When it comes to buying property, it’s imperative for you to be able to negotiate enough to have the lucrative deal. But when you provide too much information to the real estate agent, you don’t have the maximum negotiation power. Consequently, you end up paying a higher price for the property.
Therefore, we’ve come up with a useful piece of information entailing 4 things that you shouldn’t tell your real estate agent while looking to buy a new house. So let’s dive in:
You Need this Urgent
Don’t tell your real estate agent that you’re in a rush. This often happens when people just sell their property, and they’ve got a certain amount of time where they need to get into another property. Don’t let your real estate agent know this thing because they might use it against you and they might even hold out offers against you as well.
When your real estate agents know this, they realize you’ve got such a short time frame to buy and settle that you’re willing to pay more money just to get it within that time frame. So just don’t let them know you’re in a rush.
What’s the Maximum You Can Pay?
This is such an important yet confidential piece of information that, other than you, nobody should know this. All your real estate needs to know with regards to this is that you can pay an X amount but that doesn’t have to be the maximum you can afford, or you’re willing to pay.
If the real estate agent know your top figure, they’ll either try to get you home at a higher price, or they may take your top figure out and use it as negotiating power with other potential buyers. So this would be like competing for no reason. Once you get into that bidding war, you’ll inevitably end up paying higher to win the deal, and that’s not favorable for you at all.
‘Listen I just missed out on another property, and I’m upset about it.’ If this is what you said to your real estate agent, the chances are he’s going to fetch more money out of your pocket.
Mostly when people miss out on our property and feel like they didn’t do enough to get it, most probably they’re highly emotional and may even end up buying a rebound property.
In that case, experts suggest not to let your emotions manipulate, don’t get over-excited or too upset and never tell your real estate agent that you’re so desperate to buy because you just missed out on a property.
I want this At Any Cost
Even if you come across the best Apartment for sale in Sharjah, don’t tell your real estate agent that you want to purchase this property at any cost. It’s good that you’ve looked at a 100s of properties, but being excited enough to pay over and above what a property is worth is not a fair deal.
Even if it’s perfect for you and your family, negotiate at your best and don’t let the real estate agent know that you can pay any amount to have that property.