How to get a great deal when buying real estate.
I was going through my client list and I realized how many great deals I’ve gotten recently and I thought that maybe there are some lesson learned that I could share that might help you.
Toronto is a strong sellers market. I want to set you up for success but I don’t want to give you false hope. If you fall in love with a property that has been properly marketed, priced with a good realtor that knows the area: this will help you get the property but it will be difficult to get a “great deal”.
There are three main ways that we have gotten “great deals”
1. Be Prepared and Be Patient
You have a pre-approved mortgage
You are probably working with a mortgage broker
You have your deposit ready
You have seen enough properties to know a “diamond in the rough”
You have lost a bidding war
You have done an inspection or have a good understanding of construction
All of this is to help you be comfortable waiving conditions so you can present a strong offer
2. The selling team makes a mistake
Property wasn’t properly prepared and marketed – a “diamond in the rough”
Pricing strategy was wrong
Selling team makes a tactical mistake
3. Great Negotiation
Understanding the seller’s motivation
Build consensus – find agreement on the small details
Listening – relentlessly looking for tactical advantage
In Summary to get a great deal you need to:
1. Be prepared and be patient
2. Look for a selling team to make a mistake
3. Have a great negotiator on your team