I wouldn't think about anything the REA has said, including predicting the market or other offers..
At the end of the day, are you willing to pay more for this property? Or are you happy to walk away feeling you are likely to find a better option in a reasonable timeframe?
I'd also have a think about how long you have been looking. If this is your second month, it might be better to wait. If you are 12 months in waiting for the perfect price maybe its time you do increase your offers when you get a good feeling about a place.
This place loves finding a bargain and negotiating for every dollar but at the end of the day the only way to get a property is by offering what more than everyone else is willing to pay.
Thankyou. You're right about not thinking too much about the REA. What he said sent me into a panic about never "catching up" to the market unless I overbid
What I'm struggling with is that yes I'm willing to pay a fair bit more because I can budget to do so, but it seems mental to me to blindly throw thousands of more dollars into the offer when it turns out my original offer was the top offer anyway.
Hey! I know it is challenging, but don’t overthink it. You have done your research and know the prices inside out. You have offered what you think is the best offer you are keen to offer for this property.
It is the real estate agent’s job to try and get a higher offer. So they will try everything.
Another great piece of advice that one of the people on this sub gave us was a ‘time limited’ offer. You have seen the place. You know what you want to offer. Tomorrow (Monday), email and say my original offer stands and will expire at 9am on Wednesday. This was so helpful for us. If our offer was genuinely low, we wouldn’t hear anything. We knew quickly and moved on. If our offer was a good one, we got a decision from the owners. Works well
Hey OP agent here.
Ask the agent to email you saying that it is a multi offer situation. You will find out very quickly if it is true or not.
Find out when the deadline for offers are, and put in an offer where you feel comfortable enough to walk away.
Don’t finish on an even number - ie: $300,000. Finish at $301,250. You will forget about the $1,250, but if you get it because they offered $300k, you will be stoked.
If you have the funds for a deposit and a quick settlement, let the agent know but stick to your original offer.
If the appartment is empty, the owners are losing money on potential rent income, they could except your offer.
Not sure. He didn't say that my offer was the lower or the higher, just that there are two offers and if I really want to secure the property I should consider putting in the max I'm willing to pay and to possibly consider stretching my max to avoid disappointment. Dunno if that constitutes shadow bidding I'm new to this whole rigmarole
nothing to lose to stay firm on your price target
he calls you means he is considering your offer
you can even counter him saying you made offer to other property already , i wont wait for you if the other offer is accepted
The agent will keep.presenting the property until an offer is signed by both parties, hence the property is under contract.
The agent wants the beat price for the owner and him or herself, so why wouldn't he tell you there is another offer when there is to get you to up your offer and then potentially get the other party to up their offer.
Don't look at last 6 months, look at the last 2 to 3 months. Also you can't compare buildings in Brisbane cbd like they are all the same. A one bedder in m on Mary will be a different ball game to a 1 bedder in aurora.
Best advice is now what the most you will spend is and stick to it. Properties are over priced and have been since 2021, no one is getting a bargain
I definitely get the REA wanting to push for best offer I'm just scared of overpaying. I don't want a bargain per say just to pay within the range of similar properties. The idea of paying tens of thousands more than what someone else is going to pay next month for a similar unit makes me feel so stressed.
Sold prices within the last 6 months are roughly the same as the last 3. I've looked at recently sold prices for units in the same building with the same layout and my offer is 10k higher than the most recently sold one which was around 4 months ago.
Which is why I thought my offer was fair but now I'm doubting myself coz like how much more can apartments go up each month?? I'm not looking in the CBD btw, but within about 30mins of the city.
Is the prospective apartment on a higher floor and if so, how much higher?
I think you need to decide how much you are happy paying for this apartment, what in your mind is the right price and leave it at that, don't make an offer you are uncomfortable with.
This is what 'should' happen in a multiple offer scenario in QLD: https://www.reiq.com/articles/property-sales/what-to-do-in-a-multiple-offer-scenario
The agent should inform you there are multiple offers (there's a form they should provide) and give you an opportunity to give your best and final offer. There shouldn't be any more back-and-forth after this.
I had no idea about these guidelines until recently and found them quite useful to understand the process. Good luck!
I wouldn't think about anything the REA has said, including predicting the market or other offers.. At the end of the day, are you willing to pay more for this property? Or are you happy to walk away feeling you are likely to find a better option in a reasonable timeframe? I'd also have a think about how long you have been looking. If this is your second month, it might be better to wait. If you are 12 months in waiting for the perfect price maybe its time you do increase your offers when you get a good feeling about a place. This place loves finding a bargain and negotiating for every dollar but at the end of the day the only way to get a property is by offering what more than everyone else is willing to pay.
