Daily Archives: November 23, 2020

Don’t Make These Property Selling Mistakes

November 23, 2020Selling Tipsadmin

How do you avoid making poor choices and ensure a positive selling experience, while also achieving the best sale price possible?

Learning from other people’s mistakes is a great place to start and these eight blunders are all too common:

1. Choosing an agent for all the wrong reasons

Choosing the right real estate agent is paramount to a successful selling experience. But deciding who to use based solely on the commission they charge or your familiarity with them can be a big mistake.

A reduced commission may be tempting but as with anything in life, you often get what you pay for!

Similarly, using a friend or relative in the industry might put a strain on the relationship if they are not familiar with your area or property type.

Instead: Go for a widely acclaimed, experienced real estate agent that you trust.

Interview a few different agencies and look for someone who is honest, prepared, makes you feel at ease, has a good track record in your suburb and is a great negotiator. Learn more about our Naked Agents here.

2. Don’t micro-manage your agent

It makes it very difficult for the real estate agent when sellers don’t allow them to do their job.

Of course you should have a say in the marketing strategies in use, but be prepared to take their advice on board – after all, you are paying them for their expertise.

If you don’t want to pay for any advertising it could really inhibit the sales campaign, and prevent a great agent from selling your property at the best possible price.

Instead: When you are working with an agent you trust you will value their advice and know that it is coming with the best intentions and experience behind it.

Discuss costs, strategies and accountability with them upfront, and then let the agent do their job properly.

3. Being half-hearted

If you are putting your property on the market just to see if you get a bite, then it is likely going to be reflected in how many buyers actually take the bait.

It also stands to reason that your agent will have the same attitude.

Instead: Decide and commit.

If you definitely are ready to sell than it means that you are ready to do the hard yards of finding a great agent, committing to the marketing process and preparing your house to be on show.

4. Leaving the research up to your agent

A real estate agent has access and experience that makes their opinion very valid but don’t let that be the beginning and end of the story.

Use it as the starting point but don’t rely on your agent for all of your information and market date.

Not only could this lead to disappointment with the price they advise, it gives the agent all the power to make and influence your decisions.

Instead: Do your own research when you are preparing to sell your house.

Start looking at other properties that are for sale in the suburb and what they are listing and more importantly selling for.

This will help you be more realistic when you are discussing prices with your agent and also set your expectations.

5. Revealing that you’re desperate

Buyers seem to be able to sniff out desperation from a mile off and they are all too willing to pounce on it with a cheeky offer.

Some common indicators that all is not well in the vendors’ camp include continually lowering the asking price, and putting your house on the market without quality photos or a tidy street appeal.

As investors, we know that first impressions count and an unattractive curb appeal shows that you’re disinterested in your asset, which can lead buyers to wonder whether the property has other maintenance issues you haven’t addressed?

Instead: Improve your chances at getting a high offer by properly preparing your property for market.

This means allowing time to find the best agent, waiting for good weather for quality photos, gathering market research and if your budget allows it, staging.

Most of all, remember that you don’t need to reveal your reason for selling to any buyer, so just keep it simple and say you are relocating.

6. Selling as-is

While adding a new kitchen for the sake of selling is not always budget friendly and could put you in danger of over-capitalising, foregoing basic tidiness is not an option.

There is a lot you can do to improve the presentation of your investment when you’re selling, without spending a bucket load of money.

Remember: buyers want to be able to imagine themselves living in the house or renting it out to interested tenants, so give them every opportunity to do just that.

Instead: Spend some time cleaning, tidying, repairing, neutralising and staging before you put your property up for sale – ask your agent for his/her opinion on what needs to be done. Check out our blog on Property Presentation for more advice.

If the property is tenanted to less-than-tidy residents, you could even consider paying for a weekly cleaner prior to open inspections so that the property presents in its best light.

7. Ignoring early buyers

We want to believe that an offer will come along and blow us away but the reality is, offers above market value are very rare.

Did you know that the best prices are often achieved in the first weeks of the house being on the market?

The further the sale campaign extends, the more leverage buyers have, as they know the vendor is getting tired of waiting for a sale.

As a result, one of the first questions a buyer usually asks is, “How long has it been for sale?”

Instead: Do the hard work up front with your agent to determine a fair price to put it on the market.

Get the word out about your house and then be prepared to make a quick decision when offers start coming in.

Or if suitable, stage an auction campaign so you can be assured of achieving the best price the local market can support.

8. Covering up problems

Painting over the water damage instead of fixing it might be a good short-term solution to making the house presentable for showings, but it can work against you when buyers start to get serious.

If a buyer notices an issue like that, they quickly become suspicious about other problems the house might have and could decide against making an offer.

