Asking PM for sales price estimate

[ChrisA1]

Hi everyone

With the Sydney market hot at the moment, I am looking to get a sales price guide for an IP I own in Liverpool.

Since my PM knows the property the best, I am obviously inclined to ask them. I am however reluctant to ask them as I previously asked a PM for their sales opinion on another of my properties, only to find that 2 weeks later, my property had been passed to another, much less experienced PM! (I realise that this is the PM's prerogative to pass my property to another PM, however I changed agents soon after!). My PM for this Liverpool property is very responsive so I would hate to have an internal shift!

Another option may be to ask other agencies for their price guide, although would they want to inspect the property first?

I am interested in how others monitor the market. I have had a RP data profile on the property, however that came in lower than expected and there are no properties currently for sale in the price range of this property for comparables (its a bugger that the sold section of RE.com has so many 'contact agent' listings so again I am having trouble finding a price guide for this property/area).

The IP is currently CF+ve so I am not desperate to sell. I am interested in options for this property so that I may free up some cash to look at other markets.

Cheers,

 

[alexlee]

The IP is currently CF+ve so I am not desperate to sell. I am interested in options for this property so that I may free up some cash to look at other markets.

Sounds like a refinance might be what you're after? Talk to a broker. Then the only val that matters is the bank's one.

 

[Propertunity]

In my view, you don't ask a PM for an opinion on sales price just like you don't ask a selling agent for a rental appraisal (unless it is for a mortgage application)

 

[ChrisA1]

Thanks Alexlee,

The property could do with a reno and talking with brokers, they advise that they would only reval after the reno. I was interested in a sale to capture the rising market, and since I have long term tenants in place I would market the property as a 6%+ return on settlement with reno potential.

I am not sure the market would currently consider the rental rate that I would need to make the reno profitable, so it would be either a reno-sell now or continue to hold and monitor the market for a reno-sell later.

I am currently swayed towards the sales option now with the hotter market driving the sales prices, rather than the cooler heads of the valuers possibly giving me a lower reval price.

Cheers

 

[ChrisA1]

Thanks prop.

The PM is a director of the agency and is listed against some of their sales listings as well (multi talented, or just stretched?!?). I would hope (expect?) that they would discuss the property with their sales crew for a sales guide.

Cheers,

 

[Propertunity]

Thanks prop.
The PM is a director of the agency and is listed against some of their sales listings as well (multi talented, or just stretched?!?). I would hope (expect?) that they would discuss the property with their sales crew for a sales guide.
Cheers,

As I say to my guys all the time, "hope is not a strategy"

 

[ChrisA1]

Absolutely agree prop!!

Just looking for other ways to get a sales guide for this IP.

Since posting my original question, I called 2 agents who sold similar properties in the area over the past 6 months to enquire about those properties' sales prices, to be told 'that property sold for $xx, but that market is doing so well now, how about we visit the property and we'll talk....'. Since I'm just looking for a sales guide, I am not interested in disturbing my PM or the tenants for other agents to tramp through.

Cheers,

 

[beachgurl]

I've done this with a few properties lately. The PMs have forwarded my requests to their sales departments and have come back reasonably quickly with an appraisal.

Just let them know that you are thinking of doing a refinance and don't want to go through the hassle of filing a loan application if there isn't enough equity in the property. This strategy might mean that the salesman isn't so quick to give you a response but it won't get you offside with the PM which appears to be your concern.

 

[ChrisA1]

Fantastic, many thanks Beachgurl. Sounds like a good balance.

Cheers,