Promoted Content

To Know means No: When to walk away from a deal

By Real Wealth Australia

Promoted by Real Wealth Australia.

Have you ever been so keen to make a deal work that you’ve tried to come at it from every angle, pushing and prodding to make all the pieces fit?

I know I’ve been there before; I think we all have. In the last couple of years in Sydney, there were many investors who were so keen to get into the rising property market that they sometimes lost sight of whether the deal really worked for them or not.

Don’t Get Emotionally Attached

What happens is, you become so desperate to buy something that you become emotionally attached to the outcome. It makes it really difficultto walk away from a transaction – at a time when you may really need to walk away.

This is what you need to remember: Property investing is all about ‘the numbers’ and nothing else but the numbers. When the numbers don’t stack up, there is usually a reason for this and it serves as your “warning bell” to walk away from the deal.

Sometimes, investors fail to walk away from deals when they should when negotiations between the buyer and vendor break down and an agreement can’t be reached. I’ve seen highly emotional investors hang in, offering more and more money in the hope that the vendor will change their mind.

While the investor is desperately trying to close the deal, the vendor actually has the upper hand in the negotiation process and will push the investor to their maximum.

If the vendor asks for more than the investor was prepared to offer at the beginning of negotiations, then the investor should walk away from the deal. The reasoning behind this is that as soon as you walk away, the tables turn and you as the investor once again has the upper hand in the negotiations.

After all, the vendor needs you more than you need them – there are plenty more property fish in the sea. But you could be the last buyer for their particular property for months. If the vendor really wants the deal to go ahead, and soon, then once you walk away, they will have no choice but to call you back!

If this happens, as the investor you will know that the vendor has no other serious buyers and is keen to sell. This gives you some extreme bargaining power so now is the time to negotiate hard.

Let the Numbers Dictate Your Decision

Use the numbers to help you dictate whether you pursue the deal or not. The numbers will help you to keep the emotion out of the deal and it is important that you understand that and know when to walk away.

For instance, I have a client who was recently looking to purchase an apartment investment for around $300,000. She crunched the numbers and pre-determined her ‘walk away figure’ of $283,500. The vendor counter offered at $290,000.

My client walked away from the deal; even though it’s only a matter of $6,500, she was not emotionally attached to the deal and so was happy to walk away and pursue other opportunities.

If the vendor comes back with a lower counter offer in the next week or two, she may consider it, or she may have moved on.

This is the power that comes with setting your walk away figure: it allows you to be completely unemotional without getting caught up in the hype along the way.

Now matter how much you love a property or how convinced you are that the investment will pan out, be prepared to walk away if the numbers don’t stack up. Use tailored software to help you analyse the deal from a financial perspective if you need to, and remember:the next best deal comes around at least once a week, so don’t be disappointed if you have to move on.

This Property Academy is For You

Click Here to learn more about my next Property Academy.

If you are one of those people who despite all the property investing books you’ve read, you are feeling completely overwhelmed. 

Between family and work, you are short on time -  and want to know exactly what to do to purchase your next low risk, high performance property with confidence because…

You Know With Each Year that Passes You’re

Missing Out on Thousands in Potential Gains

This game-changing bootcamp, normally strictly limited to students of my P.E.A.K mentoring program, will wipe away all your concerns. For One-Time Only, I am Opening the Doors to 70 of My Valued Subscribers.

Click Here to learn more about my next Property Academy.

 

About the Author:

Helen Collier-Kogtevs is the Managing Director of Real Wealth Australia, a leading education and mentoring company for real estate investors. Not only is she a highly successful property investor and an educator, but also a best-selling author, and a philanthropist.

 

Helen is particularly passionate about helping people, especially people who are keen to create wealth and make a difference in their lives. She has been mentoring thousands of new and experienced investors in their pursuit of wealth creation through property.

She founded Real Wealth Australia to mentor investors create wealth and financial freedom by focusing on helping them build an investment strategy to fit their individual goals, rather than focusing on one particular investing method using her successful property investing system.

NEWSLETTER
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FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

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!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Caifu Property\u2019s Automatic Equity program is designed to add a minimum of double the value of your salary to your portfolio every 12-18 months.\u00a0The program deals with five to six figures of instant equity, helps time poor investors generate equity in the shortest time possible without compromising your lifestyle or demanding your time.\u00a0<\/p>\r\n

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:<\/p>\r\n

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  ["introtext"]=>
  string(2794) "

Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

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!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
APRA investor measures have ‘run beyond their usefulness’: industry body

 

AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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Getting finance approved in this tightening lending environment

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