Investment Property – 5 ways to sniff out secret sales
Wouldn’t it be great if you could find an investment property before it went onto the market? We reveal how you can find secret property sales.
If you are a buying property for yourself and want to get access to unlisted properties you need to get clever.
1. Become better friends with your local real estate agent
As the key contact between sellers and buyers, agents are the first to be aware of properties for sale – yet so many people are shy about handing over their mobile number at open inspections.
How are you ever going to be made aware of deals or changes in a vendor’s expectations unless you make contact with the agent? You need to persuade the agent that you are very serious about buying an investment property.
Make sure they know you are pre-approved for finance, are serious about buying and can make a quick decision followed by a signed, unconditional contract.
People are often scared about telling an agent what their budget is, as they think the agent will make them pay more. I always say that I can buy up to any amount if it is the right deal, but I am only prepared to pay what it’s worth – and I will get an independent valuation to double check the figure.
2. Letterbox drops
Do what the agents do and letterbox drop in the areas you want to buy.
If you are a serious buyer for the right investment property, the vendor can save time and money by going directly to you. It takes more personal effort and will cost you some money, but spending a few hundred or even a few thousand dollars could get you a great property at a great price.
A lot of vendors always think their property is the best in the street and want a fortune for it, but some do not keep up with the market and want something more realistic.
3. Get organised
Make sure you are ready when the right deal comes along. Get pre-approved for finance and have your valuer, building inspector and strata inspector all in place so they can check you are buying the right property at the right price.
You are never 100% guaranteed of any deal when it happens, so at some point you have got to make a decision and jump in. The more organised you are, the more likely that decision will become easier.
4. Tell friends, family and colleagues you are looking to buy
Often those close to you will know of someone else looking to sell, so spread the word. People love talking about property, so if you mention you are looking every time you talk to someone it won’t be long until you make the right connection.
5. Pay a professional
If you buy an investment property once every few years and a buyers’ agent does it every day and has all the industry contacts, who do you think will buy better? Sometimes you’ve got to spend a dollar to make two.
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