Phil Spencer shares tips for negotiating properties
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Buying a property is one of the biggest financial decisions a person will make in their life, so it’s important buyers are confident in what they’re buying and the price they’re buying it for. Estate agents are a key part of purchasing a property as they often have a broad knowledge of the local market and can help market a property. Estate agents are also trained to know when a person is interested in a property during a viewing.
TV property expert Phil Spencer, co-founder of Move iQ, explained how estate agents “size up” buyers when they view properties.
Phil was joined by serial entrepreneur Chris Ducker on episode five, season one of the Move iQ podcast.
Both experts discussed negotiation tips for buying a property, including what “signals” buyers should avoid revealing when viewing a property.
Phil said people often think negotiating the price of a property starts when a buyer has decided they like a property.
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However, he said this is not always the case.
Phil said: “People assume that negotiations begin when you ring up the estate agent or you send them an email saying this is this is what I’m offering for the house.
“In actual fact, that sales agent has been sizing you up from the very moment they met you.
“As you walk around the house, they will be absolutely watching body language and conversations between you and your partner.
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“They’re trained, they’re trained to do the jobs, they’re trained to sell houses for the most amount of money possible.”
Chris added: “Like any good salespeople they will know a buying signal when it comes their way.”
Phil said home buyers should avoid going away “buying signals” when viewing a property.
He also shared what not to say to an estate agent when viewing a property.
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“Don’t give too many buying signals”, he said.
“Be honest, if you like the house say [you] like the house but don’t say you love the house or you will do anything it takes to buy it.
“And don’t tell them, ‘my granny died last week and I’m about to get an extra couple of grand’.
“Things like that you probably keep up your sleeve.”
Phil said he has seen people be overcome with emotion when they view a home they like.
“I’ve absolutely seen it happen,” he added.
“People walk around the house and you’ve got to control your emotions to some extent.
“I’ve taken enough people around houses and if they like the house you see the face go red, they flush, they get excited, they get a bit giddy, they start being silly, some people cry.
“That negotiation has already begun at that point.”
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