s amazing how seldom this question gets asked.
The answer you’ll get back will vary depending on the person your
dealing with and an estate agent is likely to be a lot more cagey than a
vendor. The truth is you won’t always get an answer at all but if you do –
if you actually get a figure…
It can be a game changer!
The homeowner or estate agent may well give you a completely
different number to the original asking price. It is unlikely that this will be
the rock bottom, lowest price they will accept but having a new base
price for your negotiations could save you thousands on the final figure.
So go ahead and ask. Their answer might surprise you and in the end
you could save a lot of money.

4. Depend On A Higher Authority
It’s good practice to let the other party know (the estate agent or vendor)
that you have another party that you need to refer back to. This could be a
business partner, family member, solicitor, or mortgage broker …it doesn’t
really matter.
This is something you should do at the very start of the process, even
while going on viewings, but is something you should definitely do when
you’re placing and negotiating the offer.
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5. The Reasons for Doing
This are Twofold:
1/ It gives you time to make decisions – so your
not making them on the spot. You can bide for
time by saying you need to discuss a decision
with your ‘partner’.
2/ It allows you to build direct rapport as an equal
to the other party. While your ‘partner’ takes the
role as the one making the hard-nosed decisions
,you get to play good cop.

6. Maintaining your rapport with the other party is essential and having a
business partner in the background will help you to do this. I have agreed
many deals with better terms than other investors all because I have had a
better rapport with the seller than the competition has had.
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7. Don’t Put In More Than 3 Offers
Ok, so this is actually two tips in one but both are just as important when it
comes to building a property portfolio. When negotiating house price
appearance is everything. You need to come across as serious and
professional and how you put your offers in is very much a part of that.
The 3 stages to putting in an offer are…
…and try not to give an offer with a round number.

8. The First Offer
People will normally expect the the initial offer to be a little low and will expect to
be negotiating house price a little. The initial offer is usually seen as testing the
water.
Giving a best and final offer as the first offer can be seen as aggressive and not
being willing to move on an offer can build barriers between you and the seller
that’ll make it very hard to get a win-win deal.
By giving a little, you can gain a lot.
The Second Offer
The second offer is an opportunity for both parties to give a little ground and
move towards agreement. It is your chance to show a willingness to ‘be fair’ and
maybe for both parties to meet half way.
The Third Offer
But, if the second offer isn’t accepted, your third offer needs to be your best and
final offer.
If you keep increasing your figure you will never be taken seriously and the
potential for the deal to fall through is increased.

9. Never Put Down an Offer with a Round Number.
If you offer round numbers, say £70,000, then the seller will think of this
this as a ‘general price’ and assume you’re just testing the water. A round
number will give the impression that you’re just throwing it out there and
will likely been seen as speculative.
On the other hand if you give more specific offers, say £70,250 or £69,750
– and if you give a reason as to why it’s this figure – then the seller is more
likely to see it as thoughtful bid.
Then, if the reason makes sense, the seller is more likely to believe your
valuation and accept.
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10. Negotiating house price is critical if you’re
going to make a success out of building a
property portfolio and these three tips can
be used on any kind of deal from
repossessions to refurbishments.
In Summary
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