How Buyers' Advocates Monitor The Prestige Market - December 2022
December 2, 2022 / Written by Rich Harvey
The prestige property sector is rarefied air in the Australian real estate space. It’s a value stratum where price isn’t necessarily the main consideration for buyers. A lot of these purchasers are cashed up and not reliant on finance to complete a purchase. They’ll, instead, place more importance on simply securing the right property for them. In many cases when the real estate is a good fit, they’ll pay handsomely to secure it.
And this is the challenge with the premier prestige sector. Despite buyers having the means to secure a great property, they are stymied by supply. Listings are limited and while you might have $10 million to spend, that does you no good if the property type you desire isn’t on the market.
Of course, as a business that regularly deals in this space, we know what a challenge the lack of listings can be. There are few things more frustrating than having a qualified buyer at a prestige price point ready to jump, but having no stock to show them.
So, how do buyers advocate’s stay on top of available properties at the premier end of the market? Here are a few methods we adopt.
While this approach is not particular to the prestige sector, it can still be affective.
Most property listing portals allow you to set search criteria under a personal login. As property within those parameters becomes available, email alerts will be forwarded to you.
In the case of prestige property, we tend to keep our geographic search wide. We want to know about every home that hits the market above a certain price point. Why? Well, these multiple options are useful when defining the buyers wants and needs and matching them up to available stock.
Selling Agent Networks
This is where buyers’ advocates really shine in sourcing excellent properties for clients.
We spend years building up relationships with selling agents via networking events, awards nights, coffee and lunch meeting, phone calls and emails. Most elite agents must know who you are and what you can do in terms of bringing top-notch clients to the table.
Selling agents at the prestige end want a no-fuss transaction. They like dealing with qualified buyers who won’t waste time chasing property they can’t afford. That’s why they love interacting with a buyers’ advocates.
These networks mean we are among the first people called when something interesting comes onto the market. As soon as prestige listings are made available, selling agents reach out to their trusted buyers’ advocate contact list to gauge interest.
This works both ways too. If we have a client with very specific needs, we will reach out to our selling agent contacts to let them know. I’ve seen multiple off-market deals eventuate from this type of interaction.
Direct approaches to owners
The idea of directly approaching an owner to gauge their interest in selling isn’t just for selling agents.
As buyers’ advocates, we might have a client who know exactly what they want and has the means to acquire it. If there’s a house that will fit the bill perfectly, we have no hesitation in approaching the owner directly and seeing if they’re open to an offer.
And many owners at this price point are surprising ready to consider a buyer’s overtures. Most owners in this sector prefer these major transactions to happen beyond the glare of the public eye. If the right price and terms can be struck, then a deal can be had.
Another group buyers’ advocates utilise to chase listings is community networks. These are the contacts we make via groups that live and relax in the suburbs we buy in.
It could mean sponsoring a stall at the school fete, or being part of a volunteer organisation, or perhaps even participating in the local Saturday morning park run.
Wherever there is a chance to mix and mingle with locals, there’s the possibility of hearing about a property prospect that could meet the buyer’s needs.
The third network group we draw on is professional affiliates. Whether they be solicitors, accountants, investment advisors, mortgage brokers, financiers… whoever. These are specialists in their field who regularly interact with high net wealth clients. They may know of a property that could be available for purchase, and are often happy to share the information with us.
Securing access to prestige listings is not a one-stop shop. Rather you must draw on all the options at your disposal to match up your clients with the home they most desire.
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call us on 1300 655 615 today.