Hi all,
I’ve completed a few wraps over the year but have always found the client first, then the house. I decided to buy the home first this time (as I’ve been taught!) and on sell it. I’ve bought a home in a country town many hours away and my question is – Who shows the home for you once you have a potiental customer? Im assuming I could ask the agent that sold me the home, (which is really my only option!), do I offer to pay him a fee? What do other wrappers do?
My other question is, at what stage do I allow them through the home? I was thinking after they have filled in the application and are serious (so not to waste the person showing them the homes’ time) but the problem may be – how will they know if they want to apply without knowing what the home is like inside? Any feedback is much appreciated!
Cheers,
BrookeHi Brooke,
I would start by calling the person who sold you the house and asking them if they open to the idea. I would think they would want some sort of fee for their time, as I don’t see why would do it for nothing as they have already secured their commission.
I would try to negotiate a fee for period of time, say 1-2 months…rather than a “per inspection” fee.
I have never done anything like this, so I have no idea what would be a reasonable charge.
Good luck,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Like any house, I think you need tiolet people through prior, I cn’at see many would want to fill in an application before seeing what they are buying. I certianly wouldn’t.
You could consider advertising a “Home Open” ie: for an afternoon on a weekend and then going up there yourself to open it for the afternoon.
Regards
PKHi Brooke
Karen and I have sold 3 distant wrap properties using what Rick Ottan calls “the Silent Salesman” and our potential clients showed themselves through our houses without us ever having to go there.
The “silent Salesman” is really just a big padlock which you attached to something relatively impoveable on the house. It has combination tumbblers on the front and when the correct combination is entered a sliding door on the side of the lock opens and hey presto, inside is a key to the house.
We simply get full contact details of prospective buyers on the phone (including their drivers licence number) and ask them if they’d like to have a look inside. They all seem to be very happy that they can have a look around inside by themselves and we’ve never had and problems with this method of showing our houses. If we don’t like the sound of them on the phone, they don’t get the offer.
I hope this helps.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Originally posted by Brooke_D:I’ve bought a home in a country town many hours away and my question is – Who shows the home for you once you have a potential customer?
My other question is, at what stage do I allow them through the home?
Hi Brooke,
You asked for some feedback so here goes – Notwithstanding the previous comments I am concerned that you are asking these questions ‘after’ you have purchased the property.
It would seem to me that you would have been better knowing the answers to these questions (and others?) before buying the home.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Derek,
I totally disagree. I believe that doing something is alot better than doing nothing and if we all tried to have every answer to our many questions crystal clear before we started then I doubt we’d start at all!
I simply asked for ideas on what other people do. Of course I had considered my options before I bought the home HOWEVER it is always helpful to see how others do it and maybe they have better ideas than me (such as Paul who replied – thank you Paul). I am quite prepared to go there and have an open house myself and show the home, ask the real estate agent to show the home or ask a friend that I have in that town to show the home. I will also now consider Pauls idea of letting them show themselves through. Plus I have a 10 week settlement to work out the best way of doing it!
To everyone else who replied I really value your input, it’s nice to know people out there are prepared to offer help rather than criticisms that certainly don’t solve the questions asked.Cheers,
BrookeBrooke
Having completed over 150 wraps i hate to say i concur with Derek.
For every day you are holding the property and it is not rented or sold via an installment contract then there is a cost to you.
Why not in future assess the potential wrappee first and be happy with them and then issue them a letter of offer giving them a guideline on what dollar value you are prepared to allow them to spend upto.
When they locate the property you make the offer and carry out all the relevant inspections and legal checks.
Then at the same time organise the instalment contract and ensure that you have a simultaneous settlement.
You will start to receive instalment income at the same time as you have to make repayments to your lender.
In addition, the wrappee is living in the house of his/her/their choice and not something you merely have for sale at the time.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Hi Richard,
Thanks for the feedback. I have completed a number of wraps in the past year and have always done what you mentioned, finding the purchasers first then the home. This works ok however I like to keep my options open. Having attended numerous courses on the subject we decided to do what everyone else does (and what we have paid alot of money to be taught!) and try this one out by buying the property first and marketing it. I paid $135,000 for the home and the current owners are happy to rent it back for $195 per week, pretty much covering our repayments. In addition I have a 10 week settlement in which time to find a buyer and I am really confident of doing so as we have run some ‘dummy’ ads and now have a list of people who are interested. But even if I can’t move the property for some months it will be rented at a great return anyway.
Anyway all of this is totally off my original question!! It was simply ‘who do i get to show them the home’? As I don’t live in the town is it worth my while to drive down there for a day, meet the potiential purchasers and show them the home or ask someone else to do it such as the agent who sold me the home?
I’ve now decided that I will show the home myself as it is much nicer to do business with people face to face rather than over the phone and I won’t be leaving my destiny up to an agent I barely know!
But anyway we’ll see how we go with this one and continue with which ever method suits us better. I always like to keep my options open. I’m super confident that we will move it before it settles and if not, well we’ll just be landlords for a few months!Cheers,
Brooke
‘Behind every success is a courageous decision’Originally posted by Brooke_D:Any feedback is much appreciated!
My sincerest apologies – I didn’t realise you only wanted feedback that supported what you had done.
