As a research expert and skilled negotiator, Rich Harvey specialises in the prestige, commercial and investment property markets. He is president of the REBAA (Real Estate Buyers’ Agents Association), a licensed real estate buyer’s agent and a professional economist – and shares here his top tips for negotiating your next property purchase.
-It is an honour and privilege
to be voted the winner of this award. We really appreciate the support of our clients and business partners. It is really a team effort!
-There have been plenty of great deals
we’ve done in the last12 months, so we’ve got much to celebrate – though a lot we can’t talk about as we are bound by client confidentiality.
-However, a good one that stands out
was a fabulously positioned ground-floor apartment in up-and-coming Redfern, opposite the park.
The agent had withdrawn the property from auction and kept fiddling with the pricing, which made it confusing for buyers. We were able to move really fast to exchange this and delighted the client.
We secured it for $1.0m and just one floor up the most recent sales were $1.24m and $1.395m. Our client got a great deal with some instant uplift!
-If you’re considering using a buyer’s agent,
in my view, a standout buyer’s agent will have strong personal empathy with the client and understand their goals and requirements. It’s important that they have an extensive network of agents.
RICH HARVEY’S 3 TIPS FOR NEGOTIATING A GREAT DEAL
1 Understand the local market inside out. Know your numbers, volumes transacted, upper and lower medians, rental returns, vacancies, etc.
2 Negotiate well. Don’t rush it and don’t procrastinate; know how to pitch an offer so it gets accepted.
3 Buy in an area with the right growth fundamentals. Don’t skimp on your research efforts!
“Don’t rush it and don’t procrastinate; know how to pitch an offer so it gets accepted”
WHY SHOULD INVESTORS USE A BUYER’S AGENT?
-Access more properties – including off -market and silent listings, via the buyer’s agent network.
-Leverage your time – instead of searching the newspapers and internet every weekend, get someone else to do the hard work
shortlisting suitable properties.
-Use a professional negotiator – to obtain the lowest possible price.
-Eliminate stress – and the frustration of being shown inappropriate and unsuitable properties by selling agents who don’t listen to your needs.
-Receive independent advice – your buyer’s agent is on your side!
-Find the right type of property – in locations with good prospects for capital growth.
-Benefit from teamwork – the buyer’s agent typically has some great connections they can refer, including finance brokers, building inspectors, solicitors, conveyancers, accountants and others that can make your purchase a breeze. Having the right team of experts makes things that much easier.
WHAT READERS SAID
“Rich has always given of his best in knowledge, integrity, service and more. He has also equipped the company with a fi rst class team to meet different aspects of what buyers want. Trust and speciality in his industry is what Rich excels in. In today's market, that's the type of outfi t we need.” – Catherine Y
“Rich has a wealth of personal and professional experience in property investment. He truly walks the talk. Rich has an economics degree and is flawless in his research approach. He is extremely personable and takes great pride and care of his clients and their needs, and is genuinely concerned and interested in his clients’ financial freedom – not just now but also in the years ahead.” – Paul Moody