MAKE A SPLASH THIS SUMMER WITH PROPERTY

January 4, 2013 Leave a comment

Selling in Summer

Selling a home in summer can be tricky for some but rewarding for many.  First National Real Estate Lakeshores Principal, Mark Millington says it all comes down to getting the details right.

“Pretty gardens, spectacular views and a well-presented home will only go so far, especially in a market where buyers would rather be relaxing with a cool drink instead of house-hunting in the heat,” Mark Millington said.

“It is essential home sellers price their property correctly, choose the most appropriate sale method and market it appropriately.  Real estate agents can make a lot of difference here as they have the necessary knowledge and experience to maximise the value of your property.”

Mark Millington said that when it came to pricing the property, home-owners need to consider the market and buying conditions.

“Summer is a time when buyer numbers plateau – particularly during the holiday period – but the current market conditions of low interest rates and affordable prices will prove too tempting for many to pass up,” Mark Millington said.

“So it requires real skill to set the price at a realistic level where both the buyer and seller feel comfortable that they have paid and received a fair price.”

One of the biggest dilemmas summer sellers face is whether to go to auction or sell their house through private treaty (for sale).  In making this decision, there are a number of factors that should be considered such as location, style of property, level of demand and timing of the sale.

“Private treaty sales offer the advantage of a clearly stated price. This can be powerfully attractive to buyers who sell their property just prior to Christmas and are facing settlement in early January Mark Millington said.

“When you have properly priced your property, these types of buyers can be super motivated to make strong, fair offers, with a minimum of negotiation, but it’s essential to have your price right in the first place if you’re going to do business.

‘On the other hand, auctions allow the market to determine the price and competitive bidding can push the price up. Auction also offers the seller certainty that once the reserve is reached, the property will be sold, and there is no Cooling Off Period so the sale is secure – the buyer can’t change their mind. However, the timing of an auction is crucial so it’s best to have auction campaigns completed before the holiday period gets underway.”

When it comes to auctions, Mark Millington said there are two types to be considered: in-room or on-site.

“At an on-site auction, buyers can actually touch and smell what they are buying, which can provide a stronger emotional connection to the property,” Mark Millington said.  “Also, there is an argument to be made that suggests when it comes to those final bids, and the buyer is standing in what is to be their new home if they are successful, they are more likely to go that little bit further to secure their new home.

“However, in-room auctions are not affected by the weather or other environmental factors and when the market is running hot, the enthusiasm for other properties offered by auction at the same event can positively influence the bidding on your own property.

According to Mark Millington, the soft market of recent times is showing a trend towards private sales over auctions, with sellers more inclined to take that route than what they perceive as the uncertainty of the potential outcome on auction day.

“My advice would be to discuss all the options available with a real estate agent, who will help determine which method of sale best suits your individual circumstances and the likely degree of demand for the type of property you’ll be offering the marketplace,” Mark Millington said.

“The agent is there to help weight up the benefits and costs and pro’s and con’s of each scenario and to support a seller through the sale process.  They can only do that if the seller is open and honest about their feelings and share their concerns.

“At First National, we are there to put our clients first, which is why we lead our industry.”

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Issued by: First National Real Estate

For further information contact:

Mark Millington, Principal, First National Real Estate Lakeshores, on 02 4359 1555

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POOLS MAKE NICE BEDS FOR BUGS

January 3, 2013 Leave a comment

Pool

Pool

As the weather starts to warm up, pools becoming enticing beds and breeding grounds for bugs, so make sure to take the time now and check the pool to enjoy safe and healthy swimming this summer.

Recent research showed that 96 per cent of Australian pools take a dive in health during the cooler months, leading to a build up of harmful bacteria which could pose serious health risks for those swimming in it, like diarrhoea, ear infections and eye and skin irritations.

Out of more than 1000 pool water samples recently taken across the country, just four per cent of pools showed a healthy pH balance and only one in five were properly chlorinated.

Using the services of a professional technician, such as the pool and spa care experts at PoolWerx, to conduct regular water health and safety checks makes sense and may prove more affordable than it would be to seek help once the water has turned ‘green’ from flourishing bacteria.

