By: Andrew Date
Industry Insider’s most frequently asked questions Back
You asked, so we’re answering. Of all the questions the team at Industry Insider gets asked, these are the most common. Whether you’re a property newbie or an experienced investor, we hope this blog post helps clarify some of the finer points of buyer’s advocacy for you. By providing these useful answers, our goal is to empower you to take the next step of your property journey.
What’s the Melbourne property market like right now? Is this a good time to buy?
This is a really common question with a multi-layered answer. As of November 2017, Industry Insider would say that the state of the market is relatively strong across the board; however, we have seen some signs that the market is cooling off a little. With an increase in supply and lower buyer numbers, we are looking forward to finding some opportunities for our existing clients.
This year’s changes to stamp duty have opened up properties at the lower end of the market to more first home buyers and made purchasing a first home more achievable.
For the high end of the market ($2 million+), there has been a slight decline in the number of bidders in the last half of this year. Property owners are aware of the buoyant market, and in many cases, looking to cash in and sell up before the end of the year.
What’s it like working with a buyer’s agent?
You can expect phone calls from your advocate about properties that the general public wouldn’t be aware of. You’ll feel more in control knowing that you have a full-time advocate on your side, as you search for either your dream home or an investment property. Purchasing real estate can be an emotional strain and time burden on many people; we remove the stress and objectively view the property on your behalf.
Will we meet in person?
We meet in person at the very beginning to see how we can be of assistance. We will discuss what you’re searching for in a property, talk about other areas you might not have considered, and run you through our entire purchase plan. This strategy session takes around 45 minutes.
What can you find me that I wouldn’t be able to find on my own?
We have one of the biggest real estate networks in Melbourne: one in three properties we purchase are not advertised for sale online. Selling off-market has become very popular over the last two years.
How early in the buying process would I need to contact you?
Ideally, you should have your pre-approval and deposit ready before you contact us. But wherever you’re at, we’d be happy to take a phone call and guide you in purchasing a property.
What should I look for in a buyer’s agent or buyers advocate?
When looking for a buyer’s advocate, make sure they are registered with the Real Estate Institute of Victoria and look for reviews on Google to see what their recent clients are saying. Lastly, you should choose a buyer’s agent who has proven results in the location in which you wish to purchase.
How long will it take to find the right property?
Our agreements last 180 days, but in some cases, we have purchased a property within 48 hours of a new client signing up. The longest turnaround to date was 95 days. On average it would be 5-7 weeks.
Do I need to be living in Melbourne to work with Industry Insider?
We are currently helping a number of investors from Sydney, and we’ve also aided both expat and interstate families with their relocation to Melbourne. A simple Skype or FaceTime meeting allows us to discuss your needs while you’re interstate or overseas.
Can you help me sell my property too?
Yes, we offer a seller’s advisory. Our advocates have bought and sold a number of properties before, and because we deal with selling agents every day, we understand how they work and can assist you with selecting the best agent in your area.
Will I be able to contact you throughout the process?
We are always available; we will meet you at open homes on the weekends and will be in regular, frequent contact via text messages, email and phone depending on what you prefer and what’s required.
If you’re looking at buying a property, chances are you’ve got a lot of questions. If we didn’t answer yours above, feel free to get in touch. An experienced buyer’s advocate like Industry Insider can help you make an informed decision by providing industry expertise, market insights and negotiating skills, to ensure you make a smart property purchase. Give us a call to get started.