As busy buyers agents on The Sunshine Coast, we have seen many people who just can’t get the property they want. If this sounds like you, then read below on how to deal with it mentally.
5 Tips to help you not get Buyer Fatigue when looking to buy a property
Purchasing a property, whether it is for an investment or your forever home, is considered one of the most significant decisions you’ll make, both financially and as a lifestyle choice.
However, the whole buying process includes lots of planning, research, preparations and so much patience – all of which can be quite stressful and tiring. Especially if you’re searching for weeks or even months.
Since the Australian property market is highly competitive, it’s easy for most buyers to become disappointed and disheartened when things don’t go their way, like when they’ve missed out in bidding at an auction or had their offers beaten by other buyers.
When different obstacles and inconveniences show up along the property buying journey, buyers can understandably feel demoralised. It can be emotionally draining when you continue to find and then lose the perfect home over and over again.
This is called “buyer fatigue” – and it’s so common for everyone to feel it.
Here’s how you can avoid this altogether.
What is buyer fatigue?
Buyer fatigue is when all your efforts of searching, researching and negotiating don’t lead to any result. Repeatedly. For weeks. Lining up at open homes and being outbid.
You can feel exhausted with the buying process because, despite the fact that you’ve seen numerous properties, visited so many homes during your precious weekends and prepared yourself, the process can be very full-on and drag right out.
Buyer fatigue creeps up slowly, and what was once an exciting venture quickly sours.
What happens when you have buyer fatigue?
Having buyer fatigue is not an ideal position to be in.
Buyers who experience exhaustion during their home purchasing journey eventually lose interest in the market, stop their search or worse, make too many compromises just to make it all end. The problem with that is, you risk buying the wrong home and regretting it for years.
Buyer fatigue can also cause you to make poor judgments and hasty decisions too. This mental exhaustion then hinders you from performing due diligence and getting the right property for your needs.
You wouldn’t want this to happen to you, especially when you’ve already invested a lot of time, effort and energy into the process.
5 ways to overcome and avoid buyer fatigue
Buyer fatigue can be experienced by anyone, whether you’re a seasoned buyer or just starting out.
Nevertheless, there are ways to overcome falling into the fatigue trap when you’re hunting for the perfect home in a competitive market.
Here are some things you can do:
- Set realistic expectations.
One of the reasons why buyers easily get discouraged is because they don’t have the right expectations in mind.
So, focus your energy on properties that you have a realistic chance of securing. Create a comprehensive plan and outline your end goal to have a clear idea of the things you want to consider and all those you don’t.
Setting the right expectations will also set you off to a good start on your buying journey.
- Get pre-approved.
In Australia, we have an ongoing hot market due to low property inventory. This means homes sell VERY quickly, and competitive offers are always coming in.
Buyer fatigue can happen because people are consistently losing out on homes they can’t afford or because they haven’t secured their finance yet. To prevent this from happening to you, make sure to take advantage of financial pre-approvals which enable you to effectively narrow down your choices according to your budget.
It also means you’re ready to strike when the perfect property comes up.
- Know your parameters and stick to them.
First time home buyers and inexperienced property investors often face difficulties in deciding where to live or what type of property suits their needs.
So, determine your must-haves and come up with a list of nice-to-haves. This can then help you pinpoint listings and be on the lookout for properties that will fit your needs.
- Hire an experienced Buyer’s Agent you can trust.
In an extremely competitive and turbulent market, you need to hire a property expert who can help you through the whole process, so you can make the right decisions at the right time.
A Buyer’s Agent acts solely on your behalf to protect, advise and advocate on your behalf. We can get you into more properties and negotiate for you to give you an extra advantage over other buyers.
- Prepare to negotiate.
Be ready to get creative with your offers and be willing to compromise.
You can also ask your Buyer’s agent to help you deal with vendors and selling agents to acquire your dream property.
Our team can help you find the right property without the fatigue
My team and I at Worth Property Investing are passionate about helping you make the right home purchase that will contribute towards achieving your property goals.
Think of us as your property buying partner, here to support you in making the ideal property decisions. As your trusted, licensed Buyer’s Agents, we do everything from searching, connecting, researching, bidding, negotiating and securing the best properties.
Speak to us today!
Start by taking the Investor Readiness Quiz now.
By answering 35 quick questions, we’ll provide you with a free, detailed report to help you be more confident about your investment decisions.
No worries! This is free of charge and takes less than 5 minutes to accomplish. You’ll also get a free copy of our property investment eBook as a bonus!
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