Not to mention the reduced emotional stress and costs associated with a loved-one, friend or tenant becoming sick through infected pool water.

Top five tips for early-season pool maintenance include:

  1. Check the pool equipment to ensure it is in property running order.
  2. Ensure the pH level is within healthy levels.
  3. Make sure chlorine levels are adequate to disinfect all microorganisms.
  4. Vacuum and skim the pool regularly.
  5. Organize a regular professional check up.

It is also a good time to check the pool’s compliance with state laws and regulations as each state and territory in Australia has its own laws governing pool safety.

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CENTRAL COAST PROPERTY MARKET TO TREND UPWARDS

August 1, 2012 1 Comment

Market conditions in New South Wales’ Central Coast region are expected to improve in the second half of 2012, according to First National Real Estate’s 2012 Property Market Outlook Mid-Year Update.

The Update, released this week, is based on a survey of the 400+ member network, and provides an insight on what member agents expect the market to do, drawing on their experience at the grass roots level.

“A number of infrastructure and development projects, reducing interest rates and fewer new listings increasing price competition will support the market improvement keeping it in line with most other areas of the state which are already experiencing an upswing,” Mr Mark Millington, Principal, First National Real Estate Lakeshores said.

“A number of approved land releases and a shopping centre development due for completion in the coming 6 to 12 months will see buyers once again become active, which should see listing levels decrease as a result of the improving marketing conditions,” Mr Millington said.

Sales are expected to increase, while the average number of days a property is on the market should also fall.

“These are all signs the market is set to trend upwards, but economic conditions are still holding consumer confidence at bay,” Mr Millington said.

House prices are expected to head upwards as a result of current lower levels of new listings creating a competitive environment for buyers.  However, limited land availability will see land prices fall.

A shortage of rental accommodation in the region will keep already extremely low vacancy rates, flat.  This will force weekly rental prices upwards and improve investor returns.

Investor activity is expected to increase, driven by reducing interest rates, talk the market has bottomed out, and increasing rental returns.

“Investors will represent the strongest growth in activity for the Central Coast region as they capitalise on better returns based on lower interest rates and increasing weekly rentals,” Mr Millington said.

Interest rates are expected to decrease further in the second half of 2012, which should see buyer confidence improve, especially in the “bargain” market of properties priced below $350,000.

According to Mr Millington, the key challenges for the Central Coast property market in the coming six months will be the unstable economic conditions, unemployment fears and the ability to secure bank funding.

“The market will be further bolstered by land releases in Gwandalan and Catherine Hill Bay, the first in the area for more than 10 years,” Mr Millington said.

“The shopping centre development in Lake Munmorah/Chain Valley Bay will inject some much need infrastructure as well as create local jobs for the community.”

Solar power and energy are the most sought after energy efficient features of a property on the Central Coast.

Issued by: First National Real Estate. 

For further information or to receive a copy of the 2012 Property Market Outlook Mid-Year Update, contact Mark Millington, Principal from First National Real Estate Lakeshores, on 02 4359 1555

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Stamp Duty standing in the way

June 29, 2012 Leave a comment

Stamp Duty Property NSW and AustraliaSupport for the Prime Minister, Julia Gillard, has come from an unusual source today from the local member of First National Real Estate, Mark Millington, who agrees with her call for the review of state based property taxes.

“It is a rare thing for me to say I agree with the Prime Minister, but I believe she has it entirely right when she says State Government based property taxes are standing in the way of economic growth in this country,” Mark Millington said.

“As Australia’s largest independent real estate network, we do everything we can to help people with workforce and lifestyle driven mobility,” Mark Millington says “but the State Governments are not doing anything to help – a fact we have been on the record as raising on numerous occasions over the last 12 to 18 months.”

Mark Millington said research has shown that a lot of city dwellers would like to make a move to the country, but find the costs of selling and buying a home, including stamp duty, prohibitive.

“There is certainly a high level of interest in people moving within a state and possibly even between states for lifestyle reasons”,  Mark Millington said.