Instead: Repair problems properly or be upfront about ongoing issues.

No house is perfect and most potential buyers are willing to negotiate around minor problems.

Selling your investment property can be a demanding time, but if you go in prepared (and with a realistic idea of recent suburb selling prices), you can streamline the process and avoid extra stress.

While there will always be a lot of unknowns when it comes to selling property, whether its in your neighbourhood or located interstate, many variables can be minimised by avoiding these issues and working with an experienced agent.

If you would like to discuss your property needs with a Naked Agent, call us on 08 6254 6333

How Emotions Come Into Play When Selling Your Home

November 23, 2020Selling Tipsadmin

Selling your home will most likely be one of the largest transactions you will be a part of, so it is essential to separate your love/emotion for your home and start looking at it as real estate.

Here are several guidelines to help you, the home seller, avoid making decisions based on your emotions:

1. Avoid pricing your own home, follow your agent’s advice

It is every seller’s dream to get top dollar for his or her property, and sure it is possible, however finding a buyer who is willing to pay above market value for features that you value is not feasible if they don’t value those same things.

Home sellers tend to put a high price on their home due to their emotional attachments which is completely understandable.

Buyers on the other hand do not yet have this emotional connection to the home and will base their value of the home in comparison to others they have seen and what it offers them.

It is crucial to comprehend as early as possible that your home is placed on the market in competition and not isolation.

If your property is priced above market value it becomes a ping pong table as it will attract buyers due to its stunning features and then bounce them off to similar properties that are priced more in line with market value.

It can be a challenging situation to be in, and if you decide to hold out for the highest price, you will likely face one of two results – you could find it difficult to move on, or the potential buyers may think there is something wrong with your property.

Then buyers may then end up offering at lower levels as time passes by.

Think about it, if you were a buyer and you had seen a home that has come on the market for a high price which has then had to lower that price every 2 weeks for 2 months, what would your opinion of that home be?

This situation is sadly more common than you may think.

The longer the property sits on the market, the lower the offers tend to get.

Typically, when a property is released to the market, it will receive the most exposure and interest in the first two weeks.

Buyers who have been searching for a home will possibly view any new homes that appear on the market. If the price is right, you will get bucket loads of people to your open home, which is the perfect storm for a well-informed buyer creating an emotional attachment with your home.

It is at this point the fear of loss kicks in, with all the buyers at your open home this quickly breeds competition which we then use in your favour in order to secure the best price for your home.

2. Sellers attending at the open house – This will make it difficult for buyers to be open and honest

There are many reasons why you would probably want to make an appearance at the open house.

However, being there could make it difficult for the potential buyers to be honest about their opinions on your house which is what you want!

It is a lot easier to obtain honest opinions from potential buyers when the owner is not around.

It also creates a possibility that a buyer may approach you in order to negotiate you down on the price.

Leave it up to your real estate agent to do their job, and trust them when they give you advice, it is out of many years of experience.

3. Taking potential buyers’ comments personally

As the homeowner, you are likely to take it personally when buyers point out every possible flaw concerning your home.

You may think that each view or comment is a complaint against how you have maintained your home over time, which is only natural.

The truth is that each observation from the buyers, while it can be harsh at times, has nothing to do with you, as the home seller.

Therefore, you need not take anything they say personally.

There have been cases where sellers declined some offers, because they took things too personally after receiving negative comments about their home.

While it is sometimes easy to take things personally when selling something that you own, doing so should be avoided as far as possible.

As soon as you decide to put your home on the market, it is essential to start detaching yourself from it on an emotional level.

Real estate transactions are often aggressive and challenging given that sellers want the highest price, while the buyers want the lowest price possible.

For all the above mentioned reasons, home sellers should use experienced and reputable real estate agents to protect them from the entire process (this is how good agents earn their money).

Real estate agents are able to filter relevant information, distinguish the genuine buyers from the tyre kickers and meet with the buyers only when they have received a serious offer.

Emotional things to be aware of as a seller:

Early bids can often spook you and make you think that you underpriced your property.
The property is correctly priced when an early offer is close to the asking price, as long as the asking price is similar to the market price.

It is counterproductive to wait for a better offer, as it can lead to a property languishing on the market.

Negotiations will normally include buyers pointing out each flaw of your property.

While it is certainly disheartening to hear the comments, it is a very good sign.

It typically means that the buyers are serious about the property.

It is essential that you accept that there will sometimes be criticism and recognise it as a valuable negotiating tool.

At the same time, you should avoid taking it too personally and prevent yourself from walking away from a prospective sale due to any type of emotional reactions that you may have.

Naked Agents are always here to help. For any advice contact our team today!

