If you love a bargain then you will love buying property this week. It’s the last week to buy before Christmas and the week to swoop in on good opportunities.
The best properties to target are those that have been on the market for more than two months, properties that look a little ugly, or that have issues that are easy to fix (for example – upgrading a driveway or adding a verandah).
For best results you’ll want to be using some very strategic moves and be on your game when it comes to dealing with agents.
If you’re actively looking to buy before Christmas, here’s my top five tips for negotiating a bargain.
- Determine if it really is a bargain or a fake – don’t fall for the ‘price reduced’ line in an ad – compare prices for recent sales of similar properties and others already on the market to determine the true value and the best price to offer AND also don’t fall for a low guide price designed to trap you into spending time on a property that will sell for thousands over your budget.
- Empathise with the agent – in these situations it really is true that you have more influence if you acknowledge the effort the agent has already put into selling the property as they have often put in months of work with no reward – aim to gather as much insight from them as possible.
- Communicate that you’re pre-approved / have finance – you don’t have to say how much the bank will loan you but at least let the agent know for sure you’re serious about buying and have the capacity to act quickly.
- Ensure your offer is attractive – if you have time to complete your due diligence quickly then set a short cooling off period, check what the seller wants in relation to settlement (do they prefer a long or short settlement), find out if there’s other special features the seller wants and add them into your offer.
- Make your offers hard and fast – let the agent know you’re keen to purchase before Christmas and that you’re looking at a couple of properties and explain you can only leave your offer with them for a for a few hours before you’ll withdraw it.
Get Negotiation Navigator on your side
If you have found your favourite property and would like to ensure you get the absolute best price, remember you can use our Negotiation Navigator service.
With Negotiation Navigator on your side, you can turbo charge your negotiation power and take the pressure off your position in the buying process.
We take care of the offer and negotiation process, so you don’t need to deal with agents directly. If your target property is going to auction, we can bid on your behalf (yes . .there’s still auctions right up to Christmas).
Negotiation Navigator includes :
- conducting detailed due diligence so you have clarity
- providing you with skilled pricing assessments
- compiling offers and negotiating on your behalf or representing you at auction.
Negotiation Navigator is also very useful during ‘emergency situations’ or opportunity weeks like this week. Check out more about Negotiation Navigator here or call 0418 644 425.
About the author
Debra Beck-Mewing is the Editor of the Property Portfolio Magazine and CEO of The Property Frontline. She has more than 20 years’ experience in buying property Australia-wide and has extensive experience in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is a skilled property strategist, and a master in identifying tailored opportunities, homes and sourcing properties that have multiple uses. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, and participates on numerous committees including the Property Owners’ Association.
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Disclaimer – This information is of a general nature only and does not constitute professional advice. We strongly recommend you seek your own professional advice in relation to your particular circumstances.
