How To Inspect A Property Before The Open Home
Good investors will aim to a property before the open for inspection, giving them more time to look at the property and a better chance to negotiate the sale. Here’s exactly how to see a property before the open for inspection.
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Getting to inspect the property before the open home where it’s open to the public can be an extremely valuable tool when it comes to buying the right property and getting a great price for that property. So today I have Simon Everingham from pumped on property with me to talk about how to inspect a property before and open home. Say, Hey Simon, how’s it going?
Hey guys. Yeah, really, really well. Thank you. It should be really fun one today.
Yeah, and so this is one of the things that pumped on property as a buyers agency do a lot of is they inspect a lot of open homes and Simon himself has inspected a lot and worked with a lot of real estate agents to get through those homes before the actual open home on. Usually it’s on a Saturday or something like that, which is open to everyone. So Simon, do you want to tell people what you see as the value in getting through a property before everyone else does?
So after identifying a suburb, it’s really important to generate relationships with the highest performing local agents in the suburbs that you’re going to be targeting for your investment property. So that’s what we do every time where identifying new suburbs or generating relationships and they suburbs will try and get in contact with the estate agents that have the highest amount of sales in those suburbs and we’ll contact them and give them a rundown of what types of properties that we’re actually trying to focus on. Whether that be size of land rooms in the house. I’m positioned in the suburb position on the street. All of these different things. We’ll give them a bit of a rundown so they understand exactly where we’re at and what we’re looking for. And at that point in time they’ll generally put you out on their mailing list and give you an update of what’s coming on. But because we’re inspecting anywhere between eight and 15 properties every single week where we’ve got relationships with these agents really frequently, so we’re calling them every single week asking them what’s come up, what hasn’t, what they’ve got coming up. Because we ideally want to try and get through these properties before they even come to the market to give us an extra few days to put some feedback together and present it to some of our clients.
So for the average investor who’s doesn’t run their own buyer’s agency, um, and who’s just inspecting these properties themselves, obviously that tip that you gave there on just building relationships with real estate agents and letting the real estate agents know exactly what you’re looking for is going to go a long way to you getting to see these properties before anyone else does because they know you’re a serious buyer. They know you’ve got preapproval, they know exactly what you’re looking for. So you’re not wasting their time. You’re not wasting your time either. If a property matches your criteria, you’ll actually be considering it. So real estate agents are then more likely to put you through that property early. But for those of you, for those of them, or for those people who don’t know, Simon, what is the value of getting through early? Like why not just until the open home?
It really varies suburb to suburb, market to market, um, because some areas, the average days on market for these properties is over 60 to some places 300 days. So there’s actually no scarcity factor there with getting through the property immediately, bit in markets that are starting to heat up in suburbs that are actually starting to heat up and those average days on market are coming down from that 60 down to 45, maybe even closer to 30 means it, they’re getting snatched up really, really quick because you got to remember 30 days of that, of that I’m purchasing is settlement. So a high quality investment properties generally going to sell after the first open for inspection on that Saturday and it’ll probably go through to multiple offers as well, which makes it even more difficult. So it’s really important to generate those relationships and try your best to get through those properties and number of days before those are the public can actually come through and have a look at those properties.
Yeah. So it’s gonna mean that you’re one of the first people throw it if not the first people. Because if you wait until the open home, that property might be sold before the open home and so if you’re biting, ideally you’ve done what main ben have talked about on the episode where we talked about finding the best properties in a suburb. Ideally you’ve got all your criteria and so you know when a property comes up that this is a good property in a good market and so that means that you’re likely going to want to buy that property if everything’s all good. And so if you wait until the open home, you might miss out on that. Or as Simon was saying, they might get multiple offers after the first open home, which means you’re competing with multiple people, which is obviously going to push up the price. And so getting to see that property early means you get to negotiate before anyone else does. You get to put an offer in and you can even go as far as like what Ben does and what you guys do to put pressure on to try and actually close on that property before the open home. So before they receive any other offers.
For sure it’s, it’s really important to try and get through those properties is as soon as possible to get the upper hand and that real estate agents want to sell the properties as soon as they possibly can. Yeah, they’re definitely working on the best behalf of the seller, but they want to sell that property and move it along as soon as they possibly can. So coming to them with good terms like already having your prayer per approval in place and a short settlement. These can be really desirable things for the, for the agent and for the seller. So if you’re getting through the property well and truly before the general public, um, you know that you’ve got your good terms and you’re pre approved was set up, you know that this is a property that you want to be purchasing. So getting through there without having the emotion of 10, 20 other groups going through at the exact same time and really being able to focus on the things that are actually important from an investment perspective and identifying all of those things without having the noise and the hecticness of an open for inspection.
Yeah, well that’s the thing. That’s another advantage, right? Because open inspections, especially if they’re busy, they’re going to be extremely stressful. You’ve got so many people coming through. If you’ve got a checklist that you’re trying to get through, but you’re in the bathroom and it’s a small bathroom and there’s 20 people trying to look at that bathroom, you’re going to feel that pressure to like get in there and get out as quickly as possible, which means you’re not getting the time that you need to really inspect that property and to make sure that it’s the right one for you. Make sure that it’s up to standard, etc.