Getting The Best Selling Price For Your Home

November 23, 2020Selling Tipsadmin

Taking care of those “little jobs” you’ve been putting off every weekend is very important in achieving a quick sale at the highest possible selling price.

This is because buyers typically notice the little jobs too; an ill-fitting gate is easily and cheaply repaired, yet can loom large in the buyer’s mind as a more major problem that hints at other areas of the property being neglected.

Beware of over-capitalising

That being said, you need to be wary of over-capitalising when preparing to sell. Replacing a bathroom and renovating a kitchen are expensive and, depending on the property and its location, may prove counterproductive in the effort to achieve the best price.

For example, if you were to take a quality home worth $700,000 in a suburb where the median house price was of that same value, then investing in a new kitchen and bathroom costing $80,000 may not be the best idea, as it is probably more difficult to sell that property at $800,000. This is partly because it is already above the suburb’s median house price.

Conversely, an original cottage in a well-established affluent suburb is more likely to benefit from renovations when preparing to sell due to the higher demand for “finished” properties in those sought-after areas.

Presenting your home for sale

Obviously, each property and circumstance creates a variety of options for sellers when preparing to sell, and opinions from real estate agents on the matter are, as always, subjective.

In general terms, presenting a clean and tidy home is always going to help your cause in selling at the best price.

Paint out bright colours on internal walls, de-clutter by storing away trinkets and excess family photos, clear the fridge of magnets and kids’ school art and place items neatly in storage cupboards.

Small things do make a difference. Paint and gardens are two areas of focus that can make a disproportionate difference to the selling price (relative to their cost and the effort involved).

These tasks can usually be completed by the seller themselves which helps keep costs down and can make an amazing difference to the presentation of the home and therefore the price of the property.

For more helpful advice on selling your home, check out our related blog posts

Sell Your Home for More with these FIVE Updates

November 23, 2020Selling Tipsadmin

Sell Your Home For More With These FIVE Updates

Some home features have always been big sellers to those looking for a new home, like an updated kitchen and bathrooms, while other features are new to the market and appeal to younger buyers – such as integrated smart technology.

It’s a no brainer then, that keeping your home updated and fresh is vital to increasing its value.

Here are five home updates for you to consider to help you sell your home for more. Each of these features are quality investments, so you can rest easy knowing that they won’t age or outdate in the near future!

1. Bathroom Remodel

Moisture issues and regular use can cause bathrooms to require more remodeling attention than other areas of your home, but in our experience, most buyers will be enticed by an updated bathroom (and kitchen, but more on that later)…

This is why it’s a good idea to update the features in both your full and half baths every three to five years. This way, you avoid having to complete a total overhaul once you decide to sell your home.

Lighting: Want to make the biggest impact for the lowest cost? If your bathroom is dark and dingy, consider going light shopping.

There are a range of affordable looks you can choose from to suit your bathroom, including:

Pendant lights
Downlights
LED downlights
Concealed lighting

Whatever your preferred design is, making sure your bathroom is well lit should be at the top of your priority list.

For Perth bathroom pricing and style tips, we love this post from On the Ball Bathroom Renovations – they showcase their recent bathroom reno’s in Thornlie, Como, Southern River and Bibra Lake.

>>> General Style Tip… Carefully consider the style of the tiles you decide to lay when first updating the bathroom and opt for neutral colours with few patterns or designs. They’re called “classics” for a reason – this style is timeless and won’t go out of fashion any time soon.

Shower + Bath Tub: If your current shower and bathtub are outdated (if it’s chipped or it’s a bright shade of mauve or seafoam green, sorry but the buyer consensus is – it’s ugly), consider installing a new shower or free-standing bath tub and then re-caulk the area every so often to avoid cracking, discoloration and water leakage.

Just a shower? If you’re without a bathtub and have the space in your stand up shower, double shower heads are a very popular and appealing feature to home buyers. They’re luxurious, convenient, and timeless.

2. Kitchen Update

The kitchen has long been one of the most important features of a home for buyers of all ages. An open kitchen area with plenty of dining space and counter seating is a top priority for any homeowner looking to capitalise on their investment.

If you feel as though you’ve stepped back in time when you walk into your kitchen, it’s advisable to remodel the space and then make small tweaks over the years.

A few pointers:

Sleek, modern kitchen cabinets are favored over older, ornate wooden-style ones.
When it comes to kitchen counters, granite is appealing to many buyers, but quartz countertops have become the new gold standard.
Stainless steel is another great buzzword that sticks out to modern home buyers. Replace your old appliances with those made of stainless steel for a more polished look.
A double sink recess (if your kitchen countertop has the space) is considered a must have for buyers (particularly families… lots of dishes)!

