If you are going on a property shopping spree than you’ll want to read this article. Have you ever heard the term “leave it to the professionals”? That’s well and true but leaving things to the professionals when you are planning on going on a property shopping spree gets very expensive in terms of real estate agent fees, very quickly.
Network and speak with as many real estate agents you can, be upfront and tell them that you are sounding them out for a few purchases and want an honest and transparent conversation about properties within their area. If they are interested, they will respect the boundaries and not oversell themselves. Never go with an agent who oversells themselves.
Take note of everything that the real estate agents are saying to you. If you build enough rapport with them, they may even print out a few market reports for you about the areas that you are interested in.
Speak to competent accountant who can explain the ins and outs of purchasing the amount of properties you wish to purchase, they will be able to give you an idea of the stamp duty costs that you would be expected to cover.
After speaking to the accountant, I’d then speak to a conveyancer about negotiating a competitive rate for the bulk purchase of properties. Minimize costs where you can but make sure you are as fair as possible.
If you are buying many properties, try and secure the services of a real estate agent who is on holidays / looking for work. They can protect your privacy until it comes time to sign the contract and negotiate a good purchase price for you, without all of the costs that come with retaining a traditional real estate agent.
Make sure to spread your purchases out across postcodes, you want to diversify your portfolio to minimize your exposure risk to civil works or other developments which may negatively impact on your investment.
By following this tips and tricks you are on your way to success. The trick is to maintain as much confidentiality as you can about your intentions whilst speaking to as many people as possible. Don’t engage with real estate agents who are solely in it for a one time sale as they won’t believe that you want to purchase properties in bulk.