How to shoot your competition out of the water

[MTR]

Hi All
In current market am looking at multiple offers when trying to secure a property, not in all cases but if something has development potential everyone is on it.

Anyone here using any clever strategies to get around this?

I understand BA go in with a "24 hour clause" where they place an attractive offer on the table which pretty much dangles a carrot so that the seller makes a decision within the 24 hours locking other potential buyers out.

I don't think this strategy is going to work too well at the moment.

suggestions???

MTR

 

[neK]

On the manage page it truncates the title, so all i saw was "How to shoot your competition" hahaha

 

[INVSTOR]

Include a near new Italian Leather lounge suite with your offer, hmmm vendor or agent??

 

[FelixL]

don't compete and find other markets that are soft

if at auction you could try to pretend this-property-is-mine stance, very strong bids, make the other person lose hope of competing against you

 

[RetireRich101]

I wrote 20 letters to Owners of the properties I want to purchase, such as corner blocks, splitter, have large side access etc. I have had 5 replies. So regardless what the improvement is, what owner willing to sell and their anticipations are, you at least got that initial engagement going with the owner direct. You also get a first shot at the offer before a BA and Agents gets in the door.
20 letter is not alot of stamp licking. But when you're prepare to pay a BA $10k, why not outsource to Year 10 student to use above tools find 100 properties that met your criteria and bulk send personalize emails to them. Obviously the contact will be yourself directly...

 

[Richard Feynman]

Don't give up hope on that strategy, even in a piping hot market. If you can come in with a strong, unconditional offer and a deposit, you may find success.

A couple of weeks ago I grabbed one that was headed to action. I turned up at the first open having done my DD with a section 66 certificate, signed contract and cheque for 10%. Vendor and agent believed it to be a strong offer, and that was that. Listed 4 days earlier, off the market 4 hours after the first open.

 

[MTR]

On the manage page it truncates the title, so all i saw was "How to shoot your competition" hahaha

With a silencer and make sure you are wearing gloves

 

[MTR]

I wrote 20 letters to Owners of the properties I want to purchase, such as corner blocks, splitter, have large side access etc. I have had 5 replies. So regardless what the improvement is, what owner willing to sell and their anticipations are, you at least got that initial engagement going with the owner direct. You also get a first shot at the offer before a BA and Agents gets in the door.
20 letter is not alot of stamp licking. But when you're prepare to pay a BA $10k, why not outsource to Year 10 student to use above tools find 100 properties that met your criteria and bulk send personalize emails to them. Obviously the contact will be yourself directly...

Yes, I have been down this road, from my experience you do get replies however what I also had were unrealistic asking prices, once they know someone is keen and it is a hot market they will ask for ridiculous/over the top price for their property. Perhaps others have had better luck

 

[MTR]

don't compete and find other markets that are soft

I am buying in a number of markets. However, I am developing and easier to play in my own backyard.

 

[impala67]

Just with strong offers and backed up with full deposit and finance ready etc.

Hi All
In current market am looking at multiple offers when trying to secure a property, not in all cases but if something has development potential everyone is on it.

I'm sure you are but are you targeting, and monitoring failed auctions to go in with offers, and key word searches in online ads for your target markets? Have you gone down the silent sales path and let key agents in your markets know what you are looking for?

If the competition is outbidding you and you are confident in your figures to make you a x profit at a offer of x amount...then the over-bidders surely aren't correct in theirs and aren't making the % profit that they should. You may be missing out on some deals etc., however you'd be better off in the long run by not overpaying.

 

[oc1]

With auctions, when the market is hot, I've found going hard early works well. Scares off the weak ones and puts some fear into the serious players.

Prior to auction is always nice when you know the property is well sort after.

Oscar