5 Property Strategy Tips from a Successful Buyer’s Agent
We chat with the Head of Advisory at Maker Advisory Reece Coleman to get his top property strategy tips to help you enter the property market.
Buying property can be a challenging experience, with a mountain of complex processes to get your head around. There’s a lot information out there and noise to cut through, in navigating the ins and outs of the property market.
As a licensed real estate agent and a global relocation professional of close to 20 years, Reece Coleman has picked up a few buying strategies across his career and, lucky for us, he is sharing his insights with you.
Here are Reece’s top five property strategy tips to ensure you come out on top!
Choose the Right Type of Sale
Sale type is one of the most important aspects of a successful property transfer. Options vary from tender to auctions to private sales, but the goal remains the same: to get the right price, at the right time. Today, more and more buyers are favouring off-market sales, which are beneficial to buyers and sellers alike, saving both parties time and money.
Consider your Offer
Do your local research. Research the history of neighbouring properties to understand local demand. Look at what has been sold and when it was sold, attend other open inspections and auctions, and compare the state of play. Robust comparable sales analysis and supporting documentation are your best chance at securing a property for true market value. It’s also beneficial to uncover the vendor’s motivation to sell, as there are often factors in play other than price – e.g. timing and sentiment.
Get Smart During Negotiation
Negotiating can be a daunting prospect for buyers, however with the right research and a solid offering in place, you can secure the right price at the right time. It’s important to remember to leave your feelings at the door and apply pressure only if you are confident your terms are acceptable. Emotions and urgency can cost you a sale.
Facilitate a Fast Settlement
After an offer has been accepted, comes the settlement, which involves a long checklist of action items. Before you exchange payment for keys, it’s important to make sure everything is as agreed in the contract, e.g. pest, electricity and building inspections. If it’s not, this could delay or kill the deal. To facilitate a fast and seamless settlement, it’s important to have expert guidance on what needs to be actioned and when.
Have you Thought About a Buyer’s Agent?
In today’s market, the best strategy you can put in place is a seasoned real estate professional who can walk you through the process and handle each step for you, i.e. a buyer’s agent.
Focused on building relationships, a good agent will be privy to several off-market opportunities a week, have an up-to-date understanding of current market conditions, and keep a level head throughout the negotiation process.
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