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Luke Durbin is a well-established and award-winning real estate agent who has years of industry experience. He shares this experience in finding the perfect property in five simple points.
Although each buyer has unique needs, Luke has formulated five features that are important for all to consider as these are the aspects that he takes into account when finding the ideal property for his clients. They are as follows:
Identify what exactly you require as a buyer
The needs of the buyer depend on if it’s residential or commercial and industrial. Should it be an industrial buyer looking for a manufacturing building, there are seven questions that Luke asks to evaluate the business:
a. Are they a holding company?
b. How much space are they looking for?
c. Do they need to be close to the interstate?
d. How important is ceiling height?
e. How much electricity do they need?
f. How many docks and overhead doors are required?
g. Is this for warehousing or manufacturing?
Establish what you can and cannot live without
The buyer needs to decide on what is absolutely necessary in the search. Would you like to be close to an interstate, but it’s not as essential as other aspects? Luke highlights the difference between commercial/industrial and residential properties. For commercial properties, it’s nearly impossible to go to the local MLS system and find five buildings for buyers to look at.
If he’s lucky, he’ll be able to find one: “There is more of an art to it, which is why most of my time for this particular client would be spent gathering information and working with other companies who already own their building but are not using all the space.” He speculates that well over 70% of his deals come through that way. In this manner he helps not only the building owner to generate income for their wasted space, but also the tenant to find a new home for them to conduct their business.
Be prepared to act with due haste
Residentially, it’s a little different. In today’s current market, for every ten buyers, there is maybe one seller. This is an all-time low. To combat this, residential buyers must be ready to act. So, you must be pre-qualified with your bank and be equipped for the process of how a purchase agreement works. In all likelihood, there will be competition from other buyers to purchase the property and you have to be prepared for that.
Sign a Buyers Brokerage
There is a general misconception around signing Buyer Brokerage Agreements with agents, and it is uninformed. Agents would never dream of putting a house on the market without a listing agreement, but they do permit buyers to consult with other agents without a Buyer Agency Agreement. However, signing is a win-win for both agent and buyer as it allows the agent to do their job and talk to past clients and/or make calls regarding properties that fit the description on the buyer’s behalf that may not be actively available to the public.
Especially in this market, and if the buyer is serious about purchasing a home, they shouldn’t be afraid to sign a Buyers Brokerage as it helps agents to work for them effectively. Luke notes that “It’s also a win for the agent who can explain how beneficial this is to their buyer, because it relieves the stress of working so hard on the buyer’s behalf in this saturated market only to find out that they ran into another agent at an open house with a slick tongue who convinced the buyer to just write the offer with them, for example.”
Take time and wait it out
In Luke’s opinion, the market will soon correct itself. Today, there might be ten buyers to every one seller, but there are many banks and landlords who are currently not allowed to proceed with foreclosures and evictions due to our current pandemic. Very soon though, those guidelines will end and it’s forecasted that there will be a large inventory of foreclosed properties to hit the market. As such, if you have ever considered selling your home, it should be done soon in order to maximise your dollar and gain the most equity out of your home, “which in return will lead to great buys!”
For more information on Luke and his business, visit his company’s Facebook page, Instagram page, or his personal website: www.durbinrealestate.net.