Fish, and there’s a number of questions that you want to be asking. The real estate agent, which at an open For inspection from experience have been really difficult to ask because they don’t want to express these sorts of questions to the public, but when you’re one on one with them, you can generally get this sort of information out there and these sorts of questions would be to try and identify the motivations of the person selling the property. What are they looking for? Are they looking for a specific price or are they happy with good terms? You want to know what, why they are selling that property and what they’re going to be moving onto. Have they already bought a place or are they waiting for the sale of this property to move on? um, and these types of things are pretty difficult to ask at an open for inspection because the agent doesn’t want everybody knowing these things and you can generally get a pretty good understanding of what sort of, what their price expectations are when it’s a one on one meeting as well, which is really, really important.
Okay. So hopefully now you guys can see the massive value in getting through a property before the open home. Now we’re going to talk about how to actually go about doing this. We already talked about building that relationship with the agents by letting them know that you’re interested in the area, what specific types of property interested in what price range, letting them know your preapproval and building that relationship. But let’s say simon [inaudible], the agent didn’t bring this property to us before it’s hit the market. It’s actually founded on real estate.com.eu because it’s just dropped today. Uh, what do we do now to make sure we can see that property before the open for inspection?
She always had the way that we go about that with new agents that we don’t have relationships with and don’t know who we are. What we do is try and without a little bit of inflammation when booking that inspection. So some tips to consider a calling the agent up and not let him know what your motivations are, um, or why would it be purchasing that property? Um, and also trying to organize a time before the open for inspection to get through that property. So that might mean organizing a whole bunch of inspections on one day, maybe a be a wednesday or a thursday, a few days before the open for inspection and trying to get them ben to your roles in some of the ways that we do that is letting them know that we are from out of town and we’re only going to be spending a day in that area and we can’t make the open for inspection.
And you’d be very surprised with how flexible the real estate agents are and how much they do want to you and get you through that property. So if you’re nice and friendly, generally they’re going to be able to accommodate you and make sure that you can get through that property in a timely fashion. Because as I mentioned before, it’s in their best interest to sell that property as soon as they possibly can. And they also want to have as many parties on the table. So if you can’t make the open for inspection, they’re generally going to make sure that you can get through that property at some point in time.
Yeah. And so let’s say, so I’m guessing we’re just, for those who aren’t aware, like we’re just calling the agents and we’re just saying to them, hey, is this property still available? They say yes because like it just dropped. Right. And so is it sort of allah? Yes. And then just having that conversation that simon talks about, saying I’m unable to make the open for inspection. I’m from out of town or whatever reason you want to give, can you go through on this day? And then most agents will say yes, that’s fine and they’ll work to accommodate you. But what do we do, simon? If the agents I know, sorry?
Um, if the agents say no, sorry at, and might be trying to fit into their calendar. Say, hey, do you have an availability in the morning or the afternoon at a different time? And figuring out if they can do that. If, again, they can’t get you through that day, they’ve got something on that they just cannot get through the property. Maybe asking if they have a colleague that would be happy to meet you at the property that understands and that’d be confident with showing us through, um, just anything that you can possibly do to try and get through that property as soon as possible.
Yeah. And would you say that most of the time you’ll then get a time and you’ll get to see the property beforehand? Like what’s your percentage of. Is it 50 slash 50? You will get to see it, you’ll have to wait for the open home or what?
Um, I would actually say probably 95, five percent they are, they’re really flexible and they’re really accommodating because this is big money for them and they want to make sure that they can, they can get the best price for that. So it’s well and truly in their best interest to try and get you through that property in a timely fashion. So, um, yeah, I would say about 95 percent of the time they end up bending. And you can get through at whatever time is suitable for yourself. So then you can, let’s say you’ve identified four or five properties in a week that you want to get through in a certain suburb. Try and work it out so you can get through all of them in the same day and make it work before the open for inspections at all of those properties. Yep.
Well then you’re getting the value about seeing the property before the open for inspection, but also you’re not wasting your time going to all these open inspections when they’re set, which may be spread out over the course of a couple of days. You can then do it in one day. It might be your day off. You can smash through these five properties, compare them all to each other. And then if you’re seriously thinking about investing, then obviously you can look at negotiating as well. So just like a quick video today guys, because this is such a key tip that has come up in other videos, but we haven’t specifically talked about how to do it or why it’s so valuable. So thanks so much for your input there in how to do it because I know you’ve done so many of these. No, no worries.
So yeah, they have a few tips for how to get through a property before the open home. I hope that this has been really helpful. As you can see, it’s super easy just calling the agent and just trying to get through beforehand as well as building relationships with agents. So Thanks again. So much to simon for coming on. Simon does work over at the buyer’s agency pumped on property and if you’re looking at investing in property but you need some help working out what strategy is going to be best for you or what your next steps are to move forward towards that goal of financial freedom. Then simon and the team over there are offering free strategy sessions to listen as avant property. So if you go to on property.com, forward slash session, you can read more about those strategy sessions there. You can book in a free strategy session with simon and the team as well. So again, that links on property.com, forward slash session if you’re interested. And if you haven’t watched it, please go ahead and check out the video that I did with ben simon’s bro. Simon’s brother on. Um, uh, what was it? It was how to find the best properties in the suburbs. So this is like the step before what we talked about today. So go ahead and check out that video. I’ll leave the links in the description down below and until next time, stay positive.