How to find IPs (interstate) other than on domain/realestate?

[Anisha]

Hi everyone,
I'm pretty new, so please forgive my ignorance.
After spending days on domain and realestate to look for properties in another state, it became pretty obvious pretty quickly that not too many great IPs can be found on there (great as in nice yield and good potential for CG over the next few years), or at least I'm too blind to spot these opportunities. Either way, I realise that a large percentage of properties most likely never even make it to those sites. My question therefore is, how do you find IPs without searching those pages in particular when looking to buy interstate?

 

[Rolf Latham]

many clients of ours either get on planes and spend some time on the local turf, others spend some money on a buyers agent instead

ta

rolf

 

[Jamie M]

My question therefore is, how do you find IPs without searching those pages in particular when looking to buy interstate?

A good BA will come in handy here.

Some will have access to unlisted properties.

Cheers

Jamie

 

[monty]

Hi Anisha,

I'd be spending months instead of days on those websites getting to know the market(s) you're interested in. During this time you'll see places come up for sale, be sold and then come up for rent. This will give you a good feel for purchase prices and what rent you can expect (among other things). After that you'll be able to spot good value or a bargain if one comes around. Making a trip to the area is a very good idea.
Maybe you could build up relationships with agents during this time and they may tell you about a new property before it's listed. This has never happened to me though; perhaps you need some sales history with them before this happens?

 

[Cammclellan]

Hey Anisha,

Seeing as there are about 9.4m properties to sift through its impossible without using a process of elimination which allows you to find the best IP every time. I developed a system I use called MAP which is Market >Area >property.

Knock out the markets that are no good at that point int time, knock out all areas that don't provide good yeild and growth and then identify the optimum size and quality Ip for that area. It's much easier this way.


Hope that helps

 

[Jenko]

BA would maybe be a good option if your okay with spending $10k +, jumping on a plane and having a look see is good as long as the ideal property is for sale at the time and you manage to find it. Websites like Realestate Investar searches the net and finds properties, from heaps of different sites including local Realestate agents sites. However the problem I find with Realestate Investar is that some of the properties listed are already under contract or sold.. You could look on Realestate.com and domain.com find properties in your intrested area then from then go to the Realestate agents website and seach their sites.
Just an idea.

 

[Logica]

As a BA, we tend to purchase a proportion of properties off market. However, this will greatly depend on the price bracket. For example, in the upper price brackets of owner-occupier properties +/- 30% or more properties are often bought off market. In contrast, in the bread and butter IP price brackets this percentage is much lower (but we are often told of property before they hit the general market, which gives our clients edge over other buyers).

Therefore, I dare say that most typical IPs would actually be listed on domain or realestate com au. But it is not very easy to filter the really good ones out in a time-effective way... Much harder and riskier to do it from interstate too. Many experienced hands-on investors or BAs have tools and systems to do it. We also tend to have an eye for a good property and can spot it quickly (having seen and appraised hundreds).

And it's not only about finding a good IP. The hard part is often negotiating the purchase.

 

[Jake Milne]

Hi Anisha,

Why is it that you're looking interstate?

Is it due to budget constraints?
Have you already reached your land tax thresh hold in your current state?

My advice to beginner investors is to purchase somewhere that you know, or at least can can visit more regularly so you can learn about that place and become comfortable with your knowledge of the area.

If you want growth stats, all the major investment magazines publish them at the back of their publication.

If you are unsure of an area, and want to fast track your purchase an advocate is at least, worth looking into.

 

[jigmeister]

BAs in this market? Hell no!!!

Hi Anisha,

My experience in this booming market has been that no BA has special access to deals that you cannot research yourself on realestate.com.au or domain.com.au. Which sellers agent in his/her right mind would sell a property under market value to a BA?? It depends on your risk apetite what sort of properties you can see through as a good investment. In my opinion almost all 99.99% properties are advertised on the 2 above mentioned websites. Spend some more time researching and you might save your self $10k.

