Property Negotiation In Busy Markets vs Quiet Markets

How do you negotiate for a property in a busy market where demand is high vs a quiet market where demand is low?

Ryan:    When you’re negotiating in property, you generally find yourselves in one or two markets. Either it’s a really busy market, you got lots of people that are open for inspections. Lots of offers on the table, or you’re in a really quiet market where probably take longer to sell. And you might be the only offer on the table. You might even be the only offer for the foreseeable future.

So today, I have with me Ben Everingham, from Pumped On Property. My [inaudible 00:00:23] agent of choice and master negotiator. This guy lives in, raised in, loves it, me not so much. But that’s why I got Ben here to talk about it. So, hey Ben, thanks for coming on.

Ben Everingham:           Hey Ryan, thanks for having me man.

Ryan:    No worries. So, let’s talk about this. The difference between busy and quiet markets, and how it does affect the way that you talk to the real estate agents, and negotiate on property.

Ben Everingham:           Cool. So, just to help everyone know what we mean by busy versus quiet. Based on buying quite a bit of property, I would say a busy market is easiest way to identify is to look at three things. The first one is average number of days on market, which you can find online for free, or at the back of a property investment magazine each month. And market with an average time on market under 40 days. In Sydney, Melbourne or Brisbane I would say, it’s like extremely hot and much more difficult to buy in.

A market with less than 30 days, just forget about it. Like it’s, you got absolutely no chance, because the days on market include the time it takes to sell the property and then settle it. So, if you’ve got 30 days on market, it means that it’s being sold on the first day and settled on the 30th of the contract. Like it’s just crazy hard to buy in, and that’s when you say, you know, 70 people in inspection and 16 verbal and written offers after a weekend, like it’s just crazy.

Ryan:    Well, they’re like silent auctions in the backyard, while the open for inspection’s going.

Ben Everingham:           Crazy demand, you know. Very difficult to buy well. If it’s at the start of a cycle, not demands kicked in before it reach its peak. Happy days, pay market value, but if you’re talking about top of market and that hysteria are still in the marketplace, you gotta be careful.

The second free and easy way to find out how much demand’s in the market, is that cool little DSR or demand to supply ratio score, which you can people get online for free. Anything about 75% or 75 out of 100, to me represents a more challenging market to buy in.

And I’m talking about a place where you can consistently win, rather than consistently lose.

Ryan:    Yeah. So, that kinda give people good definition of busy market, when we’re talking about it, because it could mean so many different things to so many different people.

So let’s talk about negotiating in a busy market, and how you would approach that. And then we’ll talk about the quiet market, and we’ll see how that differs.

Ben Everingham:           Cool, so there’s a very specific negotiation technique that I use for busy market, and it’s this simple going with a, like obviously, to negotiate in a busy market and really do well, you absolutely have to understand market value. We can’t talk about that right now, but you need to know the market before you enter it. Otherwise, you are gonna pay well above asking price, and a premium for the product. But-

Ryan:    This is something we talked about in the previous video, was like getting all [inaudible 00:03:20] in a row, you know. Understanding the market you’re in, down to the suburb, understanding what properties are worth. Having finance pre-approval. And so, all you’re doing at this point is finding the right property to jump on. You got everything else covered.

Ben Everingham:           Yeah, and let’s say you’ve got everything else covered and you’re in the market. I’d go in with a strong offer, because in a market that’s rising extremely quickly, that’s very busy. You can’t go in a hundred thousand dollars below market value on a 600k property and expect the agent to take you serious. You’re just gonna waste your time there and everyone else’s. So, I go on with a, let’s say I’ve identified a property, it’s worth 600 thousand dollars according to the market value that you’ve identified yourself.

And you’re prepared to pay anywhere between 590 and 620 thousand for it, because sometimes it’s okay to buy a little bit above what value represents in them, you know. Paying 20 grand 4 years ago in Sidney more than the market was worth. Now that you’ve made 400 is completely acceptable.

Ryan:    Yeah.

Ben Everingham:           But, you know, going in with a very strong offer, and a strong offer isn’t just price. So let’s say I wanted it for 580, I might go in it 560 thousand dollars or 560,150, because you know, for some reason, people believe that having that little bit at the end makes and agent think that you know a little bit more, or you’ve thought about it a bit more. And it’s more for real.

