Do Your Research: Conduct detailed research by learning about comparable properties, the real estate market, current sales prices, and market trends before engaging in any discussions. Arming yourself with this information and a solid understanding of the market dynamics can help you negotiate with confidence and power. 

Establish Your Priorities and Limits: Make sure that your priorities such as pricing, closing date, backup plans, and preferred terms are well-defined. Aside from your own priorities, your research can also help you to understand what other people prioritise in such negotiations, so you are not leaving anything out. Furthermore, be aware of your boundaries and decide when you're ready to give up and stop negotiating. Your bargaining strategy will be guided by your clearly defined objectives. 

Build Rapport and Establish Trust: Establishing a positive rapport with the other party can create a conducive environment for negotiation. To establish rapport and trust, listen intently, speak politely, and look for common grounds. Mutually beneficial results usually result from a collaborative approach from both parties. 

Be Prepared to Compromise: Typical real estate negotiations involve “gives and takes.” It is impossible to have all your demands met in a negotiation so have an open mind and be willing to bend over to the side of your counterpart a little where necessary. Decide which areas you can give up on without sacrificing your main priorities. Sliding toward a good agreement can be achieved through compromise and a readiness to meet the other side halfway. 

Use Timing to Your Advantage: Negotiation results can be greatly influenced by timing. Recognize the seller's reasons for selling as well as any time restrictions, such as deadlines or market conditions. If possible, leverage this information to your advantage to negotiate more favourable terms. 

Negotiate Beyond Price: While price is a critical aspect of real estate negotiations, don't overlook other negotiable terms. Explore opportunities to negotiate on agency fees, repairs, furnishings, or inclusion of additional amenities. Sometimes, concessions in these areas can be just as valuable as a price reduction. 

Leverage Professional Expertise: Consider enlisting the services of a skilled real estate agent or lawyer to represent your interests during negotiations. Experienced professionals can provide valuable guidance, leverage their expertise in negotiations, and advocate for your best interests throughout the transaction process. So, if you have the means to use professional services, go all out for it.  

Stay Calm and Patient: Negotiations can be emotionally charged, but it's important to remain calm, collected and patient throughout the process. Avoid reacting impulsively to counteroffers or pressure tactics. Take time to consider your options and respond thoughtfully to move negotiations forward positively. Remember to take breaks when things get too heated and reconvene with a clearer thought to move the negotiation forward. It may not be the last negotiation with the other party so you might want to leave on a casual note to make it easier when you need to engage them again.  

Document Agreements in Writing: Once a negotiation is successful, ensure that all agreements and terms are documented in writing and incorporated into the purchase agreement or contract. Clarify any ambiguities, confirm mutual understanding, and seek legal advice if necessary to protect your interests.