6 Tips to negotiate with an estate agent
Malaysia and especially Kuala Lumpur is a buyer’s market. According to Investopedia.com , a buyer’s market is a situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations.
1. Negotiate the price but don’t forget that the point of negotiation is seeking mutual benefit
Don’t try to make a ridiculous offer to try to “steal” the property. Agents know the true value of theirs properties so don’t waste both of your and their time with an inappropriate offer. If you are not sure what the property is worth, then continue to research and compare with similar existing offers.
2. Don’t let pride making you giving up the negotiation
Even if you consider that you already moved your price much more than the agent did, don’t let pride making you giving up the negotiation. Remember that negotiation is a win-win process. Your initial offer might be too far away from the agent’s expectations. This is why he might not consider to move.
3. Move a small amount.
Don’t hesitate to make small amounts moves. Buying a house happens only a few times in your life. Always try to keep a negotiation moving. You are not wasting your time moving a small amount.
4. Try to negotiate more than the price
You can also try to negotiate booking fee, spa legal fees or loan agreement fee.
5. It’s not always all about the money:
Culture, habits, customs, personalities, circumstances, time, and ego often play important and sometimes dominant roles in negotiations. Take them into consideration !
6. Be patient and wait for the response.
Once you’ve made your offer, wait for the response. No need to make further concessions until you know what the agent might accept. Especially on a buyer’s market such as Malaysia.