The PROPERTY DOCTORS, Sydney Australia Novak Properties
NOVAK PROPERTIES CREW and PROPERTY LEGENDS in the industry share their experiences and knowledge. Hacks and tips to make you a smarter property GURU :) Learn with exclusive content, advice, insider info and HOT real estate industry PRO SECRETS. For sale, for lease, residential, commercial, buying off the plan, finance, mortgages, interest rates, first home buyer, investments - all topics covered. The untold real estate info you've been waiting for.
The PROPERTY DOCTORS, Sydney Australia Novak Properties
EP. 1370 - NO BALCONY, NO PROBLEM & UNDER 50 m² SOLD!
Unlock the secrets to skyrocketing real estate success in our latest episode, where we expose the strategies that turned a modest Freshwater unit into a hot commodity, selling for far more than expected. Discover how strategic negotiation and seamless teamwork within a real estate office can transform a property's potential, creating fierce competition among buyers. We share insider tips on leveraging inter-office networks to push property prices to new heights, providing both sellers and agents with the insights needed to replicate this success.
Join us as we unravel the remarkable story of a property sale that captivated three competitive buyers and secured a premium rate. Learn how cutting-edge digital marketing and innovative presentation techniques, like virtual staging and enhanced visuals, can make your property stand out without extra costs. We also tackle the common hurdles of selling compact properties, offering solutions such as proactive brokerage to overcome lending challenges, and the importance of a prepared strata report and a 66W certificate for a swift transaction. With a focus on pricing strategy, product presentation, and promotion, this episode is packed with actionable advice to help you achieve top dollar for your property.
and under 50 meters squared and no balcony and 650 price guide and it goes nuts and sells for 740. How does this happen? Freshwater unit tail of the sale we're gonna tell you about this morning. Stay tuned, stay tuned, billy. You've broken the law, billy.
Speaker 2:It's gone 10% more, I know Out of nowhere Like this was a really interesting campaign, but a significant sale for freshwater and a significant sale for the under 50 square metre community for the Northern Beaches.
Speaker 1:You've even had lots of brokers actually sending you messages about this Brokers and valuants.
Speaker 2:Yeah, that's right Now. I've got a bit of a share screen for you this morning so you can see what we're talking about. This is a property we sold over the weekend in freshwater.
Speaker 1:Give me a Control Plus. Oh, that's better.
Speaker 2:Is that better? Yeah, so, front of the block. Yeah, built in 1967. Yes, so, block of eight, all double brick. Only two stories, four um for all one bedroom apartments, but four on the ground floor. Four upstairs, um, you can see the one on the top, uh, right corner had a balcony, but the ground floor ones don't, um, so they're 46 say again great fresh water, great suburb yeah, yeah, it's probably, you know, towards the top of everyone's shopping list and when you say fresh water, you've already got people's interest yeah, and wayne street like the farthest extreme in fresh water from the beach.
Speaker 2:Yeah, so this is like um, I guess one street back or two streets back from Pitwater Road, but that's offers good convenience, you know, to access out to Manly um and you're on the train. You know you're on the bus links there as well.
Speaker 1:Sorry, so, Billy. So for people that don't know, agents generally have to, you know, want to be guiding in their ranges within 10% and we try like hell to make sure we're not being false, misleading and deceptive in our price, in our guiding of price. So fair trading sort of run to us. But sometimes just on those slim chances, sometimes it just goes bananas and it goes for more than the 10% and we've got to justify how that happened, Billy. How did that happen?
Speaker 2:Well, there was a strong negotiation one of the ground floor, one bedrooms in the building, february last year, 2024. And that's sold for $700,000. Had a slightly more renovated kitchen and it also faced the back of the block. So a different outlook, because across the road on Wayne Street this looked out towards the back of a primary school and then across the road from the primary school you've got the industrial area. So that 650 to 700 range was where we sort of felt most of the buyer feedback was coming in and to be honest, it sort of was.
Speaker 2:The property was only on the market for nine days and through those nine days there was about five open homes, five buyer appointments.
Speaker 2:We had about 50 odd people call us up, speak with us on the phone and then that sort of translated to about half of those couples coming in to have a look at the property. So that was about 25, 30 groups through the open homes in those nine days and it resulted in three offers, three offers on a Wednesday afternoon where they were all coming in at a similar level, and we said to the owner it's, if it's getting towards an acceptable level, we would like to go back to the purchases with with your instructions and he said you know what, what would, what would that look like? And so we gave him a couple of options and he decided you know what would, what would that look like? And so we gave him a couple of options and he decided to end on the instruction of go back to these offer makers with a date and a time for their best and final offers, and then we then will make a decision.
