{"id":3506,"date":"2015-03-01T01:00:29","date_gmt":"2015-02-28T14:00:29","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=3506"},"modified":"2015-03-01T01:00:29","modified_gmt":"2015-02-28T14:00:29","slug":"how-to-get-the-best-deals","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-get-the-best-deals\/","title":{"rendered":"How to get the best deals"},"content":{"rendered":"

 
\nIn today’s show we answer a common question about how to find the best deals.
\nWe talk to deal maker\u00a0Nhan Nguyen<\/strong>\u00a0and he gives us some examples.<\/p>\n

Read the transcript here:<\/h4>\n

Nhan Nguyen<\/strong>
\nKevin:\u00a0\u00a0<\/b>One of the most common questions we\u2019re asked is, \u201cHow do we find deals?\u201d I got an email the other day, \u201cWhere do I look? How do I go about it?\u201d Nhan Nguyen and I talk about this quite often. Nhan is from AdvancedPropertyStrategies.com. He joins me.
\nGood day, Nhan.
\nNhan:\u00a0\u00a0<\/b>Good day, Kevin.
\nKevin:\u00a0\u00a0<\/b>That question \u2013 ways to find deals \u2013 how do you go about it, Nhan? I know this is how you make your living.
\nNhan:\u00a0\u00a0<\/b>There are many, many ways to do it. A couple of key ways that I focus on is looking for properties that have owners with problems, not necessarily properties that have problems. Yes, you may have looked at renovators\u2019 delights and properties that are half falling down that people want to get rid of it. Well, that\u2019s one way, but I like to find property owners with problems, where you can come in and come up with a solution.
\nA couple of examples could be a deceased estate where someone\u2019s passed away, passed it down to half a dozen or so siblings, and they just want to get rid of it. A motivated seller is another one. It could be a divorce situation where people just want to get rid of their assets to move on. Bank repossession is another common one where banks have auctions just to get their money back. At that point in time, there really is no negotiation other than, \u201cOkay, are we going to cover the bank debt?\u201d
\nLooking at motivated sellers, and talking to agents and telling them, \u201cI\u2019m looking for a motivated seller, someone who will happily give us a discount on the property.\u201d That\u2019s definitely one of the ways that I look for properties.
\nKevin:\u00a0\u00a0<\/b>Those scenarios you gave us there, the last thing that I\u2019d want to do is find them at the same time as everyone else, which is about the time when they give it some publicity. How do you go about finding it before it hits the market?
\nNhan:\u00a0\u00a0<\/b>That\u2019s quite critical. It\u2019s building up a relationship with agents. I call it \u201cgetting onto the agents\u2019 hot lists.\u201d You have got to build up relationships with agents. Love them or hate them, I\u2019ve worked with agents for many, many years, and some of them you would never want to talk to again, but some of them have really got a good skill of giving you good deals.
\nAgents are like anything; they\u2019re people, so you have to respect them, build a relationship with them, and tell them what you\u2019re looking for. You need to look at their properties, give them honest feedback. They may like it, they may not like it, but I always give them feedback. I might say, \u201cIt\u2019s a bit overpriced, mate. This would be my price if you were to be able to move it,\u201d and they appreciate that feedback.
\nGetting onto the agents\u2019 hot list is quite critical, going to open homes, putting in offers, and agents, even though they come and they go, there will be a handful of them who will stick around for decades, and those are the ones you need to build the relationships with.
\nKevin:\u00a0\u00a0<\/b>That raises another question, I guess, and that is how best to work with real estate agents. You\u2019ve given us a couple of ideas here, and it\u2019s all about communication or keeping in touch with them. Any other tips you\u2019ve got in that vein?
\nNhan:\u00a0\u00a0<\/b>Yes, I\u2019ve got a handful of tips. One of the things I often do is I put in a lot of offers, and they\u2019re often quite low, or they\u2019re quite long. What I mean by long is there might be a six- or 12-month settlement \u2013 or longer \u2013 because I might need approval to be in the council so that I de-risk\u00a0<\/b>the project.
\nHaving said that, I\u2019ll warn them, my offers are going to be low. If you\u2019re going to do something that\u2019s going to be a discounted property or a long settlement, definitely let them know that your offers are going to be sharp so that they\u2019re not annoying or angry at you when you lob in the offer.
\nThe other part is you\u2019ll find agents who want to work with you because they can see what you\u2019re up to. You\u2019re wanting to see if you can do a buy-and-sell transaction. For example, I bought a block of land where I wasn\u2019t\u00a0<\/b>the most money at the time, but I said to them, \u201cI\u2019m going to cut this into eight or nine blocks, and if and when I do, I\u2019ll give you the first opportunity to sell it once it\u2019s developed.\u201d So this agent was not only looking at one round of comms; he was looking at two or three rounds of commission. In that instance, you\u2019ll want to work with them in a long-term environment.
\nHaving said that, there are other agents you would only buy through because they\u2019re happy to take discounted offers, and other agents that you would only want to sell through because they only like to sell at top dollar.
\nThere are different variations to the theme, but you have to find your angle and the agent\u2019s angle to work together with them.
\nKevin:\u00a0\u00a0<\/b>Yes, and it\u2019s all about communication. Just listening to you there, you\u2019re obviously very frank with them. You have a business plan in place. If you explain it to them, some will go with you, some won\u2019t, and I guess you\u2019ve just got to accept that that\u2019s going to be the case.
\nNhan, I want to thank you for joining us and giving us that advice. Nhan, of course, is from AdvancedPropertyStrategies.com. Thanks for your time, mate.
\nNhan:\u00a0\u00a0<\/b>My pleasure, Kevin. Any time.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show we answer a common question about how to find the best deals. We talk to deal maker\u00a0Nhan Nguyen\u00a0and he gives us some examples. Read the transcript here: Nhan Nguyen Kevin:\u00a0\u00a0One of the most common questions we\u2019re asked is, \u201cHow do we…<\/p>\n","protected":false},"author":176692471,"featured_media":2356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,25],"tags":[70,101],"class_list":["post-3506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-sponsored-channels","tag-featured","tag-podcast"],"yoast_head":"\nHow to get the best deals - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/how-to-get-the-best-deals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to get the best deals - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show we answer a common question about how to find the best deals. 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