Independent Property Price Negotiation
As an additional support to our clients, Building Masters offer a professional No Win – No Cost Property Price Negotiating service.
Employing the significant advantage of having prepared the Building Defect Report, in addition to our years of experience with the purchase of real estate, we are in a powerful position to negotiate the purchase price of the property on your behalf. We are aware most people do not have the negotiating skill required to take advantage of this process.
The preparation of a comprehensive Building Defect Report is recognised as essential to a property buyer, but the negotiating opportunity the report can create is often left unrealised. Until now, making use of the Building Defect Report to negotiate the purchase price – before or after the contract of sale has been signed – has been the province of the professional advocate – an expensive option for a buyer.
At Building Masters our senior staff have been engaged in building defect reporting and negotiating for decades – providing a negotiating service in addition to our Inspection Report services is logical for us and highly effective for our clients.
In summary, here’s how it works:
As senior Building Inspectors with a depth of experience dealing with real estate agents, our role can be very effectively used at the final stages of the prospective purchase, providing you with a negotiation opportunity you did not previously have.
As your Building Inspector we can intervene in the final stages of the purchase negotiation – just when all parties assumed it was finalised.
Our approach is to use the inspection findings of our report, including the costs of repairing the defects, to cause the vendor and agent to review their price expectations or run the risk of losing their sale – a situation both the agent and vendor will try and avoid.
This negotiation strategy highlights our building knowledge, professional qualifications and combined with the findings in our Defect Report, create a reality check for the vendor.
This powerful tactic produces a last-minute opportunity for a further price negotiation. Here is a typical step-by-step scenario of how these tactics play out:
1. Building Masters conduct the Full-Service inspection of the property and prepare a Full Service Defect Report;
2. If the report indicates unexpected expenses, but you wish to continue with the purchase (at a lower price) you can appoint us to negotiate directly with the agent on your behalf – this is normally possible during the cooling-off period (and sometimes at other times subject to the contract conditions) providing of course we have prepared a Full-Service repair costed Defect Report;
3. With our guidance, you withdraw from the signed contract in writing (subject to the contract conditions) normally doing so within the “3 Day Cooling-Off” period;
4. You then inform the Agent in writing that the Building Inspector has been formally appointed as your Representative and any future communication must be directed to them, allowing you to step back whilst we begin our negotiation process;
5. For us to be effective we must be unimpeded – so we require that you cease communication with the Agent until the negotiation between our inspector and the Agent has been concluded;
6. The next step (now you have withdrawn from the contract) is the provision of the Building Defect Report to the Agent – this is done by the Building Inspector;
7. The Agent will typically then show the report to the Vendor advising the sale may fall through – however, not wishing to lose their commission, the Agent may request the Vendor’s permission to re-negotiate by offering to “share the repair costs” between the parties and may seek the Vendor’s authority to offer a discount on the purchase price in line with the now disclosed building defects and associated building repair costs;
8. Having received approval from the Vendor to discount the price, the Agent will contact the Building Inspector and our negotiation commences.
OUR NEGOTIATION EXPERIENCE
At Building Masters, we are experienced in dealing with Real Estate Agents – we know their tactics and their negotiating techniques. Additionally, we have the advantage of being an independent third party – a significant negotiation strength. We have the knowledge, authority and credibility to effectively hold the property sale in the palm of our hands, and the agent knows that.
On your behalf – we take control of the situation and put your interests ahead of the vendor’s and their agent.
Working together, our efforts can produce a revised purchase price and a satisfactory outcome for you.