Smart investors know that when purchasing property, the right property hardly ever means the absolute cheapest property. Market research and networking are crucial when looking to bag a bargain. It’s also equally important to be in-the-know in regards to silent sales.
Also, act with timeliness if you want a successful portfolio that will build wealth. Smart investors will know when to watch out for market opportunities that will help them bag a bargain.
A silent sale is a property that is sold before being advertised to the public. This can be beneficial for buyers as there is no competition and they may be able to get the property for a cheaper price. Here’s how:
- Professional buyers’ agents often buy properties as silent sales. They can do this more easily because they have built up a relationship with local agents and know when a property is coming up for sale.
- The public can increase their chances of purchasing silent sale properties by building up a relationship with agents.
- This takes time and money, so the alternative is to invest in a buyers’ agent who has pre-existing connections and knowledge.
Time is of the essence; you can often get a better price by simply having a signed contract a few hours before someone else. Giving an agent a signed unconditional contract with a 10 per cent deposit is often a guaranteed deal, and agents love knowing that the deal will go through.
The key to beating others to a deal is to recognise opportunities, have the property pre-inspected (valuer, builder, strata and pest) and make a quick decision. If you concentrate on issues that are worth a few thousand dollars, you could miss out on a deal that could potentially make tens of thousand dollars in the long term.
BUYING THE RIGHT PROPERTY DOESN’T ALWAYS MEAN BUYING THE CHEAPEST
When it comes to bagging a bargain, you must ensure that you purchase the right property; this is the main factor that will enable you to build long-term capital gain and develop a successful property portfolio. To buy and negotiate like a professional, your strategy doesn’t have to be complicated – it’s often the simple things that work to amplify your property goals and help you achieve great financial success in the long term.