At Entourage, we know that property transactions aren’t always just about the highest offer. Often, the motivations and values of both buyers and vendors play a significant role in shaping the outcome. In this case study, we dive into how our team’s tailored approach helped a growing family secure a home in a competitive market – even when theirs wasn’t the highest bid.
The Clients
Our clients were the classic upsizers, a couple with one child and another on the way, looking for a bigger family home in Melbourne’s inner suburbs. They wanted to stay in their community and saw value in buying an older home that could be renovated over time to suit their needs and budget.
With this in mind, we focused our search on their desired area, balancing their budget and lifestyle to find the perfect one for our clients.
The Opportunity
After a quick but intense search, we found a property that seemed to be made for our clients. It was part of a deceased estate, untouched by renovations for over 20 years but in good condition, and a good foundation to work with. It ticked all the boxes for location and family suitability and was an opportunity for our clients to move into a home with immediate liveability and future potential.
As we did our due diligence an important detail emerged: the vendors were keen to sell to another family. This revealed that the price alone would not be the determining factor – it opened up the opportunity for a strategic approach focused on terms and alignment with the vendor’s values.
The Negotiation
This transaction shows an often overlooked aspect of buying property: the importance of offer terms. Many buyers think the highest price wins but other factors can be just as important to a vendor.
In this case, the vendors prioritised family-friendly terms over a slightly higher price. Our client’s offer included:
- A settlement period that suits the vendor: Flexibility in timing can be a big advantage.
- Minimal contingencies: Simple and clear conditions, such as pre-approved finance, gave the vendors confidence that the deal would go through.
By offering what the vendor wanted, we gave our clients a competitive edge.
Understanding the Vendor’s Perspective
This also shows the importance of understanding the human side of property transactions. At Entourage, we don’t just present offers – we take the time to get to know the motivations and concerns of all parties. In this case, the vendor’s desire to see their family home loved was mirrored by our clients who had the same vision. By connecting those dots, we were able to create a win-win.
Historical Properties
This was an unusual situation, but not unique. Vendors of heritage or sentimental properties often put the legacy of their home above the final sale price. We saw this in the sale of the Little Family Estate in Toorak in 2002 where the vendor wanted a buyer who would look after the property’s history and architecture. These transactions show that for some sellers, value isn’t just monetary – it’s personal
Lessons Learned
This case serves as a reminder that property transactions are about more than just numbers. The terms of your offer – from settlement timing to the conditions attached – can significantly impact the outcome. A deep understanding of the vendor’s motivations, combined with strategic advice, can make all the difference.
We pride ourselves on going beyond the basics of sourcing and transacting properties. By understanding the stories, motivations, and needs behind every purchase, we help our clients navigate the property market with confidence and success.
If you’re considering your next property purchase or need advice on navigating a competitive market, our team is here to help. Get in touch with Entourage today to see how we can turn your property goals into reality.