VZ REAL ESTATE

You mention you’re buying or selling property to one person and the next minute, you have everyone knocking on your door with advice. If buying and selling your home a few times made you an expert, we’d be out of a job! There are so many tall tales and outdated assumptions being told that it’s hard to know what is fact and fiction, so we’ve set out to bust some of the more common real estate myths we hear every day:   1. Never sell in the winter This is one of the most common myths that has been circulating for as long as I can remember. The assumption is that the only people who put their homes on the market when the weather is coldest are poor, desperate souls who will accept any price to pay for some firewood! This is simply not true. There are not specific months or seasons to sell property as Australia’s property market is active year-round (even during footy season!).   2. Young adults have no hope of home ownership This idea that it’s ‘impossible’ for yo...

If you are like most sellers, the thought of selling your home can be daunting. Selling your home is not usually something you do more than once or twice in your life. So how do you know what to expect or more importantly how to sell for the highest price? When it comes to getting the highest price for your property, there is a tool that will optimise your chances of success. The Buyer Price Declaration is a concept developed by economist, Sir William Vickery – one of several ideas that earned him the Nobel Prize for Economics. This negotiation tool is demonstrably better than a public auction for sellers. With the Buyer’s Price Declaration, no competing buyer is privy to another buyer’s offer. This means that each buyer must offer their highest price without being influenced by what somebody else may have offered. At a public auction the auctioneer declares the property will be sold to the highest bidder.  As a seller you want to sell for the highest possible market price....

Written by Andrew Trim                  Many in the real estate industry speak highly of open homes. This tactic has become so common that many sellers are under the impression that open homes are the only way to sell a property. What many people are unaware of is that open homes typically have more benefits for the agent, rather than the seller. Security Issues A major problem with open homes is that it tends to attract the nosy neighbours and those researching rather than legitimate buyers. Open homes allow anyone to freely walk into your home, from curious neighbours to thieves. There have been many cases of thieves attending open homes to scope out potential targets. Open homes attract a lot of strangers, which makes it hard for the agent to keep track of everyone. Many agents don’t take personal details from attendees, so if a prized possession was to go missing you ...

1.       Not doing your research When purchasing an investment property, it’s important to do your research about the location, local amenities, rental yields, vacancy rates and the property itself. While it may not always be possible, you should aim to know as much as you can about the neighbourhood you intend to invest in. Be wary of ‘booming markets’ such as mining towns and tourism centres. These may produce excellent returns over the short term, but how will the investment stack up long term if there is an industry downturn? Remember, a good investment is not one based on speculation. 2.       Not having a professional property management team in place Many people assume property management is simple and think they can do it all when it comes to taking care of every aspect when managing their property. This can quickly become a stressful and tedious task, not to mention the ever increasing legislative r...

Real estate agents across the country are increasingly moving toward off market transactions. An off market transaction is defined as one where the agent only markets the property to their database and known buyers rather than listing on prominent media websites. Given the sophistication of industry Customer Relationship Managers (CRMs), it is plausible that an estate agent can expose a property to the vast majority of active buyers in the market. But these CRMs have existed for quite some time. Whilst they facilitate the effectiveness in off market sales, they are not the cause of the recent spike in transactions. Off market transactions have spiked because agents and consumers are looking to avoid the high cost of real estate websites. Start up companies that were started in a garage less than 20 years ago are now billion dollar companies on the back of real estate advertising. The price that agents and home sellers have been asked to pay for a web listing has increa...

A common mistake that many property investors make is assuming that all property management is the same. This assumption can often lead to landlords choosing the cheapest service on the market, as they feel there is nothing to differentiate agencies from one another. Many landlords don’t realise is that choosing the cheapest property management team can become an expensive mistake in the long term. The team at VZ Real Estate explain why you shouldn’t choose a property management team based on fee in our latest blog post. Budget costs, budget service  When choosing a property management team, you want to make sure you are hiring an agency that will handle all aspects of your property with utmost professionalism and care. Unfortunately, you pay for what you get. If you choose to manage your investment property through a budget agent, chances are the service you receive will be less than satisfactory. Lower fees often mean lower wages and less training for the staff tha...

If you’re looking to sell a property, presentation is paramount. Here are some top tips from the team at VZ Real Estate on how to stand out in the crowd and appeal to potential buyers. First Impressions count When a buyer approach’s your house, the exterior makes the first impression. Overflowing bins, an overgrown yard and piles of shoes near the front door don’t get a good response – your home needs to look loved and cared for from the very beginning. Keep it clean Cleaning your house is a no-brainer. It’s a big mistake to assume buyers can look past a messy kitchen or sticky floor. While you may be accustomed with how your home looks, the first time the buyer sees it – is the memory that sticks. Remove pet hair and pet odours. If you’re unsure if your home has any funny odours, ask a friend to give you an honest opinion. The best smell when selling is fresh, clean air. Cleaning costs nothing – but well worth the effort. De-clutter Stuff seems to accumulate the...