i'm going to share five helpful tips for being in a competitive market followed by one tip that
could actually cost you your dream home and i'll end on some advice for finding the best
deal in a competitive market first off five tips for bidding in a competitive housing market tip
number one educate yourself understand value look at past sales data talk to agents and understand
refurbishment costs go out and look at the past sales data that's out there on the property price
register also talk to agents and ask them in terms of what their view is and market value
and get them to explain what the market value is within a particular area on price per square foot
also if the property needs refurbishment reach out to a contractor befriend the contractor get
a good idea on what refurb costs are going to be per square meter for that type of property this
will help you determine what the market value is of the property before you go and bid tip number
two set a maximum bid for the property before you actually bid for it write down that maximum bid
if bidding goes beyond that take out that piece of paper that you wrote down your maximum bid on
have a look at it and go this property is not for me and there will be others i see so many people
go over and above what their maximum budget is when they're bidding on a property and a lot
of times they fall out of love with the property number three try to befriend the agent try to get
more insight in the property try to figure out who you're bidding against are you going up against
investors cash buyers or are people mortgage holders that you're bidding against be top of mind
for the agent so you are the first person who gets the call if there's any changes with the property
or if there's any bidding happening that you're the first person who gets the first call
this puts you in a great position to control the actual bidding process four be first be first to
bid you get to set the tone and you win favor with the agent looking back over my sales over
the last three or four years nearly 90 percent of the first bidders were actually the people who won
the property in the end five put the offer in in writing and provide as much backup and financial
backup information as you possibly can if bids are close the agent will see that you have the
ability to close and close quickly and therefore they may recommend your bid over others there's a
lot of fear and worry being put out there into the ether in regards to the fact that you should never
disclose your maximum bid as agents will use it against you most of this advice comes from people
who are not in the industry and don't have a full working knowledge of how the industry works with
all the will in the world i do not think agents are that good at their job that they'll be able to
manipulate the market price based on the fact that they just know your maximum budget being adequate
not to disclose your maximum budget assumes that buyers are stupid and have no self-control just
because you can buy a nine euro point of guinness and temporal bar doesn't mean that you'll go to
temple bar when you can buy a six euro pint of guinness on camden street bidders should be shown
some respect that they have some self-control and won't bid over their market price for a property i
often let agents know what my client's budget is it shows agents that my clients have the ability
to pay for their property it also shows that the banks are unlikely to make a big issue about it
and it shows that they have the ability to close and unlikely are going to get call fees because
it's not at their maximum budget these are all good reasons why an agent would recommend
a bid from such a person who provides all this information over and above someone who has been
very difficult to get information out of if a property needs work the agent will also assume
that the buyer is going to have to keep some of their budget for that refurb in some countries and
in some jurisdictions you can't even get in the front door for a viewing without providing proof
of funds and this is only fair perhaps owners shouldn't have to open up their house to just
everyone before i move on to a tip that could actually cost you your dream home make sure to
hit the like button and subscribe to the channel i am trying to improve the channel all the time
and every uh sub gives me extra motivation to keep improving this channel i'm hoping to reach 5000 by
christmas day a little christmas gift to myself so please feel free to share the channel as well
with anyone that you think might be interested if you've any thoughts on the tips so far put them in
the comments below i'd love to hear some feedback the final bidding tip could cost you your dream
house i've heard people give this tip that have perhaps never won a competitive bidding situation
and that tip is to place a bid that matches the current offer only ever do this if you're coming
from a position of strength if you are the weakest bidder or there's more than one bidder at play you
will immediately reel yourself out of contention an experienced agent will ask you to confirm
in writing that this is your best and final bid once you've done so they will revert to
the other bidders and advise them that any small increase will win them the property ruling you
out immediately matching a bid is a risk it may only frustrate the agent and the seller
and is only worth considering doing if you're coming from a position of strength
and you know you are the strongest bidder i have made recommendations to clients in the past to
match bids but in each case they were coming from a position of strength they were flexible on their
closing dates and they were cash buyers which i knew would apply to the seller after detailed
conversations with the agent luckily all the bids were successful but i did highlight the risk to
my clients before we move forward only match a bid if you're willing to risk losing the property and
you're coming from a position of strength going forward this is probably going to be less and less
of an opportunity as more agents move to an online bidding system i hear a lot of people say that
there's no value in the market right now i've said it myself that it is extremely hard to find value
right now but it's not impossible i ran a property training course at the start of summer and one of
the ideas i wanted to instill was the importance of your network in terms of trying to find deals
for years property gurus have preached the idea of putting letters in people's mailboxes also
using social media to find leads on sellers but the data suggests that only maybe five percent of
leads come true this way and most of those leads go nowhere studies have found that nearly fifty
percent of good deals actually come through your network therefore growing your network
is extremely important in terms of trying to find good property deals but it's also important
that your network knows what you're looking for in terms of what your budget is and what your
property criteria is as well in terms of where your best leads can come from generally speaking
agents solicitors and accountants can provide some of the best leads because sometimes they
are the first people to know that someone might be selling and if they know you're in the market for
something similar you could be the first person to get the phone call but you could also go
one step further talk to the local pub local bar man let him know that you're looking to buy
a particular type of property who knows someone may drop into their local and say that they're
thinking about leaving the area and selling up or you go even further and when you're walking around
that area if you see someone cleaning their house or someone doing their garden you could always
mention to them wow it's such a beautiful neighborhood i'd love to live here someday
and you don't know where that conversation could end up because they might know that one of their
neighbors are thinking about selling soon if you found this video useful don't forget to hit the
like button also please subscribe to the channel it gives me extra motivation to continue on with
this journey and growing this channel please feel free to share the channel with anyone you feel
that might benefit from it and you will find other property related videos that might help you here