expert-q-a

Investors ask: Getting offers accepted

Q. I'd like to start getting my offers on properties accepted more quickly and beating other buyers to the punch. Are there any steps I can take to show vendors and agents that I'm a serious investor and want to move quickly?

A. When you're negotiating to purchase a property, the most important thing you can do to speed up the transaction is be ready. You need to be in a position to sign a contract there and then.

A lot of serious investors do transactions on the spot. If you want something to happen you need to be able to say to the agent that you'll sign the contract now at a set price.

It's also a good idea to pay the largest deposit amount that you can. If I were to pay a 10 per cent deposit on the spot, that shows that I'm serious.

So if I say to the agent, 'I'll sign the contract. I'll pay the 10 per cent now. You go and present my offer today, or I'll wait in your office while you do it' – that is a very, very powerful message to the seller and the agent. The vendor then knows that if they're willing to sign the contract on the spot, they're going to get a positive result today.

Charles Tarbey, owner and managing director, CENTURY 21 

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