Selling can be a challenging process for those who simply don’t know, understand or trust the process, or are simply unavailable, overseas, or just too busy to focus on what is required.

Our service is basically to arm you with inside info on how the unregulated real estate industry works… so you can move through this process with greater ease, confidence and better informed.

WHAT WE DO FOR YOU:

• Selection of the agent: understanding how they will compete for your business, what questions to ask them, how to compare the different responses and how to finally choose the best agent for you and the best sales method for your property in the current market.
• Someone to liaise throughout the process with all stakeholder to ensure the process is on track. We become the point of contact between the agent, lawyers, property managers, building inspectors, trades people etc. this enables you to stay fully informed yet continue your life supported through a potentially tricky process.

RECENT CASE HISTORY:

Outline of property purchase:

Interstate clients contacted me to sell a property in Melbourne. It had been purchased via a property investment marketing group in 2008 for $460 K. It was town house in a new area, off plan with a rental guarantee for 2 years at $411 per week.
After the 2 years, the rent dropped to $300 per week and had only crept up to $400 per week in 2016. They obviously had not felt the property was performing and the management, still under the same investment company, had been poor.

They engaged me to assist in selling. I contacted the management company as they also offered resale services. Additionally, I contacted four other agencies.
From the current property manager, I requested the recent rental reports and photos. Unfortunately, this led to the revelation they had nothing on file as they had not inspected the property for 18 months! They also offered a sales & marketing estimate for the property of $395 K-$420 K. I reminded them that they had sold this property to the clients in 2008, eight years before for $460 K. I received some lame real estate jargon about market fluctuations… interesting given Melbourne has performed pretty well over recent years. The sales agent also noted this was a town house, yet an area where families were the predominate demographic and preferred a house with space for kids to pay. It might have been better to advise the buyers of this in 2008!
Of the other 4 agents, only two replied, one immediately and very enthusiastically. We went through the process of questions about sales method, likely process outcome, competition in the market, marketability of the specific property with the two agents, easily selecting the most appropriate. He reminded the sellers that the strongest market sector in  this location was houses, not townhouses, and while this was a great townhouse, the limited outdoor space may be a factor.

I assisted them with the engagement forms, referral to a solicitor, and liaising with the tenant who had been there 6 years and was not happy about the impending sale. The management company “forgot” to notify the tenant the property was on the market, so they were surprised to have the agent and photographer knock on the door for photos. Together, the sales agent and I smoothed the tenant’s feathers and had their total co-operation through the sales process.

The agent gave excellent feedback consistently throughout the process, ensuring the owners understood the limitations of the property as per the market response. They had a couple of questions throughout this time that I was able to assist them with so they felt secure in knowing they had someone totally on their team.
Finally, a sale was achieved, for $465 K, with an agreed delayed settlement to an owner occupier. The agent was then able to find a suitable relocation property for the tenants.

Lessons:

• Do not buy from a one stop shop that offers investment advice, finance and legal services and property management services.
• Always check the current market rental return when being “given” a rental guarantee.
• Ensure you buy the right product type for the location you are buying in. The product may be great, however if it is not relevant to the main demographic in the area, it is unlikely to deliver your outcome.
• Stay in touch with your property manager and make a diary note when your inspections, lease renewals, maintenance are due so YOU can chase them up if they drop the ball.
• Always seek other agents perspective before going with the current rental management agency for your sale, or their referral partner if they are exclusively Property Management.
• The biggest challenge for most real estate agents is getting leads. A little bit of competition before you sign the agent up creates your point of negotiating power and allows you to set the terms. After all, you are about to pay them a fat pay cheque for their work.
• If you found this helpful, are looking to sell your own home or an investment property, anywhere in Australia, we can help.Click here to schedule a chat to find out how.