?? HOW TO SPOT #PROPERTY DEALS
As a Property Buyer it is paramount to be able to identify property deals. In this opportunity I would like to share few tips and ideas on how to spot a property deal.
? 1. Know Thy Price
You can easily go to realestate.com.au or domain.com.au to search for properties. However, out of the thousands you browse, how do you know which one is a deal? Number one, you need to know the price of literally every suburb you browse. For example, let’s say I’m browsing properties in Como. 3-bedders houses are generally sold for $800k+. Then suddenly you find a 3-bedders asking for $600k. This can be a deal. While it might need work, but knowing how much it can potentially fetch, it can be a great potential to consider. This is just an example but you get the idea that knowing the price is very important.
? 2. Consider Multiple Strategies
Don’t get bog down to just one strategy. A lot of property investors are so bogged down to just looking for subdivision deal for example, thinking that becoming a property developer/builder is the only way to create profit. There are so many strategies you can implement from buy-hold, granny flat, reno-flip, AirBNB, room-by-room rentals, block-of-units purchase, retain-subdivide, subdivide-hold, etc. When you browse for properties, have multiple strategies in mind. That will broaden your ability to identify more profitable deals.
? 3. Browse Thousands and Go Outside Your Known Suburbs
Don’t just browse a few and only in the area you are familiar with. Broaden your search, go outside your known suburbs. You will be surprised by how many deals are out there. There are $100k properties that can give you the same amount of profit as a $800k properties.
? 4. Be Diligent and Not Relying 100% on Seller’s Agent Information
Seller’s Agent’s job is to sell. They are siding with the seller to get the highest possible sale price, and sometimes unless you ask the question, seller’s agent will not reveal the answer. This is why you should be diligent in your research. Just because the advert says a property can be subdivided for example, it might require a demolition of the main house which will eat up your profit.
? 5. Have a Set of Research Tools and Websites Handy
Have a set of research tools and websites handy. There are a lot of free websites such as realestate.com.au, domain.com.au, SQM Research, Allhomes.com.au that you can use to obtain sales data, vacancy rate information, etc. Most of local councils all over WA have Intramap system which you can use to research about zoning. As you browse through properties, cross-check every one with these tools/websites.
? Conclusion
This is what we as a Buyer’s Agent does day-in day-out, that is to find profitable deals for our buyers. It comes down to sitting down and spending the time researching. You, too can do the same. We hope the tips above are helpful.
Keen to have a chat further on anything property investment strategies related? Do not hesitate to reach out to us.
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