Property Hub - Investment Insights & Inspiration - Realty Talk Vault: Off Market Secrets

Episode Date: February 1, 2023

We bring you another classic Realty Talk episode from the vault, which was originally published on March 2, 2022, but is still just as relevant today. In the current hot property market, how can you leap the queue and access off market properties? Property Negotiator Scott Aggett from Hello Haus joins us to share his secrets on how you can access 40% more off-market and pre market properties.  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. Now, in the current hot property market, the biggest challenge for buyers is a lack of properties for sale, which means that they sell fast and most buyers miss out on even seeing them. Or they end up competing in multiple buyer offers or seal bid situations where they often end up paying more for the property. This is all very time consuming, stressful and expensive. So to share some no-cost tricks that will help you to find properties off market

or pre-market, in order to access up to 40% more properties, we're joined by professional property negotiator, Scott Agate, whose unique team at Hello House negotiate with selling agents on your behalf to secure your property at the best price. Welcome to Realty Talks, Scott. G'day, Bushy. How are you doing? Great, mate. Really good to have you on the show. As I've said many times, negotiation is a fundamental skill, not only in property, but in life. And it's really good to talk to someone who's really niched into that area and focused on that, as opposed to the general buyer's agent community, where you're offering something completely different. So we're looking to digging into the subject today, mate. And to kick that off,

how can buyers avoid missing out on properties or competing for them and paying ever high prices? Well, I think, Bushy, the first thing you need to do is really understand what you're going after. what you're trying to find. Is it a needle in a haystack? Does it exist commonly in the area that you want to look at? And really focusing on a very small area. I think that's a big mistake that buyers make to begin with is that look too scattergun across a wide area. So I would say focus on one to two suburbs in a core marketplace. And then the trick to then understanding the prices that are being paid and the frequency of the assets being available that you want to buy is to gauge what the market depth is. So the value of properties that are selling at any given time,

and you can do that by attending auctions and seeing what the real-time buyer depth is as well which will give you an understanding of how many people you're going to compete against and where those prices might run the other key thing you need to know before you start out really is the frequency as i said of how many assets like this come on the market so what's your fear of loss when it comes to negotiation time so bushy is it you know once every eight weeks that house the three bed in that core market comes up or is it a dime a dozen and there's one every three weeks that's going to really determine how hard you have to go with a property and what your fear of loss may be in terms of losing that opportunity and how long it's going to take you to replicate it,

especially in a rising market. Whereas you know, you miss an opportunity today, it's going up in some areas two, two and a half percent a month, it becomes a very expensive mistake. So to find properties off market and to get to them first pre-market or the true version of an off market where they may not even be ready to sell yet and you approach them or the agents approach them on your behalf is to build rapport with real estate agents. And to do that, it's repetition really so i've basically created an easy cheat sheet for that that i coach my clients and i use myself and that's to analyze what you want all the reasons that we've just discussed already put that into a five to seven dot point list so it might be mine might be scott agate

mermaid beach a million bucks got to be a knockdown east of the easement and finance approved that's my list everyone that's worth their salt in the agent game knows exactly what that looks like and where east of the easement is, I'm going to put a BCC list together with all the agents that sell those types of property in my marketplace. So go to the back end of real estate or domain, look in the sold section,

collect that information, put that onto a BCC, send it weekly to stay top of mind. And that's going to give you that repetition where you're just consistently staying in touch with the lead agents that are possibly going to have those listings. That's going to create you opportunity.

And if you do that, we know up to 40% of properties sell pre or off market. and that's going to get you in front of the line. So you're going to lower the competition, who you're competing against, and it's going to give you a wider choice, which means you're potentially going to buy better. I love it, mate.

The old squeaky wheel exercise and being top of mind with all the agents and the techniques you've just described there. What I love about them is they're actually quite simple to do, but no one does them. So I love the brilliance and the simplicity of that. Mate, how can buyers then build the rapport with agent that you spoke about and stay top of mind to find these opportunities pre or off market?

Yeah, well, the key is if you put together that list and you stay consistent with it, you will get opportunities. This works at any price point nationwide. There's no silver bullet, Bushy, as you know, in real estate. So there's no silver guarantee that this is going to happen, but it will give you a very good shot at doing it and it's free. But the trick is, and what a lot of buyers make the mistake of once you've created those opportunities is either doing a couple of things, not turning up on time, not responding to the

agents, not jumping when they give you these opportunities, or going through and seeing the property and not giving them the detailed buyer feedback that they need. There's two problems with that. One is you're not allowing the agent to do their job. So you're not letting them push forward with that sales campaign. And you've really got to be looking at it through their eyes as to they're creating an opportunity, they need this to move towards payday. So you're going to help them do that by giving them feedback. The benefit of doing that, of course, Bushy, is if you give them real-time accurate feedback, it's going to fine-tune what they're looking for and give them a really accurate understanding of what you need to put your family into the next house.

So I think if you can do those things, it's repetition, it's consistency, so staying in their face often, and then it's giving them real-time quality feedback that's going to help them do their job. You do those three things and you're going to get some great opportunities. Yeah, I love it. Well, sort of moving back onto the buyer side then for a minute, what are some of the mistakes that buyers are making when they get these opportunities from local agents in addition to what you've just touched on?

I think agents will take those buyers very seriously that do the things that we've just discussed. So if you don't follow through and do the work, as I've just explained, that's going to make it difficult for an agent to take you serious going forward. So if you don't turn up that time, you don't give them the feedback you're not going to get a second opportunity and you won't get

another bite of that cherry and that might be missing your dream property or having to join the queue and overpaying so I think you know you've got to realize that agents are servicing a wide buyer pool it's not just you they might have 200 buyers at any given time trying to find the same thing so you've really got to stand out from the pack and if you do that I think you've got those really clear goals that's going to give you the best shot at getting that done The other thing is as well, I think buyers really second guess themselves. So, you know, I find a lot of clients will come to me

and they've been looking for too long. And the reason is they found the property, but they just can't pull the trigger. And it's because they don't understand the market value and they haven't committed that four to eight weeks to really understand what's happening in their marketplace. So that hurts you at the back end, Bushy, because you find people that are indecisive,

they miss opportunities in a contract race. They don't pay that extra 10 or 20 grand because they're scared of doing that, not realising that if they don't buy it, then it is going to take eight to 10 weeks and probably cost them 20 grand or 30 grand. So really understanding those clear goals and market value, I think that helps you at the back end as well.

If you can then move with speed through the buying process and make sure you knock out as many of your competitors by moving really fast. Thanks, mate. Well, it's clear that if you want to jump the queue and beat the crowds in order to save money and stress and time in finding and securing the limited number of properties that are available,

you need to work smarter, not harder. And one of the best ways to do this is to reach out to Scott and his unique property negotiator team at hellohouse.co. That's hello, H-E-L-L-O, house, the German way, H-A-U-S, dot C-O.