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.

NEWSLETTER
Be the first to hear the latest property investment insights
 

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.

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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    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

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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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