Top Tips for Closing Outside of Auction

Top Tips for Closing Outside of Auction

Top Tips for Closing Outside of Auction

Property auctions are an unfortunate part of the buying process – there’s no question about that. You fall in love with a great property, you do your due diligence and pay for the necessary reports and contract checks, and then you show up to a room with 5 other buyers who have done the same. The auction begins and the adrenaline kicks in as you get swept up in all the excitement and emotion. Maybe you win and maybe, despite your best efforts, you don’t. Maybe you get a great deal or maybe you find yourself buying well over your budget even after the hype up conversation you had with yourself before the bidding began. There’s plenty of uncertainty and it’s easy to see how many would prefer to close the deal prior to the auction on their own terms, but to do so requires its own finesse. To help you secure the property of your dreams here are our top tips for closing the deal prior to auction.

Make Yourself Known
Many home buyers feign disinterest in a property because they think they get a better deal, or worse, will reject a sales call because they’re holding out for the auction. If you don’t seem interested, agents will find buyers who are. If you see something you like, express your interest in buying and request a contract.

Be Competitive
Auctions are a gamble for vendors too so they are less likely to leave it to chance with a strong offer on the table. You may want to low-ball to secure a great deal but consider that vendors have options. They can find other buyers and they still have the auction. Establish a fair market value and construct a strong offer from there.

Get as Much Information as You Possibly Can!
On the topic of establishing a fair market price, make sure you do your homework! Don’t only go by the comparable sales information that the agent provides. Many will select only the sales that assist them in their campaign. Check housing prices in the area for the last six months and be sure to look for any upcoming developments nearby that may affect the property value.

Work with the real estate agent
Real estate agents try to secure the best outcome for their clients and when you are on the other side of the negating table this can be interpreted in the wrong way. As a result some people have negative opinions of real estate agents. Being contrarian when meeting agents is an easy habit to fall into but remember that people are helpful to those they like. Try to build a relationship with the agents you meet while you are searching and it will help a lot when you find the property you love and they are the agent selling it.

Bespoke Buyers have a strong track record of buying before auction for their clients. This is the result of expert knowledge of the Sydney property market and strong professional relationships with sellers’ agents. Whatever property goals you may have Bespoke Buyers can help you get the most out of the property market. If you would like to know more about our services or have a question about buying prior to auction please contact…