Tax and legal advice
Steve Waters

What to do when you're competing against multiple offers

By Steve Waters

If you're interested in a property in an up-and-coming area, it's likely other investors will be putting down offers, so what should you do? 

Blogger: Steve Waters, director, Right Property Group

There's no doubt that the property markets in many of our capital cities are heating up, most likely due to the recent interest rate cut and the promise of more to potentially come.

While lower interest rates are a good thing for investors, of course it also reflects that our economy is a bit sluggish, but that doesn't mean we shouldn't make hay while the rate sun shines!

As demand grows, it's likely that the best properties are going to be attractive to more buyers, which often results in a multiple offer situation.

I know that many buyers get frustrated, and perhaps a little suspicious, when agents tell them there are multiple offers on a property that they fancy.

But the truth of the matter is, good property is always in hot demand from investors and buyers' agents who know what they're doing.

The key is to make sure you end up being the successful buyer or you know when to split when the numbers no longer add up.

It's important to understand that a multiple offer situation is usually real because agents can face significant legal consequences if they are telling a tall tale in an ill-advised attempt to increase the offer amounts.

When you're faced with multiple offers, you're probably past the point of too much negotiation, because you generally only get one stab at submitting your best and final offer.

It's at this point that you must keep your cool because you don't want to let emotion muddle up your thinking.

If you do, just like in an auction, then you could end up paying far too much for the property and you'll be left up the creek without a strategy paddle.

As we all know, investors make money when they buy, so you don't want to end up paying over the odds and cutting years off your potential capital growth returns.

Sometimes the best outcome is for you not to be successful and stuck with an overpriced property that will likely annoy you for years to come!

In a multiple offer situation you also need to be aware that price isn't necessarily the be all and end all of the negotiation.

As buyers' agents we try to learn as much as we can about the seller's circumstances so we can negotiate and make solid offers on behalf of our clients which will be attractive to the seller.

So, winning multiple offer tactics can include the reduction or removal of conditions, such as a fast settlement if the seller has already bought somewhere else and they want the money quickly so they can literally move on.

Other tactics to use include offering a bigger deposit, an unconditional offer, or perhaps waiving the cooling off period to show the seller that you're serious about buying the property.

Sellers generally will examine all of the terms and conditions of each offer before deciding to accept or reject any particular one, so the conditions (or lack of them) can make certain offers more eye-catching for reasons other than the proposed price alone.

As buyers' agents with decades of experience we understand what to do when offers become multiple because we recognise that we're not the only ones out there that can identify a solid investment prospect.

The key is to keep your cool, understand what to leave on the table and what to remove, and (just like Kenny Rogers sings) know when to fold 'em and walk away when the deal is no longer ideal.

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About the Blogger

Steve Waters

Steve Waters

Steve has almost a decade of hands on, comprehensive property investment experience and is himself an accomplished property investor with a substantial property holding.

Steve is the director of Right Property Group where he acts as a professional negotiator, property strategist and licenced real estate agent. He has successfully negotiated more than 2,000 transactions from one-bedroom units to multi-level apartment blocks and renovated over 85 properties adding massive value and also substantially increasing rental yields.

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podcast

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

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:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  string(381) "

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!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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