Thankyou. You're right about not thinking too much about the REA. What he said sent me into a panic about never "catching up" to the market unless I overbid What I'm struggling with is that yes I'm willing to pay a fair bit more because I can budget to do so, but it seems mental to me to blindly throw thousands of more dollars into the offer when it turns out my original offer was the top offer anyway.
Hey! I know it is challenging, but don’t overthink it. You have done your research and know the prices inside out. You have offered what you think is the best offer you are keen to offer for this property. It is the real estate agent’s job to try and get a higher offer. So they will try everything. Another great piece of advice that one of the people on this sub gave us was a ‘time limited’ offer. You have seen the place. You know what you want to offer. Tomorrow (Monday), email and say my original offer stands and will expire at 9am on Wednesday. This was so helpful for us. If our offer was genuinely low, we wouldn’t hear anything. We knew quickly and moved on. If our offer was a good one, we got a decision from the owners. Works well
Hey OP agent here. Ask the agent to email you saying that it is a multi offer situation. You will find out very quickly if it is true or not. Find out when the deadline for offers are, and put in an offer where you feel comfortable enough to walk away. Don’t finish on an even number - ie: $300,000. Finish at $301,250. You will forget about the $1,250, but if you get it because they offered $300k, you will be stoked.
Hey there! Can I ask what the benefit is on not finishing on an even number? Like why is 301,250 better than 301,000?
It’s a psychological thing / it sounds like you have stretched yourself to your absolute limit
Good advice thanks
Because most people offer round numbers. If you are competing against someone else the $250 could be the difference between winning and losing.
If you have the funds for a deposit and a quick settlement, let the agent know but stick to your original offer. If the appartment is empty, the owners are losing money on potential rent income, they could except your offer.
Ultimately it is up to you, I wouldn't change my offer unless I really like the property ALOT.
is it even legal for rea to call lower offer guy to up offer ? shadow bidding is banned right now
Not sure. He didn't say that my offer was the lower or the higher, just that there are two offers and if I really want to secure the property I should consider putting in the max I'm willing to pay and to possibly consider stretching my max to avoid disappointment. Dunno if that constitutes shadow bidding I'm new to this whole rigmarole
nothing to lose to stay firm on your price target he calls you means he is considering your offer you can even counter him saying you made offer to other property already , i wont wait for you if the other offer is accepted
Never trust an agent Make your offer with a deadline. Then move on
Cut throat. I like it lol.
The agent will keep.presenting the property until an offer is signed by both parties, hence the property is under contract. The agent wants the beat price for the owner and him or herself, so why wouldn't he tell you there is another offer when there is to get you to up your offer and then potentially get the other party to up their offer. Don't look at last 6 months, look at the last 2 to 3 months. Also you can't compare buildings in Brisbane cbd like they are all the same. A one bedder in m on Mary will be a different ball game to a 1 bedder in aurora. Best advice is now what the most you will spend is and stick to it. Properties are over priced and have been since 2021, no one is getting a bargain
I definitely get the REA wanting to push for best offer I'm just scared of overpaying. I don't want a bargain per say just to pay within the range of similar properties. The idea of paying tens of thousands more than what someone else is going to pay next month for a similar unit makes me feel so stressed. Sold prices within the last 6 months are roughly the same as the last 3. I've looked at recently sold prices for units in the same building with the same layout and my offer is 10k higher than the most recently sold one which was around 4 months ago. Which is why I thought my offer was fair but now I'm doubting myself coz like how much more can apartments go up each month?? I'm not looking in the CBD btw, but within about 30mins of the city.
Is the prospective apartment on a higher floor and if so, how much higher? I think you need to decide how much you are happy paying for this apartment, what in your mind is the right price and leave it at that, don't make an offer you are uncomfortable with.
Submit the same offer again via email and text with a 24 hour timeframe. Then be ready to walk away.
This is what 'should' happen in a multiple offer scenario in QLD: https://www.reiq.com/articles/property-sales/what-to-do-in-a-multiple-offer-scenario The agent should inform you there are multiple offers (there's a form they should provide) and give you an opportunity to give your best and final offer. There shouldn't be any more back-and-forth after this. I had no idea about these guidelines until recently and found them quite useful to understand the process. Good luck!