There are literally hundreds of articles online about what you should look for in an estate agent, and rightly so. Choosing the right agent is essential if you want a stress-free move, and it’s something that’s well worth researching in full.
That being said, we thought it would be fun to turn the tables and look at five things which demonstrate to real estate agents that a buyer means business. While a good estate agent will bend over backwards to help all of their clients achieve their property dream, ticking off these five things will certainly get you noticed by any agent you approach as a buyer.
Your estate agent should be the one pushing things forward for you, but there are things you can do to show that you aren’t just here to kick a few tyres. One of the most important things you can do is to strike up a relationship with your agent.
Make yourself known to them. Go into the office, keep in touch, and give honest feedback on all viewings you have made as soon as you possibly can. This will help your agent build a picture of exactly what it is you are looking for and help reduce the likelihood of you being presented with properties that are unsuitable.
Not only that, when the right property does come to market, you will be at the forefront of the agent’s mind. They’ll know it’s the right type of property for you and that they’ll also get some constructive feedback if it’s not quite what you’re looking for. All agents like to receive useful comments, as it gives them something to take back to the vendor...and those comments may help improve the saleability of the property in future.
While this may not always be feasible, a buyer who has already sold their property shows great intent and will be valued highly by any estate agent. This doesn’t necessarily mean you have to part company with your home, however. You can often find a buyer who is willing to work with you and wait for you to find the right property...providing you make all the right noises to them too!
Agree a price with your potential buyer, but don’t ask them to spend any money at this stage. Simply put some conditions in place that state the property is theirs at the agreed price as soon your sellers find an appropriate property to move into. With these assurances behind you, any agent you approach will be able to tell sellers that you are ready to roll ASAP, which is a real plus point in any negotiation.
Arrange a mortgage
The mortgage market is going through unprecedented change at present, so having an up to date mortgage arrangement is vital if you want to show that you are serious about buying a property in today’s climate.
The amount of mortgage products on the market has risen by 108% in the last two years, and lenders are forever amending their criteria. This means that a mortgage which was agreed just six months ago has every chance of being out of date today and could be worthless. Therefore, securing a fresh agreement will put you in a far better position and will further reinforce your buying intention to both agents and sellers alike.
Be upfront with your finances
Many people are cagey when it comes to money, which is entirely understandable, but being able to demonstrate that you have the finances to move forward with your property purchase will always put you at the front of the queue.
Proof of deposit will likely take the form of bank statements, which will not only show that you have the money but also provide information on where the money has come from as well. While it’s perfectly understandable that you would want to keep your financial affairs private, it’s also reasonable for solicitors and lenders to ask questions too, so always be prepared to present proof whenever it’s required.
An easy way to be completely transparent is to use a service such as Hipla. Once you’ve completed the necessary questions, Hipla’s fancy algorithms work out a score which allows you to compare yourself with other buyers, so you’ll know where you stand in terms of the competition. It also gives agents an insight into your buying status too. Check it out here.
Don’t be too much of a bargain hunter
Sure, you’ll want to get the best property at the lowest price, but the truth of the matter is that the vast majority of properties now sell for the asking price or above. On occasion, a home may sell for slightly less than what it is being marketed at, but instances of this are becoming rarer and rarer as greater numbers of people are looking to buy while fewer people are selling.
So, constantly coming in with very low offers will likely reduce your credibility in the eyes of an agent, especially in areas of high demand. It’s important to remember that even if the property you are viewing needs work this will be factored into the asking price, so it’s generally not worthwhile trying to barter on such matters.
If you are considering making an offer below the asking price on a home that requires work, the figure you come up with should be based on the property’s relative value when compared to other similar properties that are in good condition within the local area. Again, however, if the agent who valued the property is worth their salt, the asking price will reflect this too.
That’s it! These five things will show any agent that you are a serious buyer and not just someone who’s merely thinking about moving home. If you would like any further advice about buying, selling, or letting property in East London or West Essex, give our team a call today.