An updated kitchen can totally transform the feel of a home, so if you’re to update anything in your home first, the kitchen would be our top pick.

3. Energy Efficient Features

As the world becomes more environmentally aware, many home buyers are seeking out properties with energy efficient appliances and features. A prime example is solar panels, which can be very costly, but can offer enormous savings on energy costs.

Installing solar panels is a major project, so it’s not recommended that you take on this work solely for the purpose of selling your home, but if you’re interested in making your home more environmentally efficient, and you plan to live there for a while, they can be a great long-term investment (for both you, and potential buyers in years to come).

Aside from solar panels, a smaller, more affordable home improvement you could make to lower energy costs is to replace your windows.

These are a common feature in energy efficient homes, as old windows can become loose and let in outside air. This then allows unwanted cool or warm air into your home, making your central air work harder to maintain the set temperature.

And if you replace your windows just before you sell, the benefits are twofold – you add value to your home, and you don’t need to clean them (haha).

4. Smart Technology

From lighting and security to music systems and thermostats, there’s nearly an endless list of ways to incorporate smart tech into your home.

Our advice is, think about when you want to sell your home. If you’re selling now – it might be worth adding a cool new tech feature to entice the current buyer pool. But if you’re not planning on selling for five years or so, it might be worth waiting – in five years time your choice of “smart tech” might not be considered “smart” any more…

Just think about how often all those Apple products are updated.

If you are after the latest and greatest technology, the most desired feature is the new Nest Thermostat, which can determine which temperature you prefer to keep your home at and develops a schedule to efficiently heat and cool each room. This is especially coveted by buyers with families.

If you’re after a few smart technology options that can stand the test of time, think about installing some outdoor cameras or alarm systems. Buyers will always value their privacy and safety, so even if these features aren’t brand spanking new, they will still be viewed in a positive light.

5. Add a Porch or Back Patio Area

Aside from indoor features, many home buyers look to a property’s backyard before making a decision on whether or not they are interested in buying. A porch or back patio is the perfect space to host outdoor gatherings or relax with the family in the evenings.

If you already have one of these areas, consider updating the space with new, stylish flooring, an outdoor kitchen area, or some outdoor ceiling fans. Though you likely won’t be selling your outdoor furniture with the home, it’s important to have a cohesive design and theme within the space to help potential buyers imagine themselves relaxing on the patio.

Selling your home for the best price is our speciality, so if you’re struggling to find a buyer in the current Perth market, feel free to give Brendan Leahy a call on 0439 998 867. He’d love to lend you his 12+ years of property experience and help you get the best outcome for your home.

Subject To Sale: How To Buy A House Before Selling [VIDEO]

November 23, 2020Selling Tipsadmin

**Want to buy a house before selling your current one, but not sure how? Learn all about a subject to sale offer…**

Maybe you’re ready to upgrade to a bigger, better home than you’re in now, but due to tight finances you need to sell your current house before you can afford to buy a new one.

The good news is, there is a way for you to buy a house before selling yours. It’s called a subject to sale or ‘subject sale’ offer.

Subject to sale contracts do need more careful attention to detail, but they often succeed and proceed smoothly to settlement.

What is a subject to sale offer?

A subject to sale offer is a condition that allows you to put an offer in on a home you want to buy (either to upgrade, or downsize), and it will only proceed subject to the sale of your current house.

When are subject to sale offers beneficial for buyers?

In most cases, if you sell your current home first and then look for a new home, odds are you will get the best possible price for both transactions. But depending on your circumstances, this may not be viable for you.

Subject to sale offers can be very beneficial if you’re in one of the following situations:

You’re thinking of upgrading or downsizing into a better home for your situation.
You want to buy a house before selling, to avoid moving twice and the pressure of finding somewhere to live in the meantime.
You’ve found a house but need to sell your home first, so you can use the funds to buy the new one.

In fact, over 73 per cent of our buyers and sellers are in this position – and the percentage is only getting larger with the tight lending conditions.

How are subject to sale offers beneficial to buyers?

BENEFITS

You won’t need to borrow anything, or as much money from the bank to afford your new mortgage (depending on the amount of equity available in your current home).
You won’t need to move twice, if your current home sells before you have found a new home to buy and you need to rent in the short term.
You won’t need to worry about paying for both a new mortgage PLUS your rent if you buy a new home before your short-term rental lease is up.

What are the risks of subject to sale offers for buyers?

RISKS

Your subject to sale offer may be beaten by more competitive buyers (with cash or finance offers).
You may need to sell your home for a lower sale price.
You might not sell your home within a reasonable time frame, and could potentially lose out on your dream home.
You may need to pay a premium on your dream home. Sellers are justified in asking for a higher sale price from you, for the advantage and protection of settling after the guaranteed sale of your current house.

