Well folks, the first interview of the Weekly Blog series has been completed and a special thank you to Robert Cecere from Stockdale & Leggo (Narre Warren) for participating and giving up his time to be involved.
I provided Robert with a list of 6 questions and the answers he provided during our meeting are as follows:
- What suburbs in Casey are attracting most First Home buyers at the moment? Why do you think this is?
In the Casey area we are finding that Narre Warren, Narre Warren Sth, Hampton Park and Lynbrook are the most popular areas. There are a number of reasons for this including pricing, affordability and size of home required.
Other important factors we see are land size. A lot of first home buyers want blocks around the 550-600 sq metres with 3 bedroom and 2 bathrooms.
Many of the first home buyers are attracted to established homes rather than house and land even though they don’t qualify for the $10,000 First Home Buyers Grant. They see the certainty in established homes with no nasty surprises Often House and Land packages will result in unexpected expenses that sometimes blow the budget right out of the water.
2. What do you believe are the top 3 most mistakes people make when buying their first home?
- Being too emotional when purchasing – the easy option is taken where no work is required and more is paid for the property. With a little more homework a similar property requiring a little TLC will cost less and have increased equity sooner.
- Not enough research- (not exploring all options) Many people grow up in areas like Mt Waverley or Glen Waverley for example and expect as first home buyers they will be able to afford and live in those same areas.
- Not listening to professional advice. Too often people listen to family and friends who have limited or no experience in a constantly changing environment. In some cases this costs them thousands of dollars.
3. Many of my clients are already well set up and are looking to expand their property portfolio. What type of property (house, townhouse, apartment etc) do you see this demographic predominantly buying into? And generally what type of price range?
We are currently seeing investors flock to Townhouses and Units in the Casey area.
They are predominantly in the 35-50 age group seeking their first or second investment property.
The average price is around the $400,000 mark with a 2 bedroom, 1 bathroom property selling around $300,000 – $350,000.
4. Three common mistakes property investors make are: a. Being too emotional with the purchase. b. Taking advice from unqualified people c. Choosing the wrong loan structure therefore limiting cash flow. What is your opinion on these mistakes? Do you have any helpful tips for people wanting to get into the investor property market?
Without a doubt these 3 mistakes are made by first time investors and the costs can run into the thousands.
Some key tips for investors are:
- Focus more on the figures and the real intrinsic value of the investment. If the figures don’t add up then don’t buy.
- Take advice from professionals. They have knowledge and experience in property investing principles and processes. Don’t rely on advice you received at a family BBQ.
- Seek Property Management Advice. At Stockdale & Leggo at Narre Warren we make sure investors also have a discussion with our property management team prior to purchase. This assists with calculating ongoing costs and potential rental income. Our clients are assured of receiving unbiased information and advice.
5. What makes you different to other real estate agents? Tell me about some of the feedback you receive?
My values are based on integrity, trust and transparent communication. I am not saying other real estate agents don’t hold these same values however for me to excel and provide the best service possible to my clients I must live and breathe by these values. And I do.
Most recently I received some great feedback from a client who listed their property with me. They had explored their options by sounding out 4 different agents in selling their home. They chose to sell through me as I was open, honest, caring and had their complete belief and understanding that their interests were my interests. I thank them for their positive feedback.
6. What tips do you have for vendors when choosing the right real estate agent for them?
- The Agent should implement a strategy that is proven and consistently works. Whilst there is no strategy that fits all scenarios we do utilise the ‘Fixed Date Sale’ method. This is where is we place an end date approximately 4-5 weeks from the property being listed with all offers being submitted by this date. This strategy has seen us with a 98% clearance rate in 2015.
2. Deal with a good sized company – some benefits are:
- Choosing the right level of marketing at the right cost. Due to our size we have greater purchasing power.
- More marketing through the appropriate channels leads to a much larger audience. Generally speaking, more buyers means a better price for the vendor and a quicker sale.
3. Get out there!! Don’t just sit there waiting for things to happen. Go to as many as open for inspections as you can. You will gain a greater understanding and feel for what the market is doing plus you will get an insight into how well an agent engages, presents and is likely to sell your home in the best way possible.
Stay tuned for our next interview in this series which should be published in about a weeks time.