And if it’s an underperforming agent, it does actually work somehow.

Ryan:    Yeah.

Ben Everingham:           So you’re going with a very strong offer in terms of price, with strong terms. Now, every single market or, when I talk about market, I’m really talking about, you know, stayed in Australia has different contracts and ways that you need to negotiate. So, I’m obviously very [inaudible 00:05:05] centric, because that’s where we buy all of our stuff.

You know, in New South Wales, you can verbally place this offer or maybe follow it up with an email in writing.

Ryan:    Yeah.

Ben Everingham:           Generally, in New South Wales, they like to see a very clean contract, which means you have to organize finance and you have to organize [inaudible 00:05:26] for you. Go out to the marketplace and submit your offer, which is why I suppose is way more of a seller’s market dow there than it is in Queensland, for example, where you can submit a price on a written contract in this, you can do diligence after the offer’s [inaudible 00:05:43] to. Which is kind of cool, but dangerous for a seller, because I can terminate any stage and they can lose a sale.

So, you know, like that aside, good terms in New South Wales are different to good terms in Queensland. But generally, the quickly you can settle a strong deposit going down, and less conditions is gonna make it more helpful to an agent. And easier to sell to their client. So, strong price, strong terms. Obviously they’re gonna knock it back in a hot market, because why would you accept it.

And then the second thing you gonna do is, if they don’t counter offer submit your best and final at that time. And say, you got a certain period of time to get back to me, otherwise, we’ll be walking away because we’ve identified these property and give them an address.

Ryan:    So you’re saying, so let’s say you make an offer of 560, you wanna pay between 580 and 620, as an example, you submit the offer and they don’t counter offer you. They don’t say, “Okay, well”, though actually wants asking price, so they actually want 590. If they don’t come back and say that, then you actually gonna say to them, “Okay, well I’m willing to offer 620.”

Ben Everingham:           With these terms, and if you can’t get it done within 12 or 24 hours from now, you’ve lost us as a buyer. And be a man of your word, like there’s no emotional attachment, there’s always another great property, which you probably already identified anyway.

Ryan:    Yeah.

Ben Everingham:           Because you don’t wanna be putting all of your eggs in one basket. If they do counter offer it, let’s say you were 560, they’ve come back at 590, it generally means that they wanna be in the middle there.

Ryan:    Yeah.

Ben Everingham:           Like, so, they’re not coming back at 590 going, we want 590 that going minimum we want somewhere between you know, 560 and 590, which means I go somewhere between 575 and 560, because that’s what they’ve really negotiating for. Does that make sense? Is that-

Ryan:    Yeah, well that’s the thing that they wanna meet you halfway, basically. And so now, it’s just the back and forth, to try and determine how close to 560 you get versus how close to 590 they get.

Ben Everingham:           You know hot market, sometimes is just about you know, what’s 5,000 dollars in a market that’s rising by 45 grand a year. So just, you know, take me [inaudible 00:08:02] then you realize you’ve still done very, very well.

Ryan:    Yeah, well that’s the thing. If you wanna pay between 580 and 620, and they’ve done 590. And now they won’t budge from that, you know. What, you gonna pass up it even though originally, you’re happy to pay even more than that.

Ben Everingham:           So something, the other thing to negotiate well enough, high performing or fast market is, you’ve got to move effectively and quickly. Like, effectively means actually having an offer on a property before the first open home on the first weekend. If you don’t have that offer on the property and negotiation already started, where they see you’re very serious buyer. You almost got no chance if 12 other people go through the property, and 12 of those people want to place a verbal or written offer on the property.

Ryan:    So how do you go about getting to that point? Do you like call the agent as soon as the property’s listed and try and get in that day, basically to see it?

Ben Everingham:           Exactly that. Like, I would be following the market and easier for the people that really understand their market, so they already know the market well enough, they’ve probably seen other properties, they kind of know where market value sits. They know which streets that they’re looking at now, and what they’re prepared to pay for what types of properties.

You’ve got your alerts set up on realestate.com, so you don’t have to be on there every day. It gets emailed to you, in the morning you see it. You call the agent, you book the inspection and then you negotiate like I just mentioned, before close a business.