What is the 48 hour clause (or subject to sale clause)?

This is usually combined in the ‘subject to sale’ contract as a special condition.

It means if someone else comes along with a cash or finance offer, you have 48 hours (or two business days) to go unconditional, and get either an offer on your house, or get home to home finance (previously known as bridging finance).

Learn about home to home finance here.

If you can’t do this within 48 hours, then the cash or finance offer will take precedence over yours, and you will miss out on your dream home. Which is why it pays to be prepared…

How to give your subject to sale offer the best chance of success

Have your house ready to sell, that day

You need to have your house ready, when you go looking for homes.

When you sign an offer and acceptance with a subject to sale clause on it, you’re saying your home will be going on the market that day, and will be selling for a certain price. A good real estate agent will already be thinking about buyers that they can get through your home to make the deal happen for you.

Stick with the agent that has your dream house listed for sale

Get them to sell your home. They have a vested interest in making sure everything goes forward, but more importantly, they know what’s happening with the sale of your home, and can communicate it to the owners of the home you’re looking at buying.

Be very, very sensible about the price you list your home for

Remember, it’s not about you creating a record in your suburb, it’s about you being able to get your home sold in the first place.

Sometimes that might mean forgoing 5 per cent or 6 per cent of the sale price – so you can move to your dream home. Which on a lot of occasions is going to be a bigger home, on a bigger block, with extra room for the kids, a bigger kitchen for the cook of the family, or a workshop.

Focus on the reasons why you’re moving, and you’ll have a better chance of pricing your home for sale correctly, and allowing your subject to sale offer to proceed.

As always, if you have any questions about how subject to sale offers work, feel free to give us a call on (08) 6254 6333 or contact us here and we can talk you through the process.

How To Spot A Dud Agent

Thinking of selling? Learn how to spot a dud agent by asking these four questions…

If you answer yes to any of them, it might be worth looking elsewhere!

Do they tell you a price that seems too good to be true?

The number one thing to look out for is the agent who tells you what you want to hear, instead of what you need to hear.

And by that I mean, if they tell you a number that’s so sky high compared to other agents you’re talking to – you need to ask them why.

Now, there is a caveat on this…

I’ve sold homes for $100,000 – $300,000 more than what the other agents have said, but I’ve done it with sound sales evidence.

If your agent isn’t turning up with current comparable sales and market information, about your house and your area. Then this is a clue they’re not the right agent.

And not just a generic one that covers everything…

If you’ve got a 4×2 on a half acre block, then that’s the sales evidence you need to be looking at.

NOT a 4×2 on a five acre block that got $300,000 or $400,000 more than the market average.

Do they spruik about their “service”?

The next thing a lot of agents will tell you is how great their service is.

Service is a given in any business these days – and if you’re not service orientated you should not be in business.

What you are after, (and what we provide) is an outcome.

I’ve never met a seller yet who didn’t want their house SOLD.

Ask them about their sales strategy instead, and see what they say.

Which brings me to the next red flag…

Do their sales statistics and client testimonials tell a different story?

When agents do start telling you how good they are, there are some useful sites you can look at to fact check them.

To view their sales statistics, Agent Finder on REIWA (Real Estate Institute of Western Australia) has all the sales for every agent in the state (plus the suburbs), for the last 12 months.

You can also look on realestate.com.au, but be mindful that it isn’t quite as accurate as REIWA.

There’s also a site called RateMyAgent which is one of the best agent rating sites around. You can view their past clients feedback – good and bad.

A lot of agents are great at the talk in this game, but very few walk the walk.

On average an agent will sell between 5-9 homes per year, which isn’t very many, so it’s always important to check what they say matches up with the facts.

Did you find them on an “agent matching” website?

Lastly, also be mindful there are now websites that tell you they will find you the best agent in the area. The thing is, the top 20%-30% of agents (anywhere in Australia) aren’t on any of those sites – because they don’t need to be.

If you go to any of my areas (take Bedfordale for example) on these sites, you won’t see my name come up. Yet, I’m the number #1 agent in that area – I’ve sold the most homes and I have the highest average sales price.

Because I’m not paying the website a 20% referral fee.

So in reality you’re not getting the best agent, you’re getting the agent that spends the most on that website.

Which is not a great indicator of experience, skill, or sales. If you want the best agent in your area, RateMyAgent and REIWA (which is the peak industry body for WA) will provide you with the official information for free.

If you’d like to know how much your home is worth, book in for an obligation-free appraisal with me here. Or get in touch with me on 0439 998 867. I’d love to lend you my 12+ years of experience and knowledge in the real estate industry.

