Had your ears tickled?

When you are looking to sell or rent your property, many property owners take the time to do their homework and research the market. They may research prices in the local newspaper, visit national property websites or invite several salespeople or property managers to the property to submit an appraisal and quote fees.

These activities are all very beneficial to determine the price for a property and an estimated return… BUT “Don’t be fooled by price $$$ or %%%%”.
Often the advertised price may not be a true indication of the property’s value. The property owners may be asking $399,000 or $300 per week rent, but is this a realistic price for the property and a reflection of the current market supply and demand? In addition the quoted management percentage is often not a true reflection of the costs as many agents charge "extras" on top of the commission such as advertising fees, lease renewal fees, transaction fees and more.

The most important information that you need to gather and questions to ask are:

• How long have the properties you are comparing been on the market for?

• What have been the most recently sold or let and at what price? A property that is not priced in accordance with the market can often cost you money.

If you are selling and need a quick sale an unrealistically priced property can cost you additional interest and lose potential buyers.

If you are renting your property, an unrealistic rent can lead to long- term vacancy periods that will often have a greater financial loss to you than the extra $10 or $20 per week in rent.

You also need to BEWARE of agents who are prepared to tell you want you want to hear... "tickle your ears"… just to get the listing. We have rescued many owners from the over quote trap, sadly after months of vacancy and loss of income to the client.

When considering selling or renting your property we strongly recommend that you do your homework, research the market and ask relevant questions in regards to the price and service.

Ultimately, the service, experience and skill of your property manager or sales consultant will have the largest impact on the return or price so choose someone you are confident in representing your best interests.