The market has moved on to the next phase of the property cycle.
This means both buyers and sellers both need to adjust their strategies to be successful.
So here are some tips to help no matter which side of a property transaction you find yourself on:
5 TOP TIPS FOR BUYERS
- Do your homework.
Now, more than ever, careful due diligence is critical otherwise you won’t be accurately gauge what a ‘good price’ is.
If you haven’t got the time to inspect hundreds of properties and research the market, why not use the services of the team at Metropole – we’re in the market 7 days a week and have on the ground teams of local area experts in Sydney, Melbourne and Brisbane.
Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and then help you acquire your investment property.
Click here and we’ll be in contact.
2. Don’t be scared of auctions.
Many of the best properties on the market are still being sold by auction.
Go along and be prepared to bid, but make sure you have a sound bidding strategy beforehand.
Attend lots of other auctions to make sure you’re comfortable with how it works or if you’re nervous have someone with more experience bid for you.
3. Don’t waste your time with unrealistic vendors – don’t waste your time or get your hopes up that they’ll reduce the price.
Move on to the next proeprty, but tell the agent to call you if or when the vendor is ready to sell.
4. Don’t wait for everything to be perfect.
Too many buyers want to wait for everything to be perfect before they move on.
This leads to a delayed reaction in a dynamic market that may see them missing out of genuinely good buying opportunities simply because they’re too hesitant to act.
Realise that conditions will never be perfect.
5. Don’t look back.
Many buyers waste time, emotion and energy lamenting on the properties they missed out on.
Instead focus on what’s on the market today, not on what was there yesterday or what may or may not be there tomorrow.
5 TOP TIPS FOR SELLERS
- Make sure you engage an agent who’s active in your local market, who’s a great negotiator and one whose advice you can trust.
Don’t chose the one with the lowest commission.
The cheapest agent is the one who gets you the best price for your property.
2. Price your property correctly or watch it languish on the market.
Buyers are very informed today and are in no mood to entertain overly ambitious sellers.
They’ll simply walk away and look elsewhere.
3. If you get a solid offer prior to auction, get your agent to work the offer hard and sell prior, unless you’re confident you’ll get a higher price at auction.
4. Often you’ll get your best offer in the first week or two of the campaign – remember your property may be new on the market, but most buyers have been looking for a while and will act quickly when they find the right property
5. If you do proceed to an auction, make sure you have a very good auctioneer.
In a market where buyers are reticent to bid, you’ll need a highly skilled auctioneer to work the crowd.
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