Should I Sell or Rent My Property?

Thinking of upgrading to a bigger home, but can’t decide if you should sell your current property, or rent it out as an investment property?

WA has just recorded the strongest rental expectations in Australia for the next 2 years, according to the 2019 NAB Residential Property Survey, coupled with the lowest vacancy rate in six years. So if you can afford to, now is a great time to upgrade into something bigger, and keep your current home as an investment property.

“Provided you can afford it, you could make yourself an extra $40,000-$60,000 more, if you hang onto your home and sell in the next two to three years, thanks to the state of the WA market and economy.” – Brendan Leahy, CEO of Naked Edge Real Estate

Hear Brendan’s top #3 considerations to help you make the best decision for your situation…

Can you afford to keep your home as an investment property?

If you do decide to rent out your home, you will still have your usual rates to pay, plus ongoing maintenance and repairs. With a rental, hot water systems can fail, and air conditioning systems may need work. So provided that these costs won’t stretch you too thin, I would recommend holding onto your home for another two years or so.

This is because the core fundamentals (namely commodity prices) are in place for the WA market here to have some significant gains over the next couple of years. Keep in mind it is a different case over on the east coast. The market over there has slowed down – and I think it still has some slowing down to do.

WA is a mining state, and we’ve recorded strong iron ore price exports of $100 per tonne for the last six months, and based on WA treasury estimates, with every US$1 increase in the iron ore price, WA receives an extra $81 million.

The AUD exchange rate is helping as well, each time the Aussie dollar drops by just one US cent, WA’s royalty income is expected to jump by $101 million.

Can you afford to upgrade without selling your current home?

Ideally, the choice to maintain your property and rent it out will still allow you to upgrade and afford the home you want. Sometimes by selling the property you could borrow an extra $100,000-$200,000… so maintaining your home and renting it out may reduce that capacity.

But you might find you can still afford the home of your dreams in that price point. It is a buyer’s market at the moment, which is great for upgraders because house prices have dropped far below home values – and this market will not last long. There are homes in the Perth hills that were previously worth $900,000+ now available for $650,000.

It’s a great time to see what’s around, and speak with your lender to see what you can afford. The cash rate is also at an historic low of 0.25%, so it’s an opportune time to get your finances in a position to upgrade, and secure some long-term capital growth.

Is being a landlord for you?

If you find you can afford to keep your home as an investment property, consider whether you have the time, patience, and desire to manage your rental yourself, or if you’d like to hire a property manager to do it for you.

Some of the most important tasks of a landlord (or property manager) are:

Finding a reliable tenant that pays rent on time and maintains your property.
Collecting and lodging the correct tenancy bond with WA bond administration.
Conducting regular routine inspections on the property.
Organising prompt maintenance and/or repairs on the property.
Ensuring all legal paperwork and documentation are filled out correctly and signed (e.g. tenancy agreements, property condition reports, inspection reports, repair requests etc).

If you work full-time and have a family, you may find it difficult to give your tenant and rental the time and commitment it needs – it totally depends on your circumstances, and headspace.

If you’d like more information on how a property manager can help you protect your investment, feel free to get in touch with our sister company, We Love Rentals on (08) 6254 6300. They only do property management, and have 10+ years experience in the industry.

And if you’d like a second opinion about whether to sell or rent your property in the current Perth market, feel free to call Brendan on 0439 998 867. He’d be more than happy to answer any questions you may have.

How To Prepare Your Home For Sale

Ready to sell your home, but not sure what to fix or tweak before listing it on the market?

Hear my top #3 recommendations to maximise the selling potential of your home, and help it stand out from the rest.

The great thing is, all of the jobs can be done for around $80 or less (and a quick trip to Bunnings)!

Front gardens

“My no. 1 tip for preparing your home is the garden – especially the front garden. It’s amazing how many buyers decide if they like your property by their first impression as they arrive.” – Wayne Adlem, Real Estate Agent for Southern River

When buyers view the street appeal of your property (whilst doing a drive by, or attending a home open), it subconsciously sets the standard for what to expect when they walk inside. So if they arrive at your home and see unkempt and/or dead lawns, and overgrown gardens, they’re going to assume the interior of the home is in the same condition.

What’s more, they will then actively look for these flaws once they are inside.

All it takes is a Sunday afternoon and a trailer of mulch for about $80. By simply weeding, mowing the lawn, and giving your garden beds some tender loving care, you can ensure buyers view your home in the best light long before they set foot inside. It’s both easy and cheap to do.

