Property buyers are entering the market with increased confidence on the expectation that interest rates might continue to drop, but under the current conditions they’ll need more than just money to ensure they set themselves onto a successful financial path.
Leading Property Strategist, Debra Beck-Mewing, said buyers who are in a position to make a purchase will need to skill up now on key aspects of the buying process to ensure they make good choices.
“We see many buyers who are given loan pre-approval but then burn months and months trying to make a decision. It’s these buyers who then fall prey to the marketeers and spruikers who push them into problem properties as buyers become overwhelmed and worried about missing their market opportunity,” she said.
Buying has never been more complex so a solid level of knowledge is required to operate in the current market. Most buyers will have some knowledge of one aspect of the buying process, but to be successful buyers need to be across all aspects. At a bare minimum, consider the following key tips.
1. Great results isn’t all about ‘location’- the most important issue is to ensure your strategy is best for you. Under no circumstances should you be trying to chase ‘hot’ suburbs – this is a recipe for trouble as the lists are typically just based on past sale prices, and the data is usually at least two months old (if not older).
2. If you’re receiving ‘advice’ find out how the ‘advisor’ is being paid. If they’re receiving a commission to ‘present’ the property to you, then the advice they’re giving you is biased. Red flags should go up if they tell you there’s no direct payment required, but even if you’re charged some kind of fee, always ask if the ‘advisor’ will receive payment if you purchase the property they’re suggesting. Properties purchased this way will mean you won’t be shown the full range of opportunities within your budget, only properties where the advisor is receiving a commission.
3. If you’re paying for a service, ensure you have a written money back guarantee so if anything goes wrong you have an opportunity to withdraw from the agreement and get a refund.
4. Never pay service fees in full upfront. It’s fine to pay an initial component but never the full fee. This should be a rule for life when using services as the service provider will have limited incentive to complete the job well if you have paid the fee in full.
5. The worst type of advisor will charge you upfront and also take commissions. Of course, this is illegal however these bad practices are very prevalent in the current market. Protect yourself by validating any information you’re given. For example check the background of the advisor and any developers connected to properties you’re considering for purchase.
6. Do not rely on ‘research’ that accompanies a property. Check the information with people and organisations not connected to the sale. This is particularly important when considering new, off-the-plan, or house and land purchases.
7. Ensure you’re clear on current prices in your target suburbs – look at similar properties on any of the major property portals for a quick sense check.
8. Rental guarantees are a big red flag – they’re usually a rip off and you will pay a higher purchase price for properties with the ‘guarantee’. Any property that needs a guarantee is one that may be difficult to rent, often due to the multitudes of other new builds in the same complex or suburb. Usually, the guarantee will only last until the vendor / developer has sold off their interests in the complex or area.
9. Always check contracts, conduct strata reports and building inspections, and gather as much information as you can before making an offer – use a checklist to increase your efficiency.
10. Anyone talking to you about property should have a license to do so. Check each State/Territory Office of Fair Trading to ensure the license is current.
“Of course, buying a property has many nuances, twists and surprises but if they get it right, buyers can set themselves up for life. This is only achievable if buyers are prepared and organised.
“It’s easy to become overwhelmed, but we see how quickly buyers increase their confidence when they become clear on their target and have an understanding of the process. After buyers have the knowledge, it’s much easier to make decisions and actually buy a property but in the current market they will need to be pro-active”, she said.
For those buyers who would like some affordable independent assistance, the Property Frontline has developed Australia’s ONLY interactive, in-the-moment buyers support system – the Property Smart Track. It’s an essential tool for buyers who want the knowledge and support while doing the buying ‘legwork’ themselves.
The Property Smart Track is unique in that buyers can obtain information specific to their needs, making it easy to overcome any barriers in the four key elements of the buying process. It includes the following components.
• How to pinpoint your property price.
• What to inspect at your property inspection.
• How to make an offer property sellers can’t ignore.
• How to win your property auction.
• PLUS negotiation boosters, contract explanations, property comparison calculators, masterclass insights and heaps more.
Further information can be found the The Property Frontline’s website,Property Smart Track Overview.
Author: Debra Beck-Mewing
Debra Beck-Mewing is the Editor of Property Portfolio Magazine and CEO of The Property Frontline. With over 20 years of experience buying property across Australia, Debra is a skilled property strategist and buyers agent known for uncovering tailored opportunities — from family homes to multi-use investments.
She has deep expertise in advanced strategies including renovations, granny flats, sub-division, and development. A Qualified Property Investment Advisor (QPIA®), licensed real estate agent, and holder of a Bachelor of Commerce and Master of Business, Debra combines strategic insight with hands-on experience.
Debra is the creator of the Property Smart Track System™ – a professional property buying system that enables buyers to select, assess and buy property independently in today’s market. She also leads Buy Like A Genius™, a premium end-to-end buyers’ agency service for busy professionals seeking expert property acquisition without the stress.
As a passionate advocate for greater transparency in the property and wealth industries, Debra is a sought-after speaker, author, podcast host, and participates on numerous committees including the Property Owners’ Association.
