0

  • 1-26 Complete

Negotiating as a Buyer

Negotiating Scenarios game

1

BUYING A PROPERTY: You have seen a property that you like and have instructed your agent to contact the vendor. However, you have been very busy at both work and home so you haven’t had time to properly think about how much you are prepared to pay. Should you:

  • A 2 Give yourself a couple of hours to think this through before getting into the bidding process

    ANSWER COMMENTARY
    Preparation is always crucial for any negotiation and knowing your bottom line is critical. If you don’t know that in advance, you will have no objective way of knowing when to stop, once the negotiation gets underway. So, answer (d) is best.

    Answer (a) is borderline – you are not giving yourself much chance to plan.

    With answer (c) you are at least thinking about the issue but the bottom line is really a personal issue for you to decide and not for someone else to decide for you.

    Answer (b) is not a good answer – you will get yourself into deep water if you wade into any negotiation without knowing your bottom line.
  • B 1 Not worry too much about it - you will have an instinct as to when the price is getting too high for you

    ANSWER COMMENTARY
    Preparation is always crucial for any negotiation and knowing your bottom line is critical. If you don’t know that in advance, you will have no objective way of knowing when to stop, once the negotiation gets underway. So, answer (d) is best.

    Answer (a) is borderline – you are not giving yourself much chance to plan.

    With answer (c) you are at least thinking about the issue but the bottom line is really a personal issue for you to decide and not for someone else to decide for you.

    Answer (b) is not a good answer – you will get yourself into deep water if you wade into any negotiation without knowing your bottom line.
  • C 2 Take the agent's advice as to what your bottom line should be during the course of the negotiation

    ANSWER COMMENTARY
    Preparation is always crucial for any negotiation and knowing your bottom line is critical. If you don’t know that in advance, you will have no objective way of knowing when to stop, once the negotiation gets underway. So, answer (d) is best.

    Answer (a) is borderline – you are not giving yourself much chance to plan.

    With answer (c) you are at least thinking about the issue but the bottom line is really a personal issue for you to decide and not for someone else to decide for you.

    Answer (b) is not a good answer – you will get yourself into deep water if you wade into any negotiation without knowing your bottom line.
  • D 4 Take a few days to research prices in this area for this kind of property, so that you have a considered view of your bottom line (even if there is some risk that you might miss out on this particular property due to the delay)

    ANSWER COMMENTARY
    Preparation is always crucial for any negotiation and knowing your bottom line is critical. If you don’t know that in advance, you will have no objective way of knowing when to stop, once the negotiation gets underway. So, answer (d) is best.

    Answer (a) is borderline – you are not giving yourself much chance to plan.

    With answer (c) you are at least thinking about the issue but the bottom line is really a personal issue for you to decide and not for someone else to decide for you.

    Answer (b) is not a good answer – you will get yourself into deep water if you wade into any negotiation without knowing your bottom line.
Preparation is always crucial for any negotiation and knowing your bottom line is critical. If you don’t know that in advance, you will have no objective way of knowing when to stop, once the negotiation gets underway. So, answer (d) is best.

Answer (a) is borderline – you are not giving yourself much chance to plan.

With answer (c) you are at least thinking about the issue but the bottom line is really a personal issue for you to decide and not for someone else to decide for you.

Answer (b) is not a good answer – you will get yourself into deep water if you wade into any negotiation without knowing your bottom line.

question