Although, of the Friday that [inaudible 00:09:29] opening it up on a Saturday, because if you wait ’til the weekend, you’re likely getting the property drops 5 out of 90%.

You’ve gotta ask the agent if they’re prepared to take an offer before the weekend. And of course, they will, like if it’s the right offer and it’s in line with what they set, most agents will take the offer. There are some smart agents that are also very lazy, which are kind of like, “I’ll open it the first weekend, and I’ll get seven offers on the property. I’ll present them al and then I’ll have three backup contracts if it falls over.”

Ryan:    So, do you then try and get them to cancel the open for inspection?

Ben Everingham:           100 percent. They’ll still open it, because they’ll want to get backup offers like any good agent will get multiple offers on a property in case on falls over.

Ryan:    Yeah.

Ben Everingham:           But you don’t wanna give, I’ll try to make them close the opening if I can, so that that backup, ’cause they’ll always get a higher offer than yours on a Saturday.

Ryan:    Yeah.

Ben Everingham:           And then they start going well, they’ll get a higher offer from the table have I actually done the right thing by the person I’m selling for, ’cause legally they need to get the highest, the best price.

Ryan:    Yeah, so do you try and have it like sign off like you’ve entered into the cooling off period, before close business Friday? So, even if they show the open home, even if they get higher offers, it’s already like, the contract’s already signed.

Ben Everingham:           Yeah, this happens at least once a week they get an offer for 50 grand more, when we’re buying then what we submitted. And we’ve got it locked in it, and then becomes the process of their solicitors will try and crash the contract. But legally, like if you got your solicitors in place, and everything’s protected, they can’t And this happened with my sister, we bought our property further last week, the week before. They sold it on the first day, which was a massive mistake. It was listed 30 or 40 grand below what it should’ve been listed out, let alone sold at.

Now, she’s going through this whole shit fight in the last two weeks of them just trying to do everything they can to cancel the contract. ‘Cause they got an offer for 40 grand more.

Ryan:    Yeah.

Ben Everingham:           The owner gets greedy, the agent gets greedy. And then everyone starts to look bad. But, if the contract’s put together the right way, you can protect yourself from them crashing it. It just makes you lose leverage in terms of asking for extensions and stuff. But you should’ve had finance [inaudible 00:11:49] in place very quickly after the offer was accepted, to make sure that everything’s okay anyway. And to put yourself in the best position.

Ryan:    Yeah, well yesterday, we were talking about busy market here, where you gotta act quickly, you’ve got to have all the docks in a row, before you start, because you gotta move quickly and make things happen quickly.

Ben Everingham:           Don’t even bother negotiating in a busy market without a preapproval, it’s just a waste of time.

Ryan:    Yeah so, I think that gives us a good overview of negotiating in a busy market. And how to kind of approach it, ’cause you don’t wanna be that person with no preapproval, [inaudible 00:12:20] in a busy market and wondering what’s happening, and why aren’t you buying these good properties. You wanna be the person that actually gets to snag them. So you just gotta be smart about, know what market you’re in, know what the real estate agents are dealing with. Act quickly, get a contract signed as you said before the first open home. And then yeah.

Ben Everingham:           It’s the worst when you don’t have the preapproval in place. From personal experience, and then you find that diamond in the rough that comes up about once every 12 months. That’s so far below market value that you’ll never do better. And then you miss it because you don’t have finance like that. Those stories stay with you long term.

Ryan:    So get that preapproval in place, definitely.

Ben Everingham:           Yeah.

Ryan:    So let’s talk a bit about quieter markets now, where there is not as much pressure to buy. I think it’s probably good to start by defining what you would call a quieter market.

Ben Everingham:           Anything with an average number days on market above 50.

Ryan:    Yeah.

Ben Everingham:           When it’s above 50 days, you know that from the time they’re leased to the time they sell on average. Is, even if it’s a great property, it’s generally gonna be a wait to two weeks. So you’ve got time, even when amazing things come up in amazing prices. To really, you know, negotiate with the agent before they get another contract on it.

