The reason why the best homes for sale go under offer so quickly… sometimes days or hours before being listed on realestate.com.au is because the successful buyer knew about that property well before it showed up online.
By the time a property for sale reaches realestate.com.au, it’s almost (almost ) too late for you to be hearing about it.
This is the very very last step in what has probably been a very arduous few months for the seller in getting their home ready for sale.
A real estate agent would have been chosen weeks, if not months earlier and they have worked together to get the property ready for sale. In the final weeks or days before the property is ready to be listed, the agent has often already shown several interested buyers through the home.
The successful buyer was able to do a private inspection of the property, think about what price and terms to offer, submit their offer and then have it accepted by the vendor… well in advance of the rest of the market even knowing the home was for sale.
So how did that happen?
How do you become that person who has gets your offer accepted before everybody else?
Step 1: Build strong relationships with the main real estate agents in your area
You’ll need to be going to open homes so the real estate agent starts to recognize you as a keen and prepared buyer, making the effort to show up.
Each time you visit an open home, talk to the agent:
- Be present and personable: Introduce yourself, and maintain a friendly demeanor. Agents are more inclined to assist those who are approachable.
- Tell them (respectfully) what you do and don’t like about the house: This helps to give the agent an idea of what you are after.
- Give the agent a $ budget range: If you see a house at the lower end of your budget and want to make an offer, tell them (although you can spend more) this is what the house is worth to my family.
- Let the agent know you are a serious buyer: Tell them you’re working with a Mortgage Broker and you can make a quick decision about a house (they don’t like dilly dallying around for off market sales).
Step 2: Book a call with a mortgage broker
Being a Mortgage Broker myself, you’d expect me to say this.
Here’s just some of what you’ll cover on that early (free) call with me:
- What you afford to borrow and spend on a home
- How much deposit you need
- What your loan repayments will be
- Establish a finance and settlement timeline – Get a finance date for when your home loan is likely to be unconditional and discuss settlement dates (a critical lever in getting your offer approved).
- Answer any questions you have about property searching, making an offer and home loans
- Get free property reports on any homes you’re interested in from RP Data (see estimated price and recent sales in the area – great for working out what you think the house is worth).
Step 3: Submit your offer quickly and be ready to make a decision
When an agent invites you to do an early inspection, you’ll need to act and be decisive in making a decision to buy.
Be prepared with your price, finance date and settlement date – all which I can advise you on.
Remember that the finance and settlement dates (the terms) and just as important as the price you offer.
The agent may come back to you asking for a higher price or adjusted terms, and it’s important you’re decisive and know how far you can push your price and terms.
By taking action on these three key tips, you’ll enhance your chances of successfully submitting an offer on your new home. Preparation is essential in today’s market—make sure you’re ready to seize the opportunity when it arises!
The information contained within this page is general in nature. It serves as a guide only and does not take into account your personal financial needs. Before you act on this information, you should seek independent legal and financial advice or speak to Blackk Mortgage Brokers Brisbane.
