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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 74: How this investor plans to double his portfolio within 10 years
Episode 73: Bad builders: how this investor bounced back
Episode 72: Policy changes to interest-only loans: what buyers need to know
Episode 71: How this 'stubborn' investor recognised a property lemon
Episode 70: How this investor complements each property and balances his portfolio
Episode 69: Are you a ‘lazy’ investor? Consider the benefits to working with a financial team
Episode 68: Special episode: audience discussion live from the Property Buyer Expo
Episode 67: Don’t get ‘caught up in the now’: an expert reveals his tips for success
Episode 66: Wealth distribution: how should you manage your money?
Episode 65: Real estate agents: what separates the good from the bad?
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