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How to pay less for your next property

By Staff Reporter
gavin mcpherson
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Gavin McPherson Director Oasis Property

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The most common mistakes people make when negotiating on sales price I would argue comes from the position that they talk too much. And one of the biggest rules that I've always had and followed which is from a gentleman called Roger Dawson, who's one of the worlds best negotiators, and he comes from a period that "He who has the most information wins". So I suggest from the first position - listen a lot more than you talk. So that's my first point. Secondly, don't attend auctions. Auctions is not a position where you can actually negotiate at all. It's all in the hands of the seller. So I would argue try and make sure that you try and negotiate from a position of a property that's either off market or a property that's on a private treaty. Second to that, and actually maybe as a prelude to that, any property you see my biggest tip for people that are trying to negotiate a property is to see it earlier. The earlier you see the property, the better chance you've got. Now moving on from that. Once you're actually in the property and you're talking turkey with an agent - my advice is to ensure and insist that you're not giving away any more information than you need to. Stay unemotional and go from there.

Listen to other instalments of The Smart Property Investment Show:
Episode 52: Will property prices fall? When? And by how much? What investors need to know
Episode 51: SPECIAL EPISODE: SPI team reveals all the financial details of its portfolio
Episode 50: 8 properties by 25: Former housing commission kid reveals how he changed his life and created wealth
Episode 49: How to build a sophisticated multi-property portfolio
Episode 48: ‘From just $2,000 in my pocket to 6 properties’
Episode 47: The SPI Show answers more listener questions: Special episode
Episode 46: 4 properties by 24 – how to build a portfolio without sacrificing fun, travel or food
Episode 45: Special guest Mark Bouris on what really makes property prices rise and when to invest
Episode 44: ‘11 properties by 31, now I’m stuck: What’s next?’
Episode 43: 22 properties by 30: Can Generation Ys build massive portfolios?
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