3 steps to catch the property wave
Catching the property market wave is easy if you follow three simple steps. Missing the wave can be not only costly but leave you with regret over a missed opportunity. The Gold Coast property market is rising so it’s a great time to come into the market – if you can act quickly. We’ve seen a number of people miss out on a property they really wanted even though the project hadn’t started marketing. We also have past buyers who act ultra-quickly because they have already decided to buy off-the-plan for any project developed by Sherpa Property Group’s (we’ll see why later).
To avoid those regrets and catch the property wave, you can simply:
· Stay in the loop and register interest as soon as possible;
· Lodge an EOI for priority in receiving a contract; and
· Be ready to act quickly.
Step 1: Get in the loop & register
When there’s more buyers than properties, you need to be proactive. Past Sherpa clients know and trust our brand so they monitor the website, social media, and newsletter. As soon as we start putting a new project together, we let our inner circle know through the newsletter and give them an opportunity to register. For instance, our next two projects are still in the planning stage but we have landing pages where you can register interest:
· www.perspectivebroadwater.com
Taking this first step puts you at the front of the queue to go to the next step
Step 2: Lodge an Expression Of Interest
An expression of interest is not a binding document and does not form a contract – it’s more like a statement of intent. By lodging an EOI, you are formally declaring an interest and that ensures you will be given priority when contracts are drawn up. Any deposit paid as part of the EOI process is totally refundable if you decide not to proceed.
Step 3: Be prepared to act fast
In a rising market, a boutique development like one of Sherpa’s can have contracts made available in the morning and have them all signed by that afternoon. That’s why we encourage our buyers to do a lot of research, thinking, and “sleeping on it” prior to the contracts being made available. We encourage potential buyers to explore the local area, look into all the available details and make sure they are comfortable with the purchase prior to seeing any contract. If you have done your due diligence and your decision is already made (subject to the contract being suitable), you can simply focus on making sure the contract is right when the time comes.
Sherpa investors
As mentioned earlier, Sherpa Property Group has a number of followers who buy apartments off the plan simply because it is a Sherpa development. The reason is partly based on reputation and partly because one of our core beliefs is that a property should be worth more on the day of settlement than the day the buyer signed the contract. Buying off-the-plan secures that margin, which can be realised by on-selling prior to settlement (we’ll discuss “put and call” options in another article) or the margin can deliver instant equity on settlement. These buyers follow the three-step process to make sure they stay at the front of the queue when new projects come into the pipeline.