Top 4 Negotiating Tips for Buying Property in Turkey
Its important to get the best deal possible. Buying in a foreign country has many challenges. Follow our negotiating tips to maximise success in Turkey!
1. Leverage The Asking Price
Once you find your ideal home or ideal investment property in Turkey then comes how to leverage the ‘asking price’. My number one tip here is engage your agent, who should be viewed as your consultant, and not a block to achieving the best price possible. Remember if there is no sale the agent does not get paid.
2. Knowing The Sellers Situation
Your agent should know the seller’s situation and how motivated to sell they are. Your agent should also know if there is any debt on the property. If there is this does not necessarily need to kill the deal if handled and cleared by your lawyer, but it can give valuable insight in to the status and situation and needs to sell of the vendor. Your agent should also be able to demonstrate the property’s value both in terms of price and what kind of a yield it can produce if rental income is a consideration for you.
3. The Opening Offer
A good agent will work hard to demonstrate his/her negotiating skills, the opening offer should be based on three things:
1) what you can afford
2) what you think you can get away with
3) what you really believe the property is worth
The opening offer should be both enough to grab the sellers interest but low enough to be refused. You don’t want your opening offer to be accepted otherwise you obviously have not bottomed out the price. We have seen that sellers can respond to oddball numbers rather than a rounded offer, it makes your offer different than the last one and gives the impression that that you have carefully calculated your offer.
4. Is Timing Critical?
Trying to read the market and understand is now the time to buy? Anticipating how the market will go is almost impossible. Don’t wait to buy, buy and wait! We all know that the real estate markets go up and then goes down and back up again. So if you wait for the perfect time you may well miss the perfect opportunity and property, focus on getting the right property at the right price at the time you have the money and the interest.
Posted by Darren Edwards – Luxury Property Turkey