Hi,
A simple way to gain a snapshot of the real estate market is to review the number of days it takes to sell a property. For example, in the midst of the boom, many stories arose properties being sold within days, or even hours, of being listed.
Well, after interest rate rises and negative press reports, the property market is a long way from that situation now. Simon Baker, CEO of Realestate.com.au, illustrated that point today when he outlined that the average advertising time for a property in the Brisbane area had increased from 35 to 60 days.
It’s not just a time blow out either. Whereas once properties may have sold for well above their initial asking price, research by Australian Property Monitors reported that Brisbane property now sold for an average of 7.4% below what it was listed at.
Lessons that we can all learn from this brief statistical snapshot include:
> Remembering that property is not a ‘liquid’ asset, meaning that, unlike publicly traded shares, it can’t be easily converted back into cash. If you’re thinking about selling then you need to be realistic about your prospects for a quick sale.
> Don’t get greedy… have a realistic price expectation! While some properties will still sell for top dollar, there’s now a real risk that houses listed at the higher end of the buying range may sit on the shelf for some time and could even become stale. A stale house is one where the market has loss interest and where even a dramatic price reduction fails to stir up much demand.
> It’s time to be proactive! If you sales strategy is to find an agent and hope that he or she will sell the property for you then don’t expect fantastic results. Agents are finding more and more property on their books but fewer and fewer buyers to sell to. The days of a quick and easy sale are well and truly over and now agents must work harder for their supper. Sadly, it usually takes a while for this realisation to sink in, which is why you must be proactive in managing your agent rather than waiting for them to call you.
> Understand that you may need to add extra features to your property in order for it to stand out from the pack. If you find your investment is competing for buyer attention then try to add in extra benefits to attract more buyer interest. For example, an investment of a few thousand dollars on a home entertainment system (which stays with the property) may be the difference between a sale and another month on the listing sheet.
In summary, as the property market slows it’s essential that investors better manage their assets to avoid complacency, since complacency is only one small step from a large financial loss.
Do you have strategies or ideas about how to get your property to stand out from the crowd? Please, make a post here.
Regards.
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
If you are going to sell it is very important who you select. Do not select an agent just because they have given you a high price. People complain that they were told a high figure by an agent, yet if they had bothered to research there own market and then appointed an agent based on experience. As Steve has said dont be greedy, be realistic. I have worked as an agent for most of my life. These adys I buy investment properties for clients in Australia and New Zealand. Recently I was looking for property in the bayside suburbs of Melbourne. The thing that suprised me was the lack of follow up by agents. I think that part of the problem is that many agents who have worked through the boom have had it to easy. Now that the market has tightened they do not know what to do. If you are trying to buy property it makes it a little easier. However if you want to sell your property it can be hard to make a choice.
Instead of calling in two or three agents go to a number of open for inspections. Ask the agent why they are selling. Are they helpful. If they tell you that the people who own the property are in financial trouble or are going through a divorce guess how they are going to deal with your property. Leave your name and number see if they call you back. You would be suprised how few calls you will recieve. The point is forget the glossy presentation. By going through opens and talking to agents at the cold face will give you a much better idea of how your property will be looked after. I also use the same principles when looking for a property mananger. Especially in New Zealand and other parts of Australia.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand Buyers advocate
service and seminarsNigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
nkibel thats a great idea!
Pretend you are a buyer and see which agents do their best to sell a property to you.
You then know who should be selling your property.
Thanks for that.
Thats my pleasure Tom
Most agents will have professal prentations. But you cannot really tell from that performance. In some cases the senior person you meet will not be the person handlying your property. By going through opens and asking the right questions, will soon tell you who is good and who is not.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand Buyers advocate
service and seminarsNigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hi Steve,
1. My No. 1 is visual effect and wow factor, get rid of all the clutter to give the impression more space.
2. Less is better inside the house, and make sure it smells nice.
3. Buy my new book which is about to go to market “151 handy hints to add value to your house or investment property.
resiwealth
You must be logged in to reply to this topic. If you don't have an account, you can register here.
