Hi,
I have a 4 bed strata titled duplex with long term tenants. I am looking to sell the property and have listed it twice. Each time I have had not even 1 person interested in the property.
The property is on a main road however is set to the back of the block, is walking distance to shopping centre, bus stop out front and walking distance to beach. University is less than 5 km down the road. It has a great central location to everything you need.
Does anyone have any ideas that maybe “out of the box” to sell this property?
I understand the market is flat on the Gold Coast but need to sell it fast!
Hi Cameron
Do you mind sharing with us why you need to 'sell it fast!'
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
i'd be interestede to know why you want to sell it fast as well. then i'd be able to give you more relevant tips for your situation to sell it faster
Both my wife and wish to start a family and do some renovations to our PPR.
We have been trying to selling the property for over 12 months now through 2 agents.
So looking for maybe a different approach. Even though with this market we may need to take a loss with the property.
Go out the and speak to some agents again. Don’t go for the one who says that they will get the highest price. Get the agent to cover their costs eg adverts etc on a no sale no pay basis. Give them two months exclusivity.
G’day
Do you have a link to the ad/listing so we can see what the property actually is and what the current sales pitch is. This would make suggestions easier
Cheers
Hi Cameron
Thanks for the insight into what you're trying to achieve. Let's see if I've got it right
You'd like to do some renovations to your PPOR and you'd like your IP to stop costing you so much money each month, so you and your wife can start a family.If you were to sell your IP with a vendor finance Instalment Contract (IC) you would expect to receive somewhere between $10K to $20K (sometimes more) as a deposit. This may or may not be sufficient for your renos.
Also, most properties we sell with IC's generate somewhere between $500 to $1,000 per month positive monthly cash flow. If you were currently negatively geared to the turn of $500 per month, selling with an IC could possibly improve your cash flow position by $1,000 to $1,500 per month. This monthly improvement to your cash flow position could help with the renos and also help with your financial planning regarding starting a family.
There are always trades off in whatever strategy you undertake. When selling with an IC you do fix, i.e. lock in, your capital gain and generate positive monthly cash flow but you do lose the long term capital gain on the property.
I'm sure there will be more suggestions regarding the use of other strategies. Hopefully out of all these suggestions you'll get one that best meets your family's needs.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks for your help Paul – I wish to really exit the property altogether so not sure an IC is the way to go for me.
I don’t have a current listing at the moment – I have only just resigned a 6 month lease with new tenants and will need to wait out the 2 month waiting period before listing it again. In that time I want to have everything ready to go to hopefully do a big push and sell the property.
It is leased for $370 per week (was $380 but discounted to secure new lease) and am looking to sell for around $320k – $340k. I think that for someone with a small deposit ($20-$40k) the property could be cash flow positive.
Thanks for all your comments – Will take the approach as suggested by going to agents willing to sell the property for no upfront costs.
Hi Cameron,
I am having a stab in the dark here and do not mean to be rude- the reason why your property has not sold is because you think it is worth more than it is (because it is yours and you have an emotional attachment to it) and not many people will pay more than a fair market price for a property. Maybe it is because of a bad advertisement or presentation but I doubt it.
Cheers,
Luke
You'd like to do some renovations to your PPOR and you'd like your IP to stop costing you so much money each month, so you and your wife can start a family.
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