{"id":4499,"date":"2015-05-21T01:00:40","date_gmt":"2015-05-20T15:00:40","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4499"},"modified":"2015-05-21T01:00:40","modified_gmt":"2015-05-20T15:00:40","slug":"buyer-negotiation-tips","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/buyer-negotiation-tips\/","title":{"rendered":"Buyer negotiation tips – Josh Masters"},"content":{"rendered":"

 
\nWhat are some of the best ways to be a good negotiator? In today’s show we talk with Josh Masters<\/strong>,\u00a0from BuySide.com.au, a\u00a0man who negotiates all the time.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 An old saying that I love to reflect on from time to time is that you\u2019ll make money out of real estate when you buy, not when you sell. That all comes down to being a good negotiator. Even if you are using an agent, you have to understand the negotiation tactics that are used and how you can use them to your own best advantage. A man who does this all the time, Josh Masters, is from BuySide.com.au. They are buyer\u2019s agents, so obviously, they do negotiation; that\u2019s part of the business.
\nJosh, I wonder if you\u2019d give us some insider secrets here. What are some of the best ways to be a good negotiator?
\nJosh<\/b>:\u00a0 That\u2019s an excellent question, Kevin. I probably do have to stress that the most power you\u2019ll have as a negotiator \u2013 especially as you\u2019re buying \u2013 is when you\u2019re in a buyer\u2019s market or a softer market. It is very difficult to do it in a seller\u2019s market.
\nBut when you\u2019re a buyer, and it is a softer market and there is some leniency on negotiations, there are a range of things that you can get into that a lot of people overlook but can be really valuable to the seller and also to you in terms of interest rate payments and the like.
\nOne of the things that can be available to you is decreasing the deposit. That is quite common these days. So, taking it from 10% down to 5%. Why that\u2019s an advantage is that it means that less of your money is locked up in someone else\u2019s bank account, essentially, so you can still have access to it, you can spend it on whatever you need to, and when settlement time does come, then you can obviously put in the remaining fee from the bank loan itself.
\nKevin<\/b>:\u00a0 That\u2019s a good point too. As long as you\u2019re covering <\/b>off on the agent\u2019s commission, because mainly what the agents are concerned about is having their commissions in that trust account.
\nJosh<\/b>:\u00a0 Very true. Another things I would definitely look at is settlement terms. These are key. The settlement term for us is really important as an investment, especially coming up to periods like December or June\/July where we might be coming into a very soft tenant market. That means that there\u2019s not a lot of tenants around, especially around Christmas time \u2013 a terrible time to rent out.
\nUsually we\u2019ll want to push that settlement time past that period into a period where tenants are really back in the market, like late January \u2013 a key time. Rather than going for your standard six weeks, you might push it out to 12 weeks. That can be quite a good little strategy to get hold of, as well.
\nKevin<\/b>:\u00a0 I like that one in particular. That\u2019s a good one. What else have you got?
\nJosh<\/b>:\u00a0 One of the key ones that we like to use \u2013 it\u2019s often just one that we like to throw in there but it\u2019s really valuable to us \u2013 is early access to the apartment. What that means is that before settlement comes \u2013 let\u2019s say you have a six-week settlement \u2013 we might ask for two weeks early access. We get our property manager in there. We allow that property manager to show people through so that when we do come to settlement, we can have a tenant in there from day one.
\nKevin<\/b>:\u00a0 That\u2019s fantastic. I love that. Do you have to do anything special in the contract to allow you to have that early access?
\nJosh<\/b>:\u00a0 It\u2019s always good to talk to the agent and get something in writing when you\u2019re dealing with the solicitor and trying to close the deal up. You don\u2019t want to have to rely on he said\/she said when you go back into the negotiation room. I always like to have a little bit of a clause in there, or even an e-mail, confirming from the solicitor that you can have early access prior to show clients through. Generally, if you\u2019re amenable with the sales agent, they will let you do it.
\nKevin<\/b>:\u00a0 Of course, you\u2019re always better off having it done properly \u2013 especially if you\u2019re a seller \u2013 because effectively, you\u2019re really giving possession prior to settlement.
\nJosh<\/b>:\u00a0 I wouldn\u2019t go as far as saying possession. God, I hope not.
\nKevin<\/b>:\u00a0 Well, the moment you hand the keys over and allow access is effectively what you\u2019re really doing. Isn\u2019t it?
\nJosh<\/b>:\u00a0 That\u2019s true. We always like to have the sales agent there, though. They will arrange it with the property manager, and again, that\u2019s why I say it\u2019s really good to be amenable with the sales agent, because they\u2019re taking their time out of their day and if they don\u2019t want to do it, they\u2019ll just say no.
\nIt is good, I guess from a personal perspective in the negotiation, to get on side with the agent. Don\u2019t make an enemy out of them. There\u2019s no point in burning bridges. You never know when you\u2019ll need to call on a favor from them in the future.
\nKevin<\/b>:\u00a0 That\u2019s very good advice, as we always expect from you, Josh. Josh Masters from BuySide.com.au.
\nGreat talking to you again, mate, and we\u2019ll catch you again real soon.
\nJosh<\/b>:\u00a0 My pleasure, Kevin. Thanks for having me.<\/p>\n","protected":false},"excerpt":{"rendered":"

  What are some of the best ways to be a good negotiator? In today’s show we talk with Josh Masters,\u00a0from BuySide.com.au, a\u00a0man who negotiates all the time.   Transcript: Kevin:\u00a0 An old saying that I love to reflect on from time to time is…<\/p>\n","protected":false},"author":176692471,"featured_media":4500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-4499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nBuyer negotiation tips - Josh Masters - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/buyer-negotiation-tips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buyer negotiation tips - Josh Masters - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  What are some of the best ways to be a good negotiator? 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