Now that Downtown Los Angeles has experienced several years of extremely high demand and dwindling inventory of available homes for sale, the average prospective buyer is giving up because they don’t know how to complete against the sophisticated, often wealthy investors and cash buyers who ruthlessly purchase Downtown properties for their superior investment value and burgeoning Downtown’s stand-out growth potential.
Urban loft lovers who don’t have boatloads of cash cannot succeed by simply doing the ABCs of real estate. Looking online, finding an amazing loft and placing an offer is likely to result in being outbid. One recent example is Alta Lofts unit# 105, a stunning 3-level loft with 20′ ceiling, wall of windows and many beautiful upgrades. Even though the loft was in the easier neighborhood of Lincoln Heights, the property quickly attracted 5 offers, including several cash offered above asking price. Sadly, not one of the prospective buyers took advantage of all of the possible tools and tactics available to them at no cost. Even the buyer elected to pay more money rather than get free access to the pocket listings at Alta.
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The reason? With more information on the internet than every before, many buyers feel empowered to take matters into their own hands. The problem is that all of the other buyers have access the same information. Information available to the general public, most of it delayed by several days or weeks, does not offer real competitive advantages to buyers. Buyers who rely on the most popular real estate websites are guaranteed to miss the best deals.
To get the best deal in DTLA, buyers must use all of the most powerful resources and tactics to outmaneuver other buyers. It does little good to use the same websites and strategies as other buyers. Here are five super advanced tactics that most buyers don’t know about. Believe it or not, these are all FREE, yet most buyers don’t know about or take full advantage of these tricks:
- VIP Buyer program – allows buyers to receive emails of new listings as soon as they come available, also including foreclosures, distressed properties, unlisted, off-market properties.
- Pocket Listings – Up to 45% of the best deals never reach the internet and most buyers don’t hear about them because the property sales are private, exclusive deals that are sold without the public ever knowing. This is the #1 biggest secret in Downtown real estate.
- Early Offer Placement – The early bird gets the worm. The early offer gets the most amazing loft at the lowest price by avoiding bidding wars.
- Escalation Clause – Allows a buyer to offer less money while competing against multiple offers and higher offers by automatically increasing the buyer’s offer as necessary to get the desired home.
- Winter Purchase – Most animals, including humans are programmed to hold tight and hunker down during the winter. Most buyers stop looking completely from Thanksgiving to Christmas. This makes November the best month to look and December to best month to buy for placing low offers and steal a deal while competing buyers are out of the picture.
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Corey Chambers, REALTOR®