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More
Info
4. PLAYING
THE WAITING GAME
Many homebuyers think that it's a good
idea to watch the market and wait for 'a better time to buy', especially
since there is so much talk of recession and falling property
prices. They feel that if they postpone their purchase long enough,
they might see prices fall further and be able to snap up a 'real bargain'.
More
Info
5. UNDERSTANDING
FEE CUTTING
These days some real estate agents will reduce their fees when
they are in competition with other agents in order to obtain a house for sale.
On the face of it, this seems very good for real estate consumers, who want
to save dollars wherever possible. But is the agent with the cheapest
commission always the best one?
More
Info
6. GETTING
A GOOD TENANT
Nowadays, in many areas, landlords can afford to
pick and choose amongst the increasing numbers of tenants looking for
somewhere to live that doesn't cost and arm and a leg. This should make it
easy for landlords to be sure that any tenant taking over their property is
a good one. But many property owners focus on the wrong questions and fail
to get the information they need. What are they doing wrong?
More Info
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THE FACTS - FEBRUARY 2009
(Urban Only Sales from u/c
date) Franklin District
Median List
Price
$379,000 Down 3.5%
Median Sell
Price
$355,000 Down 3.5%
Number of Days on
Market 71
Total Number of House
Sales
49
Total Number of Section
Sales 7
Total Number of Rural Sales -
PDC 0
Total Number of Rural Sales -
FDC 11
Total Number of Rural Sales -
WDC 20
(Rural
Only)
Ak Region Waikato Region
Medium Sale Price
Lifestyles
$750,000 $370,000
Median Days on the
Market 90
91
Median Sale Price
Dairy -
$5,500,000
Median Days on the
Market -
95
Top
CHILD CANCER FOUNDATION SAY A BIG
'THANK YOU' TO EVERYONE
On behalf of all the collectors last
Friday, we would like to say a very big THANK YOU to the public for their
very generous donations in raising $11,350 on the collection day.
Principal, Gary Murphy of the Professionals and the team of collectors were
blown away with the amount raised this year. Gary says that the economy is
a lot tighter this year and we were unsure if we were going to be able to
raise the $11,000 mark that we have consistently done for the past four
years in each collection, but the generosity of the public on Friday was
unbelievable, along with the support of the motoring public.
We are aware that
from time to time there are members of the public that find it a little bit
difficult to move around Pukekohe on this collection day but over the years
we have attempted to improve our traffic management plans to allow us to
not hold up any traffic in asking for donations.
We would like to
acknowledge the support of Lauren Sherwood from Protech Traffic Management
and her team for looking after the safety of our collectors and her time
donated in supplying the traffic management plan. We would also like to
acknowledge the support of the ASB Pukekohe for counting the money on our
behalf.
The money this
year will go to the Child Cancer Foundation to support the running of the
Sunshine Lodges and Family Places for families of children living with
cancer.
If you would like any further details on how you may be able to
access the holiday homes that the Professionals have purchased and
maintained on behalf of the Child Cancer Foundation, one being in Taupo and
the other in Queenstown, please feel free to contact the Professionals Property
Link Groups Ltd, Principal Gary Murphy.
Top
WHAT
SORT OF GUARANTEE DOES YOUR AGENT GIVE?
Finding it hard to choose an agent? Have you asked other
recent local sellers who they would recommend and interviewed several
agents at your home but still can't make up your mind?
If you find yourself in this position, try asking those on
your shortlist whether they are prepared to provide a Service Guarantee.
Many professional agents are so ready to stand behind their
services that they offer vendors the option of cancelling the original
agency agreement if they have a problem with the way the agent is handling
the marketing. This doesn’t mean a vendor can decide to cancel the agency
agreement just because they don’t like the agent’s aftershave or hairstyle
on the day! The offer usually involves the vendor giving the agent forty
eight hours to remedy any problem they might have and at the end of that
time if the vendor is still unsatisfied, the agent will release the vendor from
the agreement. The vendor is then free to sell their house with someone
else without waiting out the period of the agency agreement.
While most vendors never, in fact, cancel their agency
agreement, the fact that the agent is prepared to offer them the option of
doing so makes it easier to make the final decision on whom to appoint.
Top
PLAYING
THE WAITING GAME
Many homebuyers think that it’s a good idea to watch the
market and wait for ‘a better time to buy’, especially since there is so
much talk of recession and falling property prices. They feel that if they
postpone their purchase long enough, they might see prices fall further and
be able to snap up a ‘real bargain’.
