Negotiating a Property Purchase – Brisbane Buyers Agent Tips
Brisbane Buyers Agent Tips
You’ve just found the perfect Brisbane property: a character Queenslander in leafy Chelmer; a studio apartment in bustling New Farm; or the positive cashflow student accommodation in Mount Gravatt! It is now time to seal the deal and secure the property at the right price.
Negotiating a property purchase can be a thrill for some people, and a difficult, stressful experience for others.
Experienced Brisbane buyers agent, Matt Reeves offers the following 5 tips:
Understand the market
Are market conditions competitive or highly negotiable? This will determine whether you go in with a low-ball offer, or if you make your best offer first.
Attend property inspections to assess the level of interest in the property. Take note of how many properties are for sale in the area and how quickly they are selling.
API magazine is one source of monthly suburb data for the Brisbane property market. Pay particular attention to stock levels, time on market information, and the level of vendor discounting.
Know what the property is worth and be prepared to walk away!
Some properties are over-priced, others are well-priced. It is therefore important to determine what a property is actually worth rather than making an arbitrary reduction from the list price. Investigate the sales history of the property, recent sales in the street, and area.
Remember to compare properties that are alike. Look for similar block sizes, land valuations and property characteristics.
Base negotiations on your research and be prepared to walk away from over-priced properties.
It’s not just about purchase price!
Favourable contract conditions can be the difference between securing the property and losing out to another offer. Do the vendors have a preferred settlement date? How much time does the bank need to approve your loan? How quickly can a building and pest inspection be arranged?
Fewer conditions and shorter timeframes can make your offer more attractive without having to increase the purchase price.
Keep your emotions under control – be relaxed and flexible. Use research to support your negotiations so that your emotions are less likely to take over.
The devil is in the detail
Always put your offer in writing. This not only demonstrates that your offer is serious, but also gives you the opportunity to read the contract carefully and understand what you are buying!
Check that the purchaser’s details are correct. Be aware of any exclusions and any encumbrances or caveats on the title. Pay particular attention to any special. Have the contract reviewed by your solicitor if you are unsure.
Good luck with your negotiations! If you have any questions or would like the help of professional buyer’s agent for your next Brisbane property purchase please contact us.