Chapter 1: What is the main topic discussed in this episode?
The Real Estate Podcast sounds like this.
Chapter 2: What types of bidders should you watch for at auctions?
Who are some of the bidders to watch out for, do you think, at auction time? I always love the testosterone bidder is what I call it. It's like the alpha male. And, okay, you can get alpha females too. But, you know, often you can pick the sort of they're strutting body language, but also there's certain types of bidders that actually just bid to win.
And the actual value of the property seems to vanish. It flies out the window. because for them it's a contest.
Chapter 3: How can buyers effectively navigate a competitive property market?
Now, they're a really difficult person to bid against. And I have made the mistake in previous years, years gone by, where I've tried to pit myself against them to fight them, but that doesn't really work because they just get more aggressive. So there's those types of buyers. You've also got the bank of mum and dad buyer.
You've got dad often, I'm sort of putting the finger here at the males, but often it's dad trying to prove something.
Chapter 4: What direct questions should buyers ask during negotiations?
So they're a dangerous bidder to come up against. as well. So do you have any advice to potential buyers listening to the podcast right now on how to really step up that whole process of putting their best foot forward regarding the offer in this very competitive property market? Absolutely.
So there's a few really easy tricks and tips that buyers can apply straight away this weekend if they're out negotiating. And that is to learn to ask direct questions. I'm talking about questions like a lot of people will ask how many contracts have been issued? What offers have you had? Those questions are pretty weak. You should be asking what will buy the property?
What's the highest offer that you've rejected? Ask direct questions because that's going to help you understand where you need to position yourself to make a really strong offer that's attractive to the seller.
Chapter 5: Why is it important to laser focus on specific suburbs when buying property?
We just discussed previously about getting laser focus to the market. So if you're looking in more than one or two suburbs, you're doing it wrong. So you need to really laser focus down to what it is that you're trying to buy and know what those properties are going to trade for in the marketplace. And of course, know that those properties even exist in that marketplace.
The funny thing is that, you know, 20 odd years ago, we were able to manage maybe, you know, 200, 250 properties effectively. And we actually did it quite well. And if you said to a property manager now, hey, you're going to manage 200, 250 properties, you'd never hire anyone. So it's really interesting.
We've got all the technology now and all the assistance that we need to actually do the job right. But We're actually managing half the size portfolios that we used to. And in a lot of cases, too, we're actually charging less fees than what we used to. It's just crazy.
Chapter 6: What advice is there for first home buyers entering the market?
And what would you say to any first home buyer that's listening to the podcast right now? What would you say to them? Your bit of wisdom and advice. I think we have a careful consideration and make the decisions. If you have thought that you should buy a home, just do it and don't hesitate. It's worth the effort.
Well, I'm so glad that you found your property and you and your son are a lot more comfortable working from home.
Chapter 7: How can making a decision to buy a home improve your lifestyle?
The stress level has disappeared. And thanks so much for coming on to the Real Estate Podcast. Thank you very much, Craig. It's nice talking to you. We connect you to the best real estate information across Australia, The Real Estate Podcast.