Top 5 Tips to Secure Top Property

Evidence has shown that summer is the most competitive and active period on a real estate calendar with many cities in Australia constantly offering the transaction of buying and selling of a property.

 

With increased levels of competition, unsurprisingly it can lead to a number of frustrated buyers. Is has been said that the ratio to potential buyers to the number of properties on offer, are heavily skewed to potential buyers. Meaning that there will always be disappointed individuals in the property market. So how do I stay competitive in the market?

 

So, what is the key to making a prior offer to a real estate agent? The following tips will help you:

So how do I stay competitive in the market?

1st Tip:

Even though the auction process can be extremely frightening, it is also a way to ensure you do not over pay for a property. If you are determined to buy a particular property that suits you, it will ensure you are not over paying for property. So, for this instance it may be more favourable to take on a buyer’s advocate to take on the auction process rather than a prior offer, as it could save you a lot more money in the long run.

 

2nd Tip:

Putting down a prior offer can really put a potentially buyer in a disadvantage position, this could see you paying more for a property then what it’s actually worth. If a real estate agent agrees to a prior offer, it could indicate that you are the only potential buyer for that particular price. By doing this it could expose your budget and could potentially be used against you and other potential buyers, to ensure that the selling price will be a lot higher, regardless if it is a public auction or a private negotiation.

 

3rd Tip:

Before you decide to submit a prior offer, it is vital to have a rock-hard understanding of the market value of the property, and keeping in mind that the price will not always equal the value of the property. You can feel quite disheartened when you discover that you have paid a lot more for a property then the going market value, purely because you did not undertake the right research, or you became emotionally attached to the property. The correct research is the key to negotiating an appropriate price for both parties. If you do not have the time to undertake the correct research, consider a Buyers Advocate to help undertake the whole process for you.

 

4th Tip:

Remember that if you are going to submit a prior offer, make sure that it’s not open-ended. Meaning that you should give a window period of 3 working days or 48-hour period to ensure they get back to you. It is also important that you give adequate time for them to think it over, but not too much time so that they can’t use it against you and attract other potential buyers.

 

 

5th Tip:

If you decide to put down a prior offer, it is crucial to offer it at the right time. If you decide to give an offer days before the auction, it is less likely that the agent will accept the offer, unless they have not received any interest from other potential buyers. If you decide to put down an offer, put it down as soon as possible, as this will save both parties the stress of an auction process.

 

Even though we buy a property a couple of times in our lifetime, you need to remember that you are dealing with professional negotiators, who sell and buy houses for their clients every week. It is highly recommended that you engage with a Buyers Advocate, to ensure that you purchase a property that is right for you and at the right price.

 

By Mark Ribarsky

Property Buyers Guide

Download a FREE Home Buyers Guide, an easy to understand booklet designed to help you through the process of buying. Your copy of the property buyer’s guide can be downloaded here.

  • +61 3 9982 4545





    Your Name *
    Your Email *
    Phone Number
    Your Message
  • Wise Real Estate Advice

    Wise Real Estate Advice
    Reviewed from Google

    5 out of 5 stars

    Hari Krishnan
    Hari Krishnan

    5 out of 5 stars

    posted 2 months ago

    I found Mark through Google!!!.
    Since my first meeting I felt so confident in Mark's ability and experience in being able to deliver a great result. I was very much impressed with Mark's service as he made the whole process easier and stress free!!!!

    I am really happy because I bought exactly what I was looking for and it was well under my top budget. Most importantly We did it within few weeks.

    Since day one Mark was very pro-active.

     Mark emailed multiple properties every week within my search parameters and wish list.
     Mark allowed me to be involved as much as I wished.
     Mark inspected the properties I liked.
     Mark explained the positives and negatives about each property.
     Mark held a pre-auction meeting and attended the auction
     Mark's strategies and suggestions like where he’ll stand during the auction, how he’ll handle the negotiation etc. etc. and through to the final shaking of hands inside the house all played out in a positive way.

    Thank you Mark for all your work in getting me the right house for the right price!

    I highly recommend Mark for everybody who wants to find a good place to live or invest.

    Many, many, many thanks!

    alok desai
    alok desai

    5 out of 5 stars

    posted 3 days ago

    Mark helped us find our first Investment property and it has been a great experience for us. He made it so easy for us and took away all the stress about the whole process, was very patient and very responsive will all the queries we had and helped us in every step of the way to find us our ideal property. Thank you again for all your efforts Mark.

Summary
Top 5 Tips to Secure Top Property
Article Name
Top 5 Tips to Secure Top Property
Description
So, what is the key to making a prior offer on a property? The following are a buyers agents 5 tips helping you stay competitive.
Author
Publisher Name
Wise Real Estate Advice
Publisher Logo