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How to get vendors to recognise the value of an early offer

01 December 2016 Tim Neary

The risk of a vendor rejecting a good early offer lies in the possibility that when they finally realise it was a good deal, it may no longer be available. Heres how to get your vendors to appreciate the value of a good early offer – and grab it.

Explain to them it’s about the buyer, not the property, says industry expert Tom Panos.

Mr Panos told Sky News’ Your Property Empire that evaluating early offers is “not so much about how long the property has been on the market, but more about how long the buyer has been in the market”.

He warned that vendors holding out for a bigger payday often find themselves disappointed.

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“Many times owners get offered top dollar within the first week of the campaign, but they don’t take it. And then weeks later, they want to accept it but that offer is not there.”

Buyer’s agents

Buyer’s agent and host of Your Property Empire, Chris Gray, confirmed that it’s often buyer’s agents who are responsible for that first offer and it is usually their best offer.

“Because we don’t want to play any games,” Mr Gray said.

“We are there to do a deal and so if we think the property is worth $700,000, we’ll offer them $700, 000 on the nose straightaway, but we wouldn’t go a cent over it.”

Mr Gray also said that not all advice is good advice.

Mr Panos agreed, adding that vendors often get poor advice from well-meaning family and friends, who suggest that if a buyer makes an early offer, it means they have got “more money in their back pocket”.

“I can’t get over the amount of money that has cost vendors, and even buyers, based on the advice that family and friends have given them,” he said.

How to get vendors to recognise the value of an early offer
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