A few clever strategies can help you race ahead from other investors to pick up the premium properties.
Investors are dominating the spring selling market, and if you want to be among them you need to think smart to get ahead of the pack.
Have finance sorted
The golden rule for investors in today’s market is to have finance in place before you start looking at properties. This lets you move quickly once the right place comes along, and in a competitive market speed counts.
Don’t wait for properties to come to you
As an investor you’re not just competing with owner occupiers, you’re also up against professional buyer’s agents and developers. The latter two typically network among listing agents so that they can snare a property before it even appears as listed for sale.
If you want to secure the best properties it pays to think like a pro and grab ‘off market’ opportunities. Contact agents in the area you’re looking to buy in, let them know your budget and stress you want to be contacted when suitable properties are about to come onto the market.
Leave your emotions behind
Landlords need to think with their head not their heart – after all, this is a money-making exercise. To help you stay on track draw up a list of features you see as must-haves in your ideal rental place like good public transport links, decent building security and so on. Take the list with you when you view properties, and if the place doesn’t score a tick for each criteria, move on to the next property.
There are some handy iPhone apps available that can help investors make a decision on the go. Some of the handiest are Realestate.com.au which lets you look for properties while you’re out and about. Or try CrumbTracks to record property details that you may forget if you’ve already viewed several places. Mortgage Calculator lets you compare repayments on properties, so you’ll know how your cash flow stands after allowing for different rent returns.