Ryan:    Yeah. And so really, at this point, we still wanna have all that docks in a row, right? We still wanna have preapproval, we still wanna know the area and know market value. You still wanna act quickly, but you just got a bit more time to work with it.

Ben Everingham:           You’ve got the time in a quieter market, from my perspective shouldn’t be spent doing [inaudible 00:13:51] you found something, or getting preapproval. It should be spent negotiating as well as you possibly can. And show people how to negotiate on price after they’ve made a sale, after we finish up on this part, ’cause just because you got a price doesn’t mean that’s where you end up. And we can talk about that in a sec but negotiating in a quieter market, there’s a very specific, same things in a busy market, you got to two things.

One good offer, one better offer, that’s it. In a quieter market, negotiation for our business works a little more differently. So, we’re going with shocking offer. A really, really low offer on the property, so let’s … The first question to ask is how far below do you actually offer that’s acceptable, that won’t get thrown out without serious consideration.

Ryan:    Yeah.

Ben Everingham:           So let’s say, on in every suburb there’s a thing publishing your investment property mag called, “Average [inaudible 00:14:49]”. Let’s say in the suburb, that sells for 500 grand, the average vended discount’s 10 percent, and there’s thousands of suburbs that fit this criteria.

That means from the listing process in realestate.com at 500, the agents only looking to sell it for 450. That’s a very powerful piece of information to know, because it means you might see that 500, buy it for 450. Yes, I’ve saved myself 50k, no, that’s just what everything sells for.

Ryan:    Yeah.

Ben Everingham:           So knowing what the average vended discount is, when in a quiet market I start double the average vended discount on an average property.

Ryan:    Yeah, so if it’s 10 percent you double it to 20 percent, if it’s seven percent you double it to 14.

Ben Everingham:           Exactly. With the intention, worst case scenario to get whatever the average vended discount is.

Ryan:    Yeah.

Ben Everingham:           Best case intention, if you’re below that, you’re generally below market value.

Ryan:    Yeah.

Ben Everingham:           Now there’s all sorts of things that come up, like average agents that don’t know what stuff should be sold for, or good agents that doing it, don’t have a vended discount. And it’s just is what it is. But that’s another conversation for another time.

Ryan:    Yeah, so you’re saying with busy market you’re going with two prices. You do your lower offer first, and then you know, you can negotiate if they come back, or if they don’t come back, you put in your best offer. How does that different in a quieter market?

Ben Everingham:           So, by going with the low, a very low offer, so let’s go with a 500 thousand dollar example, I might go in at obviously knowing like where market value is for the property is powerful. If I know the property’s worth 450 grand, I’m gonna be trying to buy below that. If I am an investor that’s serious about doing what you do, and so I might go in it, 430 thousand dollars, with a really long settlement period.

Like a 60 to 90 days settlement period, a really low offer. Really shitty terms. Like, 28 days finance period, 21 day due diligence period. 4 to 9 day building [inaudible 00:16:52] Like really load the contract up with crap to make it feel like this is a shocking offer, but they legally have to present it.

Ryan:    Yeah.

Ben Everingham:           They’re not gonna sell it in any way. And what I do is once they come back and they either do one of two things. They don’t counter offer ’cause the offer’s so bad, but it’s readjusted their expectations around how the market sells the property.

Ryan:    Yeah.

Ben Everingham:           And it helps the agent reset their expectations as well. Because most of the time, in the quieter market, to get a listing in agents setting their expectations unrealistically. And so, most of the people don’t know about agents is they set expectations so unrealistic in terms of price.

The second they’ve made the sale and got the person to sign up with selling the property with them, like insiders know that all they do from that time [inaudible 00:17:41] is bring them down to the extra market value.

Ryan:    Yeah.

Ben Everingham:           And this is why people hate agents.

Ryan:    If people try to get like so they get three agents to look at their property before they choose who they gonna sell it with. Someone says, you know, it’s worth 450, someone says 470 and someone says, “I can get 500 for it.” You know, you’re gonna go with the person who says I can get you 50 grand more than the other guy. When really, you’re only gonna get 450 anyway. So, they signed you up and deep down they know, it’s only worth 450.

