Strategies for Negotiating Property Prices with the Help of a Buyer’s Advocate

As fluctuating house prices continue to dominate the Australian news cycle, potential buyers are finding it harder than ever to navigate the market. In particular, it’s becoming increasingly challenging to negotiate and achieve the right property price. If this applies to you, a buyer’s advocate can step in to lend a helping hand.

Buyer’s advocates or ‘agents’ (as they’re referred to interchangeably) play an integral role in the real estate market. From the property search to the final settlement, they act on your behalf to secure the best opportunity at the best possible value.

Throughout this article, we’re going to shed some light on how you can leverage a partnership with buyer’s advocates to negotiate property prices. 

Buyer’s Advocates: A Brief Overview

In case you’re unfamiliar, the work of a buyer’s advocate is to act on the behalf of buyers and sellers to assist them with various aspects of the purchasing process. This can manifest itself and play out in a range of different ways. 

The level of assistance can change from case to case, however a buyer’s advocate typically offers assistance in the following areas:

• Full property search
• Assessments
• Negotiations
• Sales Advisory (for sellers)
• Off-market properties

 

Before the Sale: Setting a Solid Foundation

Buying any home, let alone the right one, isn’t easy. The best properties have strong competition and often sell for a higher price than initially expected.

The result? Many buyers are left sitting on the sidelines for months or years. When you’re trying to uncover quality A-Grade homes, it’s difficult to see the light at the end of the tunnel–but remember, professional assistance is available!

When you partner with a buyer’s advocate, their work begins well before any negotiations take place. Here’s a brief overview of how the process is likely to work.

Initial Consultation

Because a buyer’s advocate works on your behalf, the initial consultation sets the foundation for all of the steps that follow. At this stage, an in-depth discussion takes place to develop a clear picture of your ideal property, long-term goals, and budget constraints. 

Whether the buyer is a first-home buyer, an investor, or looking to upgrade, this consultation allows the advocate to develop a relevant plan and a search process to match.

Analysing Current Market Conditions

Property prices can fluctuate from city to city, suburb to suburb, and street to street, not to mention the various other factors that cause market value to fluctuate. Fortunately, this is the perfect time to lean on the experience and expertise of your buyer’s advocate. 

A buyer’s advocate will be able to provide a detailed analysis of market trends in the areas you’re looking to invest. This analysis could encompass everything from suburb growth patterns to recent sales data and future projections that may influence property prices. 

It’s hard to understate the value of this analysis. Remember, it’s not only their ability to provide this information, but also their ability to interpret shifts in the market and then provide expert advice to match.

A Detailed Property Search

Once you’ve settled on a specific town, suburb, or council area, the advocate conducts a thorough property search. This will involve shortlisting the type of property you’re interested in (such as apartments, houses, or units), then finding opportunities that match any pre-discussed criteria. This could be a specific location of interest, or proximity to schools, amenities, public transportation, and local infrastructure developments. 

Because buyer’s advocates know how to filter out unsuitable options, this allows the buyer to avoid wasting time on properties that don’t meet their needs. Instead, the focus remains solely on high-potential opportunities that match their specific preferences, requirements, and financial goals.

Ready to find the perfect property? At BuyerX, you can partner with an award-winning buyer’s advocate in Melbourne, Sydney, Mornington Peninsula, and the Sunshine Coast.

Access to Off-Market Properties

Without a doubt, one of the biggest advantages of working with a buyer’s advocate is gaining access to off-market and pre-market properties. These homes are not publicly advertised on REA or Domain, and are often available only through industry connections. This approach can significantly reduce competition and improve the chances of securing a property at a fair price before it attracts multiple buyers.

The off-market route is a popular option for buyers who value privacy or want to avoid the stress of a highly competitive market (including stressful auctions). In this case, advocates can directly liaise with sellers to negotiate deals that are mutually beneficial.

Property Tours

Knowing what you like and dislike is absolutely critical. While you may be able to develop an idea via scrolling the real estate platforms, visiting the property in person is by far the best way to see if it’s to your liking. 

A buyer’s advocate can accompany you to a property tour of one or multiple properties that you’ve shortlisted. This inspection is a great time to speak with your advocate and start an open discussion about your feelings on each property. An advocate will also be able to point out features that the average buyer will miss.

Property Assessments

Once potential properties are identified, the advocate often conducts detailed assessments to determine their true value. This process will typically include an evaluation of comparable sales, inspecting the property’s condition, identifying potential renovation costs, and assessing its long-term investment potential. Overall, this prevents buyers from overpaying or purchasing a property with hidden issues.

