IMO you would be pretty lucky to get this. I would say this would be top end rent for around here. I have a superior property on Olivers Hill that rents for less than this.
What he said.
Purchasing in VIC - Frankston Area #2
- Thread starter Sabitor_84
- Start date
What he said.
DrK, DO NOT listen to the agents. You have PLENTY of time to find the right property, FHOG or no FHOG. Just relax. Even if the grant is extended, most of the frenzied buyers will have bought prior to June 30 anyway so that will take some of the heat out. At the same time, there are always deals around. Frankston had over 40,000 dwellings. Just keep looking & be patient. Prices are (unfortunately for we who are already in the market) only going to go one way.
As far as leaving messages for advertised properties, try not to call on Saturdays (they are all doing OFIs) and KEEP RINGING. There's only so many times an agent will bear listening to your message, "Hi, it's X here. I am really interested in that property on Y St. Give me a call so we can arrange a sale."
If you keep calling they will have to ring you back. I agree that they should call you back after 1 message and you shouldn't need to call back. But no use complaining about how things SHOULD be. The agent is calling back the other guy who keeps calling (so must really be interested) before calling you.
Agree with Ms. Jade. There will never be a shortage of stock in this (large and diverse) suburb. Whether or not the the boost is offered once more or not, there are further job losses coming that will affect these sorts of prices. I reckon better pickings are coming in his bracket.
Also agree with the phone suggestions above and eliminating the word "SHOULD" from your vocabulary. DrK, Persist until.......You're the one who needs to deal with them and as they've got the listing, they can be as slack as they wish, until they've made the sale, or exclusivity runs out. I am not excusing them, however that's how it goes sometimes.
I've likened realestate as a relationship business, however if after umpteenth efforts there is no response, mention to the agent via a voice message (or to the receptionists, or even better to the principal of the firm) if they would prefer you contaced the vendors directly and negotiate that way as they are not providing you with opportunity to transact.
Be nice but also be firm with them. If you tick a couple of them off, well you had no outcome or joy in any case, so create some fear that you'll go to the vendor to transact and explain the agent's slackness. .......might give them cause to return your call after all that.
Also agree with the phone suggestions above and eliminating the word "SHOULD" from your vocabulary. DrK, Persist until.......You're the one who needs to deal with them and as they've got the listing, they can be as slack as they wish, until they've made the sale, or exclusivity runs out. I am not excusing them, however that's how it goes sometimes.
I've likened realestate as a relationship business, however if after umpteenth efforts there is no response, mention to the agent via a voice message (or to the receptionists, or even better to the principal of the firm) if they would prefer you contaced the vendors directly and negotiate that way as they are not providing you with opportunity to transact.
Be nice but also be firm with them. If you tick a couple of them off, well you had no outcome or joy in any case, so create some fear that you'll go to the vendor to transact and explain the agent's slackness. .......might give them cause to return your call after all that.
I'm doing a big Reno job in the same street, very near this house at 6 Kareela Rd. This is a great area that's handy to everything, and very peaceful in my experience. Whisper-quiet actually. Yeh, surprised me too.
I knew the agent selling this property from past experiences
, and this give-away pricing for such a property is damn near criminal. These imbeciles sold the place within a week for $220K. The old couple who've lived there most of their lives probably, wouldn't have known any better. The place was clean and neat, in need of lots of work but still another 20/30K could have easily been achieved.
There were soooo many people I spoke with who were interested in this place.
This sort of 'Easy-sale' mentality from agencies really makes my blood boil.
cheating the elderly for a bargain
As much as we love a bargain, ripping off old or disadvantaged people is nothing short of criminal, not to mention un-Australian. The local MP and his counterpart are interested in stories like these. Bait advertising is criminal - penalties do apply, and it'd be lovely to see agents locked up or fined. If anyone has any stories, please post them.
I will keep on looking for my dream investment property in Frankston-NFrankston or Seaford. I guess I may have to pay more than what I originally expected to pay.
