Reply: 1.1.1.1
From: Anonymous
Hi Nelson,
This information is gathered by watching property auctions, inspecting, asking agents and keeping property sales information as it becomes available. Estate agents keep detailed information about property transactions, including information about the quality of properties. Unfortunately you will need to build a good rapport with your local agents in order to get their help on properties you have not had the time to inspect or attend auction. You have obviously experienced some trouble in doing this and I am not surprised!
I have overcome this problem by attending as many auctions and open inspections as possible in the suburbs I invest in(I aim for at least 4 auctions per week). If I am really busy during a given time period,I try to limit my choice of property inspections/auctions to ones that are most similar to mine. Otherwise I like to see every type and price range. If I am away I will send friends or family to the auctions for the results. I always keep the property brochures and take down as many notes as possible about the property during the inspection and perusal of the vendors statement. I then file these brochures for future reference. I treat property investing as a business and therefore I consider this research as part and parcel of running the business.Fortunately for me, this also happens to be my favorite pastime/hobby, so I don't consider it a chore(must be the voyeur in me).
As I live in Melbourne,The Age and Herald Sun publish auction results on Sundays and Mondays. These provide sketchy information about particular properties and are more helpful if you are familiar with the properties. Check the equivalent newspapers in your state.
Australian Property Monitors provide auction sales information through Email and the Internet at:
http://www.market.fairfax.com.au/property/mkt.html . This one you already know about.
You can examine records about property transactions at your local council office. This I have found to be quite specific and helpful.
Despite what many believe,you cannot find out how much the owner paid for the land by making a title search because the search provides only the owners' names and not how much they paid for the land.
I hope this is of some assistance.
Cheers
Topaz
I posted this a few days ago. You may or may not have read it. I apologise to those that already have. This approach has worked in my favour 90% of the time. Here it is:
From my own experiences with valuers, I have found that a high rental yield will influence the final valuation to some extent. However, if you are seeking the highest valuation possible, unfortunately, in my experiences, you will have to do all the work for him/her. I always present the valuer with at least 4-5 properties in the area that are very similar to mine that have been sold recently. I give as much information as possible about the other properties as I can(condition, age, no. of b/rms, proximity to amenities,rental yield,etc) and compare these to mine, without suggesting what I think mine is worth. The valuer not only takes you very seriously, in most instances he/she has come back to me after going through my presentation, and asking ME what I think it is valued at. BINGO! One valuer called me up a few months after valuing my IP, to ask my opinion on a property he was valuing for the bank in the same suburb as mine was in.
May not work with all valuers, but if you can be bothered(and any serious investor should)it is at least worth a try.
Finally, I would call the bank you are dealing with, and ask for the name of their preferredd/mostly used valuer. I would then arrange for him/her to carry out the valuation (at your expense)since you are guaranteed his/her valuation will be respected, but only after you have done all your homework, and completed your presentation.
Good Luck
Topaz