Maintenance and repairs

“Fixing minor repairs before the first home open gives buyers less bargaining power when they make an offer.” – Wayne Adlem, Real Estate Agent for Southern River

Some common issues are:

Leaking taps
Broken exhaust fans
Door locks not working properly
Broken sprinkler heads in the garden

In this market, buyers generally want to move in straight away, and not have any minor maintenance to do. Give your home a quick once-over to address any niggling repairs and you’ll give your home the best chance of selling, quickly.

De-clutter and de-personalise

At the home open, buyers will always look to see how much storage, linen and living space your home has. They want to be sure your home is the perfect size for their needs. So if you have rooms with boxes and clutter, or cupboards filled to the brim with clothes, toys, books, paperwork etc, it will give buyers the impression there isn’t enough space.

Spend a Saturday tidying your linen, storage cupboards, and kitchen and pantry space (if need be). Pack away excess bed linen, towels, clothes etc in a box and move to the garage or shed. You don’t need to pack up your life – just focus on items you don’t use regularly that take up a lot of room. You’ll be surprised at how much this simple de-cluttering will maximise the space of your home.

The last tip is to de-personalise your home.

Why?

Because buyers want to envision them and their family living in the space – not yours. Sentimental items like lots of family photos or kids names on bedroom doors can make it difficult for them to see themselves living there. It’s an easy thing to change, and it really does make a difference.

By doing these simple, cost-effective modifications to your home, you will make a massive difference to the selling potential of your property, and help your home stand out from the rest.

Thinking of listing your home on the market, but still have a few questions? I’d love to help you, feel free to call me on 0406 583 754 or send me an email at wayne@nakededgerealestate.com.au

The Ultimate Checklist for Evaluating A House

November 23, 2020Buying Tipsadmin

GUEST BLOG | Congratulations on your decision to buy a house! We know that reaching this milestone takes a lot of effort and determination, which is why you should be proud of yourself. We also know that for so many people, especially those who are new to real estate, the prospect of buying a house can be quite terrifying. Nobody wants to buy a money pit, which is why we’ve put together this ultimate checklist for evaluating a house.

Before we begin, we must mention that even though this list is quite comprehensive, you must not rely on it alone when you’re evaluating a house. You will need a much more thorough inspection, which is why we highly recommend you hire a house inspector. Their training, expertise, and experience will prove vital to your purchase.

Begin with Your Must Haves

Everyone has a list of must haves for their future home, so begin with that. Maybe you simply can’t live without a skylight? Or a yard for your beloved lab! Make a list of 5-10 must haves and use it as your main guide.

Environmental Hazards

There are four types of environmental hazards: chemical, physical, biological, and psychological. Here is what you will need to take into account when evaluating a house.

Chemical hazards:

Arsenic – a poisonous element which can be found in wallpaper, paint, and various pesticides
Asbestos – asbestos coating can be present in the water heating, and on pipes.
Heavy metals
Herbicides, fungicides, and pesticides – are there any on the property
Lead – under federal law, all houses offered for sale should be free of lead-based paint, but unfortunately, it is very common in older buildings.
Radon –a radioactive gas that naturally occurs in the environment and tends to accumulate in buildings. It is highly carcinogenic.

Physical hazards:

Drought
Earthquake
Floods
Pollution
Noise pollution

Biological hazards:

Air ventilation – poor indoor air quality has been linked to a condition called sick building syndrome, which includes symptoms such as headache, eye and throat irritation, fatigue, and nausea.
Mold and mildew

Psychological hazards:

Stress – heavy traffic and sound pollution among some of the things that can cause stress.
Violence – is the house located in a violent neighborhood?

Location

Accessibility – work, entertainment, shopping, airport, etc.
Schools

Exterior of the House

Automatic doors – do they work?
Drain pipes and gutters – any leaks? Does the water go away from or towards the house?
Driveway – check for cracks. Ask about age.
Exterior siding
Fence, patio – check their condition.
Garage
Landscape – are there trees on the property? Are they healthy? Are they too close to the house?
Lot lines – compare the actual lot lines with the ones in the house papers
Roof – inspect thoroughly. Are the shingles curling up?
Windows – single or double pane?
Yard – check its condition. Are there ants? Weeds? Do you like the size of it?

Interior of the House

Carpet/flooring – does it need refinishing or replacing?
Electrical sockets – are they grounded? When where they last replaced? Are they enough?
Lighting – is there enough natural light in the house? Is there good overhead lighting?
Mystery switches – do you flip and switch and it does nothing? Ask about that.
Paint – do the walls need a fresh coat of paint?
Walls – check for water damage, cracks, tap on them.
Windows – do they open easily? Are they insulated?

Basement

Appliances – are the heating, water heater, AC, etc. in working condition?
Beams – thoroughly check condition of visible beams
Cracks – pay extra attention to the cracks in the basement, they are a sign of shifting foundation which can lead to a plethora of issues, from flooding to windows not fitting properly.
Electrical system – fuses or circuit breakers?
Light – is there any natural light?
Water damage – check for signs of water damage on the walls and ceiling.

