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How do you negotiate a house price with a real estate agent?

by joya. (follow)
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House hunting is a daunting process. Bargaining for a house is even more difficult. Real estate agents are professionals who are excellent in driving hard bargains.

What are your top tips for negotiating price of a house with a real estate agent?

#House Hunting
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I found that having a good understanding of the suburb, available funding, being in tune with our feelings about how much you want the property and how much you are willing to pay. Also, speaking to family and friends to gain an idea about what affair price of the property should be. Basically, doing your homework will you in a good position to bargain a house price with a real estate agent.
You need to have an understanding of house prices in the relevant area. It helps if the vendor is a motivated.

A little homework always helps. Find out what the different prices are in the area. Also find out a little more about the house from your local council. You may find that some of the additions to the house may not be listed on the report. You can also find out when the house was sold and for what amount. You can also speak to some people living in the street. You will be surprised at how much information you can gather about the house, length it has been on the market, and the type of people living there. Once you have that information, you can then make an offer with room to negotiate.
Always get a building inspection before you finalise your contract. We used this to get some repairs done by the owners, and $1500 off the agreed apon price.
Land gate or the relevant Govt department that manages property valuations in your State will for a small fee provide you with a list of recent sales evidence.
It is best to get the information independently as you risk a distortion when the information is supplied by the agents.
Ensure that the properties are similar in size, quality and that the time line has been adjusted across inflation.
You may also have this information provided by a licensed valuer for a large fee.
Take this information into the negotiation phase and supply it to all the stakeholders.
This will remove the emotion and replace it with facts.

Knowledge is power, and if you've done your research that is the best way to negotiate and deal with RE Agents I reckon.
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