subject: Common Mistakes Investors Make [print this page] There are many mistakes that property investors make along their long and short-term property investment journey. These mistakes can be avoided, but first you need to know what they are.
First is the tendency for investors gather irrelevant information. Gathering the wrong information on property, the market, the location, the price, the conditionit all amounts to wasted time and money.
Second, investors ignore SSTC properties; if you ignore these you could be losing out with opportunities to money in property. More deals are done after a property has been under offer than before because after a survey is done if there are any faults they are revealed at this point. Once this happens, the leverage can be applied. Properties come onto the market, and faults arent spotted because agents and buyers dont know what to look for. Once a survey is done, its a vulnerable time and if it keeps coming up, eventually he vendor will give in and sell to a buyer who accepts these problems for a lower price. You need to make sure thats you.
Third, investors are influenced by the asking price. This is one that many investors fall down on; they automatically assume that the asking price is the value so they are influenced by it. However, its just an asking price and not a valuation. Its where you start, not where you end up. Remember the asking price is not necessarily the value
Fourth is to undermine the agent. People do this without trying, they want to get across that they know what they are talking about and try to demonstrate their property knowledge. Dont state what you know, or think you know, ask questions to reveal the real price.
Fifth, most investors only use a few agents to help them find deals. Now I would recommend having a massive network of agent as the more you know the better. Its easier to keep in touch with modern technology (email) so the more reach you have the more deals you come across.
If you would like advice on selling at auction, get in touch with Paul at http://www.paulribbons.com.
