Some people think you need to act fast to grab a great deal. Makes sense.

Some people think you need to be patient. Also makes sense.

Which is it?

To answer this question we need to remember that when negotiating on a property we are managing two completely different dynamics:

1. Us and the Vendor … trying to convince them to accept our offer.
2. Us and the Competing Buyers … trying to do a deal before someone else does.

Trying to bring the vendor around to our view is best played with patience.

But trying to beat out other competing buyers is best played with speed.

Depending on how strong or weak the market is you will need to find the optimal balance between patience and speed.