As much as we love a bargain, ripping off old or disadvantaged people is nothing short of criminal, not to mention un-Australian. The local MP and his counterpart are interested in stories like these. Bait advertising is criminal - penalties do apply, and it'd be lovely to see agents locked up or fined. If anyone has any stories, please post them.
I will keep on looking for my dream investment property in Frankston-NFrankston or Seaford. I guess I may have to pay more than what I originally expected to pay.
Relax!
Take a chill pill !
Talk is cheap.. get yourself on the ground, play on the weakness of the agents, leverage your experience in dealing with people (patients), find a bargain and get it over and done with !
You have started to sound like a broken record.. just like your twin brother "newhigh" or are you both the same ?
Take a chill pill !
Talk is cheap.. get yourself on the ground, play on the weakness of the agents, leverage your experience in dealing with people (patients), find a bargain and get it over and done with !
You have started to sound like a broken record.. just like your twin brother "newhigh" or are you both the same ?
Dr K: I'm confused.
1. Above you objected to agents taking advantage of sellers for a quick cheap sale.
2. Below you wanted to buy something ultra-cheap (but for others to do the work finding it for you!).
http://www.somersoft.com/forums/showpost.php?p=540352&postcount=128
To me the above don't tally.
It takes two to tango.
A 'criminal' or 'unAustralian' agent offloading a below-market property requires a complicit buyer for the vendor to be 'ripped off'. Otherwise there is no deal.
A buyer's super-cheap property is an agent's quick commission and (possibly) a ripped off vendor.
To me it's unfair to rail against the last while seeking to derive profit from the first.
Well said Spiderman.
The hypocracy of these bargain hunters is the pure definition of the word. Those on this thread complain constantly about agents and about an apparent unethical approach to real estate sales based on isolated and exaggerated examples. However you are all out there for a bargain. If it had been you in the shoes of the buyer who purchased that same cheap property, you would be bragging and boasting to all on this site about your newest "well bought" aquisition.
You bargain searching investors are the sharks, not the agents. You display a sharp disdain for the real estate proffesion but continue to invest in property. You want the world, but it has to be given to you on a silver plate. Agents work for their vendors, and most of them are familiar with most of you through your posted links and references on this site. When they don't ring you back, it is because they are fully aware of who you are, that you will stuff them around, offer low and be rude and arrogant to deal with. Enough said.
The hypocracy of these bargain hunters is the pure definition of the word. Those on this thread complain constantly about agents and about an apparent unethical approach to real estate sales based on isolated and exaggerated examples. However you are all out there for a bargain. If it had been you in the shoes of the buyer who purchased that same cheap property, you would be bragging and boasting to all on this site about your newest "well bought" aquisition.
You bargain searching investors are the sharks, not the agents. You display a sharp disdain for the real estate proffesion but continue to invest in property. You want the world, but it has to be given to you on a silver plate. Agents work for their vendors, and most of them are familiar with most of you through your posted links and references on this site. When they don't ring you back, it is because they are fully aware of who you are, that you will stuff them around, offer low and be rude and arrogant to deal with. Enough said.
Hi funkysouth,
Perhaps you are a Frankston agent who works for your vendors. However, I too have experienced first hand the unprofessional attitudes and unethical standards of some Frankston Real Estate Agents. Last year I wanted to sell one of my properties. The first agent I chose was only interested in conditioning us down. The second agent was the same. Needless to say we didn't sell and still hold this property.
For what it is worth, had I sold it at the price the agents were suggesting I would have lost $40,000 - as confirmed by a bank valuation.
Unfortunately there are agents in Frankston who are volume driven and treat their vendor's accordingly. Real estaete agents who are ethical during boom times tend to stay in business during down turns. Testing times may be fast approaching.....
Regards Jason.
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let the law decide
All of this nonsense will stop once one or two Frankston agents are prosecuted for price fixing. Then the rest will behave better. Cheating old grannies is despicable behavior. It doesn't happen? Last year I knew of agents who would not list properties for sale if they were above $300k. According to the ACCC, that sort of behavior imposes a ceiling on prices and it IS a crime. If Richard Pratt, one of Australia's richest men could fix prices, I daresay local agents are perfectly capable of the same.
