4 THINGS NOT TO TELL YOUR REAL ESTATE AGENT

As the title of the article implies, we are spilling a few trade secrets out of our bag of tricks.

As the title of the article implies, we are spilling a few trade secrets out of our bag of tricks.

It can be beneficial to offer less information to your real estate agent when purchasing property. Whilst an exciting experience you need to be cautious as there are a few traps you can easily fall into if you present too many details. You run the risk of being rushed into a decision or paying more than you initially set out to.

Let’s have a look at a few key points NOT to share with your Perth real estate agent, to ensure you’re in a positive position for negotiation.

Don’t be time specific 

You want to avoid telling your real estate agent if you are working with any time constraints. They will prompt you to give up such information with strategic questions based on your property history. Be aware that they can use this to their advantage. It’s best to explore all options and maintain a collective and patient approach. A level of urgency lets the agent know you are desperate. Generally, when there is limited time you are more inclined to go over budget, simply to ensure you close the deal.

Don’t disclose your budget 

Conceal your budget. You can almost guarantee there is going to be a negotiation. Stick to your willing price, but don’t reveal your maximum figure, as that will become the foundation of the bidding contest. It’s crucial to remain vague and stay alert to any questions that might disclose too much.

Never say you MUST have it

When you love a property, it is very difficult not to let it show. But for the benefit of the buying exercise, it’s recommended that you don’t unveil your enthusiasm. When you let the agent see your eagerness, they know they have you in a vulnerable position to potentially go higher than your offering price. Try to approach the situation from an investment perspective as opposed to letting your emotions do the talking and possibly land you into turmoil and risk an undesired outcome. This state of mind is clearer and better for making big life decisions. 

Don’t tell them you don’t know about the current market

You never want to step into a situation with a blindfold on, so it’s always a good idea to get a bit of a feel for the current market. Suggest you’re unsure of what the property market is doing. They might see that as a good opportunity to misinform you into believing circumstances are different to what they really are.

You must remain discrete regarding these details, but you also don’t want to make you interested in the property. It is an exciting time in life and if you can control your delivery, the experience will be much more pleasant.

Are you looking to purchase a property in Perth, that offers investment value? Or maybe you are looking to sell a home that is currently tenanted. Regardless of the situation, we can help you navigate this terrain of real estate in Perth. Chat to our property managers and real estate agents today.