Become a Hot Buyer
Estate agents have different systems for marketing new properties but whatever system they adapt it will prioritise the “hot” buyers. These are the buyers that the negotiators, those whose job it is to line up the initial viewings, consider to be in the best position and the most likely to offer on a property. To have any chance of bagging a popular property you must be considered a hot buyer.
This is particularly important in a seller’s market. When demand is strong many properties will go under offer before the majority of buyers ever get to hear about them. Negotiators are looking for three things; a lack of complications, preparation and decisiveness. Let’s look at these qualities in more detail.
Estate Agents hate chains; especially when only one of the properties in that chain will earn them commission. Chains mean more work for the agent but, more importantly, a greater chance that the sale will fall through. It is a fact that once a sale has been agreed there is a 30% chance that it will fall through. If there are 4 links in the chain the chance of that transaction completing average around 25%. If you want to become a hot buyer be prepared to break the chain and go into a rented property. Look at it as a few months’ inconvenience to help you land that dream property.
Assuming that you are in a position to move you now need to demonstrate that you have the funds to back up your interest. You should try and have a mortgage offer in place, or evidence of cash. This will confirm to the agent that you are able to raise the funds and will certainly alleviate the vendor’s fears over whether you can afford the property. If several people make similar offers for the same house or flat, estate agents will usually recommend the buyer who is best placed to proceed with the deal so that means having your finances sorted out in advance.
To help you make a quick decision go through the selection process on paper first. Note down the criteria you consider essential. Try and keep to just two or three points you consider most important and you’ll have a realistic chance of finding. Next, list the items that are desirable but not essential and be prepared to compromise on this list. When viewing properties have your notes to hand. Be prepared to put yourself out to view a property when it goes on the market. If a buyer is getting a lot of interest in their property they are unlikely to want to work around your schedule.
Your goal is to be one of the first buyers that the agent thinks of when a popular property comes on the market so as well as doing all the things suggested above go into the agents’ offices from time to time to remind them that you are still looking. Agents are more likely to remember you if they can put a face to the name.