Should I purchase the first property I see?
The vast majority of our clients purchase the first property we recommend to them. The reason for this is because we have a very thorough process where every aspect of a clients needs and goals for the property are considered and confirmed prior to commencing the search phase. Nothing is left to guess work and by this stage we understand not only the needs of our client but also the brief, and what we need to look for in a property in their search area for.
Very occasionally a client will decline an exceptional property simply because it is the very first property that we have recommended. It doesn’t mean that they haven’t seen options yet as all clients receive a weekly report showing them what we have looked at and dismissed already. But when that perfect property is there for the taking and it’s the very first property you have been asked to consider buying the reality of this big decision kicks in. Some people will automatically feel like they should decline a property simple because it is the first property they have been asked to consider purchasing.
This is a mistake that costs you time and opportunities.
In this article I would like to address this objection to buying the first property that is recommended to you by your Buyers Advocate in the hope that it helps buyers to take decisive action on the very best property, regardless of whether it is the first property they have seen or the 3rd.
The fact is that the impulse reaction to decline the first property you have been asked to consider buying has nothing to do with the property. It is simply a built in automatic reaction that occurs from a “fight or flight” response in the brain. When the brain fires off the chemicals that induce a “fight or flight” response you are no longer operating from a logical position. #TRUESTORY! It is the part of the brain that alerts your body to perceived danger and tells your body to either “run” or “freeze” to avoid the danger it is perceiving.
This automatic response may kick in because if you were shopping for a property on your own it is likely you would not know what possibilities may become available in the weeks to come if you were to keep looking, and you probably don’t know what a “good” property looks like for the area until you have seen at least 20 or more properties. In this case the chemical response in your brain alerting you to danger is justified. You do not have the experience or knowledge to be making this decision on your own.
However if you are working with a buyers advocate AND you have done all the proper due diligence to hire a genuine buyers advocate you trust, you needn’t go through this stressful process of “fight or flight” responses.
An experienced buyers agent with a lot of familiarity and knowledge of the area will know immediately where the prime streets and locations are, the no-go zones and what is highly desirable for the demographic that live, buy and rent in the area. This is probably one of the many reasons you hired your buyers advocate in the first instance, to remove the hard work, doubts and countless weekends of property shopping.
Declining a property because it’s the first property you have been recommended in most cases is delaying your result unnecessarily and causing you more time in the market and more exposure to stress and anxiety.
So when is it appropriate to reject the first property you are recommended by your buyers agent?
Legitimate reasons for rejecting a property are;
- You are rejecting the property because of the property – it might not have something that is important to you or it has something about it you cannot overcome
- The property is not on brief
- You do not yet have enough information to make an informed decision
In each of these scenarios you will be able to move forward with your search seamlessly. The likely outcome for you rejecting a property for legitimate reasons will result in;
- Your brief becoming more refined which means the next property recommended to you will more than likely be spot on
- You and your buyers agent can re-address the brief to ensure you are both on the same page and correct any miscommunications early on
- You can ask questions that are important to you, and your buyers advocate can finalise due diligence and answer the questions that have prevented you from being able to make an informed decision.
What will happen if you reject a property “because it’s our first”?
A really skilled and experienced advocate will always help you to understand why a property is excellent, especially if it will be hard to replace and it is likely you will later regret the decision once you realise that other properties are not as good.
Your advocate will question your decision and help you uncover any real concerns you have about a property. If your objection really is that it is the first property you have been asked to consider expect to be challenged by your advocate.
If you find yourself in a position where you want to reject a property just because it’s the first you have seen remember that you hired a professional for a reason. It’s OK to feel afraid. If you have a trusted relationship with your advocate and they have your best interest at heart (and I hope you have chosen one that you feel this way about) then you can share your fears with your advocate.
There’s probably nothing you could do or say that would shock your advocate and if they genuinely care about your outcomes they will hear and receive your fears without judgement and will help you to overcome them OR suggest a refinement in brief to a different type of property that might feel more comfortable for you. Or if you are one of those serial procrastinators – we will spot that too and give you that tough love and the little push you need to get you moving forward.
To wrap up – using an advocate can be as easy or as hard as you want to make it.
A great majority of our clients purchase the first property we recommend. The reason for this is because
- We take a great deal of time to prepare you for making a decision. We do this by spending a lot of time defining your brief and requirements, providing you with very clear expectations for property size, land size, condition, price point and rental returns before we commence the search process.
- You have hired us to do this job for you because we are experts at assessing property. It may be the first property that has been recommended to you, but it is not the first property we have seen. Part of our job is to recognise a good property on your behalf and communicate why it is an excellent property and show you real life examples of lesser properties so you can see the difference for yourself too.