I have a property in the country, and i have been trying to sell for a few months.I have tried leaflets,local advertising , local community boards,and the internet, sydney papers.The property in in an area that has a grow potencial, with a mine opening and a quarry and a factory 20mins away in construction. the property can be rented for $155-00 per week and is centrally located and te price is #139000-00. Now could someone help me and tell me what have i missed and why i am having so much problem seeling this is such a growth area, and at good returns.Would appreciate any comments,thanks
It is very heavily negatively geared with a yield of only 5.8%. That means a fair bit out of pocket each week. Unless it is a really large town (10,000 plus), I wouldn’t be negative gearing a property there.
You also mentioned there was a mine. What is the life of the mine? Perhaps it is closing down in the next couple of years, if it isn’t maybe you should include that in your ad.
I for one am hesitant about buying in a mining town unless I have done a hell of a lot of research on the mine and the company that owns it.
Myabe it is overpriced compared to similar properties in the region?
‘Eat rich food, barbeque a yuppie’ [greedy]
The mine is starting up and i agree with what you say but it is not the only growth in the area, as for the price it is the cheapest
Totally agree with Rugbyfan.
A property that is priced right will usually sell quicker than this.
Are you sure other properties like yours in the same area have sold for this amount recently?
Who has valued it? After all, the value of a property is what people are willing to pay for it, not what you think it may be worth.You can easily get these same rental returns in big towns. How big is the population in this town?
We have dropped the price on our property as we think if you try to high for too long then people shy away altogether.Even though we think it is a reasonable asking price it all boils down to the market .What are people offering?
So many +CF properties in Western Australia.Let me help you. And we can achieve a win win situation.Russ.0438 659 411
The population is around the 6000 with surrounding areas about another 4000. The price of the property was plced after i looked at what was on the market and then accessed from there. i think that one of my major problems is that i live 3 hours away from it and to show the house at call is not possible. this is a disadvantage of buying country property?….I have listed it with an agent trying to over come this problem with an open agreement. I have had alot of interest but i only can get to the property to show it about onec every 2/3 weeks…so what do you think is this a major problem?
Of course its a major problem. If you were in the market to buy a house would you like to wait for days to look at a property.
Why cant the agent show people threw?
Well i was attempting to sell the property myself, but have learnt that this is not possible because of this problem.I have listed it this week along with a shop that i own beside the house, offering the shop on a vendor finance, hoping to sell the house and shop together even though they are on seperate titles
have you had calls about the house that you have not been able to follow up and therefore missed the opportunities?
Rakky ;P
Kathryn,
Good to see you have it listed with an agent. Your distance from the property will cause complications in selling it yourself probably. The price isn’t so bad, and none of us here really sell pozz geared properties anyway, so why should you? You are looking for maximum price, like the rest of us.
Kathryn, time to start hassling the RE. As yack said, it should be the RE’s responsibility to show people through, not yours. Time to start doing a bart simpson and ringing the RE and saying, “is it sold yet?” “Is it sold yet?” “Is it sold yet?” The egent is employed by you, and the quickest selling time is in the beginning. You don’t want your property to go stale and have potential buyers offering you nothing for it.
kay henry
I have followed up all inquiries,and have shown the house to people , but not turn up. The agent i have it with now has only had it for a few days but i will be keeping on to them.I am actually shocked that with the position of the house being near the school , pre-school and township and with the shop next to it where someone can potentially have the shop as a source of income, that i have had so many problems selling. but i am sure and from the feedback i have recieved that not being on the spot is my major problem
kathryngene,
What area are we talking about?J
the area is gloucester 1 hour from newcastle and 3 from sydney about 30 mins from foster…why???
propertys dont sell for 3 reasons,
the three P’s
Price
Presentation
Promotinif all three are in line u will sell,
price if too dear in todays market place people will look at cheaper,
presentation which will mean price,
and promotion, u have to be getting people through 2 sell it u cant sell a secret>hope that may be some help 2 u, any q’s just ask…
Nathi think that the main problem is that i have tried to sell this myself and i am just too far away to do this task , thank you for your thoughts
do you know anyone in the area that can show your property for you? If you don’t then maybe you could advertise for a pensioner to do this at a small renumeration for there trouble.
Good Luck I know what you are experiencing when it comes to managing your property from a distance, it is not easy but it is not impossible. Hang in there you will find an answer that will suit you I am sure.L.S.Hitsert
I have acyually asked a few friends i have near there if they would like to show the property to people and i offered to them $2000-00 for their time. well my friend either dont need money, or its all too hard….but advertising for a pensioner is a great idea….thank you
Originally posted by kathryngene:
Now could someone help me and tell me what have i missed and why i am having so much problem seeling this is such a growth area, and at good returns.Would appreciate any comments,thankskathryn,
Aside from the spot-on comments by other posters, you’ve now struck one of the issues with buying in very regional areas – locating buyers.
Inc ertain areas it can be hard to locate buyers, simply because it’s hard to find out where those buyers look for property.
I think you’re right that you should consider using an intermediary – but use a legitimite Real Estate Agent, don’t try to get someone to show the property for you!
For one thing, it’s illegal in Australia to sell property that doesn’t belong to you without an REA license – so you may be asking a pensioner to risk a major fine.
For another thing, buyers go to Real Estate Agents….cause that’s where you buy properties.
Go to where the buyers are, not where they aren’t.
And considering the slowdown in property sales rates this year – be prepared to have it on the market for awhile. Sure the area looks like it’s booming, but that doesn’t mean that people are buying.
Perhaps getting a tenant in (if it’s not already tenanted) will help tide you over.
Cheers,
Aceyducey
hi i have placed it in the agents hands and i will be keping onto the agent, seeing what he is doing.i was asked by the agent to leave the house vacant for a month to give him a chance to sell. i think that this is a promising sign??
So i have dont this and after the month will be tennanting it again.
Even though the market has slowed i am sure that there are plently of investors that would look at the position and see the potentialOriginally posted by kathryngene:hi i have placed it in the agents hands and i will be keping onto the agent, seeing what he is doing.i was asked by the agent to leave the house vacant for a month to give him a chance to sell. i think that this is a promising sign??
So i have dont this and after the month will be tennanting it again.
Even though the market has slowed i am sure that there are plently of investors that would look at the position and see the potentialI don’t understand why the agent wants it untenanted. Surely you are trying to market this property to investors (as you point out). If the property was tenanted, investors would be much more interested because they would have cash flow from day one and an understanding of the yields.
If it was untenanted, they would only have the RE agents word on a weekly rental figure.
How many investors take note of that?!!!
‘Eat rich food, barbeque a yuppie’ [greedy]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
