Finance advice

Buying Strategies from a Professional Buyer

By Andrew Allen

andrew allen tnOver the next five blogs I'm going to share my top five tips. My first is about negotiations. Everything is Negotiable - The more deals you do with property the more you will realize that anything and everything is negotiable.

Blogger: Andrew Allen, Allen Real Estate

“You don’t get what you deserve, you get what you negotiate.” - Dr. Chester Karrass

 Often people don’t know they can ask for something besides a reduction in price because nobody has told them or perhaps they are simply unaware that you can ask for anything you like (within the law preferably if you don’t want too many adverse consequences!)

You frequently don’t uncover a seller’s true motivation until you test them.

Don’t assume anything said is correct, especially advice given by the agent representing the vendor.

Negotiate on Price

Asking price is always negotiable, often when people tell you it isn’t. Also if it isn’t negotiable now it might be in the future. Be respectful and be persistent, sometimes a selling agent won’t know the true motivations of the vendor themselves and will give you advice that might not be 100% accurate.

If you have done your homework on the property and purchasing at your intended price level will help with your investment goals then don’t be afraid of submitting an offer.

One strategy for advertising a property is to ask for over a certain amount such as “Submit all offers over $400,000” Sometimes the vendors actually really mean this and you can buy this property only for $400,100 or higher; but not on much better contract condition for the vendor for just a few hundred dollars less! Other times the stated price range will be meaningless and you can disregard to your advantage and submit the offer you are comfortable with.

Negotiate on Conditions

Price is an important part of any purchase but it isn’t the only component. Adding conditions and clauses to a contract of sale is where you get a chance to put your creative hat on.

One key element is time, if a person isn’t negotiable on price then you might be able to extract value by using time to your advantage. If you can extend settlement then that can be just as good if not better than a reduction in contract price.

A contract might have standard dates and times already inserted, why not look to change these? No rule exists why settlement has to be thirty or forty five days, try for something in between if required, thirty five day settlement will rarely cause a seller to complain compared to a thirty day settlement but gives you an extra five days breathing space.

Perhaps you are able to negotiate for the furniture to be included in the sale? Look for some angle that will let you create a win-win scenario.

Case Study

The vendor had their property advertised for offers over $600,000. The owners were an elderly couple who had no debt on the property and were looking to down size, so they weren’t worried by settlement dates as much as getting ‘their price’.

Solution

We originally offered $575,000 but the sellers wouldn’t budge below $580,000. In the end we agreed to the increase in price but delayed settlement for 6 months which resulted in a large interest saving for our buyer as we were prepared to pay over $580,000 on a one month settlement. Both parties were happy with this.


About Andrew Allen
andrew allenAllen Real Estate is an independent buyer’s agency that specializes in buying residential real estate for home owners and investors.

www.allenrealestate.com.au

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About the Blogger

Andrew Allen

Andrew Allen

Allen Real Estate is an independent buyer’s agency that specialises in buying residential real estate for home owners and investors.

www.allenrealestate.com.au

Email:
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If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment
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Jillian Stewart's investment journey began in 2009 with a property loan being used for anything but - and the purchase of half a house. And while she claims to have done everything wrong along the way, her current portfolio boasting 15 (and a half) properties, suggests otherwise.

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On this episode of the Smart Property Investment Show, Jillian joins host Phil Tarrant to unpack her portfolio and explain the reasoning behind her investment decisions. She discusses her plan to purchase through the company and reveals the link between her properties, earth moving and cotton farming.

One of Jillian's daughters joins in briefly to discuss the value in educating children about money, and how another is just about ready to purchase her first property - while still at school! They also reveal how Jillian encourages her children to grow wealth in a move that many kids might not be too happy about.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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AREAS MENTIONED:

Moree
Inverell
Walgett
Come By Chance
Sydney
Stuarts Point
Kempsey
Northam
H
exham
Hervey Bay
Craignish
Nurrumba
Dysart
Inverell
Tannum Sands
Mackay
B
oomi
Goondiwindi
Deception Bay

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Half a house to more than 15 in 8 years
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  ["title"]=>
  string(58) "Where the major off-the-plan hotspots are around Australia"
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  ["introtext"]=>
  string(231) "

Buying off-the-plan can be lucrative in the long run, if you can get over the risk factor. If you want to minimise the risk and maximise your chances at profitability, these suburbs might be just what you’re looking for.

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Outlined in The Australian Off The Plan Sentiment Report, published by Investorist, Domain’s data scientist Dr Nicola Powell has outlined where in major markets investors should focus their efforts when purchasing property off-the-plan:

Sydney

The south-west region of Sydney has seen an increase of interest in new developments, with Leppington, Austral and Edmondson Park, as well as Marsden Park, which all offer the widest variety of developments available to buy into, according to Domain data.

Sydney was also the most popular capital city for off-the-plan interest, with Domain recording over 2 million views for the property type.

Brisbane

The increased number of new developments has impacted on price growth in the unit market with supply stronger than demand, yet off-the-plan listing prices remain higher than listing prices for all new developments.

The full extent of the market however is yet to be seen, as it is adjusting with the fall of new development commencements and completed developments slide from the peak. Boutique developments in the inner city, targeted towards owner-occupiers, have the potential to show signs of improvement amid underperforming inner city Brisbane units.

Canberra

The key area in all of Canberra is Gungahlin, which according to Dr Powell contains numerous opportunities for buyers, as the area has seen a “significant transformation”.

Gungahlin currently is Canberra’s fastest growing area, seeing its population double in the last 10 years, there is a light rail project under construction and the first commonwealth government agency is scheduled to relocate to the area. Moncrieff is the most popular Gungahlin suburb, with the most development listings and views according to Domain data and has continued to remain popular even with other developments undergoing construction in Throsby, Taylor and Kenny.

Melbourne

Out of all the property types, new house and land packages topped Domain’s list for Victoria in 2017 with 1.8 million views, showing there is high demand for them due to employment opportunities getting stronger and affordability hurdles getting lower. There is also a solid chance for growth, as the strong demand saw prices for new house and land packages rise over 2017.

West Melbourne was the most popular region for off-the-plan supply and demand with the most listings and views, with popular suburbs including Tarneit, Werribee and Rockbank.

Perth

Demand for new house and land packages were proportionally high, making up 87.5 per cent of all listing views, with the majority of listings stemming from south-west and south-east regions of Perth, with the suburbs Baldivis, Piara Waters, Wellard and Hilbert ranking at the top.

There was also strong demand for listings in the north, which include the north-east suburb of Morley and the north west suburb of Doubleview.

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Where the major off-the-plan hotspots are around Australia

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