{"id":4922,"date":"2015-07-08T01:00:24","date_gmt":"2015-07-07T15:00:24","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4922"},"modified":"2015-07-08T01:00:24","modified_gmt":"2015-07-07T15:00:24","slug":"negotiation-tips-dont-pay-too-much-for-your-next-property-purchase","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/negotiation-tips-dont-pay-too-much-for-your-next-property-purchase\/","title":{"rendered":"Negotiation tips &#8211; don\u2019t pay too much for your next property purchase &#8211; Shannon Davis"},"content":{"rendered":"<p>&nbsp;<br \/>\nIn today&#8217;s show <strong>Shannon Davis<\/strong>,\u00a0from Metropole Properties in Brisbane, has some more negotiation tips and outstanding advice if you don\u2019t want to pay too much for your next property purchase.<br \/>\n&nbsp;<\/p>\n<h4>Transcript:<\/h4>\n<p><b>Kevin<\/b>:\u00a0 You\u2019ve heard of the saying that you\u2019ll make money out of real estate when you buy, not necessarily when you sell. Well, it all comes down to your tactics as a buyer. How good are you at negotiation? I\u2019m going to talk to a man who does it for a living now \u2013 buyers agent, Shannon Davis, from Metropole Properties in Brisbane.<br \/>\nShannon, I\u2019m just keen to talk to you about some of the tactics you use or some of the negotiation tips you might give someone.<br \/>\n<b>Shannon<\/b>:\u00a0 I think the first thing is have your due diligence in hand because that leads to confidence. The more prepared you are and the research that you\u2019ve done, the more confident you\u2019ll be in negotiating with the other side.<br \/>\n<b>Kevin<\/b>:\u00a0 You can spend too much time, though, on that area, can\u2019t you?<br \/>\n<b>Shannon<\/b>:\u00a0 Oh, definitely. You don\u2019t want to get to a point where it\u2019s analysis paralysis. We definitely need to be prepared because that will lead to a better solution.<br \/>\n<b>Kevin<\/b>:\u00a0 Are there some strategic areas that you should always look into?<br \/>\n<b>Shannon<\/b>:\u00a0 Most importantly, comparable sales. I think one of the problems is people focus too much on the asking price, and they might try and shave some off. But if the price was set too high to begin with, you haven\u2019t really saved yourself any money.<br \/>\nDo your own research on comparable sales and get some confidence about that because that\u2019s where you know the value of the market.<br \/>\n<b>Kevin<\/b>:\u00a0 Is it always about getting the lowest price?<br \/>\n<b>Shannon<\/b>:\u00a0 Not necessarily. I\u2019d rather get a wonderful property at a fair price, rather than a fair property at a wonderful price. What I mean by that is it\u2019s the opportunity to have something that\u2019s appreciating in your portfolio, so don\u2019t always be a bargain hunter and miss out all the time.<br \/>\n<b>Kevin<\/b>:\u00a0 Due diligence, that\u2019s the first one. What\u2019s the second one?<br \/>\n<b>Shannon<\/b>:\u00a0 I think being credit-ready is a massive advantage. The amount of times that our buyers get put to the top of the pile because they\u2019re pre-approved on finance is a huge thing.<br \/>\nIt\u2019s not always about money, but the conditions of the sale, the vendor motivation. Maybe they want to rent back. Maybe they want a short or a long settlement. The amount of times it comes down to not necessarily money, but more favorable conditions in the contract.<br \/>\n<b>Kevin<\/b>:\u00a0 I\u2019ve heard that a few times, too. It\u2019s not always about the amount of money you offer; it\u2019s the conditions that are on the contract.<br \/>\n<b>Shannon<\/b>:\u00a0 Yes, definitely. Have an ear for that and to make it more presentable for the other side.<br \/>\n<b>Kevin<\/b>:\u00a0 So, credit ready. What\u2019s the next one?<br \/>\n<b>Shannon<\/b>:\u00a0 Be prepared to walk away. I think if we get too emotional about a property, then that\u2019s when you\u2019re going to lead to mistakes. It\u2019s no good buying a property and being so excited and so emotional about it that you\u2019ve given the first five years capital growth to the other side.<br \/>\nAlways, it\u2019s disappointing, but be prepared to walk away. Often, when you do walk away, that\u2019s when you\u2019ll re engage the other side anyway.<br \/>\n<b>Kevin<\/b>:\u00a0 I guess it\u2019s the old story, isn\u2019t it, that there\u2019s always another property?<br \/>\n<b>Shannon<\/b>:\u00a0 Exactly. I think it\u2019s misconceived that the seller has all the power. They want a sale and they want our money, and we have to be prepared to walk away if at all possible.<br \/>\n<b>Kevin<\/b>:\u00a0 I guess, too, as part of that, you have to show that you\u2019re not too anxious all the time and not responding so quickly, Shannon.<br \/>\n<b>Shannon<\/b>:\u00a0 There can be, again, that misconception of the seller having all the power, so we\u2019re rushing back and we\u2019re meeting their deadlines. Sometimes push back a little bit. The fact that they\u2019re talking about another offer and things like that, it might be real, it may not be real, so you need to push back a little bit because we have a lot of power as the buyer.<br \/>\n<b>Kevin<\/b>:\u00a0 So don\u2019t respond to that, but always remember that there is another property if you miss out anyway.<br \/>\n<b>Shannon<\/b>:\u00a0 Yes, definitely. There are always good opportunities in all sorts of markets. We can\u2019t be too anxious to pounce.<br \/>\n<b>Kevin<\/b>:\u00a0 I guess the bottom line here, if we were to sum it up in one word, is take the high ground and make sure you stay there in the negotiations.<br \/>\n<b>Shannon<\/b>:\u00a0 Control what we can control \u2013 what we\u2019re doing, not what they\u2019re doing. If we miss out, we miss out. If we walk away, we walk away.<br \/>\n<b>Kevin<\/b>:\u00a0 Shannon Davis is from Metropole Properties in Brisbane. Shannon, thanks for your time.<br \/>\n<b>Shannon<\/b>:\u00a0 No worries, Kevin. Any time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; In today&#8217;s show Shannon Davis,\u00a0from Metropole Properties in Brisbane, has some more negotiation tips and outstanding advice if you don\u2019t want to pay too much for your next property purchase. &nbsp; Transcript: Kevin:\u00a0 You\u2019ve heard of the saying that you\u2019ll make money out of&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":4923,"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-4922","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":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Negotiation tips - don\u2019t pay too much for your next property purchase - Shannon Davis - 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\/negotiation-tips-dont-pay-too-much-for-your-next-property-purchase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Negotiation tips - don\u2019t pay too much for your next property purchase - Shannon Davis - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; In today&#8217;s show Shannon Davis,\u00a0from Metropole Properties in Brisbane, has some more negotiation tips and outstanding advice if you don\u2019t want to pay too much for your next property purchase. &nbsp; Transcript: Kevin:\u00a0 You\u2019ve heard of the saying that you\u2019ll make money out of...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/negotiation-tips-dont-pay-too-much-for-your-next-property-purchase\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-07T15:00:24+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/negotiation-tips-dont-pay-too-much-for-your-next-property-purchase\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/negotiation-tips-dont-pay-too-much-for-your-next-property-purchase\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Negotiation tips &#8211; 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