You need to have a firm foundation of information and strategy. Successful negotiations need to have a firm foundation of information and strategy.


1.  Convert meaningless offers into meaningful cash discounts

In order to attract buyers in the currently difficult market, several builders are resorting to offers and freebies. Some of the recent examples of such offers include free 10-gram gold coin, waived floor-rise charges, free stamp duty registration, free memberships to club houses and amenities, free modular kitchens, international holidays, free cars, etc. Negotiators who do not see value in such offers can and should negotiate for better prices instead.


2. Enlist the help of an expert

Typically buyers seek to avoid brokers because they wish to avoid brokerage fees. However, not all buyers are in a position to strike a good deal with builders or landlords. They could risk paying more than required, or winding up with an apartment in a bad locality and by a less than reputable builder. Buyers should explore all channels of transacting – brokers, online information sources as well as direct contact with owners, if possible. This will help evaluate one’s on ground ability to strike a good deal. It may emerge that a good broker is actually a better bet.


3. Express interest

This is probably the most misunderstood aspect of a negotiation. It is a myth that expressing their interest in purchasing a flat puts one at a disadvantage at the negotiation table. In fact, buyers should clearly express their desire to purchase so that developer can seriously consider offering them a better deal. Builders treat genuine buyers very differently from idle information seekers. Buyers should approach the negotiation table with their cheque-books, ready to pay a token amount and every assurance of serious interest if a good deal is offered.


4. Don’t attempt to time the market

There have been far too many victims of this syndrome in the past, both in the financial markets and in real estate. Builders are currently willing to offer good deals to serious buyers. Armed with sufficient knowledge about the current market situation and honed negotiating skills, buyers can leverage the currant opportunities to purchase a house at good prices. While prices will correct to some extent in certain cities, no one can precisely predict the bottom.