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Personally, whilst I agree with the general gist in this thread and ultimately put my offer in writing with a time limit, I always put my offers in verbally first followed by silence.
This is a VERY powerful negotiation tool, and although it can be quite uncomfortable waiting for the agent to break the silence if your new to this methodology, eventually they always will, and through what they say and how they say it, you will get an honest gauge on the situation and the viability of your offer. If they immediately say no chance, then you’re probably pushing the limits a bit too far, however if theres even a moment of hesitation then thats where the games really begin and you know there is at least a possibility of getting your offer or something close to it accepted. Don’t see a “No” as a bad thing, personally unless I get at least one “No”, I know I havn’t negotiated hard enough.
More importantly its crucial to be 100% commercial in your approach so leave emotion behind and just keep your cards close to your chest. What you dont say is often more important than what you do say. Fear of loss is a very powerful motivator, and you can bet the agents will use this with you so play them at their own game. Remember they only get paid if they make the sale and in this current market thats a big IF.
Anyway this is just my thoughts on the matter, having worked professionally on both sides of the fence I know this is what works for me.
Good luck
P.s. Stay positive and believe you will achieve your desired result, new age mumbo jumbo or not I think its more important than any process.
http://www.sqmresearch.com.au is useful for ball park vacancy rates, which are a useful indicator of rental demand. Obviously the lower and more consistent the better.
http://www.myrpdata.net.au has a free suburb profile tool which will give you some basic demographic info i.e. ratio renters to owner occupiers, as well as the break down in household types and incomes.
As already indicated API magazine has generalised rental yields for each suburb in the stats section at the back, but in all honesty the data isnt the best quality IMO, and you’re much better off working it out for yourself on each potential investment.
Good luck though. The market it full of opportunities at the moment if your a counter cyclical investor like me, just follow the golden rule of research, research, research.
Mr M here, I live in Coogee, Sydney and have been passionate about property since I can remember. I think from a very young age a combination of Lego and Monopoly showed me how much fun building a property portfolio can be, and now many years on I am doing it for real and realise it is a truly amazing way to create true freedom and wealth.
For years I have been reading forums like this and believe that surrounding yourself with positive like minded people really does help you achieve all your goals.
I aspire to soon be in a position where I can quit my day job for good, and use my knowledge and experience to truly give back to those less fortunate.