“The main thing standing in their way is the cost of buying and selling a home and stamp duty is a large part of that cost,” Mark Millington said. “So, on the one hand State Governments want people to move within their State and the Federal Government needs them to be able to move between states, but the State Governments’ stamp duty is one of the major costs that is stopping that happening.”

Last year, stamp duty accounted for 37% of total property related taxes in Australia and Mark Millington believes the reliance of Governments on property taxes is standing in the way of Australia’s economic growth.

“We need to stop penalizing people who have saved enough money to buy a house or who are prepared to follow job opportunities interstate.  Stamp duty is an anti-growth tax, and is a lazy way for governments to keep their budgets in check,” Mark Millington said.

Issued by: First National Real Estate Lakeshores

For further information contact:

Mark Millington, Principal, First National Real Estate Lakeshores, on 0418 970 591

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First National Lakeshores The Sure Bet

June 19, 2012 Leave a comment

Winners Professional Services Category - Northernlakes Business Awards

Winners – Northernlakes Business Awards

Local property agency, First National Real Estate Lakeshores, today announced that it has edged out another local real estate agency as well as a finance brokerage to win two award categories in the Northern Lakes Regional Business Awards 2012 – Professional & Finance Business and Business Promotion.

The awards acknowledge and pay tribute to the business community within the Central Coast’s northern region of Wyong Shire, giving them recognition for hard work and dedication throughout the year.

First National Lakeshores director, Mark Millington says the awards are enormously gratifying because they are a genuine reflection of local opinion.

‘Real estate is local so everything we do is focused on building strong community relations and continuously thinking of new ways to improve our customer service’ says Mr Millington.

Over the past 12 months, First National Lakeshores has formed a productive alliance with AFG, one of Australia’s largest mortgage providers, so home financing can be smoothly integrated into the buying process.

‘Having a strong broker relationship has benefited many of our landlords as well. With falling interest rates, we’re now able to offer them a professional service whereby they can compare their current mortgage product with competing offerings, all free of charge’.

Mr Millington also says his agency has worked hard to deepen its social media reach and customer communications processes in the past twelve months.

‘First National Lakeshores reaches out to community using a broad range of mediums including newsletters, suburb profiles, competitions, social media, SMS and email property alerts.

‘We made our first sale through Facebook this year and also use Twitter to keep our customers up-to-date. But we also offered three competitions – a home re-paint worth $10,000 through Dulux, free fuel for a year through Caltex, and our $50,000 Cash Drop competition, which doesn’t finish until August’.

Mr Millington believes that the essence of his team’s success and the reason for both awards comes down to three things, balance, commitment and hard work.

‘Business must balance its customers’ needs against its goals and make sure the two are tightly aligned. Participation in social media makes you more accessible to consumers who appreciate that communication format. However, it’s equally important to maintain other promotional activities to stay connected in your community.

‘Without professional conduct, strong ethics, good salesmanship and hard work, it’s all just academic’ says Mr Millington.

Issued by First National Real Estate Lakeshores.
For more information, contact:
First National Real Estate Lakeshores, Mark Millington, principal, on (02) 4359 1555 or 0418 970 591

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Seven Habits of Highly Effective Home Sellers

January 14, 2012 Leave a comment

Seven Habits of Highly Effective Home SellersYour property will possibly be the most valuable asset you will ever sell so it’s important to heed professional advice in order to maximise its sale price.

Selling your property is not a task undertaken everyday. When you’re selling, it’s important to be fully informed and plan each step carefully.

There is something to be learned from how home sellers have approached the often complex task of putting their home on the market, and more importantly, closing the deal.

Effective Habit #1: Be Realistic

Property is one of those rate things with no recommended retail price. What your neighbour sold their home for last year, or even last month, doesn’t matter. What you “lost” because you didn’t sell your home at the peak of the market doesn’t matter. The enemy is any other property for sale within your area and price range.

Selling a home ranks WAY up the list of “life’s most stressful moments”. But you have to understand and be realistic about your home’s value, your neighbourhood, and the real estate market you’re in. There are many factors that impact the potential sale of your home. You do not have control over current market dynamics (economy, interest rates, outlook, consumer sentiment, employment, wages) or local supply versus demand. But there are things you can control (presentation, cleanliness, street appeal, availability). Address what you can control, and understand the impact of what you can’t. Realistically.

