Your team is assembled. You know your budget and borrowing capacity. You have done your research. You know what you are looking for and what to avoid. You know how to value properties. It is time to begin your search.
Of course, many of us start inspecting properties well before the previous steps are complete, but you are now ready to strike when the right property comes along. And when the right property comes, you need to move fast.
Property Shortlist
Similar to property research, you should record the candidate properties in a spreadsheet. The difference now is that your selection criteria is refined, and you are targeting very specific properties that you may be willing to purchase.
Property Inspections
Inspecting properties is essential to assess the condition of the property and identify potential issues.
As mentioned in Research, make sure to pay attention to the layout, orientation, natural light and signs of damage or disrepair.
How close does the property match the criteria of the “right property” as well as your own needs and wants? Try to envision it as your space and see if it’s the right fit for you.
The more properties you explore, the more confidence you build in making a choice that feels right.
Go To Auctions
Attend as many auctions as you can before you are ready to buy. Consider these practice runs before your main event.
Auctions can seem intimidating and fast-paced, but the more you attend the more familiar you become with them.
You will see the registration process, get to know the rules of engagement, and learn the general flow of events.
As with all industries, auctions have their own language. Attending auctions helps you become fluent in auction speak. You will hear terms like “vendor bid”, “reserve price”, “unconditional”, etc. Check out the glossary for terms you may not be familiar with.
Get to know local market dynamics by seeing what types of properties are popular, the sale prices they are achieving and how quickly they are selling. Over time, seeing many properties go under the hammer, you will develop a “gut feel” of what a property is really worth at auction, beyond the online valuations.
Observe the different personalities involved. You will see various bidding tactics, how agents and auctioneers encourage activity, create a sense of urgency, and emotional intensity.
While watching is different from bidding, your experience in attending auctions as an observer will prepare you for what to expect when it is your turn to bid.
The time and effort you put into your research will pay off when it comes time to buy.
Tiny Mighty Property Guide 