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Are you aware of how selling agents tie you to an inflated price for your new property?

Negotiating for your new property, be it investment or your own home, isn’t just something that you jump into when you’re suddenly at the negotiation table.

Negotiation is a learned art and is something that needs to be practiced often if you’re to be a worthy adversary for a property selling agent. Don’t forget the ultimate aim of the selling agent: To earn as much money for the seller as possible. Oh, and to increase their own commission too of course. Their commission is important for them. That’s how they afford to get around in a Maserati.

Now, anybody out there a fan of the big banks? Anybody think that the big banks are here to serve the people? Maybe there are one or two shareholders out there who think their dividends are something to crow about. Dividends from pretty much any share holdings are nothing to crow about actually. There are better ways to make money on the stock market than waiting for the periodic issue of paltry dividends.

I digress. Back to the banks……especially those “big four” that we so often see being charitable to their customers……..NOT! Where do they get off raising interest rates independent of the RBA anyway? Even when they do act in accordance with the RBA, ever notice how it takes them no time at all to increase the rate, but it takes them forever to drop them? If however, there is one bank out there that would like to change my mind, I welcome the opportunity.

However, being one of the “Big Four”, it is important that you are aware of this statement below from NAB regarding negotiating with property selling agents. If this is what one of the big four banks think, then you need to be very aware if you decide to negotiate on your own.

From NAB:

“Many selling agents expect the buyer to accept whatever wording they include in a contract of sale. They may make comments like ‘That’s a standard condition – you can’t change it’. They may threaten that you’ll lose the property unless you sign the paperwork. Don’t listen.

Take the contract to your own solicitor before signing. Get them to make changes to the conditions of sale if they’re not in your favour. If you’re determined to sign the contract before getting legal advice, make sure you show it to your solicitor during the cooling- off period.

Each Australian state and territory has different laws about the cooling-off period and the financial penalties you’ll incur if you pull out of a sale. Make sure you find this information out before you sign. The period always begins when you sign the contract of sale and not when the seller signs”.

Source: NAB

That statement, having been put out by an organisation that relies on selling agents to provide much of their income, i.e. selling property for others to obtain mortgages for to buy, has got to send shivers down the spine of anybody looking to deal directly in negotiations with selling agents on their own. It means that even the big banks don’t trust selling agents and if they don’t trust them, should you?

Buyers Agents are skilled and experienced negotiators who know the contract rules and regulations and the sneaky tricks played by some selling agents. Buyers Agents are also an essential part of your property purchase team. Your property purchase team are the ones who get you safely into your new home or investment property.

With over 20 years of property buying and negotiation experience, PPBA is well equipped to help you with your purchase negotiations.

Contact PPBA today to arrange your FREE consultation and start your property acquisition now.

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