Ben Everingham:           And this is what’s cool, ’cause the agent, you’re helping the agent now do their job, which is they set, reset their expectations. And so a bad offer, they’re gonna throw it out and say they’re not even countering that price and you know you feel a nerve, ’cause it’s too low and say you don’t do that again.

Or, for some reason, counter offer on a really bad offer and immediately come right down. And then they start talking about, they counter offer with the price and then they also start talking about terms.

Ryan:    Yeah.

Ben Everingham:           And so you know terms is important to that person too. So, let’s-

Ryan:    Let’s break that down, because it’s two different scenarios there. One is when they do counter offer, one is when they don’t. When they don’t, it’s probably more simpler, so should we cover that first? So, let’s say, you do this lower offer with bad terms, and they don’t counter offer. What’s your plan of attack then?

Ben Everingham:           I go with much more aggressive, much better looking offer. So let’s say, on a 500k property that I’m wanting to buy for 450, and I’ve gone in it for 430 to start. I then counter back it 441 thousand dollars. And I reduce the settlement period from 60 days down to 30 days.

Ryan:    Yeah.

Ben Everingham:           I increase the deposit that I’m hang, so that the agent gets their commission.

Ryan:    Yeah.

Ben Everingham:           On settlement, straight away. Without having to build and climb up and try to get that money back. I reduced the building [inaudible 00:19:36] back to a period, which I know that I can still get it done and look at the report and negotiate but, it’s not gonna cost me the deal. And I reduce the finance close back. So, the other things I’m paying to make something look good or bad to an agent, you’re selling an agent, the agent selling that, the person’s selling the property. You don’t have to worry about that.

So, if it looks good to the agent, they will fight for you. And so you’ve given them, you’ve made them look good because you come up so much with all of these things and they, even though they did nothing, they will go back and go talk ’em up and do all the crap that agents do.

Ryan:    Yeah.

Ben Everingham:           And then, they’ll be read y to play ball. And they will negotiate something, sometimes you’ll get acceptance in that point of time without just accept it. And sometimes I’ll negotiate and it’ll be halfway between you know, whatever that is that you want. And at that time, I’ll place a third and final offer. Best and final, you’ve got three hours from right now to get this done. Otherwise, we don’t have a deal. And that, the agent’s already there.

The offer’s already closed, it gets the agent motivated. ‘Cause most agents can’t [inaudible 00:20:41] to urgency, which means they find it hard to close the sale. You need to create urgency for them so that they can place it on the person they’re selling it for. And get it wrapped up before someone else comes in, and pays more. ‘Cause someone else will always pay more.

Ryan:    Yeah, so you’re actually trying to help the agent in this instance, to get the sale across.

Ben Everingham:           Yeah.

Ryan:    You don’t actually really care that much if it closes in three hours, but-

Ben Everingham:           Of course not.

Ryan:    … you’re giving that to the agent so they can get that to the owners. So the deal can happen. ‘Cause otherwise these things just like, they can go on forever.

Ben Everingham:           And then the person thinks that they got leverage, and they can go back and forth. And another opportunity will come up, and probably will, to be honest but you know, I’m buying from my clients so, I’m legally trying to get them the best possible price I can, where they’re selling, as supposed from one perspective, you can go so money stuff’s a bit hard but I’m not doing it to anyone else except the person selling their property.

Like the person legally selling the property, trying to get the highest. It just comes down to unfortunately, these tactics are effective. And if you use ’em consistently over time, you’ll see how many hundreds of thousands of dollars a year you can save yourself on negotiating on a few properties.

Ryan:    When I think its bad tactics, I think that gets realistic. And if you’re willing to stick to your word as well, and to say, “Okay, this is it. In three hours time or six hours time, or whatever you decide,” and then if you actually stick to your word and walk away, because you do have other options in the pipeline.

I didn’t see anything wrong with that.

Ben Everingham:           In a quiet market where there is 50 days on market, plus on average. You always have another property that’s sitting there with someone that’s equally motivated to sell. So, you actually should walk away, and that agent, if they’re selling the next property knows that you’re no joke, and you are a person of your word and you know, it’s business, it’s not personal. If you can’t make it work, you can’t make it work.

Ryan:    Yeah, totally. So-

Ben Everingham:           The exception to that rule is like, if it’s a great property and you really wanna buy it.