Attic

General condition
Insulation – ask about insulation materials.
Mold and mildew – while mold can be hidden in the house, the attic is where it will really be noticeable.
Storage – can the attic be used for storage?
Ventilation
Vermin – check signs of vermin in the attic, as well as throughout the house.
Water damage – has the roof had any leaks? Has it ever needed repairing?

Bathrooms

Bathtub – stained, chipped, new, old, big enough?
Color palette – will you want to repaint?
Drains – are they clogged?
Faucets
Fixtures
Mold and mildew
Plumbing – are the pipes old? Do they make any creaky sounds? Does the water come out rusty in the beginning?
Shower – separate from the bathtub, shower curtain or glass door.
Toilet – check the way it flushes. Does flushing the toilet affect the temperature of the shower and sink water?
Wall tiles – chipped, old-fashioned?
Water – is it hard water?
Water pressure – check it in the bathroom, as well as the kitchen.

Kitchen

Appliances – Check the fridge, microwave, dishwasher, oven, blender, etc. Are they included in the price of the house? Are they enough for you? Are they old? Still working? Do they need to be replaced?
Countertops – stained, chipped, moldy, cut, scratched?
Faucets – any dripping?
Gas pipes – how old are they? Does the kitchen have a pilot light or ignition starter?
Sink – chipped, dented, stained?
Storage – does the kitchen have enough storage for you?

Naturally, you are free to customize this checklist to your own liking! If there is anything you would like us to add to the list, feel free to drop us a line in the comment section below!

Buy Your Home Without Losing Your Partner

November 23, 2020Buying Tipsadmin

Buying a home is a particularly stressful event, especially for couples. Disagreements can damage your relationship, however, planning and open communication can prevent problems.

In fact, there’s every reason to be optimistic. A 2013 homebuying study from Coldwell Banker Real Estate showed that 80 percent of married Americans who bought a home together believed that it strengthened their marriages more than any other purchase. Here are the steps you should take before committing to a mortgage with your partner.

Change Your Perspective

The excitement of open house events and home tours should not crowd out the significance of the investment you are making. Investopedia recommends you look at your house as a life goal rather than as a nice place to live. Many mortgages offer 30-year terms. Are you prepared to commit to three decades of ownership, maintenance and change?

Once you understand this commitment, it’s time to talk with your spouse. The first discussion should cover the most important aspect of buying a home: the budget.

Talking About The Budget

Open communication about finances can help support your relationship through this process. There are several topics you should cover:

●   Assess your combined income. What type of mortgage payment can you comfortably afford? How reliable are your income sources? How will you pay the mortgage if you lose your job?
●   How much can you afford for a deposit? If you don’t have enough to cover your desired price range, you may need to hold off to build up your budget.
●   What are your credit scores? These will indicate how much of a mortgage you can afford – or if you can afford one at all. They need to be fairly high to get quality loan approval.
●   Fixer-upper options. Are you buying a cheaper home that you’ll renovate? Plan for the timing of the renovations and how much you’ll invest.
●   Additional budget. Don’t forget to factor in the extras: property taxes, closing costs, moving costs, homeowner association fees, etc. These can inflate your home buying costs more than you might expect.

Needs and Wants In Your New Home

Once you’ve settled on a doable budget, the next step is to consider what you want for your new home. Both of you should sit down with a list of “must haves” and “wants.”

The first topic to discuss is location. You should keep in mind objectives like commute time to work and activities, area housing prices, local property taxes and quality of school district if you have or are planning on having children.

Make sure your “must haves” are really a requirement. For example, a backyard could be a must-have but a swimming pool should be optional. Remember that unimportant but pricey upgrades can dramatically inflate house prices.

For Unmarried Couples

If you are an unmarried couple purchasing a home, you need to take extra precautions even if you are planning to marry. Time Magazine recommends putting your agreement in writing beyond your home buying contracts. These agreements can cover an issue like what to do if one party can no longer cover their costs.

You must also make these decisions:

●   Who will be on the title and the loan? Credit scores might impact this decision.
●   What will you do if you split up? It’s an unpleasant discussion but will save you grief in the event this happens.
●   What settlement agent will you use? An independent settlement agent is a better choice than one that you or your partner already retains.

Careful planning and open discussion will protect your relationship during this process. This article from RIS Media has 10 more ways to that couples can protect their relationship when buying a home.

Photo credit by Unsplash

Written by: Natalie Jones.

Looking for your dream home together? Check out our currently available listings to see if we have it!