Negotiating - The Good

For me negotiating price is the bread and butter of the advice process. An opportunity to add significant value for the client.

Let me take you through the Good, Bad and Ugly of the negotiating process

The Good

I got an instruction from a client recently. Property on the market since April 2016. Price had already been reduced by £25K. No other interest. Fertile ground for a good price and so it transpired.

Went in low-ball to put a marker in the sand. Agent came back bleating that his client had already taken a hit on reducing the price, couldn't sell for that price blah, blah, blah but made the cardinal error in saying that whilst he could not accept our offer made a counter offer which was lower than what we were hoping to pay for the property. Should have probably rejected and let us sweat it out?

Knowing that we were already £5K to the good, I went back and countered in the expectation that this offer would not be accepted but that the seller would come back and we would meet in the middle. So it came top pass netting the client a deal that was £10K less than he had hoped to pay. Result!

Here's the tale of the tape.

O/O £250K

Home Report £250K

Price reduced to O/O £225K

Offered £200K

Agent came back at £220K

We countered at £210K

They came back with £215K

Deal done at £215K