Successful negotiation when buying property is a subtle art, and skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers should avoid:

1. Low-ball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the vendor. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.
2. Incremental negotiations: Don’t continue to go back to the agent or vendor with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the vendor to consider other opportunities.
3. “Take it or leave it”: Try not to draw a line in the sand with your initial offer. The vendor can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.
4. Nitpicking after inspection: Obviously if inspection reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a stalemate.
5. Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the contract. Try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.

Are you ready to buy a property? Contact one of our mortgage brokers to arrange a pre-approval, so you have a clear spending limit in place before you commence your negotiations. Or learn more about getting a pre-approval here.