Property Buyers - How To Stand Out From The Crowd In A Competitive Market
27th October 2020
27th October 2020
Property Buyers - How To Stand Out From The Crowd In A Competitive Market.
Estate agents are bombarded by “applicants” – buyers wanting to register their details and be kept informed of fresh properties hitting the market.
Can you imagine how many buyers are after a 2 bed Warner flat or 3 bed house with character not too far from the Tube? That’s right, hundreds.
Stand out from the crowd.
The objective is to ensure the agents think of you when a property matching your criteria hits the market.
Try to build a level of rapport with the agents. When they leave a message or send an email, always reply out of courtesy. You’d be amazed how many people don’t reply to estate agents communication and if you don’t, you’ll likely get forgotten.
Try and pop into their office to say hi and put a face to the name. Shows you’re committed and serious.
The trick is to be remembered. Do you think you’d be remembered f you dropped some croissants into their office? Just an idea...
How not to register your details.
Let’s say you’re considering Walthamstow but also Tottenham and Leyton. Whatever you do, do not tell the estate agents this.
You want the agents to think you have honed in on their patch and their patch only. If you’re considering several different areas the agent will perceive this to be a lack of focus and assign you to the 3rd division of serious buyers.
So, even if not strictly true, tell the agents you “only have eyes” for the area they operate in.
So you’re booked in to see a gorgeous flat and the agent has told you there’s lots of others viewing it too. Quelle surprise.
No need to play games. Tell the agent you love it. Agents love dealing with buyers who wear their hearts on their sleeves and are simply honest and upfront. If you are going to make an offer, do so quickly and do it in over the phone and in writing.
What to do if the property isn’t suitable.
How many times has an estate agent called you for feedback and you’ve not called them back?
If the property wasn’t for you, call them back or send an email to say so and give good feedback. This shows manners and agents believe it or not are human too and prefer to deal with nice people.
Or how about you calling them before they’ve had the chance to call you? This would earn you even more brownie points.
Making your offer.
Offers should be made verbally and in writing.
Here’s the best way to present your offer in writing (email to the agent).
Tell a story. Paint the picture of how much you love the property, how it ticks all the boxes, why you’ve fallen for this particular one and state you’re position and finances in detail.
Not everyone does this and again, it helps make you stand out. Make it personal. Tell them about you, where you work, you’re background and ask that your email be forwarded on to the vendor.
I’d also suggest calling the agent after you send it to check its safe arrival. Again, this shows your commitment.
Only ever make offers you’re comfortable making. Don’t let your heart rule your head too much and if you’re offer is acceptable, ensure you have a solicitor already lined up.
Every buyer’s worst fear.
Most reputable agents will be prepared to cease all viewings once you have provided your solicitor information upon the acceptance of your offer.
But don’t hang around. Make sure your lender's survey is booked in within the first week to 10 days - prevents the temptation of some negotiators in the estate agency office to try their luck with a viewing or two to try and pinch their colleague's commission.
And lastly, take your time. I suspect the steam will start to cool in the market and prices may even slip a little next year given the headwinds the country faces.