Sometimes contrary ‘opinions and criticisms’ are the most valuable.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Brooke,
Smells like dried up spilt milk to me!!! [bawl]
I do hope you find a way around your dilema but unfortunately, unless one does their DD first, especially with “wraps” (that is, with the view to onsell) they are looking for trouble and shouldn’t be surprised when it finds them!!!
What you never heard the expression “horse first, cart later”??? Might be worthwhile heeding that advice in future, unless of course you are prepared to keep the buggie for yourself then that’s not a problem is it??? [blink]
But hey, hang in there; THEY are born everyday (so it’s said) and I’m sure one of them will come along sooner or later and release you from your bind!!! (fingers crossed)!!! [biggrin]
Jo
Originally posted by PaulDobson:We simply get full contact details of prospective buyers on the phone (including their drivers licence number) and ask them if they’d like to have a look inside. They all seem to be very happy that they can have a look around inside by themselves and we’ve never had and problems with this method of showing our houses. If we don’t like the sound of them on the phone, they don’t get the offer.
Paul,
My question to you is this, what happens when you get a low life who can btw quote any licence number over the phone (perhaps his own, with a few jumbled around for good measure) and false details, pleasant sounding voice and amicable nature, all nice on the surface but then…..goes through and steals, or worse) trashes your house??? Or do you suffer from the delluision of “it will never happen to me”???
REALITY CHECK: “Luck” may save you 9 times out of 10, but heaven help you on that 10th occasion which may leave you feeling a little more than sorry for being so trustworthy!!! [blush2]
Tip: Have Rick’s number on standby JIC (just in case)!!! [blink]
Jo
Derek,
Yes I did ask for feedback – regarding my question ‘who should show the home’? I didn’t ask for opinions on whether what I’m doing is right or wrong! I am very happy with my decision to buy the home now and sell it later just like countless other wrappers do including John Burley. This is my race to run, my choice to make and I am more than happy with it. AND I never asked for any opinion on this! What I asked for were ideas on the questions asked and people like Sue, PK and Paul were kind enough to offer some food for thought. That was all I was asking for – End of story! I certainly didn’t ask for a debate on peoples opinions as to the right and wrong way to do things. If you have no constructive comment on the question asked, then please, don’t say anything, its that simple.
‘Nothing would be done at all if a man waited until he could do it so well that no one could find fault with it’ – Cardinal John Henry Newman 1801 – 1890Cheers,
BrookeJo,
Thanks for your concern, however I don’t have a ‘dilemma’ and Im not in a ‘bind’ as you so graciously put it. What I have is a very nice 3 bedroom home with a garage that I can either 1. Keep as a buy and hold as its cash flow positive, 2. Sell it under vendor finance or 3. Flip it for quick cash as I got it valued $45,000 more than I paid for it 8 days ago! I would like to wrap it as that was my original plan, however my exit strategies are all equally viable. So no, it isn’t a problem to ‘keep the buggie’. If thats the worst case scenario, then hey, I’m laughing. And I don’t drink milk so there’s no chance of me spilling any…
‘Don’t find fault. Find a remedy’ – Henry Ford
1863 – 1947Cheers!
BrookeHi Brooke,
I have to agree with Derek and Monopoly basically on the fact that they’ve taken an business approach to this situation and are not getting ’emotionally’ involved. If you ask for
Any feedback is much appreciated!
then, that’s what you’ll get. Feedback is feeback, whether you like it or not. if you don’t want to have negative (which can be very helpful) then don’t ask for ANY feedback. Only ask people to applaude you on what a great job you’re doing. Then you’ll be happy with what your replies?
Sorry to be blunt, but it would seem that you’re getting angry for others to share their views just becaues it’s different to yours.
Tam
Tam,
If I had asked for peoples opinions on whether they thought I should buy the home first, find a customer first etc etc, I could appreciate some of the the comments made. I at no time did this, I simply wanted a simple answer to a simple question ‘Who should I get to show the home?’ This question has been answered by Sue, PK and Paul who all offered a solution and I thank them for that. All others who have replied have at no time attempted to answer the question, just told me their opinion that I’m not doing it the way they do it, therefore I am doing it the wrong way and can expect to have problems. Whilst I can appreciate constructive criticism, I cannot appreciate people suggesting that my way is the wrong way just because they don’t do it like that. Imagine how boring the world would be if we all did everything the same way!!! Im doing it the way John Burley teaches how to do it and he has done by far and many more wraps than anyone on this site! And having just bought our 8th property in 6 months and making a substancial profit, we must be doing something right. Our way is right for us! But… as I’ve said in previous posts, this is not even the topic at hand! It was a very simple question that required a very simple answer not long winded debates on who’s right and wrong. And please point out to me exactly where I asked for applaud on what a great job I’m doing? Get real! You are just soooo far off the topic at hand that its really not worthwhile replying anymore. So I’m going to sign off from this forum, never to return, debate closed, thanks for coming, lights out, have a good day.
Brooke ‘the shortest answer is doing’ D
[whistle]
I see feet stomping…. I see arms flailing and lots of tears. Don’t take it personally…..Me thinks someone is getting a widdle cwanky?[whistle]
Tam
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