In Episode 34 of the Property Investing Journey series, Mike teams up with Scott Aggett, expert property negotiator and Managing Director of property firm, Hello Haus, to chat through arguably the most important aspect of the property transaction, the art of negotiating.
With a background as co-founder and Licensee-in-charge of Belle Property in Surry Hills, Sydney, Scott honed his skills leading the property sales team and negotiating on behalf of his clients and for his own transactions. In fact, in his own portfolio he has bought and sold some 25+ properties in his time and estimates he’s been involved in 3000+ transactions!
With such a prolific background, Scott’s well placed to share the negotiating secrets he has learned during his years in the industry and knows exactly which tactics work and the mistakes to avoid. In this conversation, Mike and Scott discuss the importance of understanding the market and how to know when to walk away from a purchase. They also cover off the approach Scott takes to choosing the right agent and chat about the current market conditions and the likelihood of the market changing in the buyer’s favour.
If you’ve ever been involved in a property negotiation, or gone through the selection process for a sales agent, or are simply contemplating entering the fray, then this is a podcast you won’t want to miss.
Here at MCG, we are passionate about creating a forum and education series for property owners and investors. We do depreciation differently, and offer a set rate for Replacement Cost Estimate reports. A first in the industry. Join our clients saving more on their tax today https://www.mcgqs.com.au/
Mike teams up with Scott Aggett, expert property negotiator and Managing Director of property firm, Hello Haus, to chat through arguably the most important aspect of the property transaction, the art of negotiating.
Mike and Scott discuss the importance of understanding the market and how to know when to walk away from a purchase. They also cover off the approach Scott takes to choosing the right agent and chat about the current market conditions and the likelihood of the market changing in the buyer’s favour.
What we cover in this episode
- Scott’s negotiation tactics honed from years of experience
- How micro-markets vary across the country
- Picking the best agent
- Sellers’ vs buyers’ market
- Incentivising agents for top dollar
- Paying an emotional premium
- What’s an agent’s price guide worth?
- When will the market turn?
- Scott’s tips for investing in property
“Anyone can probably sell a property in this marketplace. It’s who’s got the skills to communicate clearly to the market and convey the market to you as a seller, to put you in a position to sell and also extract an emotional premium out of those purchasers.“ Scott 4:05
“I wasn’t really ever motivated by whether or not I could earn an extra thousand dollars on a bonus. I was always just interested in – I want to win the negotiation and get the absolute best price I can, because that’s going to feed in to my next listing.“ Scott 8:24
“You get to a point where you realise there’s a drop dead price where you say beyond that it doesn’t represent value to me. So you’ve got to be hard with the buyer, or the buyer’s got to be hard with themselves to realise what that number is, because you just cannot get carried away and pay an emotional premium if you really understand the numbers.“ Scott 11:30
“Go back to market value and buyer depth, and once you know those two things, you’re watching real time prices being paid at auctions and the latest properties that are selling in the marketplace, understanding what they’re selling for, and seeing how many buyers are competing for it, then you’ll know how hard you’re going to have to go at it to make the offer.“ Scott 12:10
Enjoying the Show? Let us know!
Are you a fan of The Geared for Growth podcast? If the ideas and tips we share in each episode are inspiring you to become a more knowledgeable property investor, subscribe to the show and leave your honest review to let us know!