Im curious…..how do you all find your properties? What is your favourite way of perusing property? The internet……your local rag…word of mouth….you know someone who keeps you in touch with whats for sale….or do you just stumble upon them?
I dont want any details of particular houses…just the way you find them. Anyone?
Deals are going to turn up any where, at any time. So I look at everything.
Cheers
V
Hi Pinky,
We have a couple (but one in particular)of RE Agents that we regurarly keep in touch with, and they keep in touch with us. (I mean every week)!!
One even sent my daughter a beautiful 2004 Horse calander for her 6th birthday this week!
We don’t expect to find anything worthwhile on the net anymore, and we don’t even check http://www.realestate.com now.
I strongly recommend that people decide on an area, and build a good relationship with the agents in the town. The agents will start to ring you first, but lately it seems that “dutch auctions” are in fashion.
Know your area well, and don’t get carried away…If the deal doesn’t work out – then walk..
Bye,
Del
Hi all
but lately it seems that “dutch auctions” are in fashion.sorry dutch!?
thanks
regards Josh
wilandel thats good to hear!! (I dont have a nice word to say about RE Agents so its great to hear they exist LOL)
As I have learnt so much from this forum already, do u mind teaching me a new thing? What the heck is a dutch auction LOL?? I have never heard of this expression before!! [
][]I’ve heard of a “dutch oven”, is that similar ?? [
]wilandel: Interesting you don’t use re.com.au, i use it as my main first port of call. If i find an area with suitable properties then i look for local agents in that area etc… [
]Pinky: I’ve rang a couple of agents in Qld and told them i used to live in the area, transferred to Sydney and am looking for a few investments before “moving home” – This way they are less likely to think of you as “an out of towner” and therefore jack up their prices. (Of course you have to either know someone there or have a good knowledge of the area to avoid looking foolish)
I find that personally this is the way to go. I have found 3 great agents in the areas i’m looking at who know exactly what i am after and don’t bother calling unless they are sure i’d be pretty keen. Mind you i’ve only just started looking for property after finishing my own place but it seems to be working so far… [
]Cheers,
Paul…Pinky, Fatboy, Joshwaly
I believe the Dutch auction is where the agent tells you that another has offered $X more than you did, so if you want to beat it, then offer more, and so on and so forth. You generally do not see any evidence of such offers, and so have to rely on knowledge of the agent ([?]) as to whether or not they are telling the truth. If I get told that, then they can have it for that price! I’ll go elsewhere.
Cheers
MelHi Pinky. All of the mentioned ways of property research that you suggested are good but I agree with wilandel that if you can find a R/E agent that you trust, they can be very valuable and time saving.
Regards
Marty
I mostly use the internet, but with a twist.
I am currently looking in wagga (NSW) for property. and i look for houses and units with my selection. Usually they have an asking price which i check against the Residex that i bought for wagga. so if they ask 88k for a 62k house (which happens alot on the net) i know that when i ring, whether they are genuine or not.
I also get alot of emails from real estate agents telling me of auctions coming up etc, again i use the residex and the 11s rule to find the property. and only visit the property if it agrees with my criteria.From Webster’s book of Common Phrases:
‘Dutch Auction: an auction in which the auctioneer starts with a high price and reduces it until someone puts in a bid’
Wonder how that would work with property?!
Peter
ok…..I do NOT like the idea of this dutch auction idea….so I will do my best to avoid them!
Thanx for all your input….its good to know and hear how people find ways to realize their dreams []~ If at first you dont succeed…destroy ALL evidence you ever tried to begin with! ~ :þ
i like t check out the stats in the butcher shops and sometimes the chemists have heaps of deals oh and go to your locak milk bar they have stacks………
dags nobody
the hippie investorI still use the internet property sites such as Real Estate.com.au, as a starting point, then I do the research via Australian Bureau of Statistics, local council web sites with their future plans for the town/city. I also do a search function on various forums including the Somersoft forum which has some valuable information (such as soil problem areas in Kalgoorlie for example). I also phone local agents and then when I work out the rough returns available, I fly there and spend at least 3 days checking out the local market, after setting up initial appointments with agents. I talk to a lot of locals, in supermarkets, pubs, on the street. Thats how you find the heartthrob of the town, the popular/unpopular areas, areas with bad soil, lower socio-economic areas etc. Then you fine tune this over the 3-4 days and inspect many many properties. You can put the bids in when you get back home. By the way Dags the Dude, I dont mean to be a prude, but do you ever say anything worthwhile. Pinkys question was a fair dinkum one, cant you give us some decent advice for once. Regards, Scotty.
Hi
Due our location I tend to do as much of my research on the internet through generic search engines and specific ones that include future plans for the area etc and then try and verify it through alternative means such as RE agents, friends, forums etc. We usually are unable to make a visit to the location but do try and make holidays so that we can do some on site research…(I must say that is very difficult with 2 toddlers in tow).
Tamara
scotty, your input is fantastic! I have been reading all your messages with keen interest
I have a few questions that I would like to ask you. If you are willing, I would like to send you an email with some questions.
My address is [email protected].Regards
anchHi Scotty. thanx for all your info – you seem like an expert at property seeking. I am just starting out and would appreciate any info you could offer. I have some specific questions that you may be able to answer. Like, how do you find out the vacancy rate in the area you are looking to invest in. What is the deal with Wraps. How can I get good solicitor etc in my region.I live in rural victoria. My list goes on, but are you able to assist with any of these for starters? I am off to 4 day seminar soon and then hopefully I will purchase my first of many properties! My request is a bit cheeky, but I appreciate the help![
][][]Hey leave dags alone! Many’s the time when I’ve walked into the butcher shop and wondered how they afford all that food!![
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Oh and the dentist is good too – only getting information is like pulling teeth.[8D]
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