Last year, many Frankston grannies - none of them wealthy investors - were persuaded that a global meltdown was the reason for them to sell out cheaply. Now the same agents who predicted the end of the world (global meltdown you know, dont blame us hard working agents) are begging for listings and frothing at the mouth when nobody trusts them.
I love bargains too but not at the expense of little old ladies who don't have much to retire on. And in fairness, isnt Frankston the cheapest marina-approved suburb in the country? There's even a Uni in Frankston, lots of infrastructure, not to mention guru approval from Terry Ryder, Peter Koulizos (TAFE's "property professor), Margaret Lomas et al .....but thanks to agents imposing price ceilings, beachside Frankston trades for the same sort of grungy prices one sees in Springvale.
Investors be warned: what agents say to prospective buyers and sellers can have a significant effect on supply and demand, not to mention price. Dealing with local agents is a joyless exercise. Funkysouth, spiderman - do you work in the industry?
All of this nonsense will stop once one or two Frankston agents are prosecuted for price fixing. Then the rest will behave better.
Cheating old grannies is despicable behavior. It doesn't happen? Last year I knew of agents who would not list properties for sale if they were above $300k. According to the ACCC, that sort of behavior imposes a ceiling on prices and it IS a crime. If Richard Pratt, one of Australia's richest men could fix prices, I daresay local agents are perfectly capable of the same. Last year, many Frankston grannies - none of them wealthy investors - were persuaded that a global meltdown was the reason for them to sell out cheaply. Now the same agents who predicted the end of the world (global meltdown you know, dont blame us hard working agents) are begging for listings and frothing at the mouth when nobody trusts them.
I love bargains too but not at the expense of little old ladies who don't have much to retire on. And in fairness, isnt Frankston the cheapest marina-approved suburb in the country? There's even a Uni in Frankston, lots of infrastructure, not to mention guru approval from Terry Ryder, Peter Koulizos (TAFE's "property professor), Margaret Lomas et al .....but thanks to agents imposing price ceilings, beachside Frankston trades for the same sort of grungy prices one sees in Springvale.
Investors be warned: what agents say to prospective buyers and sellers can have a significant effect on supply and demand, not to mention price. Dealing with local agents is a joyless exercise. Funkysouth, spiderman - do you work in the industry?
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I'm going to disagree here.
An offer is merely a suggestion (comprising of a price, and sometimes conditions) from someone who wants to buy a property.
The vendor is free to accept or reject any offer as they see fit.
The agent works for the vendor.
Though not a valuer, a competent agent should know approximately what the property is worth.
Agents are required to present all offers to the vendor.
However if they are professional they should also inform the vendor whether the offer is (i) very generous so should be accepted forthwith (after the buyer has been qualified as genuine), (ii) reasonable and hence worth a counter-offer or (iii) too low and should be rejected.
The vendor, having received this information can then make an informed decision to accept, counter-offer or reject based on their circumstances and how they like the buyer's price/conditions.
The vendor has the final say. If they accept an outrageously low offer then it is either due to their urgent circumstances and/or being too trusting of an incompetent agent who prefers a quick commission to a good outcome for the vendor.
The former is acceptable if the agent has warned the vendor that the offer is very cheap and the vendor has accepted it regardless. In this case the agent has done their duty since accepting their client's instructions takes a higher precedence over negotiating the highest price.
But if the vendor has no particular urgency to sell and the agent has recommended an 'ultra cheap' offer be accepted then the agent is guily of preferring a quick commission over obtaining the best result for the vendor.
A low offer from a purchaser does not constitute shark-like behaviour as it means nothing until it is accepted and both signatures are on the contract.
But if the agent recommends acceptance of same, despite them knowing it is very low, then that is most certainly shark-like behaviour on the part of the agent since the agent is supposed to represent the vendor.
I don't know who the 'you' is, but it's not me.
My attitude is agents are a part of the scene and investors need to go through them to have any chance of buying the majority of properties offered for sale.
They are neither good nor bad - they just 'are' and you need to deal with them. Winning friends & influencing people and all that.
