First National CEO comments on improving market outlook

May 2, 2013 Leave a comment

Reblogged from First National Real Estate - Australian Property Blog | Melbourne, Sydney, Brisbane, Darwin, Perth, Adelaide, Hobart:

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This month, First National members gather for our network’s annual National Convention.

As always, we’re working hard to stay at the forefront of property services so a raft of new technologies and consumer focused strategies are scheduled for introduction to our members. These are aimed squarely at improving customer experiences and maintaining the quality of results we deliver to the many clients who choose First National Real Estate each year.

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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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Which is best – renovate or buy?

October 10, 2012 20 Comments

Current buyers’ market conditions may be weakening, as a result of continued Reserve Bank interest rates cuts, but before making the decision to become a home owner or trade up, consider all your options carefully and make sure you are doing the right thing – it may prove prudent to renovate, says First National Real Estate Lakeshores principal, Mark Millington

“There is no doubt there are some great buying opportunities at the moment with low interest rates and steadying property prices, but for some, renovating may offer more benefits,” Mark Millington said.

“A granny flat, extension, or updating the home to the way you have always dreamed may be more cost effective and allow you to stay in the area you have come to love and appreciate.”

Mark Millington said there are myriad reasons why the current home may no longer be meeting the needs of the home owner including they need more space, their circumstances have changed or they just want a change of scenery.

“But whatever the reasons are, the ongoing uncertainty in domestic and international economies may make renovating more attractive, so my advice would be to weigh up the options, make a list of pro’s and con’s, and look at what your future needs might be,” Mark Millington said.

According to Mark Millington, the top things to consider are budget, location, time and space.

Budget:  there are inherently costs associated with both options.  Renovating is more susceptible to budget blowouts, but the hidden and add-on costs for buying a new home such as stamp duty, conveyancing and removalists can make it much more expensive.  A careful and detailed budget plan will help you weigh up the costs involved in both options.

Location:  consider whether you want to continue living in the area, or is there somewhere else you would prefer to call home?  Also, take the neighbours into account.  For many, relationships are forged with neighbours, and it is important whether you stay or move that you can see yourself getting along with your neighbours.

Time: what time constraints do you have?  Finding the right property that will suit all your current and future needs will take time, as will renovating. Often, house-hunters are required to compromise in some way, but the home renovator should be able to do exactly as they set out to do and have had approved by the relevant authorities.

 

Space:  make sure there is enough room to make the improvements you want, if you are looking to renovate.  If you are going to buy, consider whether you will need to make any further alteration, either now to ensure the new property can accommodate your current needs, or some time in the future to adopt for your changing circumstances. Asking an architect or builder to inspect the property with you can be of enormous benefit.

“Also, if you are looking at renovating, it is easy to let emotions override practicalities, so it is important to make sure you get the right advice to ensure you don’t overcapitalise,” Mark Millington warned.

“A very basic rule of thumb when renovating is to never spend more than 25 per cent of the value of your home.

“But before any final decision is made, look at the real estate market and get an appraisal on your house and look at prices of houses that appeal to you.

“Even consider asking a First National Real Estate agent for advice.  We can often help determine what the best choice is for you and your family by showing new properties and comparing them to what you love and dislike about your current home.”

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Issued by: First National Real Estate

 or further information contact:

Mark Millington, Principal, First National Real Estate Lakeshores, on 0243591555

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Use it or Loose it

September 22, 2012 1 Comment

ImageFirst National Real Estate Lakeshores Principal, Mark Millington agrees with comments made recently by outspoken Senator, Bill Heffernan, that Government needed to make changes to avoid overseas investors owning Australia’s assets.

“Australian governments and business need to act today to realise the value of our natural assets or investors from overseas will do it for us” Senator Bill Heffernan said,  speaking recently at First National Real Estate’s Commercial and Rural Conference in Canberra.

The Senator made a passionate plea for changes to help Australians rather than overseas investors realise the value of our assets.

“By 2070 China will need to feed 50% of their population from outside the country and they are looking around the world to find investments to make that possible,” Senator Heffernan said.

“100 years ago we would never have thought a sovereign power could come and acquire assets here without an army. Now all you need is a cheque book”.

Mark Millington agreed, saying  “Senator Heffernan is right. If we do not find Australian investors, then overseas investors will step in.

“The Foreign Takeovers Act is out of date and we need to make sure, if and when foreign investors come in, that they are competing on the same basis as Australian investors,” Mark Millington said.

“In a challenging market Australians are being cautious and often the only way to sell a property is to look to overseas investors.  We like to get our clients a sale, but it is not in anyone’s interest to get unrealistic prices that then inflate average prices and increase rates.  We firmly believe the market has bottomed out and all we need now is some confidence and then we can see Australians investing in both commercial and rural assets.”

Senator Heffernan agrees. “There will be a lot of opportunities in the future. We need to make sure everyone investing in Australia does so on the same basis and we need to be able to tax foreign investors and make sure all Australians can benefit from our potential as the market garden of Asia.”

“We in Australia are wooden headed, we think agriculture is a mature industry and it is not. We need to get the modern equivalent of soldier settlers to develop the land and develop solutions or someone will come and do it for us,” Senator Heffernan said.

