Step 2: Find

Once we have been through the clarity step we need to simplify a whole lot of complicated feelings and thoughts for what we want now and into the future, into what we call the 3P’s:

1. Property 2. Position 3. Price
All 3 are completely interrelated to each other.

Off Market

Do all properties we buy appear in The Age or on the Internet?
No. Many don't, especially at the upper end of the scale. Why is that?

In some instances, the seller simply wants privacy from prying neighbours, friends, relatives and the public at large. The one common denominator is that they want a “quiet sale”.
The other reason a vendor may choose an off-market approach is to maximise the price and/or chances of a sale. In other words, the seller feels that a whisper campaign with an ”isolated buyer” will result in a much better price than say, a public auction campaign.

The cunning sods. After all, how many of us have heartbeats that go up when we feel we have found something nobody else has and we can procure it for what seems a bargain?

More on the 3P’s
If your price is fixed then you can adjust your property (style, type, size) or your position (suburb, shops, train, school) to meet the market. If you must have a certain property (e.g. period home with 4 bedrooms)
then you need to adjust your budget or position to meet the market If your children's’ school is top priority (position) and your income fixed (price) then the property (style, type) must be adjusted to meet the
market.
If you have found the one you must have – position and property then of course your price must adjust to meet the market. And that’s the key to finding – meeting the market – clarity with what you want and a certain level of flexibility to adjust and reassess. If you don’t, then you won’t find but you will search for a long time.
So in summary you have three levers to pull back or push down on till you get the 3 P’s lined up and you can buy.

More on Off Market
Sceptical? Well it happens! Here are six examples (no names):

1. Toorak/Armadale – $5 million+ (large land/tennis court)
Our clients were looking to move to a larger home within their immediate vicinity. The purchase was made after four visits plus pest, building and architectural inspections. We provided a full Property Report and comparables from our, the agents', and the government's databases. There was no advertising, no web, no listing in The Age , no failed auction from last year. The vendor had Bennison Mackinnon act for them.

2. Kew – $2.5 million+
Classic family home that we purchased less than 12 months ago for $1.3 million; however, was now surplus to requirements and was sold a short time ago off market for $1.6 million. Another note here: if you buy well, you will always have the chance to sell well. If you buy poorly and circumstances change, it can be a different story.

3. Brighton - $2.5 million+ (near Golden Mile)
A period home on a good-sized block. Our clients had been looking through traditional channels for just on a year. This property had no advertising at any stage. In fact, section 32s were not even drawn up until after a contract had been signed (which, by the way, was subject to our client's solicitor's approval). We carried out full due diligence, including comparables, pest and building inspections and a full Property Report . The vendor had a private agent act for them.

4. Hampton - $2 million+
Brand-new home owned by a builder who hadn't quite got into selling mode. His unhappy wife signed the contracts after three weeks of negotiation. Our clients have since added a pool &, with all the facilities nearby, seem very, very happy with their "secret purchase". The seller had Wilson Pride represent them.

5. Clifton Hill - $1 million+
Commercial building that took 14 months to negotiate. This was a record amount of time for us but, in the end, our client, through their persistence (and ours), has bought a great property at a great price. The seller was represented by a businessman and a lawyer and no agents were involved.

6. Caulfield - $800,000+
Quiet sales are rare at this level, but they still happen. This one involved a family home that was on the market but not with agents. Our involvement was not stated, as we felt that would be counterproductive, and negotiations took place without the other side having any representation. This was an unwise move on their part, even though they stated that they disliked agents. The property was purchased by us well below fair market value and what we would have paid . The vendor was in his 30s, of sound mind and made his own decisions. He had advertised it privately and, in this case, we had no issues acting for our clients in a very effective manner.

Quiet and off-market sales do exist and happen every day. They are an increasing part of our business.

How Do We Find Homes Other Buyers Can't?

Answer: Contacts, Market Presence and Experience

We finish with two warnings:
1. The higher you go up the food chain in terms of price, the more you need to get your values right; and
2. In off-market transactions, and procedures such as correct paperwork, pest and building inspections and confirmed financing should not be glossed over in your desire to capture the undiscovered bargain.

On Market
When you are searching for a home, townhouse or apartment between $500,000 and $1,500,000 in the inner suburbs you will face a list of 100+ properties.

Information overload! What you need is somebody to go through that list (the work still has to be done) and then present you with a few places that meet YOUR NEEDS. That way, your efforts and time can be put into real consideration of the properties, not administration or frustration. This is one of the ways we keep you really informed. We talk to you about the properties you want to see, not the properties an agent wants to sell you. A sample below of the worksheet to all our clients we are actively looking for.