Not that I have ever been to a concert of his, but apparently Bruce Springsteen would quote ‘nobody wins unless everybody wins’ after his performances. I cross-checked this on Google just to be sure. This quote, although intended politically by our friend Springsteen, is quite relevant in the world of property investment.
In my first property transaction I remember regarding everybody involved as either an enemy or an ally. My mandate was to squeeze every dollar from the vendor so I could get the best bargain on my purchase; if they were to gain, I was to lose. I was fortunate enough to be mentored on this in the early stages, allowing me to change my perspective, redirect my energy and close the deal successfully.
It can be quite easy to regard the vendor of a property as the ‘enemy’, but what this creates is a level of animosity in both directions. Animosity leads to a breakdown in communication and increasing misunderstanding and confusion which typically causes both parties to lose, particularly if the transaction fails to go ahead.
Developing a respectful relationship between a buyer and seller goes a long way in ensuring both parties get what they want from the deal. In the context of being a purchaser, your value to the vendor progressively diminishes if you ask for more in return for less.
Of course, this does not mean we should pay the highest price in order to be most appealing to a vendor, but what it does mean is that a property deal is no different to any other deal The best way forward is for both parties to turn away afterward with a smile: you never know when you’ll need to depend on the strength and integrity of that relationship in the future!