What is Bid Managment?

#1

Contracting an experienced Buyer or Seller Advocate to oversee, advice and or manage the buying or selling process.

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#2

I’m an buyer’s agent specialising in all areas and price ranges in Melbourne. My business name is Your Australian Property and website is https://youraustralianproperty.com.au/

Ask me any questions and I’m here to help…

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#3

I think bid management should be seen as the means by which the client is able to stay in control of their side of the transaction. Essentially it involves information, advice and the ability to fashion instructions into contractual conditions that will give effect to the client’s desired outcome.

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#4

So Peter, who do you think people should turn too for this bid management support?

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#5

Julie, I would suggest someone who has the legal expertise to draft contract terms appropriate to the outcomes the client wants to achieve. Estate agents are OK and finding real estate, but when it comes to negotiating more than price (i.e. contractual terms), the more complex the client’s requirements, the more expertise is needed. A property lawyer is really the person for this role.

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#6

I also believe skilled and experienced Property Advocates would also be able to offer this service and then couple this in with a property lawyer- great combination as well.

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#7

Yes Julie, particularly where the client doesn’t want to do the leg work associated with finding the right property.

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#8

Peter is spot on when it comes to drafting special conditions of a contact of sale (COS). As a matter course I never draft my own special conditions I also recommend a lawyer does that. But in saying that I have a comprehensive list myself of types of special conditions to use for each situation and use, as required.

However, when it comes the negotiation side the best person equipped to handle the negotiation (let’s say for a purchase) would be a buyer’s agent as their expertise is the property due diligence (providing an estimated buying range based in compared and local market knowledge) and of course the property negotiation (whether it’s private sale, auction or expression of interest).

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#9

Zac, I don’t think many lawyers or conveyancers are aware that they are prohibited from negotiating real estate sales or purchases unless they are also licensed estate agents. Even worse, any licensed conveyancer or lawyer who operates as an incorporated legal practice is totally prohibited, as neither of these enjoys the exemption under Section 5(2)(e) of the Estate Agents Act 1980.

I hold an estate agent’s licence myself, just so as to be able to negotiate on behalf of those who come to me seeking assistance in the early stages.

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#10

Zac, would you be happy to share some of those special conditions as samples for Buyers? I know people are unaware of what they can consider.

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#11

Julie and Zac, providing special conditions to a purchaser or vendor would need a pretty strong disclaimer, as a disgruntled layperson may well claim to have been give ‘unqualified legal advice’ or to have been given inadequate advice about the effect of the special conditions provided. Lawyers are often taken to task over providing inadequate or or incorrect advice about contract terms and conditions.

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