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Buying Perth Real Estate for Wealth Part Three: Negotiating

In our first blog, we discussed the importance of property investment as an integral part of growing wealth. We also advocated appointing Buying Perth Real Estate as your Buyer’s Agent as a fast track to building a personal property portfolio – a portfolio comprising chosen properties with the most favourable terms and potential.

In our second blog on this topic, we covered was location and selection.

As an experienced Buyers Agents, we are continually reviewing all areas of the real estate market in Perth and regional areas for our clients. This knowledge puts us in the box seat to identify the best areas in Perth for buying property in the current market. 

Your first move when engaging our Real Estate Buyer’s Agent Services is perhaps the most important. It is the initial discussion we have with our clients to establish all of the details. We call this ‘The Brief’.

From there, our action is as follows

  1.  We discuss suitable properties, areas, location, and facilities most important to you, whether it is your home or for an investment.
  2.  We then produce a selection of properties that meet your criteria contained in The Brief.
  3. We receive summaries of the properties showing all the details for you. 
  4. We arrange for a private inspection of the properties on your shortlist.
  5. Once the inspection is complete, and you choose your ideal property, we move to the next step.
  6. Preparing the offer to purchase is crucial – we make sure it covers all of the conditions to protect you throughout the negotiating process from offer and acceptance through to settlement of the property.

Now we move onto negotiating.

Negotiating
Negotiation is an art in itself. So many buyers think that it’s a case of merely coming up with a number to see if the sellers will accept it. Invariably, they don’t, and it leads to disappointment and often the sense of loss. 

In the Perth real estate market – the current climate, in particular – there is often room for an experienced buyer’s agent to negotiate property at a much less a figure than the sellers are asking.

Preparing for the offer
We spend a considerable amount of time with the buyer before even selecting the chosen property. The buyers must have a good understanding of their financial arrangements and have prior finance approval if necessary so that their offer can be a desirable offer not only in terms of price but also the conditions and speed of settlement. 

The quicker the settlement, the more negotiation power we have in securing an attractive price on the property accepted. Even first home buyers in Perth can benefit from making these prior arrangements under our direction. Condition of the property needs to be taken into consideration when making an offer, and any minor or major repairs and maintenance need to be counted as an after cost for the buyer. 

The buyer at this stage must also understand the costs of settlement, including stamp duty, conveyancing costs, and adjustments of service costs for the property. All these are adjusted and paid at settlement.

It is essential to understand the seller’s motivation for selling the property and the plans the sellers have after selling – this often makes a significant difference in how the offer is structured and presented.

As experienced buyer’s agents in Perth, we are not only able to search out the best property available to fit the buyers brief, but also negotiate at the best possible price for the buyer.

In Part Four, we will consider the investor who wants to purchase, renovate and flip. We’ll look at some specific examples. Keep an eye out for this blog.

By reading the signs and using our experience, you can tell when the real estate downturn has ended, and when the upturn begins (or began)!

Don’t delay. Contact us for a free consultation. https://buyingperthrealestate.com/buyers-agent/

In 2020, fear is the new black.
The Buying of Perth Real Estate for Wealth, Part Two: Location

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