VZ REAL ESTATE

  There are two big dangers with open inspections – first, they are a security risk and second, they can easily damage the value of your home. Despite the warnings and the enormous evidence, many agents continue to allow hordes of strangers to wander through family homes. Most people who visit open inspections are lookers, not buyers. Thieves also visit open inspections and check the home for a future break-in. Your home is probably not insured from theft caused by an open inspection. But the purpose of open inspections is not to sell the home, it is to create the impression of activity and "condition" sellers to lower their prices. Sellers believe that the people looking at their home are "buyers". This makes them easy to persuade to reduce their prices. Sure, some of the people at the open inspections will be buyers. But the agents rarely know who is a real buyer and who is a looker. The agents then say to the sellers, "See, it didn’t sell. They all ...

One of the most common mistakes made by sellers is believing the price the agent quotes for the sale of their home. Once you sign-up with the agent, if the selling price is less than the price you were quoted, too bad. There is nothing in the "standard" real estate agreements that compels agents to honour their quotes. The ‘Quote Trap’ catches thousands of sellers who are told one price before they sign-up and another price after they have signed-up. As absurd as it seems, if a home sells for any price, the agent still gets paid. Don’t Sign Anything… unless you are sure you can trust the agent. Your Solution... Insist on a written quote Guarantee just as you would with any business. You should only pay the agent if you get the price you were quoted – or more. Don’t accept any excuses about "the market". Granted, no one can know exactly what any home will sell for; but the agent can give you a price range – from a low point to a high point – and if your home sells be...

On occasion tenants may be late with paying their rent. There may be genuine reasons for this delay, however when you begin your tenancy you are signing a legally binding contract in the form of a General Tenancy Agreement Form 18a. This agreement will incorporate weekly rental amount and when payable ie “on due date” – failure to meet this obligation may result in a Notice To Remedy Breach being issued. Renting is very competitive in today’s market. Rarely does an agency only receive one application for a property. When they receive multiple applications, the payment history is high on their list and the owners, when deciding which tenant to choose. Legislation has changed and repeat offenders of late rental payments may be served with an eviction notice. Even if the tenant remedies the breach by the said date, an Agency/Owner can give a Notice To Leave with the appropriate notice periods. Another circumstance which tenants may not be aware of is; often owners use the rent to pay part...

  What are the key economic fundamentals that drive our property market?     1)       Population growth Australia has one of the fastest population growths in the western world. Based on conservative assumptions, Economists BIS Shrapnel estimate Australia’s population will increase by 5.3 million within the next 13 years. With an average of 2.5 people per household this translates to a need for an additional 2.1 million new homes. 2)       Construction of new housing According to many analysts, Australia has a shortage of new housing.   This is not true of all areas. For example there are pockets of oversupply such as apartments in the inner city of Melbourne and house and land packages in some new subdivisions in the outer suburbs.   However, there is a constant shortage of housing in the popular inner to middle suburbs. 3)         Employment ...

A good agent can make a stressful situation tolerable, even enjoyable. By Peter O'Malley     As a seller and a buyer Knowing what constitutes a good agent, as both a vendor and purchaser, will assist you in achieving the best outcome for your sale or purchase of real estate in a stress free manner. Make no mistake; the wrong agent can turn a stressful situation into a downright dreadful situation. But a good agent can make a stressful situation tolerable and sometimes even enjoyable. What constitutes a good agent for a seller may not necessarily mean that they would be a good agent for a buyer and vice versa. For example, if an agent is incapable of achieving a buyer’s highest price for a property, the seller’s loss becomes the buyer’s gain. It is therefore very worthwhile identifying separately, what makes a good agent for a seller and what makes a good agent for a buyer. From a seller’s point of view  A good agent will always tell you what you need to...

How to avoid the worst and select the best When it comes to investing in real estate, the greatest fear after buying the wrong property is selecting the wrong agent to manage the property. Many investors have found that it is better and safer to actually self-manage their property. However, this is not always a practical solution for investors and therefore finding the right agent is imperative. The success of an investment property is largely dependent on the property manager. The market conditions may rise whilst you own the property, but if the tenants are constantly in arrears and flee with rent owing whilst the condition of the property deteriorates due to neglect, the success of the investment will be diminished. A pleasant gain is turned into a painful lesson. To select the right property manager for your asset, it's important to work toward a set criteria. Salesperson vs Property Manager Selling a service and managing a property are completely different skill sets. It...

        Negotiation skills are essential for success in real estate Incredibly, almost unbelievably – most real estate sales people have never studied negotiation. Research shows us that less than 5% of real estate sales people have read a book on negotiation.  This is disgraceful! Throughout the world, home sellers are losing millions of dollars due to the lack of skill in the crucial role of negotiation. We believe it’s unethical to be an estate agent and not make every effort to become a skilled negotiator.  If an agent sells a property for anything less than the buyer could have, would have or should have paid then the agent has failed the client.  Negotiation is a part of day to day life, politics, world issues, at work, with our kids etc. Anyone selling a property can put an advertisement on the internet or arrange a sign board to attract buyers, but the area most people struggle with is the negotiation. Unless you...