It’s every property-buyer’s nightmare – a multiple-offer situation where many buyers are bidding for the same property. This is where buyer advocacy becomes very important and, fortunately, the rules have changed to ensure ethical professionalism between seller agents and your buyer agent in Melbourne. Here’s some insight into what happens, from Aspire property specialists.
All Real Estate Agents in Melbourne Have Different Professional Policies
Each real estate agency will handle your offer according to their own professional policies. These will differ between agencies, so it’s important to ask the seller’s agent exactly how this process works, so you don’t miss out. It’s easy to try make a lowball offer only to have someone else’s offer accepted on a property because you didn’t know the agency’s policy isn’t to allow you a chance to negotiate up.
Expect a Multiple-Offer Situation in a Competitive Market
Melbourne is a highly-desirable city to live in – and Aspire property knows that high demand is going to lead to more offers on each property that goes on the market. There are many reasons for this area to be a strong seller’s market, including that:
The Sales Process in Multiple-Offer Situations
These situations are as high-pressured as a property auction, and it’s important to have a trained professional to rely on for guidance, objectivity and to help you keep a cool head. Aspire property specialises in handling these situations and offers professional buyer advocacy that not only is invaluable in helping you find and buy your dream home, but to ensure that you do it at the right price.
All Real Estate Agents in Melbourne Have Different Professional Policies
Each real estate agency will handle your offer according to their own professional policies. These will differ between agencies, so it’s important to ask the seller’s agent exactly how this process works, so you don’t miss out. It’s easy to try make a lowball offer only to have someone else’s offer accepted on a property because you didn’t know the agency’s policy isn’t to allow you a chance to negotiate up.
Expect a Multiple-Offer Situation in a Competitive Market
Melbourne is a highly-desirable city to live in – and Aspire property knows that high demand is going to lead to more offers on each property that goes on the market. There are many reasons for this area to be a strong seller’s market, including that:
- You can often buy closer to the city centre than say, Sydney, for the same price
- Melbourne is quickly growing to become the most populous city in Australia, with more people leading to increased demand for housing
- The public transport and infrastructure is exceptional, creating an ideal lifestyle for Australians and international immigrants
The Sales Process in Multiple-Offer Situations
- Once the first offer is made on property, the seller’s agent will try contact all other interested parties (individually or through your buyer agent in Melbourne).
- At this point, each interested party can make an offer. This should be your best offer and it needs to be done in writing by a certain time set by the seller’s agent. Buyer advocacy is useful here, as your buyer agent in Melbourne has the insight to guide your offer and make sure it’s competitive.
- Depending on the agency, the offers can be confidential or disclosed to all interested parties. You have an opportunity then to increase your offer – again, your buyer agent in Melbourne can help guide you in this process. There may be several opportunities to increase your offer.
- The preferred offer will be accepted by the seller’s agent.
These situations are as high-pressured as a property auction, and it’s important to have a trained professional to rely on for guidance, objectivity and to help you keep a cool head. Aspire property specialises in handling these situations and offers professional buyer advocacy that not only is invaluable in helping you find and buy your dream home, but to ensure that you do it at the right price.
