Finding the first one

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From: Kevin Hines


OK

I,ve done 6 to 8 weeks of research and talking to mortgage brokers, quantity surveyors, banks, accountants, valuers, property managers etc.

How do you find the property?

Ring real estate agents?
Look in the newspaper?
Go to open houses and auctions?

Just a few tips would be most welcome.

thanks

Kev.
 
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Sim

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Reply: 1
From: Sim' Hampel


On 6/6/02 11:30:00 AM, Kevin Hines wrote:
>
>How do you find the property?
>
>Ring real estate agents?

Yes.

>Look in the newspaper?

Yes.

>Go to open houses and
>auctions?

Yes.

>Just a few tips would be most
>welcome.

also try websites... www.realestate.com.au is a good place to start, but find out what other localised sites are good too... for example www.domain.com.au in Sydney.

sim.gif
 
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Reply: 2
From: Dan D


Hi Kevin,

The problem with www.realestate.com.au and www.property.com.au ( can't speak for any others) is that they are not kept up to date by the agents.

I noticed this over the last 6 weeks while looking for my first IP. I check realestate.com.au daily and it came to my attention that possibly close to half of the listings have not been updated. Many properties had in fact been sold at least 3 weeks ago if not more. This is a real pain.

I contacted realestate.com.au about this, and they said that they were aware of this problem and are trying to get agents to update. With not much success as far as I can see.

Given the crazy property market at the moment, agents don't really feel the need to update since they have buyers galore.

Another thing, not all available properties are listed on these sites. Since I am a web developer, for me the world rotates around the Internet, and it came as a shock to me when one Saturday I did a real life tour of real estate agents. There was a whole lot more on offer than I had expected.

The up side of sites like realestate.com.au and property.com.au, is that they give you a bit of an idea of what is available, where and at what price.

In Brisbane, just about anything below $200K never makes it to the web listings; they get snapped up almost instantly. This should tell you that what you see online might be slightly skewed in favour of hard to sell properties or the higher priced ones.

I hope this info helps you along a bit. There is a lot to learn. Sites like this will help you learn, and not waste money on buying overpriced stock.

Best of luck and enjoy the experience of the hunt! :)

Dan.
 
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Reply: 2.1
From: Tibor Bode


Hi Dan,

While I generally understand your frustration
with web sites not kept up-to-date (computers and internet just as good as the data and its maintenance frequency), I disagree with your comments

"In Brisbane, just about anything below $200K never makes it to the web listings; they get snapped up almost instantly. This should tell you that what you see online might be slightly skewed in favour of hard to sell properties or the higher priced ones."

I have bought in the past 6 months one for 47K, just settling on 5 for 41K and 44K (yes 4 of them are still on the internet albeit 2 settled yesterday) all of which I have found on the net when I nominated the <$100,000 option. I am also aware that there are agents who simply will not put certain properties to the net for very specific reasons or they just completely ignorant of having a worldwide market for each properties, which they can afford at this stage.

Tibor
 
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Reply: 2.1.1
From: Tim Willis


Just a few words regarding Domain.com and the age of the properties on it.
I maintain computer networks for 3 agents in the newcastle area, and have
found that the whole internet, email way of life has only just really come
to life for them. While poeple on this forum are computer literate, I would
have a job explaining how or what a forum is to several of my clients (or
employees).

Having said this, I am finding that they are very fast becoming aware of the
importance of Domain.com etc. The properties are maintained on the site by
the employees of the Real Estate agency concerned. I think you will find
some agents will be faster than others in updating the information on there
sites.

I suggest you try these sites for yourself and see if they work in your
case. Maybe they will maybe they won't.

hope this helps.

Tim
 
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Does the www have every property ???

Reply: 2.2
From: Ross Sondergeld


Hi Dan,


Finding the first one on the INTERNET


Well... all i can say is that the internet has a few diamonds... but most
good deals are at the coal face where the "evil" real estate agents lurk.

In addition, about 20 to 30 % of properties make it to the internet in my
area. You gotta remember.... that traditional real estate is still very
unorganised...


Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx
 
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Does the www have every property ???

Reply: 2.2.1
From: Paula Dee


Hi Kevin,

Set your budget then do a search on domain.com.au specifying the price range you have set, (you can highlight more than one range using the ctrl key) in the City you want (e.g Sydney). Auctions will come up in the result as well because they have no price in the field being queried. Try not to buy IP's at auction though, especially not in this crazy market. All else fails, drive around areas you wouldn't mind renting in (and can afford), thats how we found our first IP. Good luck!

Paula Dee
 
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Reply: 2.1.2
From: Dan D


Hi Tibor,

I agree with your disagreement :)

I failed to qualify my comment that, "no properties in my area of interest" that are listed at below $200K ever make it to the web.

BTW, Tibor, your approach to IP purchases has my interest piqued. Buying a coupld of cheapies in the regional areas with good rental returns sounds like something that is likely to be less stressful than one that is negatively geared.. Hmmmm... any tips on how to go about going the IP way your way?

Dan.
 
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