How to Buy Property at The Right Price

1. Pose as a Buyer and the Seller:

Though they are best placed to provide correct info on buy property price but you cannot rely on them. Therefore to fix this problem, a potential buyer can do an independent research as a buyer and the seller. You can identify 10 brokers in a particular area and do a little survey. In front of 5 brokers, you should pose as a buyer and check the property price for purchase. Now approach rest 5 brokers as a dummy seller and check out how much price you will get for a similar property. Through this exercise, You will get Avg buying and Avg selling property price.

If the difference between average buying and average selling price is less than 5% then it means brokers are providing the right information to you. In case, the deviation is high then it means prices are skewed and you cannot trust the info shared by the brokers. Typically, brokers have the tendency to quote lower price to the seller and higher price to the buyer. Therefore, in this case, the average selling price will be a floor price for a potential buyer.

2. Apartment Association Office:

Another reliable source of information on property price can be the office of apartment association. The office assistant knows in and out about the prevailing property price.It is advisable to find some reference/acquaintance in the same apartment and take internal help to complete this exercise.

3. Hit and Trial Methods:

There are some tried and tested hit and trial methods to check the property price. One of the methods is to quote unexpectedly low property priceAnother trick to know floor price is to play trump card of postponing the purchase decision. After doing initial research, you can tell a broker that you are postponing the decision. The reason being high price and you will wait for prices to cool down. At this point, broker/agent will tell you the floor price.

4. Online Forums:

You may find a lot of online forums with discussion around a specific project or area. You should avoid forums specific to projects as those are dominated by agents and channel partners of builders. I found some selective forum discussions on specific areas rational and genuine. Though presence of agents cannot be ruled out from such forums. Area specific discussions take into account all the projects. The members share property price of various projects in the area. It also discusses the pros and cons of the area and projects in that area.