Category Archives: Real Estate Agents and Salespeople

ANY FOOL CAN SELL A DOLLAR FOR SIXTY CENTS!

Today I received the following flyer in my letterbox and of course was very interested to know what the property had sold for.  I searched online for the original advertisement and found it advertised at “Range $759,000 – $819,000”.  This is a most ridiculous practice and if any Agent ever suggests it to you – tell them NO!  If you, as a buyer, were confronted with an advertisement like this, where would your first offer lie?  At $805,000?  No, I didn’t think so.  You would treat the lower figure as a price the Sellers MAY accept so you would pitch under that.

Of course that actually happened, with offers starting at around $705,000.00

Good Grief!

Good Grief!

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MARKET – 09 DECEMBER 2012

A house nearby just sold after being on the market for months, for a loss of more than $100,000.00 after 7 years of “ownership” or really having a putrid relationship with a bank who “allowed” the poor “owners” to occupy the property.  I know a little of this place and its distraught former owners.

Their total out of pocket expenses in bank interest, rates, building (not including contents) insurance and repairs over the 7 years amounted to roughly $215,000.00

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UPSIDE DOWN – THE MARKET – 28 NOVEMBER 2012

You just have to laugh at the Sydney Morning Herald (SMH) this morning with their article headlined Sydney housing most affordable since 2009

It quotes the “Housing Industry Association-Commonwealth Bank housing affordability index” as revealing “…the city’s housing is now more reasonably priced, relative to incomes, than at any time in the past decade.”

Where this report really drops itself in the can is with the following statement…”A year ago it took two average full-time wages to affordably service a mortgage for a median priced Sydney house, but that has dipped to 1.84 average full-time wages.”  What on earth does “affordably service” mean?  After you’ve paid the mortgage you can have an overseas holiday every year, send two kids to private school and go out to posh restaurants twice a week or, its baked beans, no holidays and we can’t afford to have kids?  What a load of rubbish…

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LIARS, THIEVES, MALCONTENTS and IDIOTS PART 1

Sadly a fair number fit into the heading’s description.

On Site Managers, or the Owners of Management Rights (OSMs I’ll call them) in Complexes fall into a wide number of categories.  I’ve worked with some, butted heads with others, been subjected to their lack of professionalism and incompetence as a tenant, and watched as they’ve been caught cooking the books.

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RED ALERT

2003.  I have several lovely clients from Malaysia who’ve bought and sold a few investment properties through me.  One of them refers an equally delightful man to me and I eventually receive an email from him.

Hapless (I use that word a fair bit I guess but it’s such a good descriptor) fellow was “stitched” into buying an Apartment “Off the Plan” and settled in 1998 or thereabouts.

The “deal” included a Rental Guarantee of 7% per annum on his $299,000.00 purchase price for the first two years, rising to 8% for years 3 and 4.  From Year 5 the rent reverted to market return.

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MARKET – 19 NOVEMBER 2012

Mortgagee-In-Possession, In Receivership, Divorce, Bankruptcy Forces Sale, Bank Repossession, Overseas Vendor Quitting Market, Major Investor Consolidates.

Over the last 25 years I’ve read, watched, analysed, bought, sold and commented on the realities of the real estate market.

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PROPERTY INVESTMENT “SEMINARS”!

If you want to go to one or more of these, please do, as long as they come free-of-charge and you promise me you won’t give them your name, address, email or any other personal details.  Resist their pleading.  Just go along, listen with a cynical ear, and leave.

They’ll tell you they have “inside secrets” to which only they have access.  Rubbish.

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DESPERATE AND DATELESS

Desperate investors hoping to recoup losses made here in Australia are looking at the sometimes miraculous returns being achieved in the depressed real estate markets of the United States of America.

I’ve been fortunate to have lived and travelled right across the US of A and whilst it’s an amazing country with great people it’s not a place for out-of-towners to buy real estate just at the moment.

Scammers are working out of the United Kingdom, all over Europe, South America and right here in Australia, successfully liberating millions of dollars from unsuspecting punters who believe their intricate web of lies.

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ACE #4

Aspect, Contour and elevation continues.  I also used to an ACE in the Air Force!  Seriously.  Airspace Coordinating Element. A part of my role as a military air traffic controller was to ensure that Navy, Army, Air Force, “other” forces and units didn’t bomb, strafe or shoot each other, or civilians, out of the sky.  That’s about all I can say about that… Now, back to real estate, and again, in no particular order…

When considering a purchase there are hundreds of things to keep in mind, and I’ve mentioned quite a few already.  The list continues…

Poo.  Or more particularly, things to do with poo.  On your walk, cycle and/or drive around the area you’re thinking about buying in, look for sewerage pumping plant, breather pipes and other sewer infrastructure.  The local Council will also tell you where these things are.  Some of this plant can emit terrible smells either very occasionally, on a regular basis or 24/7.

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