Buying a property can prove to be a very frustrating affair especially in these highly competitive times. Ryan Asao, CEO and President of Think RE*Link, a real estate team specializing in residential sales in the San Gabriel Valley and the surrounding areas, shares a couple of helpful pointers on how buyers can get their offers accepted on the properties they like.
Hook up with a professional property negotiator.
In my recent public speaking engagements for potential buyers, I emphasized the importance of having a real estate negotiator who is both professional and well-connected in the realty industry. A Realtor must be connected to his clients to build a good reputation, be visible, and be trusted by both buyers and sellers.
The state of the properties market today is extremely competitive, and attending open houses does not work as well as having someone qualified negotiate on a buyer’s behalf. Finding properties for clients is no longer a Realtor’s main task. Instead, their real job is to discuss with both the buyer and the seller to come up with the best price and terms.
Learn to recognize when it becomes a buyer’s market.
Again, having an expert negotiator who is well-versed in the properties market can greatly benefit buyers. February and March are the best times to buy a house because of the amazing rates. By April, the market has picked up 5 to 10 percent. Right now is still the best time to buy a house, but inventory is low. Beware of houses that linger on the market. These houses are usually overpriced, present feng shui problems, can’t get financing or have a funky layout.
Act quickly and make an informed offer.
Properties of great quality get an average 5 to 10 offers off the bat, and thousands of offers within the right price range. Good properties in the San Gabriel Valley, for instance, tend to be gone in the span of just a week. This is why buyers need to act quickly to make a strong and educated offer.
I try to be upfront with buyers when recommending the kind of cash offers and the sort of financing involved, especially with stiff competition for a certain property. I advise them on the best offer to give to the seller in order to acquire the property, and raise the bid where applicable.
Personalize your offer with a letter and photos.
While the right kind of cash offer typically seals the deal during property buying, I encourage buyers to add a personal touch. One of my tried-and-tested techniques involves persuading buyers to write a letter to the seller along with their best offer, and have them describe why they like a certain property (using descriptions like “I can picture raising my kids here”). Another is to include a picture (preferably a family one) with the letter and offer. Doing so puts a face and story to the buyer and makes a better impression than generic pitches. More often than not, sellers respond more positively to those who submit personal letters and pictures. While the highest bidder is still likely to snag the deal among potential buyers, a small personal appeal could be enough to push your offer over the top.