This property was bought directly to our attention by a sales agent from an agency which we have had several dealings with over the last 18 months. The vendor, was originally seeking expressions of interest in the $425,000 – $445,000 range and the agent made it quite clear they were, reluctant to negotiate on this. The agent’s understanding was that the vendors were hopeful of achieving a sale price above $440,000.
An independent market appraisal conducted by our Buyers Agent Euan Rose however, suggested that the property was good investing if purchased for no more than $415,000. Given the vendors expectation and reluctance to negotiate Euan did not spend the time formally recommending the property to one of our clients.
A couple of weeks later the agent contacted our office again advising that whilst they had received significant interest in the property, it was obvious that the vendors had an unrealistic price expectation. Ultimately, the price guide for the property was amended to read “Offers over $400,000” and the agent advised that the vendor was open to ‘meeting the market’.
Even after ending up in a multi offer situation, Euan was able to leverage off previous dealings with other agents from this particular sales agency and used the confidence they had in our process to his advantage and successfully secured this well presented 4-bedroom, 2-bathroom home for only $395,000. Over $40,000 under the vendor’s original expectation!
As with all property purchases that we assist our clients with, upon having a formal offer accepted, our team jump into action and ‘project manage’ the entire due diligence process on behalf of our clients. We are told over and over again that this saves our clients time and more often than not a lot of running around and headaches! As part of the due diligence process, an independent rent appraisal is obtained from a local property manager. In this case, the appraisal confirmed that upon review, our clients could reasonably expect to achieve a market rental of up to $430 per week! A rental yield of over 5.6%.
Overall we believe this is a fantastic result and a great way for our first time client, Praven to expand and diversify his existing property portfolio.
On behalf of everyone at PROPERTYOLOGY congratulations again Praven. We look forward to working with you again soon.
Euan Rose joined the Propertyology Team as a Buyer's Agent in August 2015. Euan is an exceptionally talented professional who is always prepared to do whatever it takes. Euan has a Masters Degree in Strength & Conditioning, and has held senior project management roles across various industries.