Property Hub - Investment Insights & Inspiration - Realty Talk Vault: Getting Buyer Ready

Episode Date: May 16, 2023

We bring you another classic Realty Talk episode from the vault, which was originally published on November 5, 2022, but is still just as relevant today. The average property buyer invests more than 90 hours over 7 months to secure a property.  Scott Aggett from Hello Haus outlines strategies to reduce time and stress while improving your results.  This is how to get buyer ready! RealtyTalk is part of the Property Hub podcast channel, your home for property investment insights, inspiration, and stories from Australia’s top property experts, investors, leaders, and analysts. Subscribe now to get every RealtyTalk episode delivered to you each week for free, and also get full access to Get Invested, the leading podcast for Australians who want to unlock their full ‘self, health, and wealth’ potential and get inspired by the stories of investors, founders, and entrepreneurs. Subscribe to RealtyTalk on the Property Hub channel: Apple Podcasts | Spotify | Google Podcasts | Email Property Hub is a collaboration between Bushy Martin from KnowHow Property, Kevin Turner from Realty, Andrew Montesi from Apiro Marketing and Apiro Media, and Australia’s largest independent podcast network DM Media.  Business and partnership enquiries: [e-mail] omnystudio.com/listener for privacy information.

Hi and welcome. Are you struggling to successfully buy your next property? Is it all taking too long and feeling too hard and too stressful as you ride the emotional roller coaster of finding properties and then missing out? Well, you're not alone. Recent stats released by Australia's number one property negotiator, Hello House, reveal that the average buyer typically spends 90 plus hours of their precious time spread over seven months and misses out five times before they finally land a property. Does that sound familiar? Well, to assist you and break down why this is the case and how you can avoid it by getting buy ready, we're joined by Hello House's founder and expert negotiator, Scott Agate. So welcome back to the show, Scott.

Hi, Bushy. How are you doing? Good, mate. I really want to dive into this one because this has been a perennial headache for people over the years. So to kick things off, mate, your stats don't paint a very positive picture for Aussie property buyers. So tell us some more about the average buying process and where your numbers actually come from. Yeah, well, you hit the nail on the head so far with the average buyer in 2022. So it's a seven-month buying process, 90 hours, as you say, a very valuable time. The average buyer is looking online or in person at 300 properties on average. um mate they're missing five times on the sixth time we find they're typically overspending or

they're compromising on the asset that they're buying out of sheer frustration and 45 of buyers in australia are reporting to have buyers remorse so it's pretty ugly out there um and this is the average buyer um you know and this this stems on from the mortgage industry as well where only you know the 10-year average i think is 72 of conditionally approved loans that actually settle. So a lot of people are just missing out and then eventually giving up, which is very sad. Very sad. So you've mentioned a couple of these already, but what are some of the key reasons that buyers actually do miss out on a property and why? I think they're underprepared. So they're going into it without an education of how the buying process actually works. They're not

committing to it in a short enough timeframe. So we find a lot of buyers are looking at it part time and not full time. So I think it's a four to eight week sprint to get your market knowledge up and to really understand the market depth and you've got to commit to seeing I would imagine 50 properties plus to get a really good call on value in that local market where you want. Buyers are looking at too much of a scattergun, you know, too wide an area. They need to laser focus down to one to two suburbs and buyers need

to see more stock than their competitors if they're going to buy. Otherwise, they're going to be in that queue for a long time. So it's about building relationships, strong relationships with good local agents that are going to get those listings and then racing there to see them first because speed is absolutely paramount to success in 2022. Yeah, that's very good advice. Now, buyers in the media often blame sales agents underquoting as the main reason for missing out on properties. Is there any truth in this and how can buyers actually avoid underquoting or bait advertising as it's often called?

Yeah, it's interesting actually. Underquoting is often linked to people overpaying, but it's got no correlation whatsoever as far as I'm concerned. underquoting is baiting buyers in to create competition. So they'll lower the price compared to what they told the seller to engage more buyers in that fight. It doesn't mean that you're going to overpay. It's the complete opposite of that. So what making buyers overpay is a lack of market knowledge. And market knowledge can be formed reasonably quickly from an absolute novice. It's about going out and seeing as many properties in your marketplace as you can. It's about tracking properties that are selling and understanding the days on market,

the vendor or discounting rate and the average time it takes for a listing that you like to come again onto the market so is it every week or two weeks and so on so you can form an opinion about how hard you should make um you know a run for a particular property so market value and market depth in terms of buyer competition are crucial yeah it's doing the research that's the key there mate so what can buyers implement at no cost then and straight away to have the biggest impact on their buying journey do you think well it's easy we've spoken about a lot of time before but building rapport with agents is really simple and it's no cost setting up a diary on realestate.com or domain i know that you and i have both spoken about this before and to track sales is really

simple getting out and seeing auctions and speaking to agents and following up is a really easy thing to do as well and then i think in terms of um getting themselves ready for the buying process it's go out and get educated or look for professional help that'd be the number one thing that i would suggest so if you can't do it don't start that process we get a lot of clients that come to us and they have to unwind the damage that's been done they've already told the agent their life story or to buy a price and it's going to come to bite them in the backside later when the agent uses that against them in a negotiation so don't start what you can't finish go out and get professional help and definitely get buyer ready and learn about the buying process from

start to finish so you know what's going to come before it actually happens so you can navigate around it to your benefit yeah beautifully said look god really want to thank you again for demystifying the buying process and sharing your valuable insights on the show again today scott thanks pushy thanks scott well as you can hear there's a lot more to the buying process than mci so if you're serious about reducing the time the cost and the headache of successfully securing your next property purchase take advantage of the scott's recently released unique and comprehensive Get Buyer Ready course that you can tap into now at hellohouse.co forward slash Get Buyer Ready. That's H-E-L-L-O-H-A-U-S.co. And make sure you mention Realty Talk for an extra

special bonus. And if the negotiation process is still too hard and too stressful, just get Scott and the Hello House team to do it all for you. Keep watching the Property Hub's Realty Talk, your trusted voice for all things property. Thank you.