During Saturday 31st of May there will be maintenance performed on the Privatepoint website. It won’t effect the functionality of the site but it will upset some of the HTML meaning some pictures and text will look out of place. This is only short term and will be back to normal once the maintenance is complete.
Sorry for any inconvenience,
Privatepoint Team.
We are in the midst of a very peculiar time in the property market across Australia, something which hasn’t been experienced for almost 15 years and for a lot of young property owners and investors, a situation that they have never seen before. We have an over supply or properties on the market across Australia and only a small percentage of potential buyers, making it extremely hard for property owners to sell their property quickly for the price they are after.
In this article I am going to discuss the reasons which have led to the over supply of property and in the coming weeks I will write about some alternative selling methods for property owners to over come this hurdle and help sell their property in a competitive market.
This is a dilemma faced by many property owners every day who have decided their property is inadequate and does meet their needs. This question needs to be considered carefully as all too often I have seen renovations which take longer than expected, cost more than initially thought and in some cases are not finished or end in a disaster.
Most home owners usually have an attachment to their home and would prefer to renovate their property rather than relocate if the property no longer meets their requirements. There is also the inconvenience involved in selling and purchasing a property along with the headache of moving. However, before a decision is made to renovate a property the home owner should address the following questions:
When a real estate agent markets your property how much of that marketing directly corresponds to your property and how much relates to marketing the real estate agent’s brand and agency? In my opinion on average it is around a 70/30 split and for certain advertising means it can be as bad as a 60/40 split!
The cost of the marketing strategy which an agent undertakes when selling a vendor’s property is not usually included in the variable commission of 2% to 3% the vendor is charged. Instead, these marketing costs are additionally billed to the property owner and usually amount to 0.75% to 1% of the asking price of a property.
