Brisbane Buyers Agent Negotiation Example purchased a property in the Samford Valley $140,000 less than the asking price. Clients originally requested property inspection service as they were located in Sydney and could not inspect the property for themselves. We provided them with a full 360-degree virtual tour of the property allowing them to inspect the home in very high detail and as they have full control of the camera, they were able to examine parts of the property that they wanted to see. This is the power of Virtual Tours we provide for all our clients.
Inspection & Reporting Service
The inspection service includes a valuation from ourselves and a basic property condition report. The Valuation for this home was very hard indeed, normal line valuation systems placed the property in the 1.5 million dollar price range, however, the property was in my opinion far superior to all other properties and the standard valuation system just did not take into account all the additional information that needed to be calculated. In the end, I valued the home conservatively at 1.69 million. Indications from the real estate agent indicated that the client was asking 1.875 million. This was a very big variation from the valuation and in my opinion, the owner was asking way too much for the property.
Upgraded Service
Once the inspection and report was sent to the clients, they asked if I could provide negotiation services for them as well. I knew this was going to be a hard task with a seller having a very high unrealistic asking price and the buyers not prepared to pay more than what we considered was the true value of the home. This is where my skills in working with an agent come in handy, we presented an offer at $1.6 million which was countered offered by the seller at $1.875 million. At this point, I entered into discussions with the selling agent with the goal of establishing his realistic sell price. Keep in mind a good agent is responsible for achieving the right price for the property and he needs to ensure his client is being realistic, otherwise, the property simply will not sell.
Working with the Agent
I must say the agent, Patrick McKinnon from Place property agents was very good to work with, he understood the seller was asking too much and we understood that the property was unique and probably the best in the area. From our discussions and my instructions to the buyers, we counter-offered at $1.72 Million which was met with another counter-offer of $1.75 million. Another discussion. with the agent, as this had now dragged on for over a week, resulting in an agreed price of $1.735 million, the halfway point between the final two counter-offers.
Even though the client was originally asking for $1.875 million, between the agent and myself we were able to show the sellers that his price was too high and if he wanted to sell, he needed to be realistic. This is the work that goes on in the background between the Sellers Agent and the Buyers Agent. There are also other points to a contract or offer that can be more appealing than just the final price. For example, I know there was a second offer on the property for $1.5 million, however, it was subject to the sale of a property and this is the worst term you can ever add to a purchase contract. If the sale of the buyer’s property did not go through then all that time had been wasted and although our offer was lower, it had no such clause.
The Final Deal
To sweeten the deal even further, we were able to present a cash contract with no finance clause and gave the sellers some flexibility to the settlement date in order to allow them time to find a new home. With these conditions and a final offer amount of $1.735 Million, $140,000 less than the original asking price and the halfway point between the final two counter-offers, our deal was accepted and we have now successfully purchased the property for a good price but way below the asking price of the property.