P.S - I have paid $10k to a prominent BA only to find out that I could have found the deal myself with a little bit more patience and research.

Good Luck!!

 

[Lord Shanghai]

P.S - I have paid $10k to a prominent BA only to find out that I could have found the deal myself with a little bit more patience and research.

Good Luck!!

Ten grand is a lot of money to spend on a deal. Can you tell us if what he/she bought on your behalf was exceptional value? Or was it just an ordinary deal? If t'was the latter, you can try asking him/her for your money back. It would be interesting to see how you go. Maybe REBAA (I think that's what they call themselves) might stand by you - they seem keen to boost the image of BAs. It's patently unfair for you to be paying for something you could have easily sourced yourself. Demand a refund. Tell us how you go.

 

[WattleIdo]

Hi Anisha,

My experience in this booming market has been that no BA has special access to deals that you cannot research yourself on realestate.com.au or domain.com.au. Which sellers agent in his/her right mind would sell a property under market value to a BA?? It depends on your risk apetite what sort of properties you can see through as a good investment. In my opinion almost all 99.99% properties are advertised on the 2 above mentioned websites. Spend some more time researching and you might save your self $10k.

P.S - I have paid $10k to a prominent BA only to find out that I could have found the deal myself with a little bit more patience and research.

Good Luck!!

Not only this, but surely the cheaper property is the one that's been sitting on the market the longest?! Which means that the right time to invest is when you're the only one looking.

 

[perthguy]

I am on a couple of agent mailing lists and get properties emailed to me before they are listed on re.com.au and domain.com.au

When I sold, my agent went through his database and showed some of his current buyers through the property before it was listed on re.com.au

Might be a good way to get some leads.

 

[Logica]

Ten grand is a lot of money to spend on a deal. Can you tell us if what he/she bought on your behalf was exceptional value? Or was it just an ordinary deal? If t'was the latter, you can try asking him/her for your money back. It would be interesting to see how you go. Maybe REBAA (I think that's what they call themselves) might stand by you - they seem keen to boost the image of BAs. It's patently unfair for you to be paying for something you could have easily sourced yourself. Demand a refund. Tell us how you go.

Hi fellow members. As a REBAA State Rep I can assure you than any REBAA member would have done much more for their fee when finding and securing a property for their client (finding something on internet is not the same as sourcing).

For their full service fee, a REBAA buyers agent would:
1\ provide client with research and advice as to the best areas and type of property to purchase
2\ assist client with finalising of the search brief
3\ search for properties off market and on market
4\ physically inspect short-listed properties and provide full appraisal reports for recommended properties
5\ develop and execute an acquisition strategy to secure the property at the lowest possible price / best terms for their client, the buyer
6\ conduct all negotiations and attend auctions
7\ coordinate all other professional services
8\ manage everything in the back-ground to ensure a smooth, trouble-free transaction for the client

In other words, the professional fee covers a whole range of activities and pays not only for buyers agent's time but most importantly for their expertise, experience, negotiation skills, contacts and professional advice.

NB: apart from a small engagement fee, we only get paid if we end up securing a suitable property for the client and the client is happy to sign the contract. jigmeister must have been happy with the property since he decided to proceed...

 

[ChrisA1]

In other words, the professional fee covers a whole range of activities and pays not only for buyers agent's time but most importantly for their expertise, experience, negotiation skills, contacts and professional advice.

NB: apart from a small engagement fee, we only get paid if we end up securing a suitable property for the client and the client is happy to sign the contract. jigmeister must have been happy with the property since he decided to proceed...

As well as presenting several options, and properties, I found BAs took the emotion out of the process as I was one step removed. I have bought a few properties through BAs and have been happy with the results, and have bought a few myself directly. I found that I got a bit excited through the process when buying property directly. To me, this also made a BA useful in the process.

If you're a cool headed person who can handle the process of buying and dealing with the many personalities that REA have, then the BA may not provide this value for you. It's all part of the whole package.