In regards to investment properties. I had a tip from a friend to speak with local agents and have them email me as soon as they receive a property for sale as sometimes the good ones might be sold before they go up online, is this true? If so, how long is the typical time between an agent getting the go ahead to sell a home and it being up online? I called a local agent who said same day it will be online so she wouldn't email until it was up online, is this across the board or is my friends tip to get them to email straight away not true anymore in todays world? If so any tips on how to check them out before being available for everyone. Thanks for your time. Regards
Usually you sign a sales contract with an agent after they have inspected the property and all parties are happy to proceed. If the property is clean and presentable and ready for photos, a prompt agent could have it up within 48hrs of signing the contract.
As for emailing the agent as soon as a property comes up, your not ahead of the others . What you need to do it visit your local agents and tell them what type of property you are after and how much you have to spend. In this instance, they will sometimes let you know what properties are coming up for sale before they have been advertised.
The problems with all this is that agents usually act in their best interests first, followed by the sellers best interests, and lastly the buyers best interests, especially when a market is hot or rising. In these cases they know they have enough interest and you are there to help push the price for them.
If on the other hand you were buying into a declining market like Perth, the agents are more desperate for a sale, and will then start ringing prospective buyers on their books to help achieve a sale.
So depending on what market you are looking at, depends on how the agents will act. Basically they only do what they have too. Which is usually open a front door a couple of times a week for a few weeks and then hold out there hand for their 50k commission for what is effectively a handfull of hours worked.
According to the expert at the property seminar, getting in early, before it is advertised, is a sure fire way to bag a bargain.
Because the vendor is so keen to lose $20k that he will sell to the first offer that comes along before the adverstising he paid for hits the print button?
NOT!!
RE agents have things like you all over the office.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
In regards to investment properties. I had a tip from a friend to speak with local agents and have them email me as soon as they receive a property for sale as sometimes the good ones might be sold before they go up online, is this true? If so, how long is the typical time between an agent getting the go ahead to sell a home and it being up online? I called a local agent who said same day it will be online so she wouldn't email until it was up online, is this across the board or is my friends tip to get them to email straight away not true anymore in todays world? If so any tips on how to check them out before being available for everyone. Thanks for your time. Regards
Any good agent has a few lists on the go... the smart ones run a database. These are the ones I am aware of ... there are, no doubt, many variants.
You want to get yourself on the
"New" Stock List:
1 - The For Sale list that is publicly advertised and appears on the web portal(s) (Realestate.com.au / Domain.com.au and their own one), many are in the shop window or a wall inside the agency to hook buyers eye's.
2 - The stale stock list - same as above, but these properties have vendors who are expecting sale prices that are highly unlikely to be achieved - often move from agent to agent, and are not very happy... sit on the list for ages until either they drop off because vendor decides not to sell, or they decide to drop the price and accept the market assessment for their property
3 - The For Sale list that is not quite ready for distribution - they are waiting on photo's, signs, the residents to clean it up/vacate ... whatever... that list is quietly cross matched against a buyers list (see below), and possible matches considered to make a quick sale before it even gets to List 1.
4 - The Soon for Sale list - waiting on the vendor to complete paperwork, or even decide to actually proceed... this list often has properties that sit on it for ages... very valuable as it is potential stock and in a really hot market can be dipped into with over the top offers from desperate buyers.
5 - The May or may not be for sale - agents get calls all the time from people who want to simply know the value of their property ... most just milk a quick valuation, but it's still a useful list as an extension to 4
"Sold" stock list:
1 - Sold details - When a sale is made, the property details (as well as vendors + buyers) are useful... down the track, that property will be sold, a relationship with the new owners is valuable... a nice basket of goodies is always nice to send to the new buyers if you made a killing on the sale.
2 - Tried to sell, but some other bastard REA sold it list - quite valuable... when it's quiet, and there are no buyers around, this list can be crossmatched against the buyers list (below) to see if you were somehow instrumental in showing the property to the final buyer(s)... if that was the case, there is always a chance to get a part commission on the sale... can be messy, but if you have nothing but time on your hands, worth checking out. Especially tempting for those properties you worked hard to try and sell, only to lose the listing and see it sell shortly afterwards.
Buyers List: Gold
1 - People who have approached you with an interest in a specific property - they have done much of the legwork for you and are the most likely to make a sale off... just need to get buyer and vendor agreeing on the terms of sale.
2 - List of people who have approached you in the manner you suggested with specific needs/wants asking if you have anything available for sale... this list is gold because current stock on list 1 is only the tip of the iceberg... 2-5 is all potential sales to these guys if you can someone get the vendor and buyer agreeing it is just what they are looking for at the right price.
3 - List of people who have contacted you about a specific property, showed little interest in the property after an inspection, and did not want to divulge much else ... you can use this list of follow up on their interest/assessment of the property price, and probe for more details to get them onto list 2.
4 - Potential Buyers - List of people who have made contact over the years with details of their desired property... a very valuable list as many of these can be identified as either tyre kickers, low ball punters, or investors who have feelers out.... all of them are potential sales in the right market, especially for a property that is just not selling for reasons that make no financial reason (ugly house but lots of potential).
5 - Serious potential buyers... as above, but those who have managed to convince an REA that if their criteria are met, they will follow through with an offer... If the people on this list are clearly serious about buying (especially if they have done so in the past), they are sometimes your 1st port of call when a property is not at the stage of the public list. Nice to be on this list, but it is an easy list to drop off. The more flexible you are with settlement period, price, location, condition of property, the more likely to be on the list.
6 - The elusive "Special" buyers list - usually reserved for family, or the REA themselves ... this is the list of people you contact when a vendor has a property that HAS to get sold ASAP and the price being asked is very, very low... need to be able to come up with cash very quickly, be flexible with settlement ... this list is the one we all want to be on.. .they get the call at 7pm Friday night from the REA saying I have a property that I would love to buy myself if I could, but would you like to have a go at it ?
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy