Client Profile
- Location: Pennant Hills, Sydney
- Buyer Type: Owner-occupiers
- Goal: Purchase a large family home with ample yard space and convenient access to public transport
Situation
Our clients were looking to upsize from their home in the Inner West to find more space. Their main requirements included:
- Proximity to a train station for easy school commutes
- A large yard and spacious interiors to accommodate their growing family
- Flexibility in settlement terms (either a leaseback option or lengthy settlement) as they planned to buy before selling their current home
Focusing on the Upper North Shore, we explored properties in Normanhurst, Beecroft, Wahroonga, Thornleigh, and Pennant Hills, searching for a suitable home that met their brief.
Challenges
The search for a spacious family home in a competitive market presented several challenges:
- Limited Market Experience: Not having purchased a property in 10 years, the clients needed guidance to understand current market dynamics and negotiation strategies.
- Time Constraints: As a busy family, they required a hands-off process with expert support.
- Competitive Price Point and Requirements: Large family homes with sizable yards and close proximity to transport were in high demand, especially in the targeted suburbs.
Our Approach
To meet the family’s specific needs and timeline, we implemented a strategy focused on property selection, off-market access, and negotiation expertise.
- Comprehensive Property Search and Inspection
Over an eight-week period, we conducted thorough inspections of over 20 properties, filtering out unsuitable options and presenting only the most promising listings. This approach saved the clients valuable time and reduced the stress of navigating the property market. - Tailored Negotiation Strategy
After identifying a 5-bedroom property on over 900 sqm, located within walking distance to shops and the train station, we developed a strategy to secure the property pre-auction. Initially, we submitted a formal offer, which legally required the agent to update the price guide. Although the vendor ultimately chose to proceed with the auction, this strategic step ensured we were well-prepared for auction day. - Auction Day Tactics for a Winning Bid
On auction day, we advised the clients to use an odd number as their reserve price, a tactic that capitalized on the psychological preference for round numbers among other bidders. This slight adjustment gave our clients an edge, and the additional $3,000 above a round figure ultimately secured the property, much to the clients’ delight.
Outcome: Securing a Spacious Family Home in Pennant Hills
After an extensive search, we successfully secured a large family home that met the clients’ needs for space, location, and accessibility. By expertly managing the auction day tactics and leveraging a negotiation strategy that included market insights, we helped the family secure the property at a competitive price.
Key Benefits to the Client
- Efficient Property Selection: Conducted over 20 property inspections, saving the clients time and stress by shortlisting only suitable options.
- Expert Negotiation Strategy: Provided a tailored approach that included pre-auction offers and strategic bidding tactics to give the clients an edge.
- Auction Day Expertise: Leveraged psychological bidding insights, allowing the clients to secure the property with a minor adjustment to their bid amount.