A property assessment may include a deep dive into the street, building and local precincts, as well as researching the relevant complexities of the local government regulations and future plans as they are likely to impact the building.

A thorough assessment ultimately translates to greater surety and confidence in the final decision to buy. With an advocate’s insights, buyers have a far greater chance to distinguish between a genuinely good deal and a home that may have underlying concerns.

Negotiation Strategies

Negotiation is often the most challenging aspect of buying a home, especially in competitive markets like Melbourne, Sydney, or Brisbane. This is one area where an advocate brings extensive experience and proven strategies to the table. Here’s how they may approach negotiations:

Due Diligence

Before entering negotiations, a buyer’s advocate conducts thorough due diligence to identify any potential risks or concerns. This includes reviewing legal documents, obtaining building and pest inspection reports, and consulting with legal and financial professionals. Armed with this information, they can negotiate from a position of strength, protecting buyers from unexpected costs or legal issues down the line.

This proactive approach prevents buyers from being caught off guard and allows them to make offers with full confidence, knowing all necessary checks have been completed.

Auction Assistance

Auctions are often a high-stress environment where big decisions need to be made in a matter of seconds. Sometimes, this causes buyers to exceed their budget in the heat of the moment. 

Advocates develop bidding strategies, bid on the buyer’s behalf, and remain calm under pressure. Their ability to read the auctioneer and other bidders can mean the difference between securing a property at a fair price or getting caught in a bidding war.

With a buyer’s advocate handling the bidding process, buyers can avoid making impulsive decisions and stick to a well-thought-out strategy that prioritises value over emotions.

Working with Off-Market Sellers

Off-market properties offer unique advantages, including reduced competition and increased negotiation flexibility. Most buyer’s advocates have strong relationships with selling agents which give them direct access to exclusive listings. If a buyer is interested in an off-market opportunity, the advocate facilitates discussions, negotiates terms, and keeps the process confidential.

For sellers, this can also be beneficial, as it allows them to sell discreetly without going through public marketing campaigns, open inspections or auctions–resulting in a win-win scenario for both parties.

Strategic Negotiation Tactics

For private sales, buyer’s advocates use strategic negotiation tactics to achieve the best outcome. They understand how to gauge a seller’s motivation, identify leverage points, and make compelling offers that appeal to vendors while protecting the buyer’s interests. Whether through direct price negotiations, adjusting settlement terms, or including favourable contract conditions, they work to secure the best deal possible.

This expertise is particularly useful when dealing with highly sought-after properties, where skilled negotiation can make all the difference in getting the right home at the right price.

Navigating the Fine Details

Every property transaction comes with its own set of unique circumstances. Within these aspects, there are many fine details that need to be negotiated and finalised. Working closely with conveyancers and legal professionals, they’re able to clarify clauses, verify regulatory compliance, and prevent costly oversights. 

Buyer’s advocates also manage logistical aspects, such as coordinating building inspections, handling paperwork, and liaising with sellers and agents. Their ultimate goal is to keep buyers informed at every step, all while simplifying complex legal and financial details.

A BuyerX Case Study: Using Expert Negotiation Skills to Achieve a Private Sale

Client Brief:

J and J were relocating from Mansfield to be closer to family, seeking low-maintenance living near the city with easy access to transport, parks, and restaurants. After exploring options across Melbourne, we guided them to South Yarra, which met their needs and budget, and by coincidence was Jane’s childhood area.

Buying Journey Summary:

We began the search while J and J were selling their family home. Initially, we explored off-market properties to give them a clearer picture of the market, which led to a shortlist of high-quality apartments. After viewing an on-market property, we leveraged our agent connection to discover a quiet off-market listing in the same building. 

Despite challenges with tenant access, we acted quickly, utilising our due diligence process and network to negotiate fast and secure the right property.

Save Time and Money with BuyerX

There are three things to consider when searching for a property, and this is what BuyerX can offer as your dedicated buyer’s advocate.

1. Price – The budget you’re willing to allocate for your home purchase.
2. Property – The physical features you need, such as the number of bedrooms, bathrooms, and overall condition of the home.
3. Position – The location, including factors like streetscape, amenities, transport, and security.

Most buyers will need to make a compromise on at least one of these areas, and that’s where we come in. We are an award-winning buyers agency with area specialists, expert negotiators, and a proven track record of client success.

It’s time to unlock your potential and secure the property of your dreams! Contact us to connect with a leading buyer’s advocate in Melbourne, Sydney, or any other Australian city.