By Rich Harvey, CEO & Founder, propertybuyer
Written by: Rich Harvey, CEO & Founder
propertybuyer.com.au
Embarking on your journey to find the perfect property can be exhilarating yet overwhelming. Whether you're envisioning your dream home, or seeking an investment property or commercial property, the searching process is filled with complexities and challenges. As a seasoned buyer's agent, I'm well aware of the common challenges that most buyers experience during their property search. This month, I'll share my expert strategies to help you navigate these challenges and find your ideal property with ease.
1. Create Your Property Brief and Budget:
Far too many buyers start out with no clear mandate for what they are seeking. Sit down with your partner and write down the “must haves” and desirable features and target suburbs. Then jump online and check if there are properties that have sold within the budget range you have set yourself. You might be surprised at how fast property prices have moved since you last thought about searching!
Talk to your mortgage broker about formalising a finance pre-approval. There’s no point even starting the search process if you are not in a strong financial position to move forward with a purchase. If you need a referral to a good finance broker – please reach out. Working out your total property budget can be a daunting task, especially when factoring in various expenses such as deposit, stamp duty, pest and building inspection, buyers’ agent fees and solicitor fees. But you need to establish a realistic budget that aligns with your goals. By addressing budgetary concerns upfront, you can streamline the property search process and focus on properties that fall within your price range.
2. Expand Your Search Parameters:
One of the most common pitfalls buyers encounter is restricting their search to a very narrow set of parameters. While it's essential to have preferences and criteria in mind, being too rigid can limit your options and hinder your ability to find the perfect property. Instead, consider broadening your search parameters to include a wider range of suburbs, property types, and features. By exploring diverse options, you'll increase your chances of finding a property that meets your needs and exceeds your expectations. As buyers agents, we have developed an extensive network of agents to access a substantial number of off-market opportunities for our clients.
3. Managing Expectations:
It's common for buyers to have high expectations when searching for their ideal property (champagne taste on a beer budget). However, unrealistic expectations can lead to disappointment and frustration. As your trusted advisors, we help you manage your expectations by providing a realistic assessment of the current market conditions, property values, and available listings. By setting realistic expectations from the outset, we can avoid unnecessary stress and focus on finding a property that meets your needs and priorities. One thing we do very well is give independent advice on property values without fear or favour. I am just sick of unrealistic price guides on property listings. It is so frustrating for the average buyer to see a price guide of say $1.8m, then turn up to auction and see it sell for $2.6m (some 30% over the guide).
4. Overcoming Analysis Paralysis:
In today's digital age, buyers have access to a wealth of information and resources at their fingertips. While this can be beneficial, it can also lead to analysis paralysis – the feeling of being overwhelmed by too much information. As your buyer's advocate, we’ll help you navigate the sea of information by distilling key insights and guiding you through the decision-making process. At Propertybuyer we use the most comprehensive datasets available including Corelogic, Microburbs, SuburbsFinder, PriceFinder, Archistar, Datapoint and more to select the most relevant information. Using AI technology we streamline the property search process and help you make informed decisions with confidence.
5. Due Diligence & Addressing Property Inspection Concerns:
Once you've found a property that meets your criteria, the next step is conducting a thorough inspection to assess its condition and identify any potential issues. This can be a nerve-wracking experience for buyers, especially if they're unfamiliar with the inspection process. As your buyer's agent, we'll guide you through the inspection process, recommend reputable inspectors, and ensure all necessary assessments are conducted. By addressing any concerns upfront and advocating for your interests, you can proceed with confidence and peace of mind.
6. Dealing with Competition:
In a competitive market, buyers often find themselves competing with multiple offers and bidding wars for desirable properties. This can be a frustrating experience, especially for first-time homebuyers or investors with limited experience. This is where the wheels of your property search can quickly fall off if you are not fully prepared and experienced. You need to have deposit ready to pay, solicitor on standby to review the contract, pest and building inspector ready to provide detailed report, knowledge of comparable sales, understanding of how the particular sales agent negotiates (or auctioneer) operates, and then the skill and tenacity of a trained negotiator to close the deal.
Alternatively, you could engage a buyers’ advocate, to leverage my negotiation skills and market expertise to help you navigate competitive situations effectively. Whether it's crafting a compelling offer, negotiating favourable terms, or exploring alternative options, we'll work tirelessly to ensure your interests are represented and your goals are achieved.
Your journey to finding “The One” may be filled with challenges and pitfalls and frustrations, but it doesn't have to be overwhelming. By expanding your search parameters, addressing finance concerns, managing expectations, overcoming analysis paralysis, dealing with competition, and addressing property inspection concerns, you can navigate the property search process with confidence and clarity. As your dedicated buyer's advocates, we're here to support you every step of the way, from creating the brief, to closing the deal. Let's work together to find the perfect property that meets your unique needs and aspirations.
If you’re on the hunt for your next residential or commercial property, please reach out to my amazing team of property advocates today for an initial chat.
Call us on 1300 655 615 or send us your Property Brief here.
We’d be delighted to help.
Click here to get in touch with the Propertybuyer team:
or call 1300 655 615
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