You need to be a good negotiator if you want to buy or sell property.  This section of Real Estate Echuca brings you the finer points of negotiation and tips on when to buy or sell your property.

You have to be knowledgeable about not just the property you want to buy or sell but also the going rates in and around your locality.  You also need to know if the demand for housing is being met or if there is a shortage in your area.  Learning about the fluctuating land values over a period of time also helps in negotiating a good deal.  Superior knowledge is the key to gaining a competitive edge.

If you are a buyer, try to gain a good understanding of the local real estate scenario and decide on the type of house you want to buy and your budget.  Never make the mistake of falling for the first house you lay your eyes on; remember to look around and talk to people before you finally decide on the house that is most suitable to your needs and to your pocket.

Sometimes you may get a bargain when the seller is trying to sell his property fast due to financial or other personal constraints, otherwise known as a ‘distress sale’.  In this case, the deal may go through sooner and, if you are able to gauge the urgency of the seller well in advance, it will definitely be in your favour.

Never show the seller that you are extremely keen on a particular property.  Similarly, never let on that you are in a hurry to sell to the buyer.  Doing this is like voluntarily giving up your negotiating power.
Before you invest in property, spend considerable time in research to see which areas look most likely to expand soon. Experts are beginning to agree that smaller suburbs in Australia are a good bet for investors in the long term. City dwellers seem to mock those who consider investing outside the cities while it should actually be the other way.  There is a wealth of research to back the claim that buying property in remoter towns can be very lucrative.

It is a popular misconception that the real estate market is dead in Australia but the story is quite different in lesser-known towns. Orange and Townsville are classic examples.  There is a definite surge in demand for accommodation  in smaller towns that are showing considerable growth in economy.  It is a myth that the property boom is over.  Most property markets all over the country, except in major cities, have been quite steady.

It looks like there will be a steady growth in property prices and rental values.

  And the cities which were lagging behind in 2010, like Brisbane and Perth, are set for a spurt in real estate activity in 2011.  Melbourne too is predicted to overtake Sydney in terms of population, employment and business opportunities, etc, which would mean a demand for property in and around Melbourne in the short term. If you are a serious investor, this is the time to invest in property in remoter suburbs and satellite towns rather than wait for the inevitable rise in demand and prices.

If you are planning to sell, read up on various issues and not just related to real estate, before you put up your property for sale.  A good way of finding out if it is the right time to sell or not is to look at the number of new industries or corporate offices that have recently opened and take a look at the latest statistics relating to growth in population, employment, housing requirements, etc.  A potential buyer will be able to sniff out a distress sale from a mile away so even if you are looking to make a quick sale, put on a nonchalant front to give the impression that you are not in a hurry to sell.

Considering how complicated buying or selling property can get, it might be better to go with a professional, licensed real estate agent who can take a lot of the nitty gritty stuff off your hands.  You just need to be sure that your agent is knowledgeable and has good negotiating and selling skills.  It would also help to get additional help from property surveyors, property managers, accountants, etc.

Like this post? Subscribe to my RSS feed and get loads more!