Hi guys, here we are with an exciting start to 2013 and I just wanted to provide an update on how our Mackay buyers agent case study progressed over the Christmas break. Whilst most people were winding down for the Christmas break, I was in a flurry of activity up in Central Queensland on a buying trip for clients! It was lots of fun, not to mention hot, hot weather!
In regards to our Mackay property purchase for our Queensland Buyers Agent website, Property Zest, we have been documenting the process of buying a property for one of the Property Zest clients, Serg. From the buying criteria to location analysis down to suburb recommendations, we are happy and excited to announce that after going back to the road to do some in-person inspections, we narrowed our shortlist down to three standout properties.
Determining (and targeting) the buying criteria
We’ve highlighted in the past the importance of determining your buying criteria when it comes to purchasing a property. In the case of Serg, after several consultations with him, we determined his criteria to be the following:
- New to near new
- 4 bedroom, 2 bathroom
- Up to $500,000
- Located in Glenella, Andergrove or Beaconsfield
- As close to neutrally geared as possible
It is not enough though to have a list of buying criteria then set off to the next step, which is location hunting. There are times that one’s criteria may need to be discussed further in order to arrive at a more specific list. As in the case of Serg who initially had a broad set of criteria, we had to revise the list and created a more targeted one before we finally hit the web, the phone and the streets to assess the properties that fit the specific list.
Dealing with real estate agents
Moving forward with the process, we dealt with real estate agents who were keen to show the properties they have that best suit our criteria. This is one benefit to being a buyers agent—real estate agents know that you mean business so they are eager to show you what they have. Another benefit to being a buyers agent is getting information about the vendor and the property—things that real estate agents may not share directly with a potential buyer.
I must say for the most part, the agents I met with and spoke to in Mackay – and there were many – were very helpful and friendly.
The shortlist and the three-day inspection
So after spending more than ample time researching and exhausting all possible tools (websites, data, business contacts), we finally narrowed down our search to a list we deem worthy of an in-person visit. Off we set then to a three-day inspection. We inspected many properties in our target locations.
The shortlist consists of three standout properties. For Serg to review these three standout properties, we provided him documents outlining the location, the pros and cons, the numbers, and photos. The list included one brand new property that had never been lived in and two properties that were just a few years old (“new to near new” buying criteria ticked off). The three properties have similar cash flow; except for the brand new one that has better cash flow.
Exciting times ahead
After reviewing the documents we presented him, Serg finally provided us with instructions on which property he would like to make a first offer on. We did say it’s an exciting start of the year, didn’t we?