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Open houses: The lazy real estate tactic

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Written by Andrew Trim

Many in the real estate industry speak highly of open homes. This tactic has become so common that many sellers are under the impression that open homes are the only way to sell a property. What many people are unaware of is that open homes typically have more benefits for the agent, rather than the seller.

Security Issues
A major problem with open homes is that it tends to attract the nosy neighbours and those researching rather than legitimate buyers. Open homes allow anyone to freely walk into your home, from curious neighbours to thieves. There have been many cases of thieves attending open homes to scope out potential targets. Open homes attract a lot of strangers, which makes it hard for the agent to keep track of everyone. Many agents don’t take personal details from attendees, so if a prized possession was to go missing you wouldn’t know who the culprit was. Combine this with the fact many insurance companies won’t cover open homes, they are a recipe for di…

FIVE MISTAKES TO AVOID WHEN INVESTING IN PROPERTY

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1.Not doing your research


When purchasing an investment property, it’s important to do your research about the location, local amenities, rental yields, vacancy rates and the property itself. While it may not always be possible, you should aim to know as much as you can about the neighbourhood you intend to invest in. Be wary of ‘booming markets’ such as mining towns and tourism centres. These may produce excellent returns over the short term, but how will the investment stack up long term if there is an industry downturn? Remember, a good investment is not one based on speculation.


2.Not having a professional property management team in place


Many people assume property management is simple and think they can do it all when it comes to taking care of every aspect when managing their property. This can quickly become a stressful and tedious task, not to mention the ever increasing legislative requirements that fall upon landlords – it might even start to feel like another job! A profess…

Expensive web advertising drives off market transactions.

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Real estate agents across the country are increasingly moving toward off market transactions. An off market transaction is defined as one where the agent only markets the property to their database and known buyers rather than listing on prominent media websites.


Given the sophistication of industry Customer Relationship Managers (CRMs), it is plausible that an estate agent can expose a property to the vast majority of active buyers in the market. But these CRMs have existed for quite some time. Whilst they facilitate the effectiveness in off market sales, they are not the cause of the recent spike in transactions.


Off market transactions have spiked because agents and consumers are looking to avoid the high cost of real estate websites. Start up companies that were started in a garage less than 20 years ago are now billion dollar companies on the back of real estate advertising. The price that agents and home sellers have been asked to pay for a web listing has increased nearly ever…

Cheap isn’t always cheerful: Why budget property management cost landlords

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A common mistake that many property investors make is assuming that all property management is the same. This assumption can often lead to landlords choosing the cheapest service on the market, as they feel there is nothing to differentiate agencies from one another. Many landlords don’t realise is that choosing the cheapest property management team can become an expensive mistake in the long term. The team at VZ Real Estate explain why you shouldn’t choose a property management team based on fee in our latest blog post.

Budget costs, budget service 


When choosing a property management team, you want to make sure you are hiring an agency that will handle all aspects of your property with utmost professionalism and care. Unfortunately, you pay for what you get. If you choose to manage your investment property through a budget agent, chances are the service you receive will be less than satisfactory.

Lower fees often mean lower wages and less training for the staff that work there. This g…

How to present your home when selling

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If you’re looking to sell a property, presentation is paramount. Here are some top tips from the team at VZ Real Estate on how to stand out in the crowd and appeal to potential buyers.

First Impressions count

When a buyer approach’s your house, the exterior makes the first impression. Overflowing bins, an overgrown yard and piles of shoes near the front door don’t get a good response – your home needs to look loved and cared for from the very beginning.

Keep it clean

Cleaning your house is a no-brainer. It’s a big mistake to assume buyers can look past a messy kitchen or sticky floor. While you may be accustomed with how your home looks, the first time the buyer sees it – is the memory that sticks.

Remove pet hair and pet odours. If you’re unsure if your home has any funny odours, ask a friend to give you an honest opinion. The best smell when selling is fresh, clean air.

Cleaning costs nothing – but well worth the effort.

De-clutter

Stuff seems to accumulate the longer we live in one p…

OUTLOOK FOR 2016

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With the New Year well and truly here, many of us start wondering what the property market will look like this year. 2015 provided a roller coaster ride for the property market, with 2016 looking like a promising year. VZ Real Estate’s Managing Director, Michael Verstandig has provided his predictions for the year ahead.

Interest Rates

“Record low interest rates will be maintained for 2016, there is nothing in the reserve bank outlook suggesting otherwise,” says VZ Real Estate Managing Director Michael Verstandig. “Chinese growth is also slowing, which could leave the Australian economy vulnerable. However, the transition to the non-mining economy looks on track with household spending, retail and construction all holding up and without the risk of high inflation.”

“This helps maintain affordability in South East Queensland – people can still borrow without a great fear of being smashed by the banks increasing rates. Low interest rates certainly help make property more attractive,” s…