Join Australia's most dynamic and respected property investment community

Which option describes your approach best??

Discussion in 'The Buying & Selling Process' started by Leo2413, 16th Aug, 2015.

?

Choose from one of the following

Poll closed 16th Mar, 2016.
  1. 1. Be forthcoming with the REA and vendor, pay fair market value with no negotiating.

    2.4%
  2. 2. Tell only whats needed to REA/vendor, tough negotiating/tactics getting the best deal as possible

    66.7%
  3. 3. Be honest with REA/vendor, some negotiating, happy to pay market value or above asking price

    11.9%
  4. 4. Do whatever it takes including lie, cheat and intimidate your way to to get your desired outcome

    2.4%
  5. 5. Attempt to work out a deal where you and the vendor both equally benefit.

    16.7%
  1. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,715
    Location:
    Sydney
    Which general approach with all your property dealings do you ascribe to: Please no judging.
     
  2. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    I picked 5, but really it's a mixture of 2 and 5.
    Changed my vote to 2, probably more 2 than 5.
    Not always tough negotiating tactics, read the lay of the land and be flexible depending on my feeling of how each situation is going. Sometimes you catch more flies with honey than vinegar.
     
    Leo2413 likes this.
  3. Inov8ive

    Inov8ive Well-Known Member

    Joined:
    17th Jul, 2015
    Posts:
    480
    Location:
    Sydney
    I picked 2 but I would probs do a little bit of 4. I would lie for sure, not cheat or intimidate though. We are talking big dollars and REA by the very nature of their position are not to be trusted so you need to keep a few tools in your toolbox. I have done a couple of things that I am not exactly proud of to secure good deals, but really as a method to even the playin fields a little bit.
     
    Leo2413 likes this.
  4. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hehe, well at least you're honest - about lying.
     
  5. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,715
    Location:
    Sydney
    @Inov8ive Option 2 doesn't mean you don't lie :D;)

    i guess option 4 is a more ruthless, destructive approach. .:)

    I have seen people threaten the REA to get back to them first, i kid you not lol
     
    Last edited: 16th Aug, 2015
    Inov8ive likes this.
  6. Inov8ive

    Inov8ive Well-Known Member

    Joined:
    17th Jul, 2015
    Posts:
    480
    Location:
    Sydney
    @Azazel this is business after all:)
    But yeah its totally not cool to intimidate your way into a deal. And I have seen it as well. When I sold my place in Gladesville via an auction, a guy with a pose of three burley looking islanders was trying to intimidate the auctioneer and the other bidders, seriously not cool. And it really doesn't work. Brains before Braun any day, and it always feels much better when you outsmart your opponents in a deal. Best feeling.
     
    Leo2413 likes this.
  7. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,212
    Location:
    At work
    Looks like I'm the only sucker who doesn't drive a hard bargain.
    I was looking for Sash' 'drunken elephant' option, which also describes my style.
     
    wylie and Leo2413 like this.
  8. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,117
    Location:
    FNQ
    Depends on the market, I picked 5 but I would also pick I little bit of 2 and maybe 3. I've only ever once paid over the asking price and that was by 1k in a hot market.
    While I try not to give too much away I wouldn't consider doing anything unethical either.
    I have found a couple of times that if the agent knows you are a serious buyer they have been the first to name a price which is under the list price. The agent potentially is more favourable when you are again interested in one of their listings after purchasing previously in my experience
     
    wylie likes this.
  9. Rockys

    Rockys Active Member

    Joined:
    20th Jun, 2015
    Posts:
    33
    Location:
    .
    I think it depends a lot on the market
     
  10. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,715
    Location:
    Sydney
    Hi @Rockys I agree with you. I just assume most of the folks here won't be doing most of their buying in hot/boom times and will be buying in more moderate buying environments.
     
  11. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Yeah, I generally prefer to buy closer to the bottom of the market than at the top - or at least a moderate market and not a hot market.
     
  12. Inov8ive

    Inov8ive Well-Known Member

    Joined:
    17th Jul, 2015
    Posts:
    480
    Location:
    Sydney
    The only thing about buying at the bottom of the market is- You never when it is the bottom. I prefer to buy at around 8pm. Just as it starts rising.
     
    Leo2413 likes this.
  13. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,715
    Location:
    Sydney
    Yeah I like round about 7-9pm, or as close to that time as I can guesstimate. Timing the market is really not as hard as people make it out to be and you don't have to perfect. There are some good indicators that suggest a market may have some good growth ahead. No guarantee but at the same time, take Sydney now. The probability of it continuing to have great growth is less likely than it is for some places in Brisbane to have good growth in the years ahead. Many areas of Perth are also slowing down so it doesn't take an Einstein to work out that perhaps be cautious with Perth.

    1. Common sense
    2. Data (all kinds)
    3. Public sentiment (crown mentality)

    I use those 3 factors when trying to determine where a market may be or may be heading. I have found you cant go too far wrong with that approach imo.
     
    Last edited: 17th Aug, 2015