All Topics / Help Needed! / Selling Student Accommodation – DIY or agent?

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  • Profile photo of g_threepwoodg_threepwood
    Member
    @g_threepwood
    Join Date: 2012
    Post Count: 1
    September 11, 2012 - 2:59 am

    Hi all,

    just doing some research on selling a student apartment in Prahran (helping the gf, her place)

    Considering it's just a little place, is it worth have a crack at selling it ourselves? puting it on realestate.com.au etc?

    Or is it better just getting an agent to handle it?

    If agent, what's a reasonable commission % to be paying for around ~$200K student accomm?? Any recommendations for good agents in Melbourne? Is there such a thing as student accomm specific agents or do you just contact the normal local real estate agents?

    thanks!!

    Profile photo of KiddHouse4UKiddHouse4U
    Member
    @kiddhouse4u
    Join Date: 2012
    Post Count: 1
    September 13, 2012 - 4:23 pm

    Hi G_threepwood

    Questions….

    Do you know what the recent apartments in the area have sold for?

    Have you been completing any research in the area to see if there is a demand for your GF's type of apartment?

    From memory Melbourne has cooled off property value wise by .06%. I would also assume that this would mean that there is not a high demand from buyers?

    Are you a sales person secularly? Do you have experience with real estate selling?

    If you have not "researched" and do not know the answers above, I stronger suggest that you do so immediately!

    You state that the apartment is student accommodation?

    * Is this a high rise purpose built for students? 

    * Or is it an apartment situated close to university?

    This will also "dramatically" affect your chances of a sale or not.

    I ask because student accommodation demand has dropped with

    * High Aussie Dollar

    * New working visa rules

    * New student visa rules

    * Bad press over the past 2 years – students heading for Canada and New Zealand

    1. Research, research and more research

    2. Decide if it's worth selling if the market is depressed

    3. Interview agents (Do not sell yourself) to see

    * What interest do you have in your books right now for people wanting to buy?

    * What experience do you have

    * How many properties have you sold in the past three months

    * What is your personal opinion of the real estate market right now (negative response….forget the agent! Next)

    * How would you market this apartment

    * What would be your strategy ( if the agent says "auction"…..continue with great care!)

    You want an agent 

    1. Positive

    2. Has been selling apartments the past three months

    3. Has lots of buyers on their books NOW

    4. Local experience 

    Hope this is of help :)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 13, 2012 - 11:07 pm

    You may think you can save the agents fee – which is 2-3% approx, but you can end up losing more if you market it at the wrong price and/or don't have the sales skills.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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