ABSTRACT
For many first-time buyers, negotiation is a source of great anxiety. Negotiation is the process where the people discuss with the seller with the aim of reaching a price that is acceptable to both. In this chapter, the authors offer a tool kit that is easy for the people to remember and apply when negotiating for their deal. Generally, the economic theory of price based on supply and demand is still applicable. Generally, the price at which the buyer and the seller agree to conclude a deal is found somewhere between the asking price (often the higher price) and the bidding price (often the lower price), but it is not unusual that a buyer ends up paying the asking price, or equally a seller ends up selling at the bidding price. Although playing the intermediary role, the estate agent has a high stake in the deal.
