There is almost nothing more disappointing than missing out on your dream home. After working so hard, saving for a deposit, doing all the research and getting your hopes up, the last thing you want is for the seller to overlook your offer.
Don’t give up! The property market is competitive. But with the right approach and a professional Perth buyer’s agent by your side, you can stand out from the crowd and secure your dream home.
WHY YOU NEED A STRATEGY TO STAND OUT
Perth property prices have risen nearly 16% in the last 12 months. Australia-wide, that figure climbs to 21.7% after a brief slump in the middle of last year. So although Perth is still more affordable than our east-coast neighbours, analysts predict another boom is on the horizon.
If you’re already active in the property market, you have probably felt the pressure mounting. And if you’re looking ahead, you might be concerned about what’s to come.
But a little preparation goes a long way. At Multiply Property Group, we help buyers and investors stand out in a crowded market.
Here are our top tips to prepare your property investment strategy.
- KNOW THE MARKET INSIDE-OUT
Start by researching your target area online. There is a wealth of sales and rental data available from places like the Australian Bureau of Statistics, Landgate and REIWA. These sources help you build a picture of your preferred suburb on paper.
Of course, there’s no substitute for the real thing.
Visiting home opens in your area – even if you aren’t considering putting in an offer – will give you a better feeling for the market. Especially for homes sold at auction or listed without a price, attending the home open is a great way to keep your ear to the ground.
- BE READY TO MAKE AN OFFER
Make sure to secure financial pre-approval before getting too serious about your property search. Work with your broker to establish a firm borrowing limit and make a financial plan that aligns with your property investment strategy.
Property negotiations can get complex fast. However, knowing which offer terms are non-negotiable and which are flexible will help you navigate the process confidently. This is where working with an experienced buyer’s agent can help: it’s our job to demystify the offer terms so you can make a more informed decision.
- BE FLEXIBLE
Buying property in Perth shouldn’t mean bending over backwards to meet a seller’s terms. But if you’re prepared to flex just a little, you could end up securing an even better home than what you had in mind.
- Consider more than one suburb
- Look for long-term value
- Make a financial plan that accounts for renovations and improvements
SEEK OPPORTUNITIES TO ACCOMMODATE THE SELLER’S NEEDS
The best offer isn’t always the highest. There might be circumstances surrounding the sale that you can use to make a personalised offer, meeting the seller halfway.
For example, if a seller is raising funds for a new project, they might consider cash offers lower than the asking price. Or, if the seller needs time to figure out their next move, your property buyer’s agent might negotiate a leaseback agreement.
ASK ABOUT OFF-MARKET OPPORTUNITIES
Perth properties are frequently sold or under offer before reaching the open market. However, if you have a good relationship with a real estate agent, they might notify you of private viewings and off-market properties.
Working with a property buyer’s agent gives you even better access. We have great relationships with several real estate agents, amplifying your potential exposure to a good deal.
- GET PROFESSIONAL ADVICE
Engaging a property buyer’s agent can help you find and purchase your target property faster, without stress and for a better deal than you can get by yourself.
Buyer’s agents have a wealth of property market experience. They act as guru and guide throughout the property investment process:
- Advising on your property investment strategy
- Identifying target properties
- Finding alternatives that meet your criteria
- Leveraging networks to find the best properties (even off-market)
- Negotiating favourable terms
- Securing the best deal possible
An experienced agent will take time to understand your investment strategy inside and out. So when the right property comes along, you will be the first to know about it. Then, you can act fast, making all the right moves to stand out in a competitive property market.
- ACT QUICKLY
Just 18 months ago, property in Perth stayed on the market for 50 days on average. Today, it’s more like 20 days. Combine that with 2,000 fewer listings every week, and you can see why “wait and see” is no longer a viable property investment strategy.
However, rushing to put in an offer without reading the fine print might result in you paying more than you should for a property that doesn’t meet your criteria. Balancing preparation and tenacity is the key to putting in a good offer at the right time.
PREPARATION IS KEY
To act fast, you need to be prepared. That means:
- Making a financial plan
- Knowing your budget
- Paying attention to market movements
- Securing loan pre-approval
- Knowing which offer terms are flexible
In other words, it all leads here to the offer.
WORKING WITH A PERTH PROPERTY BUYER’S AGENT TO MAKE THE BEST OFFER
Working with a property buyer’s agent enables you to act quickly and confidently. Their expertise and resources put you at an advantage when the right property comes along:
- Exposure to off-market properties and high-potential alternatives
- Complete due diligence quickly
- Negotiate offer terms
- Market insight to make an offer on a property without a listing price