Well I’m only speaking from a NSW point of view here, but my favourite spots to look for private sales include local papers, Saturday’s SMH and Trading Post. The best practice, however, still involves actually driving in the area you’re looking in (I include this as part of my search for all clients) to spot the signs. Almost all private sellers, in my experience, advertise with a sign as a minimum. Also check out http://www.domain.com.au as private sellers are allowed to advertise there- as opposed to the agent only site at http://www.realestate.com.au.
Happy hunting! And where are you looking, incidentally?

Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydney

http://www.invested.com.au Australia’s premier Investor Education site

Perhaps the most important factor, after the actual position and type of commercial property you’re purchasing, is the current lease (if it has one) and its terms. If the property is vacant, then I’d be doing my homework (very quickly in your case!) with a commercial PM on who is likely to lease, for how long and for how much. A good long term lease is a terrific selling point down the track and a necessity for your cashflow.
Good luck!

Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydney

http://www.invested.com.au Australia’s premier Investor Education site

If it’s just the ratio of home owners vs renters that you’re after, then check out the free reports available on RPData. Depends on where you’re looking, of course, but they provide some very useful information and a great start in your initial search.

Eg: http://reports.rpdata.com.au/cgi-bin/vgmsg/RP_Reports/subprofile/rprepgenprofile-pdf.p?type=1&fromhome=1&rep=1&instate=New+South+Wales&insuburb=castle+hill&inpcode=2154

Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydney

http://www.invested.com.au Australia’s premier Investor Education site

The dangling carrot of the fast ferry to Ettalong from Sydney may well never eventuate, from what I’ve been told by agent colleagues. Even if it does go ahead, because of the weather and current conditions, it will be limited to only going at certain times and so won’t be able to be consistently relied upon.
Ettalong is a nice place (been there recently and stayed at Outrigger) but still away from the freeway and main infrastructure.

I like the CC for a short break, but long term cg is difficult to pinpoint.

Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydney

http://www.invested.com.au Australia’s premier Investor Education site

You’ve hit the nail on the head there, Simon, with the appointment of a professional. Just as I wouldn’t be bothered to going to the effort of investigating all the lenders options out there (much easier to use a broker!!) it’s interesting that most buyers of property still choose to go it alone- up against the experience and expertise of agents whose very job is to push the price as high as possible.
The way I look at it is that our fees pay for themselves (and, in some cases, many times over) so you’re ultimately better off using a third party.

Commission splits are more common in places like the US, but truly independent BA’s are those (like myself) who take no kickbacks, commissions or referral fees from anyone. Fullstop. Any BA who is doing this has to disclose to you, as purchaser, that they are doing so.
Personally, with the obvious conflict of interest that goes hand in hand with commission splits, I’d only ever choose an independent BA. Ask them upfront if they get any referrals, commissions or kickbacks from anyone and ask for a rundown on what their system of a search entails.

To avoid the old practice of inflated rents just prior to sale, ask to see a rental ledger which shows the rental history of previous tenants.

Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydney

http://www.invested.com.au Australia’s premier Investor Education site

Building rapport is all well and good but remember that, as much as a buddy the REA may appear to be with you, they are better friends with the vendor [exhappy]
Their focus is to get the best price for their client (vendor) at a price and on terms and conditions that suit them. And, this is the way it should be! After all, turning the tables for a minute, would you want your REA, who is selling your beloved PPOR, to become so friendly with the buyer that they end up screwing you down in price?
I think not.
Admittedly, there are some sharks out there who do this regardless, but I would like to think those agents are in the minority. The majority of agents are just trying to do their job, but they are honestly caught in a real conflict of interest situation. On the one hand, they have their client who has engaged them to sell on their behalf. Their fiduciary obligation is to the vendor. Fullstop. However, in the majority of their day to day dealings, they are working with us as buyers. They need to establish rapport, build up relationships, locate information on our behalf etc all the while trying to work out a deal that suits both parties.
But, in the end, it’s the VENDOR who pays them. In order for them to do the best job on behalf of their client, they will give out the best possible information about the property that will sway the buyer towards wanting to submit an offer. If that means withholding facts or “not being aware” of certain issues/conditions, then the buyer can’t hold the REA to account here. After all, doing thorough due diligence is one of the most vital keys to purchasing well.
We had a recent example of this very type of situation with a client, who simply wanted us to find out some further information about a an individual property . Naturally, the house looked good, the REA told her it was a “great buy”, the advertising history indicated that the vendors were highly motivated (price reductions over a short period of time after a failed auction) and the client liked the location. What she didn’t know was that over a third of the street was owned by the Housing Commission and that the street had a reputation for being not so salubrious. The recent sales within the immediate area also indicated that the initial asking price was too ambitious anyway. Based on these facts, she learnt valuable information and was then able to walk away without wasting further time considering the property.
Having access to these databases that provide such information is an important part of the purchasing process, and even if you just purchase the reports, it gives you a much better idea of what a fair price estimation should be in any current market.
REA’s are a great place to start when requesting information, but just be aware that they may not tell you all the facts. The rest is up to you- council, sales data, neighbours, other investors with experience in that area, property managers (ask to see Rental Ledger etc), building inspectors etc.
Happy hunting!!

Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydney

http://www.invested.com.au Australia’s premier Investor Education site

Also talk to Presto who has been on this forum. Experienced developer, and nice bloke.
Good luck with it all![evo]

Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydney

http://www.invested.com.au Australia’s premier Investor Education site

Most Buyers’ Agents tend to charge a percentage of the purchase price, which is illogical when you think about it for a minute….
Their aim is to get you the best deal possible, including price, yet their fee increases the MORE YOU PAY!
To me, it makes infinitely more sense to employ a BA who charges a set fee. No matter the price of the property, whether it’s a $300K unit or a $3mil mansion, the same amount of research and legwork is usually still required.
Perhaps I’m biased, as this is the way our agency operates (giving myself a little shameless plug here http://www.housesearchaustralia.com.au) but it really is the fairest way, I believe, in which a BA should be paid.

Cheers,
Pro-Active

http://www.invested.com.au Australia’s premier Investor Education site

I’m with Simon on this one. These type of properties tend to lack capital growth and end up difficult to sell, due to the limited buying audience.
Stick to something with at least 30% land value to give yourself something to grow

Cheers,
Pro-Active

http://www.invested.com.au Australia’s premier Investor Education site

Try Nick Moustacas from http://www.strategicwealth.com.au
I know him personally and he has a good reputation, especially as he’s a property investor himself and active on our site for investors.

Cheers,
Pro-Active

http://www.invested.com.au Australia’s premier Investor Education site