I overheard a buyer say this at an inspection: “The property either sells before I get a chance to put an offer in, or the strata report is horrendous.” This is a pretty common theme, and often a pain point buyers have when they reach out to a buyer’s agent.
It’s frustrating when you don’t know the rules, especially when it’s the biggest purchase you can make in a lifetime. I do believe the best way to protect yourself from heartache and poor decisions is to work with a good buyer’s agent. But if you’re dead set on DIY, there are a few steps to learn and practise to help you be competitive and make savvy decisions.
Here’s what it looks like.
1. Set realistic price expectations by regularly checking sold prices
Many buyers fall behind because they don’t realise that in order to be competitive, you need to start a few steps back to set yourself up for success. Instead of starting with “what’s the price guide?”, start with the sold section.
Check it each day, just like you check the for sale section. When you ask for the price guide on new properties, compare it to similar properties that have already sold. This can help you rule out properties that are out of reach, or give you a head start on the competition who are hopeful at a price the property is never going to sell for.
2. Learn what a normal strata report looks like
Every strata inspector is different, so reports are structured in different ways. They all contain key information, but the skill lies in interpreting what is being presented.
Unfortunately, the only way to become comfortable understanding strata reports is to read a lot of them. If you have never read one before, you should absolutely have someone experienced go through it with you. It is all about context. A capital works fund with $1 million in the bank might look healthy, but if there is $10 million of work coming up, not so much. You can only judge a strata’s condition accurately with experience behind you.
3. Line up your due diligence before you need it
If you are still working out how to order a strata report, who will review it, and how long that process takes after the inspection, you are already behind. Properties that sell quickly usually do so because buyers are prepared to run due diligence immediately. Having your process and providers in place means you are not scrambling while others are already making decisions.
4. Ask agents how you can be more competitive, without being confrontational
When you miss out because you were not quick enough, it is worth asking the agent for feedback. Most agents will be generous with their time if they receive a genuine request for help.
Let them know you missed the opportunity due to timing and that you do not want to be in that position again. Ask what the successful buyer did differently and how you could improve your position next time. Approached this way, most agents are willing to help and explain what actually mattered in the negotiation.
5. Be selective about where you spend your time
Having a long list of suburbs and property types you'd consider might feel like you are creating more opportunities, but it often does the opposite. If you are covering too many suburbs or considering houses, townhouses, and units all at once, you dilute your focus and reduce your ability to be competitive.
Limit your search to three or four suburbs and stick to one property type, such as house or strata. This allows you to track every relevant listing, understand pricing more clearly, and act quickly when the right property appears.
These steps take practice and discipline. But if you are willing to commit the time and energy, you put yourself in a far stronger position to compete and make solid buying decisions.