Ryan:    Yeah.

Ben Everingham:           And then negotiate it way below where you actually would’ve paid up to. Then you place a bit of pressure on them, but if they can still get the deal done then you’d consider it, obviously.

Ryan:    Yeah, and so let’s say they do come back from your first initial bad offer with a counter offer, that’s similar to the busy market, where you just, you tryna to negotiate to the midpoint.

Ben Everingham:           Yeah, so you negotiate one more time. Like, up to a point that’s in between where they counter them what you really want.

Ryan:    Yeah.

Ben Everingham:           And they present it, and then they counter again. And then, you just go [inaudible 00:23:22] them final and you say exact same tactic again, which is the wider closer property in a quiet or busy market. Either way, like, at that last point, which is the toughest point for the agent to close it. And the person to make the decision. You give them a very significant reason to close. Going one, I’m walking away. Two, it needs to be done by this time. And three, this is the absolute best and final offer. There’s no more negotiation from him, and they know how real that is.

Ryan:    Yeah, so yeah. That’s, I guess ended up being the same. Both in a quiet market, whether they counter you, or they don’t counter you. It’s basically pretty similar in a way that you’re trying to negotiate to get that deal across the line.

Ben Everingham:           In a quiet market I could let a negotiation go over 14 day period. Because there’s no agency, like they need to sell but you don’t need to buy.

Ryan:    Yeah.

Ben Everingham:           So, this process I suppose that’s the major difference in a busy market, it all happens over about a day, maximum. In a quiet market, this game, like this dance can go on for weeks. We have properties that you know, we’ve been negotiating for two months, just waiting for them to be, need to sell it.

Ryan:    Yeah.

Ben Everingham:           And the time that will flick the switch is like about two weeks before the agent’s about to lose their exclusive listing with the client. And then, all of a sudden, the client’s no more motivated, but the agent will do what they have to do to make commission, although just wasted three months worth of work.

Ryan:    Yeah.

Ben Everingham:           And that’s where real estates tough, man. Because, you know, they pressure close people and they do that sort of stuff. And that’s the part of the industry I don’t like, but again, I’m buying for someone, I’m not selling for them. If I’m selling, I’d be doing completely different things to the way that we buy.

Ryan:    Yeah, will you be doing opposite, right?

Ben Everingham:           Well I would be selling anything for below market value, that’s for sure.

Ryan:    Yeah, and so, with the quiet market, would you be working and negotiating on couple of properties at the same time? Or would you just focus your efforts on one particular property?

Ben Everingham:           I just think that’s the one person that have multiple offers on multiple properties, I know a lot of people do this. One, it’s illegal in most states in Australia to be doing that. And if you-

Ryan:    And if you’re not seriously considering buying both.

Ben Everingham:           If you’ve got written offers on two contracts and both has been accepted, if one person, if one party find out that both has been accepted and you use like a clause to get out, that’s not, wouldn’t hold up in court, you can, I’m not a solicitor. This is an advice, but you can really get yourself in to a trouble. And ethically, I just don’t believe in that, like I’m a person of my word. If I say I’ll be talking to you, and I’m gonna be negotiating this property, I’ll be mentally considering other properties, but I won’t be engaging with the agents that begin in that conversation, until I know this one’s fallen over.

That’s just like a rule in the sand that I’ve drawn.

Ryan:    Yeah.

Ben Everingham:           ‘Cause I think it’s a right thing to do by the agents. And I have a long relationships with these guys. They’re good people, some of them. You know, and if they’re not, I’m trying to be a better, like a good person in the relationship anyway. And rise above the lines. So, it’s just not fair like, for them, you know you get so excited selling a property when you think you got a sale. And then to find out that they terminate, is like it’s got wrench, I’ve had it happen.

Ryan:    Yeah, okay. So, that’s good to know. Just think about that for people. ‘Cause in quieter markets, when the negotiations take longer, like you got that time to be in, have your hands on the pies, but as you said, looking mentally is very different from actually submitting written offers on multiple properties.

Ben Everingham:           Yeah, of course you’ve got like your thoughts on other properties, and you’re beginning to inspect and talk but, you know, it’s just not something I’d do as a business person.

