Like everyone we are constantly looking for the “right” IP. Consequently interstate (not Melb)is a definite target. Whilst we have family in some areas to drive by properties for us we were hoping those more experienced might be able to provide some tips for when considering interstate or even distant properties.
We are a little concerned to not unneccessarily phone agent after agent in an area only to find that they don’t have what we’re looking for, they try to flog to us properties that we’re not interested in, or they in turn hound us with time wasting calls. On top of this we don’t want to waste our money on flights/trips to inspect props we won’t pursue.
Any tips would be most welcome.
Ray
To begin and not succeed is not to fail
To never try is to failHi,
first of all you need to select an area rather than attempt to cover all Australia.[blink] Visit this location and get to know prices (in other words, what represents value for money in your price range). Then speak to all the agents — identify one or two who you believe will work in with your requirements — not flog any property, but meet your clear specifications (as detailed as possible). [biggrin] Let the agent know you are a serious buyer and that you might make a number of purchases in a short time.Make sure you spend as much time as possible on the web understanding the market. See if any of the agents in the area have a newsletter — often a useful way of keeping up to date. Before you fly interstate ask the agent to send you photos of the property (interior and exterior, especially kitchen and bathroom), rent history and recent sales data on the area. Check out council plans for the area etc.
If the agent does attempt to sell you unsuitable properties,[baaa] move on to the next one until you find someone who understands and supports your needs.[thumbsupanim]. Above all it is you who must manage the process. [rambo2]
Hope this helps.
Helen [cap]
I echo what Helen says.
Do your research on the net to come up with an area that will fit your criteria..
First, determine your price range. Then look at realestate.com.au to see what is available in that range. Hone in on an area that has places available, and that will rent for what you want. then research the town to see what’s there, what’s planned, population etc. etc.
then ring every agent in the town to ask them what’s happening in the town, and why they think it would be a good place to invest. If you get the same story 10 times, it must be true!
Then I would fly down/up/across there and spend at least 4 or 5 days looking at everything you can, and talking to some of the agents that you had contacted previously to see what they had.
Outline your criteria. Leave your details. If you don’t buy any on that trip, ask them to call you when they have a property that meets your criteria…
Cheers
Mellearay said:
“We are a little concerned to not unneccessarily phone agent after agent in an area only to find that they don’t have what we’re looking for, they try to flog to us properties that we’re not interested in, or they in turn hound us with time wasting calls. On top of this we don’t want to waste our money on flights/trips to inspect props we won’t pursue.”
learay… It takes a long time to do interstate property research. You say RE’s hound you with time-wasting calls… well, you must be extremely time-poor to think such a thing. I am always very grateful for the time RE agents spend talking to me about property in different areas.
I find properties first on realestate.com.au and then I ring up agents if I am “quasi-interested”.. as in, I’m not just going to waste THEIR time unless I have a real interest in the property. If ask my list of about 10 initial questions, and the property is discounted, I might have a chat with them about properties in the area… but often not- I’ll just go back to my own research and check out other properties. The oly time I would have extensive chats with the RE is if I am interested in the area in general- and not just in one IP in the area.
I would not inspect an interstate property unless I am 90% sure of purchasing it. Otherwise, you may as well reserve 10k to do an “all over Australia” holiday. For me, once I have done extensive hours researching a location, and then spent many hours doing my checking of a property (photos etc), then on a couple of occasions, I’ve felt no need for inspecting the property itself- but if this is your first interstate property, you may feel the need to check it out- both area and IP.
Investing 100k, 200k, 300k or more into property- well, it’s so much money, that nothing one does in the pursuance of the “right” IP need be considered “time-wasting”. All the time you spend in researching areas and IP’s you *don’t* buy will serve you well for making finding properties in the futire much easier. Just as a side note on this… I still spend as much time – maybe even more (I keep learning new things about what to look for so it can take more time to be thorough)- each time I buy a property- the difference is, I feel much more confident about what I’m doing- and that’s one big key to property- confidence.
kay henry
Don’t let anyone kid you into thinking property investing is easy. Real Estate agents offer a wealth of knowledge, even the really average ones. They are in that particular market every day and should know it inside out. I personally look at over 100 properties before buying one, you should do the same.
Geez Louise Yorker, do you really look at that many first? Good for you!!
Gotta say though thats a lot of properties and must take you ages!!
Pepper
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