How did that property sell so fast? 

If you are currently trolling the listing sites for new properties, you might have noticed properties selling with in a few days from when you first saw them. How is this possible? 

There are a few things that could cause a rapid sale , so let’s break it down.

A motivated agent

The agents are working through a large backlog of properties at the moment and because they might not have additional help, they could be limited to the amount of live listings they can handle at any one time. 

An example of this might be Nick the Agent has signed 20 properties to sell over the next 3 months and has an agreement with the seller to sell in this period or they can look to sell with another agent. Nick is a one man band and can only handle 5 properties per month, as he has deal with inquiry, speak to buyers, conduct the opens and communicate with his sellers. As he only has 3 months to sell all 20 properties, he needs to work through them quickly and if a buyer sends him an acceptable offer, even before the first official open, he might take this running to the seller in order to get the deal done, so he can move onto the next property. 

The agent is well within there rights of doing this, as they have a responsibility to the seller and because that offer was in the acceptable range, there was no reason not to take advantage of a quick sale. 

Active and educated buyers 

As with the scenario above, an educated buyer will have the ability to move fast on a property and make an offer the agent and seller can’t refuse. 

This could be done by booking time before the first open and being firm that you are an interested buyer with finance sorted in order to proceed if the property is acceptable. Getting in before the first open will give you a massive advantage as not many other potential buyers would have seen it. 

Next, if the property is acceptable, construct an offer that is attractive, considerate to what the seller is wanting and limited on time. Example, after speaking to the agent, they have let you know that anything within the range will be considered, with a preferred settlement term of 60 days or less. After completing your own due diligence and evaluation of the property you arrive at a number within the range and a settlement term of 45 days after getting the ok from your broker. The last component of this is the offer expires within 24 hours, causing the agent to act and get you an answer within the timeframe. 

Desperate and keen sellers

Depending on how much news the vendor watches, they could be swayed by thinking there is a drop coming in the market and will take an offer just to get the property sold before the so called “cliff” comes. 

The vendor could have also bought their new place, and will be extra motivated to sell as the sale of the current property might impact their ability to settle the new one. This is why questions to the agent are important, and asking why they are selling is crucial. 

Pre-market

This is a way of purchasing we focus on a lot, as it puts you well ahead of the game. What it means is that by getting through properties before they hit the market, allows you to review information, and make decisions much faster than someone going through it for the first time one it becomes online. 

Essentially, if you are in contact with an agent you get along with, ask to go on their “hot buyer” list. They will send you off-market and pre-listed properties which you can arrange times to view exclusively. Sometimes if the agents knows exactly what you are looking for, they might only show you through the property, giving you the best opportunity to purchase it. 

As the property market is cyclical, its important when looking to purchase that you do your homework and research to u