Negotiating a property is crucial for any property buyer or investor. It is considered as the first step to all property deals and is an art in itself. However, negotiating is completely different from bargaining and one should follow the following simple tips to finalize a proper negotiating property deal of sites in Chennai:
- Before negotiating a property deal, one should understand the market dynamics and aspects. The first step to negotiate for a good property deal is to know whether it is a buyer’s market or a seller’s market. In a buyer’s market, one would find sellers more and less buyers whereas in a seller’s market, there are more buyers and lesser sellers. Chennai is predominantly a buyer’s market and the person looking for negotiating would get a good property rates from the sellers.
- Before finalizing a property deal and conducting negotiations, one should do a thorough research and look for the current rates of the properties in the areas. A research can be done effectively through property websites where the rates and specifications of the properties are given. One thing to keep in mind is the rates of properties are quoted higher in the websites than their actual rates.
- Before going for a negotiation deal of new projects in Chennai, one should check the role and influence of the financers and brokers in the real estate property market. A market which is controlled by financers and brokers gives lesser scope to negotiate any property deal. In addition to this, the person should also evaluate the reasons of the property sale. Many owners seek to sell off their property at cheaper rates than the market rates after their failure to pay the EMI’s timely. The buyer should, as such, check out the reasons for the sale by a good research.
- When looking forward to negotiating a deal, the person should check for the terms and conditions of payment. With idle cash in hand or a good home loan, the payment process would occur faster and would boost the negotiation process as sellers look out for buyers who pay immediately after finalization of the deal. Also evaluating the seller’s requirements is necessary in this case. If the deal is urgent for the seller, then a negotiation is primarily required as the seller would be willing to close the deal. However, if the deal can be delayed from the sellers end, he/she may not go for negotiation and may look for other buyers who would accept the stated price. When a person decides to invest in a property, it is essential he/she looks for properties in the areas. Also the person should point out any flaws in a property and negotiate on that basis as no particular property is perfect.
- If the person is coordinating with the broker of the seller of projects in Chennai, then a good rapport with the broker and a lucrative option for him in form of commission would be a good thing for negotiating a deal. The person can offer the broker an additional commission if the deal is finalized with a good extra discount. This way, the buyer would be happy with the deal and the broker with his/her commission.