While bargains do exist, of course, for people who are in the
right place at the right time, there are often more people who miss out by
using this strategy than gain. Most homebuyers buy their family home and
live in it for, on average, seven to ten years. And when we’re looking at
averages, the property market continues, in the big picture, to rise. Based
on historical property cycles, property may undergo periods of static
growth and periods of galloping growth, but on average, well-located,
well-selected residential property doubles in value every ten years or so.
Certainly, if we could always pick the lowest time to buy and the highest
time to sell we would do very well indeed, but the only buyers who need
worry about the immediate state of the market are the real estate
speculators who wish to buy then sell again straight away, or those who are
too highly geared or who have entered into unrealistic amounts of debt. For
everyone else, the chances of strong long-term capital gain are virtually
assured, provided they buy well-selected property in well-selected
locations.
It’s famously difficult to pick the ‘bottom’ of the market.
Often buyers who wait find themselves having little to choose from as
listings get scarce. A sudden flurry of competition for the few desirable
properties actually on the market for sale often causes those properties to
sell for higher prices than expected, even in a market described as a
difficult one for sellers. Buyers either pay more than they expected…or
keep on watching and waiting, only to realise that the ‘flurries’ they
passed by were signalling an upturn in the market or the end of the halcyon
days for buyers.
Purchasers who wait too long for a ‘bargain’ or the ‘lowest point of the
market’ often only realise that the lowest point has already been reached
once they can look back on it with the 20/20 vision of hindsight.
Top
UNDERSTANDING
FEE CUTTING
These days some real estate agents will reduce their fees when
they are in competition with other agents in order to obtain a house for
sale. On the face of it, this seems very good for real estate consumers,
who want to save dollars wherever possible. But is the agent with the
cheapest commission always the best one ?
Many people say that a rough rule of thumb when shopping for
almost anything is never to buy the cheapest or the most expensive. It is
common wisdom that value lies somewhere between the two points, where the
cheapest often doesn’t really do the job it purports to do and the dearest
while better is not so much better that the extra expense is justified.
When it comes to real estate agents, the one who gives way so
easily when negotiating their fee is unlikely to be the best at negotiating
a good price for your home.
Whether going to the dentist, employing a builder or shopping
for whitegoods, it is rarely the cheapest that is the best in the long run.
Would you go to the surgeon who says that their point of
difference is that they are the cheapest? Or would you go on reputation for
skill and successful outcomes?
When it comes to selling what is for most families their
single greatest asset it is equally important to choose on the basis of
reputation as long as fees are reasonable.
Top
GETTING
A GOOD TENANT
Nowadays, in many areas, landlords can afford to pick and choose
amongst the increasing numbers of tenants looking for somewhere to live
that doesn’t cost and arm and a leg. This should make it easy for landlords
to be sure that any tenant taking over their property is a good one. But
many property owners focus on the wrong questions and fail to get the
information they need. What are they doing wrong?
Agents picking up the pieces after the event report that many people
also don’t know how to analyse and interpret the information they end up
with. Investors managing property for themselves often get too involved to
be impartial. They know that maximising investment income is entirely
dependent upon keeping arrears, vacancies and repairs and maintenance to a
minimum and yield and capital appreciation at a maximum, but find it
difficult to do in practice.
Evaluating the two most important background checks - previous
rental history and employment record – is difficult when you are
inexperienced and emotionally involved. *
What does the information mean in terms of tenant performance? For
example, tenants might pay their rent up to date upon vacating but might
have been a problem during the tenancy. Or someone might be in full time
employment for many years and still not be a good tenant. One or two
factors are insufficient to build up a profile of the prospective tenant.
On the other hand, inexperienced do-it-yourselfers tend to ask for too much
information, which means they sometimes turn away potentially good tenants
and end up with a longer vacancy.
Many investors are unaware that personal references are not a valid
indicator of tenant reliability. Most agents report that, in all their
years of managing property, they have never seen a bad personal reference.
Friends and relatives don’t write negative things about those close to them
and even if they do, prospective tenants are not going to offer bad
references to landlords or agents.
* Those asking for tenant references should remember to comply with
all governing legislation and regulations that apply in the location of the
property being rented.
Top
|
Contact Details |
|
Pukekohe
Office |
|
187
King Street |
|
PO Box 991 |
|
Pukekohe |
|
New
Zealand |
|
office
+64 9 237 0090 |
|
Fax: +
64 9 238 3660 |
|
Email:puke@propertylink.co.nz |
|
