how to manage relationship with agent ?

If you are friendly with an agent, and he/she let you know a property first, do you make a low ball offer to try to buy the property as low as possible, or fair market price. If you offer a low ball couple of times then he/she won't be friendly much longer !
 
If you are friendly with an agent, and he/she let you know a property first, do you make a low ball offer to try to buy the property as low as possible, or fair market price.
I usually ask "what do you think I can get it for?" Tell the REA: "you know the property and the vendor - if you were buying it what would you pay?"
Just use this as part of what you do. You should already know exactly what the property is worth from your own DD. I don't see anyone buying at "low-ball" prices in the current market. We just purchased one @ $390K. It was listed @ $399,950 BUT I already know of 2 other comparable sales - one for $415K and another for $425K. I would have been very happy to buy this one at $400K asking price. You have to know your prices (and the selling agent and the vendor in this case did not).

If you offer a low ball couple of times then he/she won't be friendly much longer !
Correct
 
You need to show loyalty and integrity in whatever you do. Showing disrespect to people gets you no where, even if they are selling something.

Selling agents will take you seriously after you have a track record of taking action. Personally we formed the best relationships with selling agents after the first 30 or so purchases.

Business people usually do not tolerate tyre kickers or people that will screw people down in price.
 
Just use this as part of what you do. You should already know exactly what the property is worth from your own DD.

While I agree with much in your posts, I believe this is pure fantasy.
You do not and cannot know the exact value of a property, and as a BA it's your job, imo, to find the lowest buy price you can, not pay what you think it's worth.
DD is an opinion.
As the next part of your post confirms, you did'nt know what it was.
Comparables are history, and as your post also confirms, it's down trending market with lots of motivated sellers.
There's no such thing as "exact value" in a market system, there's a bid and offer.

If you offer a low ball couple of times then he/she won't be friendly much longer !

This depends on how you do it and your situation.
I don't have this problem, and unlike what many say here, I don't justify my offer with a coating of BS.
It's a buying bid, and it's strictly biz. The REA is not your your friend (nor foe). Ad no, he does'nt have to like you. He likes $$$.
When it's made in an noob way with lots of personal content, then the agent knows your a noob, thinks your a tyre kicker and will know that this profile of buyer is usually willing to pay more if he/she does buy.
Of course it may also mean that there's too many buyers in the market, which means it may not be a good time to buy.

Remember in a market system:
"those with the experience end up with the money, and those with the money and up with the experience."
In RE we normally have a noob dealing with a trained & experienced RE.
Where do you think the money ends up?
 
....I believe this is pure fantasy.
You do not and cannot know the exact value of a property,
You may not know it to the exact dollar (agreed) but you need to know it to within a few thousand. A registered valuer has to do exactly the same thing.

and as a BA it's your job, imo, to find the lowest buy price you can, not pay what you think it's worth.
That is correct and why we purchased it for $390K and not for the full list price that I thought it was worth (and then some).

Comparables are history, and as your post also confirms, it's down trending market with lots of motivated sellers.
Yes comparables are history - but I'm happy with 2 week old history to use as a comparable on a purchase made today. My post certainly does not confirm that it is a down trending market. The market where I am buying in this case was an up-trending one. The property was incorrectly priced by an smaller inexperienced agent who IMO does not know the market as well as I do. Unfortunately for the vendor he took the advice of this agent. That is none of my concern, as you say it is my job as a BA to get the lowest possible price for my clients - which I believe we did (which was also confirmed by the valuer this week as being a 'good buy' & 'cheap at that price').

There's no such thing as "exact value" in a market system, there's a bid and offer.
Correct. HOWEVER, the Department of Fair Trading compels me, as a condition of my licence, to come up with an "estimating buying price" and requires me to justify that, along with a whole range of other things & many pages of checklists, just one of which is 'comparable sales'. So that is what we do here :)
 
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