Negotiation Strategies for Buying and Selling Property in Africa – Case Study of Ghanaoai:afres.id:afres2018_112

Gad Asorwoe Akwensivie

AfRES from African Real Estate Society (AfRES)

Abstract: Purpose/Aim/Objective: This article unveils the top negotiation tactics by property brokers and agents in Africa for buying and selling property using Ghana in a case study.Design and Methodology: The study employs a case study approach within a quantitative and qualitative data analysis paradigm. A combination of the purposive and snow-ball sampling methods was applied in the sampling process. The research and its findings and conclusion hinges on robust empirical evidence with analysis of field data collated from 150 successfully concluded land transactions in four major cities in Ghana. Some telephone correspondence were used but to a limited extent.Findings/Observations/Conclusions: The study concludes that, the main strategies applied by property buyers include: 1 Getting information so as to be ahead of the negotiation; 2 Starting off with a sensible and realistic offer, 3. Making an unconditional offers (the cash-down tactic), 4. Learning to be patient, 5. Bluffing with other properties, 6. Allowing flexible settlement dates. 7. Applying time-pressures, 8. High-lighting problems and 9. Having budget under cover are the main tactics applied by property buyers. Strategies applied by property sellers include: 1. building trust and rapport, 2. showing gratitude for interest in their property, 3. Staying ahead of the negotiation by applying the role reversal techniques, 4. Never rushing, 5. Doing their homework, 6. asking questions, 7. Applying the killer tactic, 8. Starting off with sensible offers, 9. Being discreet and also 10. Being very creative.Limitation: The main limitation of this study is the fact that, it was based on experiences in urban areas of the country with little or now experiences from the countryside.Value and Importance of the Work: The work is of immense importance for a number of reasons:1. Not much work has been done in this area2. Will greatly boost the work of property brokers and agents and the estate surveying professionals

Keywords: buying property; negotiation strategies; selling property (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2018-09-01
New Economics Papers: this item is included in nep-ore and nep-ure
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