In the third interview of this series I had the great pleasure of interviewing and chatting with Daniel Mirabito of Barry Plant (Narre Warren). Daniel is the owner and driver of this successful business and his responses to my questions are informative and helpful for people looking to purchase property in the Casey region.
1. What suburbs in Casey are attracting most First Home buyers at the moment? Why do you think this is?
I will divide this into 2 categories:
House and Land packages – Clyde, Clyde Nth, Cranbourne Nth
Established homes – Narre Warren, Narre Warren Sth
These area’s are popular with First Home Buyers as they provide much lower entry points.
2. What do you believe are the top 3 most mistakes people make when buying their first home?
These are 3 common mistakes we see regularly.
A. Many people are not open to all avenues of information. What I mean is they have their blinkers on. They only want to consider limited information in their decision making process. This reduced knowledge often impacts the success of their property transaction.
B. Procrastination – too many people put off making a decision therefore miss the opportunity of having time in the market. (eg. Let’s wait until we have a bigger deposit before committing. This scenario is like the dog trying to catch its tail. As you continue to save the property value continues to rise therefore you end up never getting into the market.)
C. Not going to enough open for inspections. Looking at properties on the internet only gives you part of the picture. Photos can be deceptive so it is imperative people get out to plenty of opens.
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?
There are 2 common scenarios we often see:
A. Investors looking for new, low maintenance properties (Townhouses predominantly). The price range is around $350,000 – $400,000.
B. On the other hand people are looking for older, well located properties where somewhere down the track they may refurbish or demolish and utilise sub division options. These investments are specifically for medium to long term. The prices range is normally around $400,000 – $500,000.
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?
A. It is really important to have clear and concise goals. Having done thorough research you should be able to have a reasonable expectation of where you are heading. In property this is normally a medium to long term approach.
B. The key message here is to take advice from the people you trust. Bounce ideas around and be open to any new information you receive. Talk to people you know who are successful in property investment.
C. Make sure the loan you set up matches your goals/objectives. There is no use in fixing a loan for 5 years when your plan is to sell in 3 years.
A couple of tips for people wanting to invest in property:
- Do plenty of research. This is both online and physical. Go to as many as open for inspections as possible.
- Before making any purchase make sure you have clear goals and objectives.
5. What makes you different to other real estate agents? Tell me about some of the feedback you receive?
What I believe makes me different is I make a concerted effort to understand the individual/s circumstances, their needs and objectives. And I deliver a service matching those requirements.
I am open, honest, trustworthy and without boasting have an extremely high conversion rate when it comes to listings and sales.
My strategy is to promote the property, market the property and negotiate the best outcome for my client.
6. What tips do you have for vendors when choosing the right real estate agent for them?
A. Get real life recommendations. Talk to someone who has used that agent previously. Look for testimonials. Go to a website called ‘rate my agent’.
B. Look for results. Don’t focus on what’s for sale. Focus on what has been sold by that agent. Look for boards with a sold sticker and politely ask the owner if they were satisfied with the work the agent did.
C. Go with your gut instinct. This is normally the greatest indicator.