Though they work for the vendor agents need to treat buyers with courtesy, and this includes things like returning calls. Without a buyer there can be no sale. But time spent worrying about bad agents is time not spent on finding value IPs so agents are hardly worth time whinging about.
Good post Spiderman.
In my experience there are two types of REAs those that are good when selling and those that are good when buying, the trick is to use the right one.
An agent is not allowed to negotiate the deal, only submit offers for the vendors consideration. Many times I have had offers unsubmitted at an agents discretion, many times I've "walked" to the next deal and seen a property that I tried to buy, linger on the market until the vendor changed agents.
In the early 1990s there was no trouble getting communication from the agents, that were still employed after the retrenchments. Rumour has it that there is another "depression" on the way!
In my experience there are two types of REAs those that are good when selling and those that are good when buying, the trick is to use the right one.
An agent is not allowed to negotiate the deal, only submit offers for the vendors consideration. Many times I have had offers unsubmitted at an agents discretion, many times I've "walked" to the next deal and seen a property that I tried to buy, linger on the market until the vendor changed agents.
In the early 1990s there was no trouble getting communication from the agents, that were still employed after the retrenchments. Rumour has it that there is another "depression" on the way!
we will all grow old someday
I will try again.
I live next to an elderly couple. He died recently. His wife is 93 and very frail. Yet, the real estate agents are already at her door. The poor old dear will sign anything, she has no idea - all she thinks of is her husband who is no longer around to shoo them away.
There's more to life than market forces or "offer and acceptance". Oneupmanship referred to a case of a house in Frankston being sold too cheaply by elderly people. It really breaks my heart. I am sorry if this sounds over the top. At least I'm not selling anything other than the fact that we should open our hearts just a tad more and protect vulnerable people from predatory behavior.
None of you would like it if it happened to someone in your family. Yet it happens. And more regularly than you would like to think. If you want to benefit from such sales, that's your perogative. Personally, its not for me.
I will try again.
I live next to an elderly couple. He died recently. His wife is 93 and very frail. Yet, the real estate agents are already at her door. The poor old dear will sign anything, she has no idea - all she thinks of is her husband who is no longer around to shoo them away.
There's more to life than market forces or "offer and acceptance". Oneupmanship referred to a case of a house in Frankston being sold too cheaply by elderly people. It really breaks my heart. I am sorry if this sounds over the top. At least I'm not selling anything other than the fact that we should open our hearts just a tad more and protect vulnerable people from predatory behavior.
None of you would like it if it happened to someone in your family. Yet it happens. And more regularly than you would like to think. If you want to benefit from such sales, that's your perogative. Personally, its not for me.
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Sim
Administrator
Much better post than your last one yachtiefrankstn.
By the way, I'm curious about where you live. Your profile says you live in Melbourne ?
IMO you would be pretty lucky to get this. I would say this would be top end rent for around here. I have a superior property on Olivers Hill that rents for less than this.
What he said.
You could be right, but if that's the case, its definitely not worth the money they are asking. Which is why it probably hasn't sold. The market never lies
We are retirees and yachties, ex-Manly in Sydney. Frankston is now officially home, we bought once the marina was approved although our boat is berthed elsewhere. Sailing around Australia although now ashore and able to use the internet. But will be trucking our boat back to Vic. Bit too old for rough seas.
And a bit too old to handle pesky real estate agents
You could be right, but if that's the case, its definitely not worth the money they are asking. Which is why it probably hasn't sold. The market never lies
My understanding of these streets directly off Kars Street and any other streets closer to the Beach, is that due to their location, the land value alone is worth more than many other parts of Frankston South.
Unfortunately though, from a tenants point of view, the dwelling and its condition is what they primarily look for, so whether it be in or around the Kars Street location of other parts of Frankston South, unless it has bay views, they often attract similar rental pricing, might be a fraction more, but not significant enough to compensate for the buy in price.
This is why I haven't looked at this part for investment, however, I do know many others that have and can afford the out of pocket expenses. This area is one of the most sought after parts of Frankston South, particularly from OO's
Toni
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