Ryan:    Well, that’s part of the thing of like having that final offer, otherwise I’m walking away, you wanna have other properties that you’re walking away to.

Ben Everingham:           Yeah, and if they know which other properties you’re walking towards, they hate that, man, because it’s like everyone says they’re walking away, but you feel like I’m going to that, and it’s with their competitor who’s like another top performer.

Ryan:    Yeah.

Ben Everingham:           Like that ruffles up their feathers, man. Like if you can just go, “Hey, this is identical, I’m doing this with you but tik tok.” That’s pretty powerful.

Ryan:    Yeah.

Ben Everingham:           You’d be surprised, following this, like this over series of time. How many, like literally would be, I don’t know, like from buying 50 million bucks with the property last year, we probably saved 3 to 5 million dollars just doing this stuff. Like crazy amounts of money.

Ryan:    Yeah, and so how people going out there, you know you say 3 to 5 mil, that’s like way bigger than people can understand, but it then negotiating and it’s 30 thousand or 50 thousand, or 10 thousand, and like that’s a lot of money. And a lot of money that you can save, just by knowing how to negotiate and how to approach a deal.

Ben Everingham:           I think you should be aiming to buy 5 percent below market value, like I think anyone that seriously listens to this video, and applies what we just mentioned. Like if you just apply that to the right agent, you will be able to get a 5 percent discount. In a soft market. Not in the hot market, in a soft market.

Ryan:    Yeah, and so yeah. It’s valuable so, I guess now it’s time for the listeners and the watchers to go out and apply this when it does come time for you guys to buy your own properties. You’re now more equipped, you know how to do it better. And so, thanks Ben for sharing this information, because this knowledge is like so important that people don’t willingly talk about, or they charge you five grand to go to a seminar.

And you still don’t hear the knots and bolts of what to do when you’re actually in the process of investing. They just give you the high level stuff. So, I think this is really valuable and even more valuable than some of the stuff people charging thousands of dollars for. So-

Ben Everingham:           I love that we’re getting to like the really pointy end of some of these stuff. Like ’cause you know, information shape and I just wanna, same as you, share as much of this stuff as much as possible, like this stuff does work. And it’s very hard to learn if you’re only doing one deal every three years. But when you come up to that next deal, come back to something like this and just remember that like there is a way to do this a little bit better.

Ryan:    Yeah.

Ben Everingham:           It’s easy for it to become a habit for someone like [inaudible 00:29:33] ’cause we’re doing so many transactions, but you know, I can understand by listening to this video again, and breaking it down and looking at the transcription like, there’s a various simple pattern there that’s not unattainable if you follow it, meticulously. Yeah.

Ryan:    Yeah, and the average person can go out and do this. And they might not have as much success as a seasoned veteran as yourself, but they’ll definitely have a greater chance of success, than they would’ve had otherwise.

And that’s, yeah. And that’s exactly what I wanna get to, like we don’t properly, like my goal now is to, I wanna help people confidently buy investment properties and help them generate passive income, and achieve financial freedom. And so, some of these stuff and the nitty gritty just helps people with their confidence.

It helps them when they’re actually doing it. And helps them get across the line to buy the property. And to achieve their goals, which is what I know, you and I actually care about.

We wanna see people actually achieve this stuff properly, is a means to the end for us. And for the people who fall on property. So, yeah, I think this is absolutely great. And guys, if you’re out there, you’re listening to this, and you think you know, maybe you need some help in setting your direction in way you wanna go, and what you wanna invest in. Or maybe you need buying a property, and you don’t feel confident going and negotiating yourself. ‘Cause let’s face it, negotiation is hard. It’s not for everyone.

Ben is offering free strategy sessions, so listeners of on property. So, if you heard of it on pumpedonproperty.com/strategy/ you can learn a bit more about those sessions and you can actually book your time, if it’s something that you’re interested in.

So in those, Ben will go through where you’re at now, where you want to be and help you develop a strategy in order to get there. And then, you can take that information and do what you want with it. You can go and invest yourself, or you can talk with Ben about maybe hiring him as a buyer’s agent. But yeah, those strategy sessions have helped so many listeners of on property. So I’m really grateful for it. And the link again on pumpedonproperty.com/strategy/

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