6 ways to buy like a Buyers Agent

Secure your Sydney property before anyone else can like a smart buyers agent

People are often asking us what the market is like and whether it’s the right time to buy. They’re often surprised that even with today’s uncertainties we still face a lot of competition trying to secure good quality units – even in today’s market there could be up to 10 contracts out on a property we’re looking to secure.

But that’s the whole point. The types of properties we buy are always in demand because they tick all the boxes and the majority of people in the area can afford to live there, so competition is always strong.

So to help you understand the techniques we use to secure properties for our clients, and possibly even for yourself, I thought I’d outline the 6 most effective techniques that, when combined, create a formidable force when it comes to purchasing.

1. Speed: How a buyers agent can help?

There are a number of processes involved with a property transaction – building inspections, reviewing contracts, valuations, negotiations, funding. Get all of this in place before you start. Once you see a property you like you need to move quickly and you need to have all your ducks in a row beforehand. As a Buyers Agent, if we see a property we like, we can have our due diligence completed and contracts exchanged within 24 hours and this can make all the difference to a vendor who is looking make the sale and get on with their life.

2. No emotion: A buyers agent makes calculated purchases.

It’s imperative that you know what you’re looking for in your investment property before you go out into the market. If you can have ten points listed and understand which of those are non-negotiable, it’s very easy to determine which properties make the grade and which ones don’t. Removing the emotion with a simple checklist can remove the heartache and indecision around a purchase.

3. Research & local knowledge: Good buyers agent will know the market.

Unless you’re using a professional to buy for you, most people will tend to buy in the area they live in because that’s what they know. Although limiting, this understanding of the local market is essential.

As Buyers Agents, we know which suburbs outperform others, which streets to avoid, which buildings to avoid, where rental demand is strongest and the price points of all properties in between.

If you don’t know these things before you start shopping for your next investment it’s best you get busy, otherwise a mistake at this level could be costly.

4. Understand the investment fundamentals

Understand your personal circumstances, understand the types of properties that will suit your circumstances, then understand which of those properties will make the best investments and you will be miles ahead of the game.

5. Negotiate with a win/win attitude

Long-term investors looking to build real wealth understand that you don’t get something for nothing, and “bagging a bargain” often leaves you with something no one else wants. When you’re looking to hold a property for the next 30 years, it’s not so much about getting a discount as it is about securing the right property that will grow strongly over time. If you see a property that fits the bill, pay them what it’s worth. Trying to beat them down on price will often result in you losing a quality property and having to continue your search for another few months, all the while the market continues to move along without you.

6. Make a strong offer as a buyers agent

Undoubtedly one of our best-kept secrets as Buyers Agents. When making an offer on a property we always approach the agent with a signed contract, a 66W form waiving the cooling-off period and a cheque for a 10% deposit. Anything less is considered a waste of time and leaves room for gazumping or secret cross-negotiations with other interested parties resulting in a lost deal. Keep in mind that you should only waive your cooling-off period if you’ve done your due diligence beforehand, which as a Buyers Agent, we will always have undertaken.

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