How often are you succesful at buying the property you're after?

Now I probably haven't phrased the question correctly, but after my recent purchase I realised that I'd only really ever been serious about buying 6 properties and of those I have bought 4.
This got me thinking about what other people's conversion rates are.

I imagine some people constantly try to low ball vendors meaning they may only buy 1 out of 10 houses they put offers in on.

I personally know exactly what I'm after (or like to think I do) so am ready to go as soon as something comes up that fits my criteria and as long as the price is reasonable I'm happy to buy it. This may have to do with the fact that they have all been bought in relatively hot/rising markets so low balling is a lot harder.

Would love to hear other people's stories/tactics

 

6 from 6 so far, about to exchange on the 7th.

 

Probably less than 1 in 5 for me. But that suits my strategy really, which is fairly dependant on buying in at the right price.

If someone ends up offering more than I was prepared to pay, no big deal - just move onto the next potential purchase.

 

Probably 100pc
Just pay the asking price do not negotiate
With tenders pay more than the price suggested and more than the valuer suggests
If you don't make the effort when the property is for sale the property may never come around again...even a similar one may not come up again

 

100%. I only place an offer on a property I really want, which is mostly a property no one else wants. In each case I have successfully negotiated a deal.

 

This is a broad statement because it really depends on market conditions and competition levels, but if you're successful on every single property you attempt to buy you're probably over paying at some point.

There are emotional buyers everywhere, particularly in warm to hot markets (not that you should really be buying in those anyway) so missing out is to be expected if you are confident with your assigned value. There will be people who over pay with emotion, whether intentionally or unintentionally.

 

I only want certain properties at a certain price so if that is the case 100%.

However for the properties were they were okay and would be good at a price and someone else beat me then the % is less.

However there was never a property that I felt I just had to have, even on my recent purchase I technically missed out on 4 before securing the 5th. 1st one was low balling met a number of criteria but again didn't have to have it, sold for 10% more than I was willing to pay. Second one we missed out because I felt it went above FMV could of bought it as we ended up paying more but I didn't see the 'value' in it. Third one we got a signed contract on but terminated after negations failed with the building a pest issues (50k worth of work needed to be done and they only wanted to drop 20k).

Fourth one we never bidded at auction because we went unconditional on the Thursday before the auction on our purchase but it still went higher than we were prepared to pay but again it wasn't one we had to have.

Fifth we purchased, was on the market for a long time and when it came up I thought it was slightly overpriced but after a year they dropped the price quite significantly and we ended up purchasing it for about 700k but is 3/1/1 fully renovated on 1,600m2 11km from city (15km drive) and 600m walk to the train station - this was the one we were more excited about but we would of been limited by funds.

Suburb median is about 600k and most blocks are 400-600m2 but it neighbours on two very expensive suburbs which are 750k and over 1M.

So it really depends on your definition I am either 100% (as I actually wanted it) or 20% for all offers or places we bidded at or were going to bid at. I cannot recall the previous houses we have been interested and the success rate.