I remember last time when I was just starting out, I would ask my cousin along for the property viewing. He would come along if there is negotiation needed, I figure he is a better negotiator than me since he is a contractor for many years. One time I was eyeing the Likas Square Condo, it was selling for RM380k, I know this unit have potential because I feel the property was under value and it was also a sea view unit too. I also find out they are currently under a new management and things seems to be looking up. Then I started asking question on the seller and I feel he was willing to negotiate to a lower price. I was certain I would get a great bargain on this, and I set the price of RM350k in my mind as my highest bid I am willing to go. (During this time was after 2009 and economy was still recovery lots of motivated sellers)

At last, it was not to be. My cousin out of trying to be helpful, help me put in a offer RM340k, and told me in silence its the right price to go in. I thought about to cut in and up the offer but was too inexperienced to be calling the shots. To cut the long story short, the seller refused my offer but accepted an offer of RM348k. Now its going for RM580k and above? and the rental is around RM1600.  grh… oh well. Cant have them all.

Lesson learned.. Dont be a pushover or a coward, dont try to too Nice, or you wont get the ..Property. People are generally quite nice in nature, and if you would have ask for more you get more, vice versa. 

“It you want more in life, sometimes you just have to ask for it”

Not asking you to be a bad guy, but be tough and strong in negotiation, thats how its have to be if you want to get a Good Deal. Remember there is no free lunch, nobody in the world would voluntarily reduce their selling price, so go ahead and try a low ball offer.(An offer way below the seller asking price, exp 490k you offer him 390k)  Some would get too emotional and dont want to lose the deal, so they try not to “offend” the seller wont give a low ball offer. In my experience if you go in, explained and show a good attitude, the seller usually wont curse you too much…

The most IMPORTANT TIP of ALL

But you must be prepared to walk away, when the deals doesnt work out, if the seller refused your offer. There is always another deal, remember you want to make money going in, thats how you guaranteed your capital gain. To make a better impression and not get cursed (too much) be prepared with you check book and write down a check if the seller does agree to your ridiculous low ball offer. Otherwise you might end up on viral on Facebook or Social media. (why does people vent everything online?As I just read a viral post regarding RM2 Ang Pow, ?)

Case in Point.
My Sifu, had being eyeing to buy land in Tuaran, Sabah for a while, as he was not from around here, I would help him out and one day he found a great piece of land measuring 15 acres, road accessible, there is a stream running through it, water and electricity is available nearby.Perfect for Plantation and Animal farm. Great! Only problem was the seller was saying he wont sell anything less than 800k. My sifu told me to get him to discount, told me his target price around 400k. My jaw dropped, thats really low, I told him, he said, “just wait for his response”. To my surprised, the seller agree to lower it to 650k, after I told him that we really want that piece of land and we ARE serious (dont know why its a reason). My sifu said, “No, Just wait”. Weeks past and the last negotiation was sometime ago, and suddenly I got a call from the seller and the seller ask if you are still interested in the land and i said yes, the seller agreed to lower the price to 550k, but my Sifu counter back by offering 450k, and we got the land for 500k! What a bargain! I couldn’t believe it. How could somebody settle for almost half of their asking price? I learn a lesson here. Never be too nice! Ask for it and  you be surprised!

Dont try to be too nice and dont ask for a discount,

Dont try to be too nice and dont ask for a higher margin.

Dont try to be too nice and forget to ask for the seller SnP and look for the names of the owner

Dont try to be too nice and forget everything in property is Negotiable.

Dont try to be too nice and thinks you buy from someone who is desperate and facing bankruptcy; you are actually doing them a favour because otherwise they would have a tough time to pay off the loan on the house.

Ok, dont turn yourself into a jerk and start to go on a spree to buy any property on the market and ask for ridiculous prices.. Ask questions first, listen intently, and look for clues if they are facing financial difficulties or making ends meet. Be sincere but strong and know your end game. Most of all, build a Thick Skin so its almost bullet proof. That way all the rejections just bounced right off of skin. (applicable in personal relationships too)

Find that Knockout Punch!

propertykid. Always Learning. Always Investing