Property buyers are being forced to compete hard in many markets around Australia, so how can you improve your chances of securing your dream home?

Here are five tips to help you negotiate successfully:

Have a loan pre-approval in place. This will make you look more attractive in the eyes of real estate agents, because it will position you as a serious buyer who can move quickly if their client accepts your bid.

Build good relationships with Agents. Real Estate Agents work for vendors, not buyers, so they prioritise their clients’ interests. But if you can establish a good working relationship with Agents – even while keeping some of your cards up your sleeve – they might favour your offer over those of other buyers.

Be realistic with your offers. If you’re buying via private sale, avoid the temptation to begin with a lowball bid, otherwise Agents will take you less seriously than the buyers who are making serious offers.

Make an offer before the auction. If you’re buying via auction, you may be able to get ahead of the competition by making an offer before the auction. If your price matches what the agent expects to get at auction, they might tell their vendor to play it safe and accept your offer.

Be flexible around settlement. Tell the agent you’re willing to accept different settlement conditions (assuming that’s possible). This might include a shorter or longer settlement, or a scenario in which you let the vendor rent the property for some time before you move in.