YOUR STRENGTHS

Identify your strengths and double down on them

*Money in place and ready?

*You have a ten per cent deposit and

*your finances are ready with any pre-approvals in place. – This means you have purchasing power and your performance ready.

*Can you make a decision?

*Are you and your partner (other buying stakeholders) aligned in what you want and where it is?

*Do you outsource something when you don’t have the expertise, time or commitment to perform the task?

*Do you have to sell your house first?

*Can you settle in 42 days or less?

*Are you aware of why you may have failed in trying to purchase previously?

Understanding your strengths and weaknesses is essential to how you will engage and participate in the property market.

YOUR WEAKNESS

Identify your weaknesses and look to close the gap

*Not being financially ready (if your funds are not ready you are just wasting your emotional energy and time – it is a folly).

*Indecision

*Out of alignment with your purchasing partner?

*Looking outside your budget capability?

*Purchasing on price only not on consideration for your living requirements

*Overspending on a property that does not match your needs or leaves no room for contingency life costs

*Unable to decide on the right area and location?

*Do you have unrealistic expectations (Champagne taste on a beer budget)?

*Not having the financial capability to meet the market you are trying to enter (look at the median price point for the house and suburb)?

*Are you emotionally driven, or can you be pragmatic?

*Using a buyers Agent …Can you make time to respond in a timely fashion to key questions asked by the Buyers Agent?

*Can you follow a plan? And are you coachable? Are you controlling? – where it is an excessive trait that blocks third-party advice and input (then perhaps the service is not for you).

*Ignoring professional advice

*Do you think that because your budget is “x” the house should be worth that amount and anything over this is ‘just ridiculous (it happens!)?…

*Do you believe your opinion reflects the market? (You cannot control the market).

YOUR OPPORTUNITIES

Find your opportunities and exploit them with preparation

* Are you prepared ‘Opportunity meets Preparedness’

Being ready opens doors and beats those who are not ready – simple! Can you focus on acquiring property and make it a priority – urgency and execution will also outperform many other competitors trying to purchase? Having a Buyers Agent gives you an advantage with Agents and accessing off-market opportunities that as a non-professional you want to see.

Having an edge on price and value protects you from overpayment. Having a professional negotiator can create leverage opportunities in price or get concessions on terms or skew the outcome to meet your requirements. Having a strategic plan in place and executing this is a major point of difference… the strategy, offers and execution are where most fail.

*Good due diligence can provide better negotiation opportunities and price leverage

Having a professional who knows the whole end-to-end process and who can influence the process is a major advantage and competitive edge against others.

THREATS

Understand the threats and have a contingency to navigate them

Outperforming other buyers is critical. Being able to negotiate premarket, before Auction always provides an advantage – not being capable in these areas threatens your chances of purchasing the property you want. Being too familiar with Selling Agents can be a major threat to your wallet as you will be influenced in your relationship.

Not having a professional bridge between you and the selling agent can be emotional, frustrating, and expensive. Not having professional due diligence, property and process oversight can also be very expensive if not performed correctly…even challenging your legal representative over contract terms or settlement conditions can drastically change the experience for you… and the risk.

There is no substitute for experience.

*Good due diligence on the contracts, the transaction and the property will reduce a lot of potential risks and maximise your value

Not many BUYERS have a defined strategy to acquire property it is a key concept and process in achieving success. Understanding the whole picture is where an experienced Buyers Agent can be invaluable. Having a purchaser aligned and aware of themselves, the market, their counterparts, and their strategy is a key component of success.

Get in touch with me if you would like to gain strategic insight into how we can acquire a property for you.

Book a Property Strategy Session or contact Gary at [email protected]