There are a number of ways to fail in a negotiation. Some are more obvious than others. However, we were speaking with a client this week who is selling their house in Kensington who has turned down a good offer because he does not trust the potential buyers.
Why doesn’t he trust them? Are there worrying articles about them on Google? Has a friend or the agent met them before and know they are unreliable (this happens more often than you would imagine – another reason why you must build excellent relationships with the agents)?
No. The distrust has arisen because of the way they have negotiated – they have not been unpleasant or aggressive in any way. They have not asked for ridiculous terms either. Quite simply, they have increased their offers in such a bizarre and haphazard manner that my client thinks that they are rather unreliable or not serious.
Now we have suggested a number of solutions to our client. However, it is important to note how a negotiation can be affected by the way you make an offer and the increments by which you increase or change your offer. In some cases it can cause you to miss out on a property altogether and in other cases it can mean you end up paying more than you have to. This is something that very few people consider in the negotiations.
It is all too easy to focus too much on what you are trying to achieve rather than taking into consideration how the seller will interpret and react to your actions. This is invariably an expensive error.
If you are planning to acquire a property and would like more information and advice on negotiation, then please do not hesitate to contact us and we can point you in the right direction. This hopefully will allow you to avoid the expensive mistakes and frustrations suffered by the typical buyer.
Wishing you the best of luck with your London property search.