Many new/potential buyers these days, often struggle with competitive property owners as many properties attract up to 20 plus other buyers who wish to start a bidding war, in order to snatch the perfect investment property. Therefore, in terms of having any chance of buying the perfect property, it is important that you are always on your game and turning up to inspections to eye off any of your competitors and ensuring that you leave a positive impression for your Real Estate Agent.
5 Tips to ensure you are competitive in the market.
Understand your Budget
Before deciding on what property you want, it is central that you understand and know how much you are willing and able to spend on a property. Also, it critical that you are constantly aware of the different type of properties on the market, and what will suit you. Ask yourself, will this property give me a rental yield that I am happy with? This will ensure that the investment is right for you.
Understand your surrounding areas.
When searching for the right investment property, it is important that you understand the local area. For example, understand which train station is close to your property, how many schools are in the local area, and how far is each school from your investment and lastly is there a shopping centre that is located close to your property? There are endless number of questions that you can ask yourself about the local area before buying an investment property.
Seek Advice from a Buyer’s Agent
Buying a property for investment can often be a timely process and a difficult process that many of us struggle to comprehend. This is where a buyer’s agent can step in and assist you if you do not have experience with Real Estate Agents, frustration with the effort and time that is involved in transaction of the property or confusion about where, when and how to buy a property. Lastly a buyer’s agent will always inspect the property and then make an accurate judgment of how much the property is worth, so that they do not waste your time.
Real Estate Agents are often busy people, so it is crucial that you are respectful and polite when asking questions about a property. Always be willing to have a two-way communication channel with the Real Estate Agent. This will ensure that they will always inform you with updates on the property, such as if someone else has offered a higher price, or whether the agent has decided to accept your offer.
It is super important to ensure that you have a property manager that is right for your investment properly. A qualified property manager will collect rent, prepare leasing documents, ensure that damages are repaired, organise bonds and will handle regular inspections to ensure that tenants aren’t damaging your property. Lastly ensure that your property manager does not charge a fee of more than 7% as it could potential affect your return on investment.
By Elizabeth Ribarsky.