Today’s topic, being a smart buyer. Let’s talk about how to be successful. Sure, you’re in a foot race. Yes, there’s a lot of competition. As a buyer, you’ve got to have your game on. How do you get ready to be successful in a competitive market?
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Bob Nelson: First of all, know what you’re doing. How motivated are you to actually find a solution to what you perceive to be a problem dealing with your shelter, your family, your lifestyle?
Marcia Edwards: Do your homework. Find a realtor you can trust who understands the marketplace and who has had a lot of experience in multiple offers. Also, find a lender you can trust where they’ll be available to you even on a weekend in some form to be able to let you know that they can give you a letter of confidence to put in front of a seller.
Bob Nelson: Now I’ve got the broker, I know what I’m doing, what do I do next?
Marcia Edwards: Well, you definitely want to look at what to expect, where your expectations are, and do they align with what you had hoped to get in a home for the price you’re going to purchase.
Bob Nelson: So it’s market research, and how would I do that as a buyer?
Marcia Edwards: Well, you definitely have a realtor who’s got the database.
Bob Nelson: Right.
Marcia Edwards: You got to have someone that can vet the property and say let me show you some homes you cannot have that are similar to what you want so you can see those recent sales and understand what to expect for the price you’re willing to pay.
Bob Nelson: There’s always a trade off. I would like to have a palace but I can only afford a beer budget, so here we go.
Marcia Edwards: Never been there, Bob. Can’t relate.
Bob Nelson: Yeah, oh boy.
Marcia Edwards: When you’re looking at property, you’ll educate yourself. You’ll become eventually and possibly even a better expert in regards to that contemporary marketplace than the realtor themselves because you will obsess with it now that you’ve got access to homes 24/7, you’ll be all over those homes that are available.
Bob Nelson: Searching the net using Realtor.com, etc.
Marcia Edwards: Absolutely, the locating of the property could come from any front, not necessarily the realtor. That does not mean the realtor doesn’t have value. In fact, the value comes in the realtor’s knowledge of the process and in the negotiating itself.
Bob Nelson: The negotiation is really the benefit that I deliver. Finding the asset, being able to get my nose under the tent as quickly as possible, and yeah, there’ll be probably several other offers potentially ahead of me, I win, but it’s a negotiation process.
Marcia Edwards: It is a process. It’s a process of understanding what the other side’s greatest desires are, what their motivations are, and why they’re at the table in the first place.
Bob Nelson: I keep wanting to call it a game and I don’t want people to think that I treat my profession lightly, but it is a process of seeing in the other person’s mind. What do they need, what’s motivating them, and deliver to the extent that I can, that which I have, and yet, I will win the game.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30 on KPNW for the “Real Estate Today” radio show.