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 Issued by: First National Real Estate

 For further information contact:

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

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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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Sold on Social Media

June 2, 2012 Leave a comment

First National Real Estate Lakeshores today announced that it has completed its first sale to a buyer originating from Facebook. The estate agency operates a Facebook page with over 200 active followers and regularly posts updates about new listings, sales, competitions, interest rate movements and community events.

The Facebook sale occurred when a buyer who was looking in a different area engaged in an online conversation with First National Lakeshores Principal, Mark Millington, about the upcoming weekend and the inspections she had planned.

Mr Millington indicated that although he was aware her preference was for a property further south of the Mannering Park/Summerland Point area, he had wanted to share a property in Wyee Point that ‘was one of his favourites at the moment’.

‘It was exactly the kind of house we were looking for but because my partner commutes to Sydney on a daily basis, we didn’t want to buy quite so far north on the Central Coast’ says Christina Haak.

‘But the house looked gorgeous and when Mark pointed out that there was a freeway on-ramp at Morisett and that the current home’s owners also commuted to Sydney, we decided it was worth taking a look’.

After multiple messages back and forth, the couple first met Mr Millington face to face at the Wyee Point property when they inspected it. Following negotiations, they purchased the property.

‘The social media phenomenon has become an important component of real estate marketing in recent years but many real estate agencies have failed to grasp its true value’ says First National Lakeshores Principal, Mark Millington.

‘To ignore the opportunities it presents is to cut off people selling their homes from a vast pool of potential buyers. That’s crazy. There’s a whole community of people using Facebook and other forms of social media to get in contact with each other and share information. Agents need to make sure they are accessible via social media and must be prepared to engage with consumers on their terms.

‘That means when the customer is ready and that’s often not until they’ve made several enquiries via the Internet or via text messages on their mobile phone.

Over 10 million Australians now have a Facebook page and the website has become the most visited on the Internet. Often considered a communication medium used only by young people, Facebook has lately seen its usage by senior citizens and over 55 year olds increase by over 500 per cent.

Mr Millington is additionally a Director of the First National Real Estate cooperative and is responsible for the technology portfolio of the 450-office network across Australia and New Zealand.

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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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SAFE DECISIONS CAN MAKE THE MOST OF YOUR HOLIDAY

January 3, 2012 Leave a comment

For people heading off on holidays, Mark Millington principal of First National Lakeshores says to be careful to make sure homes are left safe and secure and to think carefully too, if considering a holiday home purchase.

“Holidays are great times for criminals to get to work if they believe a home is empty. It’s also a time when vacationers ponder their existence as they sit back and enjoy the relaxing lifestyle on offer in popular holiday spots,” Mark Millington said.

“No one likes returning from their holiday to find dead plants, over stuffed mail boxes, or even worse, stolen or broken treasures from a burglary.

“But they do like to think about ways of making the holiday euphoria last longer than the few weeks away.”

Mark Millington said with some careful planning and forward thinking, home owners can find they peace of mind they seek whether they are leaving for vacation or looking for ways to extend it.

“Anyone considering heading off for a well-deserved rest should start now to put some simple, cost effective measures in place for while they are away,” Mark Millington said.

“Unattended homes and cars act as green lights for burglars, which is why it’s important to take as many precautions as you can to ensure you don’t return from your holiday to find you’re a victim of crime.

“Turning on security lights or alarm systems is a great place to start, but the best thing you can do is ask the assistance of a trusted friend, neighbour or family member to collect the mail each day, put out bins at collection times, park a car in the driveway or adjust curtains and blinds.

“This helps give an impression of someone still being at home and deters unfriendly and unwelcome visitors.”

According to Mark Millington, a common trend for people on vacation is to fall in love with the holiday spot and look at purchasing in the area to either move into, or retire to, at some later stage in their lives.

“It is easy to get carried away with the relaxing lifestyle of a holiday home and many people want to either relive this time away, or adopt it as a new way of life,” Mark Millington said.

“But, purchasing a holiday home should only be done after careful planning and consideration of all the factors, beyond the pleasant experience.

“A holiday home purchase comes with some financial considerations such as use or purpose of the home when the owner is not there. These matters have potential long-term impacts and tax implications.”

Holiday homes can attract capital gains tax on the difference between the purchase price and the later sale price, should the decision to sell ever arise.

“However, many holiday home owners neglect to expand their purchase cost base by adding the expenses involved with holding the property, including council rates and water bills, major extensions or repairs, strata levies, garden maintenance and interest on mortgage repayments,” Mark Millington said.

“This can reduce the taxable component of the sale by many thousands of dollars, which is why it is important to ensure you keep all receipts for any expenditure on the house, including legal fees, stamp duty and any other costs relating to the purchase.”

Mark Millington advises when looking to purchase a holiday home, to approach it in the same way you would any property investment and make sure it is in the right location.

“A holiday home may also double as an investment property, given it is vacant for most of the year,” Mark Millington said.

“So it is important to ensure it is close to transport or employment opportunities, especially if it is in regional areas, otherwise it will be less desirable as an accommodation option for renters.”

There is a lot more holiday property advice says Mark Millington and the First National Lakeshores team can offer help by contacting 02 4359 1555.

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