I own an office suite in an inner city suburb of Melbourne,in a brand new building.I,along with a few other owners,am still looking for a tenant.The building is superior to anything else in the area,and as such we have been seeking (and many have already achieved)premium rates in excess of $300 per square metre.We are prepared to wait a little while to achieve these rates,or at least that was my understanding.There are 3 or 4 agents acting on behalf of the owners still looking for a tenant.I only found out recently that some of these agents (not mine) have been approaching tenants already occupying suites,and offering rates as low as $210 per metre,plus half price car parks,effectively devaluing the whole building.I am disappointed that owners are backstabbing other owners,but more so with the unethical,immoral,sly actions of the REAs.If we didn’t need them,they would be stacked ten high at the tip.Maybe I don’t need them,and it is time to show them that.
Tools
Why not try to do your own legs work by do your own advertise at the same time.
Warm Regards
ChanDollars
[Keep going, you’re on your way to financial freedom]
Never heard of it myself, but I can help you out I’m sure. I found myself looking at a mining town in WA where there were +ve cashflow properties but wondering about the town itself. What I did was:
1. Look up 5 – 10 businesses in town with phone numbers on whitepages.com.au.
2. Ring a few to get some gossip on the town, areas to buy etc. I asked someone if they knew a teacher at the school could talk to and got lucky.
3. Ring local tourist bureau to see what is happening tourism wise (new attractions, figures on tourists etc)
4. Ring the local paper and get it sent to you. Also talk to the editor about the town and their thoughts on what is happening with it.
5. Ring the mining company and find out their website.
6. Look at the mining companies website for annual reports, press releases, announcements, new deposits etc.
7. Look for companies estimate for the mine life.
8. Look at what their share price is doing and has done for the last 12 months.
9. Look up local council website for press releases etc.
10. Talk to council about crime rates, youth programs in place, life of local businesses in town etc.
11. Look at population trends in area (ABS, or use search engine)
12. Find out what percentage of the miners fly in/fly out each shift.
13. If all that looks good, talk to R/E agent about prospective rental returns and vacancy rates.
If all the signs are positive, you are ready to start looking at previous prices, price trends and available property.
Oh, I also ring the local motel to see what vacancy rates are during the year.
BTW, I did not purchase in the twon as the mine life was only 4 years. I was not going to risk it.
Good luck on Collinsville, I’m sure you will find the info you need.
‘Eat rich food, barbeque a yuppie’
Well said Rugbyfan.
Warm Regards
ChanDollars
[Keep going, you’re on your way to financial freedom]