zaph

Zaph's real estate adventures

283 posts in this topic

5 hours ago, zaph said:

I've decided to downgrade (downgrade is a swear word in RE - it's downsize!). I no longer want a big 4 bed, 2 bath, 2 living home and I'm sick of dealing with boarders. I'm moving to a bedsit in Santiago de Cuba; or Inala, I haven't decided yet.

I had four sets of agents around to pitch:

  • A newbie guy (Tony) who happened to knock on my door at the right time. Ray White. I think Tony almost came when I said, yes, I will be selling come in and come back and pitch. Tony came round with his boss to pitch. The boss did all the talking, which I didn't like as it was Tony's gig. I didn't like either of them and both spoke sub standard English. $750-850k. 
  • An agent from a tiny agency that my neighbour sent around. He was probably the least real estate agent like of all of them. But decided that if you are hiring a crook you need a crook. Small agency turned me way off too. At least $850k.
  • A Hooker. The star agent for the area. I've met her a lot as a buyer, and as a buyer was impressed. Not impressed with her selling to vendor skills. Generally irritated me. Gave factually incorrect information. English passable. Would not give an estimate of sales price at all.
  • A couple from the RW office of Tony who must have heard about my interest in selling at the water cooler. Turned up unannounced. A French Canadian/Indian/Australian guy and a Chinese Oz gal. He spoke perfect English and Punjabi (so my boarders told me). She speaks acceptable English and Chinese. It's unethical that they steal a listing from colleagues - but that's exactly what you want in an agent when selling. I'm going with this pair. $740-770k

Footnotes:

  • I live in Sunnybank. China central. There have been a lot of Indians 'swamping' the area in the last few years - although they mostly seem to be renters.
  • All recommended an auction. Of course they would - it's the fastest way to sell a property and coerce the vendor into accepting a lower price.
  • All commented about a seperate toilet. It seems a separate toilet is important for Chineses. 
  • I bought the place 7 years ago for $475k. I estimate it will sell for $700k +/- tip. 

 

Have you looked into a lower commission agency like Purplebricks? They didn't exist last time I was selling. I don't think those shonks deserve the large commissions they get. 

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3 hours ago, cobran20 said:

Have you looked into a lower commission agency like Purplebricks? They didn't exist last time I was selling. I don't think those shonks deserve the large commissions they get. 

I haven't looked into the likes of Purplebricks. I'm hiring a thief; I want a crook to do the job. 

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One of the agents said a number of foreign buyers will make the contract subject to FIRB approval (this is China town). He said they approve 99% of all applications, so it's just another 'subject to' clause and a delay in making the contract unconditional. Myth that aliens don't buy property in oz busted. 

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Hey if you sell your place to a foreigner you should sell your story to some news outlet as an expose on dodgy property dealing (after settlement of course!).

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52 minutes ago, Mr Medved said:

Hey if you sell your place to a foreigner you should sell your story to some news outlet as an expose on dodgy property dealing (after settlement of course!).

If I knock the buyer up do you think I'll get $150k for the interview?

Edited by zaph

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5 hours ago, zaph said:

If I knock the buyer up do you think I'll get $150k for the interview?

If the buyer is a chinese politician, you're in with a chance as they're very much into saving face.

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On 07/06/2018 at 9:00 AM, Solomon said:

$225,000 capital gain in 7 yrs. That's a pretty good investment zaph if you get the price you are after. It takes me five years to earn (gross) that amount of money. And when I think about all the work and time I've had to put in to get it, I can see, I should have just bought a wooden box.

Well it's not all profit. There's buying costs, holding costs, opportunity cost of the deposit, maintenance, rates, water (in and out of the property), stamp duty etc. There's also the cost of selling, which will be about $25 -30k. 

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Did you do any improvements to the property, or is that all based on land/house value increase?

No improvements. The opposite actually. Just normal wear and tear on a property. The carpets were new (or near new) when I purchased and while not threadbare, they're now looking a bit worse for wear. The kitchen is getting wrinkles and the polished floor boards are not so sparkly. The bathrooms have held up remarkably well. The gardens are not as good, but that is just my lazy lack of upkeep, rather than aging. 

When I sell and know the sales price I will provide a comparison of renting vs owning this property. 

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All the very best to you on your intended sale.

Thank you. 

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There's a property near me that is lowest for the area. Dumb arse LLs.

They kicked out the tenants about 5 months ago. Sat vacant for 3 months. Then two months of renovations. Three cars at the joint ever day for at least 60 days. That's got to cost at least $100k. It would increase the value by $10k.

I might make an offer on the place. I'll call mum and see if she has any schillings.

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