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Nice suggestion Gerry, but I’m a bit of an environmentalist, I only ever use things like enjo cloths (or similar products) and water. That goes for in between cleans for rental properties and also my own house
Investment Property Management
http://www.adprop.com.auYes you can ask the landlord to fix the problem, whether they install an antenna or not is their choice, but they need to get it fixed. Everything in a rental property must be in good working order, just like if you lease a car everything has to be working. It is the landlords responsibility to rent a house that is problem free.
Hope this helps [biggrin]
Investment Property Management
http://www.adprop.com.auHi DLPP,
The same high turnover and lack of performance by real estate agents is true here in OZ and that certainly is a limitation in the industry.
My quote “You always get what your mind is focused on” is my interpretatation of the law of attraction described in things like the secret and other similar mindset/linguistic literature that I have come across (can’t remember names, I tend to read alot and go through things very quickly!!), but it all makes sense to me [biggrin]
Investment Property Management
http://www.adprop.com.auThey work purely for the purchasers and get their commissions from them not the vendors.
A good one can negotiate better sale terms and price and knows generally what properties would be selling for. Because they are in the market all day every day, it is unlikely they would overpay for a property or buy on emotion like a purchaser would do.
If you were looking in Adelaide, I would be able to recomend a great one, I’m married to him [biggrin]
Investment Property Management
http://www.adprop.com.auJust goes to prove, YOU ALWAYS GET WHAT YOUR MIND IS FOCUSED ON which may not be exactly what you want [biggrin]
Investment Property Management
http://www.adprop.com.auI also agree, a skilled real estate agent can certainly negotiate a better price, the trick is to find one. Below is a real scenario of a private sale we did a few years ago, a commercial property in Adelaide.
Agent’s appraisal $800 to 850,000
Agent’s commission $25,000
Advertising $5000 (sign on top of the roof cost $1500)We had it with an agent for a few months and had an offer for $800,000, it fell through!!!!
We asked where they get their signs made and they reluctantly told us [biggrin]. We went to the same sign company and put the same sign up on top saying For Private Sale, Please contact vendor…
Cost of sign was $500!!!! (agent made a $1000 profit on advertising)
Every agent in Adelaide called us in the first week after seeing the sign (it was on a high profile property on major street corner).
First offer we got was $900,000, we told people we were looking at offers around the $1mil mark and had put together lots of proof to justify it (which the agents did not!!!). We got 3 offers using a private treaty method of sale.
It was sold that month for $940,000!!!! [biggrin]
To us, that was proof that we had better people skills and negotiation skills than most agents [aacool]
It was easy for us to get into the industry and obtain a license to sell and rent real estate, there never was any real competition [biggrin]
Investment Property Management
http://www.adprop.com.auI can’t believe that [blink]
You must be quite offey with the search process but what about people who have no idea how to do them? Like pensioners who don’t even have access to the internet.
That is very bizzare to me, you are doing the agents job!!!!
Now as you said, the agent’s job is just to find the purchaser, would you still need to pay for advertising?
If so, why not just do it yourself????
Investment Property Management
http://www.adprop.com.auDefinately not the clothes Jen [biggrin]
How about a creative cash flow strategy like leasing with an option to purchase. It enables you to trade a property and make some profit while enjoying cash flow in the mean time. Great way to get started into property.
I have more of a description on my website and some free downloads. Or please me at any time if you have any questions. [biggrin]
Investment Property Management
http://www.adprop.com.auI can only speak for SA legislation but it is not legal for anyone to pay or revieve ANY commissions related to property without a license.
We are licensed and pay referral fees to people that bring us deals (spottors fees), because of the legislation in SA, we cannot pay anyone cash if they do not also have a license.
Gift vouchers are OK[biggrin]
There is always a way around everything !!!
Investment Property Management
http://www.adprop.com.auCan the solicitor prepare all the paperwork?
The role of a real estate agent is to find a buyer, if you already have one, you’ve already done the work [biggrin]Get the solicitor to prepare all the searches and settle the deal and your done!!!
Investment Property Management
http://www.adprop.com.auI did some courses at the REI in SA to get an agent’s license (need it for property management) one of the things they mentioned at one of the sales training courses is to always insist on a 10% deposit from the purchaser (although it is not written anywhere in the legislation).
The rationale behind it was that it is enough to cover the agents fees if the settlement does not go through.
Now we know where their priorities lie, does this actually shock anyone???
Investment Property Management
http://www.adprop.com.auI really don’t care what my accountants, solicitors or finance advisors charge. I’m willing to pay well for good service and then some. As far as I’m concerned, if they help me grow my business and portfolio from year to year, they deserve a cut of those profits that could not have been made without them.
When looking for an accountant, price is the absolute last thing I think about. To be honest when I interviewed my last accountant and solicitor, I didn’t even bother to ask what they charge, the fact that they were on the same wavelength as me was enough to sell me. [biggrin]
Investment Property Management
http://www.adprop.com.auEven that is not legal in SA and the agent offering the 20% commission can get into trouble.
It is a breach of the land agents act, section 4 I believe!Investment Property Management
http://www.adprop.com.auA qulification could just mean that they are working for a paycheck and if they are you only need advice from these people if you want to be like them.
I would be looking for someone who has experience in properties and derives most of their income from investing rather than working in a job. [biggrin]
Joining property groups is also a good idea.!!!
As John stated [biggrin]
Investment Property Management
http://www.adprop.com.auYou manufacture positive cash flow in one property using creative strategies, then use that to offset a negative cash flow property while you are waiting for capital appreciation.
There you go…. Easy!!!!! [biggrin]
I have a brochure of a few creative ideas that may be useful, email me if you want a copy, or you can download it from my website[exhappy]
Investment Property Management
http://www.adprop.com.auWhich is actually illegal under the land agents legislation (in SA)
maximum penalty is $20,000 per property that has been “spotted” and fliped on without the relevant licensing!!!just thought I might throw that in.
Investment Property Management
http://www.adprop.com.auTypicllay, you would negotiate the terms of the option ie strike price, time frame and option consideration payable. It needs to be favourable to purchaser and seller. Then as Terry said, it is best drawn up by a solicitor.
Once terms are negotiated, drafting up the actual option contract should be easy to do [biggrin]
Investment Property Management
http://www.adprop.com.auIn most cases, it’s a standard contract you can get from your solicitor or conveyancor [biggrin]
Investment Property Management
http://www.adprop.com.auHow about sourcing properties for investors and managing them?
It’s just an extension of what investors do already so dosent require that much more effort [biggrin]
Investment Property Management
http://www.adprop.com.auHi Paul,
You can get most of that infor from council web sites. The challenge is not what supermarkets are built (OK to do this research for rural areas) but to find a subdividable property with enough profit in it.
Risk vs Reward calculations for individual properties in a big city are more important than what the council is planning. If there is enough profit in the deal most of the outer adelaide suburbs will be OK [biggrin]
Investment Property Management
http://www.adprop.com.au
