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Xenia
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@xenia
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April 30, 2007 - 5:33 am
Looks like your pm is working for the tenants
What they should have done would be to ring you to say that they found some tenants who are only willing to take $275 then seek instructions from you to go ahead with them or not. I would have done that even before looking at the tenant's application form. Infact, I would have said, the landlords want $280 at least and we feel that this is the cheaper end of market rent for this property, I can present this $275 to the landlord but I don't like your chances".
What to do now? I would definately remind the property manager that you are their client and they should seek instructions from you before making any descison.
Who is listed on the management agreement as being the owner of the property? They make the descisions. If your husband is listed on there then they are within their rights to take instructions from him. Otherwise you have a course of action!
Xenia
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@xenia
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April 29, 2007 - 10:35 am
The mining got the go ahead by the liberal party yesterday.
Just in our very small office, we are begining to see properties being sold after one open inspection. Lots of keen buyers around which to me is an indication that the market is heating up.
We have recently also had an influx of interstate landlords buying in Adelaide.
Our agency is very small compared to some of the big franchises, but it does provide some indication of where the market is currently heading.
Xenia
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@xenia
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April 29, 2007 - 10:18 am
Semaphore and Port Adelaide are Great, so is Hallet Cove if you want to go South. I have a newsletter written by Peter Koulizos (the property professor!) regarding his views on the top ten suburbs of Adelaide. Please email me if you want me to send it or you can download it from our website (below).
Xenia
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@xenia
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April 28, 2007 - 11:27 am
We don't have anything in Murray Bridge but Adelaide in general is on the move at the moment:
http://www.creativerealestatesolutions.com.au/cgi-bin/page.cgi?id=112
Xenia
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@xenia
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April 28, 2007 - 11:25 am
We only buy in SA. The website below may be useful to you.
http://www.creativerealestatesolutions.com.au/cgi-bin/page.cgi?id=112
Xenia
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@xenia
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April 27, 2007 - 1:58 pm
I also know a few but in Adelaide.
If you miss a few repayments with the private money lenders, depending how the deal is structured, you could also go down the path of losing the property just like in lease options.
Xenia
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@xenia
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April 27, 2007 - 5:16 am
Many of the Perth buyer's are here! In Adelaide
Xenia
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@xenia
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April 27, 2007 - 5:13 am
This has been posted as a question many times on this forum.
It is not legal to accept or recieve money from any real estate transaction without a license! In SA not only do you have to pay back the commission recieved, you also get a $20,000 fine for any transaction performed!
Some people like to call it a "marketing fee" to try and get around the law. Like one judge once said in SA "I don't care what you call it! You can call it kangaroo, it is still illegal"
Now, bird dogging or spotting is done alot in the investing world, and it is fine until you get caught doing it. You can try your luck and make some money if you want to but I personally would not take the risk.
Xenia
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@xenia
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April 25, 2007 - 12:34 pm
Do you have a subject to buiding inspection clause in your contract?
If so, that allows you to walk out of the original contract and renegotiate new terms and price. All you need to do is tell the agent that due to the buiding report you are no longer accepting the contract and you would like to negotiate a new price. They would then draw up an ammendment to the contract.
Please be aware that the vendor does not have to accept the lower price and the property can be put back onto the market because the original contract no longer stands!
Be willing to walk away and be realistic. Are the costs reasonable? Have they already been reflected in the asking price? What are other properties going for with those defects?
Xenia
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@xenia
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April 25, 2007 - 4:33 am
You either have a criminal mindset and end up shooting yourself in the foot sometime in the future or you have a winning/ethical mindset where even if you face a few setbacks along the way, you'll always end up successful.
The 2 are mutually exclusive!
Xenia
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@xenia
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April 21, 2007 - 1:41 pm
The best thing you could do is spend some of the money on educating yourself. If it was as simple as getting all the right answers from one post on a forum then everyone would be a billionaire!
Xenia
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April 21, 2007 - 1:39 pm
You can also use positive cash flow strategies like lease options to offset some of the more negatively geared properties and keep your portfolio balanced!
Xenia
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@xenia
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April 21, 2007 - 1:37 pm
ThanksTerry for reading the large pdf and relaying the information
Your summary is sufficient for me
Xenia
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@xenia
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April 20, 2007 - 12:07 pm
We had some full colour brochures printed and delivered by a delivery company and the local paper. Here's what has worked for us in the past:
The law of large numbers:
10,000 plus deliveries every 2 weeks (need brand recognition and stick to the same colour).
Our success rate was 1 to 2% (very low)
People are very disensitised to advertising so you need this volume to get it to work. It is the volume that works not what you say in the letter!
Also, how are your comparative market skills? Can you price a house? Why would they sell to you rather than selling through the local real estate agent? What would give them the highest price for their property. The one to 2 people that call you through your marketing campaign WILL ask these questions, if your sales skills and property knowledge are not sharp enough you will loose them and create a negative brand in what you are sending out! Once you know exactly what to say to swing the ods in your favour and win the competition over real estate agents, you will also work out how to word your letter
Xenia
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@xenia
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April 19, 2007 - 3:56 am
Marc, I cannot flaw your arguement about the time it takes you to find a property, it makes alot of sense!
We run a buyer's agency and also a real estate agency which does normal sales. There is alot more work (many many hours more) that goes into finding the right property for an investor than goes into selling a property. A few open inspections on the weekends will sell a property, but finding the right investment property may require looking at 100 to secure one. We can only work with one client at a time in a given area because of the scarcity of properties with good potential.
The commission earned in both the sales and buyers agencies is the same, although there is much more revenue earned in the sales agency because we can take on as many sales as we can get. This is the reason why there are fewer real estate agencies finding properties for investors, infact we are the only one in SA that will deal with investors.
Being in the market looking at properties all day every day really helps in identifying what is a great investment and what isn't. Real estate sales people will label anything as a good investment without even knowing what the word "investment actually means".
We have had real life situations of investor clients bringing us properties to look at which were $40,000 overpriced. They would have bought that property if they were not using us as a buyer's agent! This was not a mum/dad investor either, this was a big investor from interstate that was not aware of the SA market.
We would appreciate some comments on our buyer's agency website if anyone has some time:
http://www.creativerealestatesolutions.com.au
There is also some general information on the SA real estate market which may help people who want to look themselves.
Xenia
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@xenia
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April 18, 2007 - 12:46 pm
I would very highly recomend Chris White from prosper group in NSW. He has been a mentor of ours for the past 4 years and seems to be one step ahead of us even as we grow.
His email is [email protected] (ps, he does not come free )
Xenia
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@xenia
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April 18, 2007 - 12:43 pm
It may be just a personal preference, but I don't think it is a very attractive look at all! To me it just looks unfinished. No idea what it costs.
Xenia
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@xenia
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April 17, 2007 - 8:30 am
Why not ask the pm for a template, or beter still get them to do it for you!
Xenia
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@xenia
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April 17, 2007 - 8:29 am
depending on the state.
In SA it is 4 weeks bond for rents $250 per week and under and 6 weeks for anything above
Xenia
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@xenia
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April 15, 2007 - 12:22 pm
Here is a link to our buyer's agents website with a view on Adelaide.
http://www.creativerealestatesolutions.com.au/cgi-bin/page.cgi?id=112
Because this is a new company, we welcome any comments / suggestions / feedback that anyone may have.