How to find a diamond in the rough

Buying a property whether as a home or an investment can be a daunting experience, and so the concept of engaging a buyers agent has become increasingly popular, as consumers recognise the huge benefits of leveraging the expertise of independent specialists, on what will often be one of the largest purchasing decisions they will ever make.

By making this decision to pay a professional however, most buyers agents will also be expected to utilise their professional network and know-how, to not only create more opportunities by accessing both ‘on’ and ‘off’ markets properties, but also to be able to identify that elusive exception to the rule or in metaphorical terms ‘the diamond in the rough’.

In reality the term is far too casually used, and the proverb “one mans trash is another mans treasure” can often apply, so how exactly do property experts filter through the myriad of options to find the best property for our clients?

Create Context

Firstly, what matters most to you, our client? What are your goals and how will success be defined in your eyes? After all, as a buyers agent we have been engaged to represent your best interests.

As professionals, we are rightly expected to know our markets intimately, as by doing so allows us the perspective to quickly separate the average buys, from the great buy’s.

We critique ourselves by asking questions like: Would I buy this property myself if in the same position? What is the opportunity cost of buying this property in favour of another? How does this potential purchase compare to similar properties both now, over the past six months and when taking into consideration the market conditions over the likely buying timeframe. These and many other questions will help ensure our clients have full confidence and peace of mind to proceed.

Research. research, research.

Just as time, heat and pressure are important factors in finding real Diamonds, it is fundamentally important to research and understand all the factors that influence the performance of property as an asset. ‘Timing’ the market can often be as important as ‘time in’ the market, likewise analysing research on a macro to micro level, allows for structured filtering based on which growth drivers and influencers are most relevant in context of the buyers strategy and goals.

Get Proactive

There is no substitute for taking action. Once you have identified an area, dwelling category and which agents have market share and momentum. It is simply a case of leveraging relationships, establishing what options currently exist now, what is on the horizon (pre-market and off-market) and what could be an option through appropriately targeted prospecting.

Negotiate with the end goal in mind.

Great deals are not just found, they are made. Negotiation begins the moment you pick up the phone to a sales agent or walk through the front door of an open home, and its ultimate success will be based on the quality of information you can gather and how this knowledge and rapport can be used to condition a favourable outcome to you the buyer, whilst minimally satisfying the needs of the vendor and selling agent.

Be patient.

Hindsight is a wonderful thing, and with property generally seen as an asset most effective over the long term. Only time will tell, whether a particular purchase has not only out performed the averages, but has met our clients initial goals and expectations, be this to put them on the path to financial independence or through securing a home they can build their life around. A good buyers agent, knows that “hope” is not a strategy, and will have in place processes and measures, to maximise their clients chances of success.

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