When researching, inspecting and buying property there is power in being systematic.
During the purchase process there are four main areas we implement systematic procedures at Allen Real Estate. This doesn’t need to be anything too complex but it’s important that it is consistent. Sometimes a simple checklist can be all that’s needed.
A few points to consider and monitor for each of these four areas.
Property research
> Work out your purchase criteria in detail. What are you looking to achieve?
> Benchmark each property against standard criteria (yield/land size etc)
> Compare each property carefully with your initial purchase criteria.
> Compare each property with each other and make a short list.
> Contact all agents of interest in your search area and stay in contact.
> Setup the correct alerts for all online portals.
Property inspections
> Record all of the details of each property, photos/video/written information, it’s amazing how the mind can remember differently if you don’t write things down.
> Use a consistent template for all inspections so you can compare like for like.
> Have a checklist for research investigations such as easements, overland flow & flooding issues, boundary issues, condition issues, etc.
Negotiation strategy
> Have a procedure for objectively establishing fair value for each property of interest.
> Have a limit for your purchase offer and be prepared to walk away or wait or offer on another property if this limit isn’t enough.
> Follow a consistent but firm negotiation process, best to be honest and straight forward at all times.
> Protect your interests by appropriate clauses in the purchase contract.
Purchasing process
> Checklists for meeting all dates of importance such as finance, building and pest, settlement.
> Monitor and record all of the interactions with your purchasing team including inspectors, mortgage brokers, conveyancing, depreciation and management.
> Trust; but verify where possible.
Implementing systems can eliminate some of the larger mistakes that are possible during the buying process, a lot of these resources are readily available online and can be easily compiled with a modest amount of research and help from more experienced buyers.
