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How do I catch the buyer’s attention? Depending where you read it, somewhere around 88 per cent, and anything up to 95 per cent, of prospective buyers go online to search, which means images of your property are their first point of contact. In all of about eight seconds, your prospective buyer has seen your photos, taken in the headline and made a decision whether to look further at your property or keep scrolling on to the next. In those few seconds, poor imagery could cost you a sale! Consider that: • Having a smartphone is not enough to make you a great photographer. • Professional photographers have the equipment, the experience and the ability to put themselves in the shoes of the buyer, in order to capture the right imagery for the best sale outcome. • Superior photos, video and drone photography are even more worthwhile investing in if yours is a high-end property. If you only have eight seconds, make it count with the best quality stills and best quality video.
Is location really that important? YES! People, in the main, want to live close to the things they like the best: things like dining, playing and relaxing… and friends. Invest in locations where there is the strongest demand and desire to live. Such locations generally feature such amenities as well-regarded schools, good transport, great retail and lifestyle choices, and cafe precincts.
People value time, so the time it takes to commute and access lifestyle choices remains important. In an age where technology allows people to work from home, download speed may be more important to some buyers than kilometres. Internet access may be the box a buyer needs to tick over close proximity to transport infrastructure for the work commute. The CBD location is a good investment if you want to attract the younger demographic. With an emphasis on walkers and cyclists today, look for infrastructure that encourages these activities. Middle-ring suburbs, around 10 kilometres from the CBD, can be in demand as they gentrify. And watch for the ripple spreading outwards. Consider ‘affordable’ in terms of whether a property fits with the type of people who can afford to live there. It’s not the same for everyone. Never has been!
Should I buy a tenanted property? As an investor, make sure the appeal of buying a tenanted property doesn’t overshadow the property itself. Do the usual research on location, structure, future development etc. Speak with the property’s current property manager and have them advise on the current situation of the tenants and lease. Ask to view the current lease in place – in terms of length, additional agreements or anything outstanding from previous landlords.
Check the rent rate is on-par with current market conditions. Sure enough, there’s the immediate rental income on settlement and the time, money and possible stress associated with finding a suitable tenant but focus on the property itself first and the current tenant after that.
Should I sell while my property is tenanted? There are always two sides when it comes to property changing hands. If you are selling, someone else is buying. A rental agreement and tenants may make the business a little more challenging. Tenants must be advised of intent to sell, prior to the property being shown to prospective buyers. Opening the home for inspection will impact on current tenants. Written notice must be provided to the tenant, generally with a minimum 24 hours’ notice. Inspections may create inconveniences for tenants during this time. Be prepared for tenants to potentially negotiate decreases in rent or costs for maintaining property during this time. A rental agreement does not have to end simply because an owner wishes to sell. In fact, marketing the sale of an investment property as already tenanted may be a positive for other investors. The buyer may find it attractive to take over the tenancy and continue renting it out to current tenants. If a fixed term agreement is in place, unless the tenant breaches conditions of the agreement, it will carry on as is.
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