Effective Habit #2: Be Open to Suggestions

You’ve selected a real estate agent to help you, trust their advice. After all, you wouldn’t visit a doctor and then tell them how you should be treated. Your real estate agent will be able to add real value to the process and is an essential component in selling for more. Sure, you may not be able to do everything they suggest, but at least listen and consider suggestions your agent may have for the best way to present, market and sell your home.

Effective Habit #3: Be Available

YOU don’t necessarily have to be available to buyers interested in your home, but you do need to be flexible with inspection times. In fact, you should avoid staying inside the house while a buyer inspections. Buyer’s sometimes feel they cannot openly discuss concerns with your agent in your presence. Golden opportunities may there be lost. Should it be necessary for you to remain at home, be courteous but don’t force conversation with a potential buyer. The buyer wants to inspect your home – not pay a social call. However, should you be asked questions about the home, the neighbours or the area answer them.

At times you need to be able to vacate the premises with reasonable notice – and occasionally with unreasonable notice. Your home can not be sold if potential buyers can’t view it. “No inspections on weekends” or “Inspections only between 11:00am and 1:00pm on Thursdays and Fridays” won’t cut it.

Effective Habit #4: Be Smart

Understand the local real estate market. Understand the home selling process. Understand the buyers’ cycle (you may not be buying, but you want to understand what your potential buyers are dealing with).

Why understand all this? KNOWELDGE IS POWER!

How do you understand all this? Let your agent help you understand it. That’s what you’re paying them for.

Effective Habit #5: Invest in a Marketing Campaign

Choosing a marketing plan that ensures your home is exposed to the maximum number of buyers is critical to achieving the best price.

YOU CAN’T SELL A SECRET! This is a well-known saying in the real estate industry. In other words, a property may be immaculate, fresh and supremely interesting but if you don’t tell ‘the world’ you will struggle to sell for more.

Let’s now look at an effective marketing campaign.

  1. It attracts buyers with increased chance of attracting offers, resulting in a great sale!
  2. It encourages competition between buyers resulting in top prices being paid!
  3. It is an insurance policy against underselling. Every suitable buyer in the market will see the advertising and will make the decision whether or not to inspect further. Those buyers who do view and want to the property will vie for the chance to buy!

Think about it…would you like the first buyer or the best buyer.

Effective Habit #6: Balance Emotion with Logic

Selling your home and all the things involved with the transaction can be very exciting, but many times it is an extremely stressful event.

Home sellers not only have to worry about their home remaining clean and available to buyers on a daily basis but they often have other important things that they could be doing to ready themselves for their move. It is also true that most Sellers have a tremendous amount of pride in their home and want to make certain that the marketing and eventual sale price are reflective of that pride.

The moment you list your home for sale, it just becomes a house on a shelf – 1 of many. You may not like what the market tells you but it will never lie to you. If you don’t have inspections you will very likely not receive any offers. If you have inspections and still don’t get any offers you must be prepared to adjust the price. Don’t take it personally.

The best homes remain unsold due to price!

Effective Habit #7: Don’t Be Afraid to Ask Questions

This is YOUR home you are trying to sell. You need to be comfortable with what is going on. If there is anything you don’t understand, ask your Real Estate Agent for clarification. Don’t be embarrassed about things you don’t know. You don’t sell a home every day. Most real estate terms and jargon aren’t important to you 99.9% of the time. But they are important now, and often agents tend to forget we frequently speak in a foreign language. There are no stupid questions. Ask.

The Bottom Line

These “seven habits” can help you through the home selling process. There is every chance your efforts will be rewarded with more buyers and the potential for buyers competing for your home, a faster sale and a better price. You will also be able to take comfort in the knowledge that you did your absolute best to influence the value of your home and your stress levels may be greatly reduced.  It may also greatly reduce the stress levels of your real estate agent as well. That’s not a bad thing. People don’t like stress so anything that can be done to alleviate a stressful situation is a good thing.

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