Speaker 1:So that's exactly what we did and there was even a little bit of inter-office rivalry between salespeople. Yeah, I mean, there was another rep in our of inter-office rivalry between salespeople.
Speaker 2:Yeah, I mean, there was another rep in our team that had a really good buyer and they just missed out on a property in Oaks Avenue, dy, that we sold for $660,000 just a few days before, and so when we listed this one in Freshwater, he called her straight away and said you know, come and have a look at this.
Speaker 1:This I know you've just missed out on the last one, but this will be, you know, just as good for you. And there was by, and there was my buyer as well. So there's I do have to stress, um, and something that works beautifully with what we do, which which people don't do in other offices on the north beaches, which helps us get better prices is like today, monday morning, at 10 o'clock, we will all go through each other's properties and then we will all introduce our buyers to each other's, to each other sellers, and that creates even more competition for the vendor that the vendor can leverage off, the seller can leverage off, the seller can get a better price when we can actually do that, and that doesn't happen in other offices. So I think that helps, you know, it helps you be a better agent, helps help and, as a seller, sellers love it because it's not costing them anymore yeah, absolutely, and, and, and you as a sales team, you've got 10x on the output of work compared to what you get normally, so it's a real win-win.
Speaker 1:It really is what do you mean by that?
Speaker 2:sorry. Well, think about just you know how many hours someone has in their day. One person can only make so many phone calls, only talk. Yeah, so many partners, you know, yeah, you've got, you know, 10 times the amount of output volume. Like manpower, so woman power it's, it's strong, like it's um, it's a big point of difference and you and then you can, you can feel that through your negotiation, um. So yeah, it ended up with three buyers on a wednesday afternoon that there was. There was one buyer that obviously you know put themselves in a position where they separated themselves from the other offers and they were really happy. Now, when we spoke with them on the phone, they see the potential in the property, they see it going a whole lot further First owner buyer, investor, investor, investor.
Speaker 1:Yep, okay, great yeah investors are coming back.
Speaker 2:I haven't seen investors around for a while. Yeah, I mean, this is, this is a good, good apartment where it doesn't need too much work, but equally, um, if you just do a little bit, you'll, you'll find you'll, you know, probably make an extra 50, 70 bucks a week on your rent, with probably only spending a couple of thousand just doing light ceiling fans, just small bits like that now billy.
Speaker 1:Something I wanted to also point out is it was a vacant property. Can you show me the internal photos? Yeah, sure. So, guys and girls, if you've got the property not being presented well by a tenant, or if you have a property that is vacant, I love what you did with the car space there, how you highlighted where it was. That's digitally done. Yeah, that's right. Just gives people a bit of back and forth Car space.
Speaker 2:just so you know, guys, that was actually just an exclusive use car space, so it doesn't get counted in the overall square metres of the property.
Speaker 1:Okay, I want to talk about that in a sec as well. Great, now, I love your floor plan. Most agents are not doing that with floor plans. They're not giving all of the great information about the property in the floor plan, ie furniture and sizes and stuff like that. And then, second to that, I love your internal photos. So all that's virtual furniture. So this was a vacant property and we digitally inserted the furniture for free for the owner. Some if agents do do that very rare they'll charge a couple hundred per photo. We do all that at no charge. The prints on the wall, the television with something on it, like you've really pushed and pushed with your marketing there. I think that's a really good day. It's it's a good reflection on it. It's a good reflection on a great agent. Um, yeah, can you tell me about? How did you get around the 50 meter squared, because half the half the um banks out there are not fans of under 50 meters squared yeah, we were lucky in this case.
Speaker 2:The purchaser, you know, was in a fortunate position where they weren't requiring that specific lending. I I tend to find the under 50 square meters becomes not problematic, but sometimes just an extra hurdle with first home buyers. The banks are looking at that as a slightly higher risk category, but there are lenders that, do you know, service those properties. So the way to work around it if you ever do sort of come up against a bit of a hurdle is really sit down with your broker and work out sort of ahead of time who is going to be the person doing the lending and then what can you sort of provide them to help them justify the value?
Speaker 2:Fortunately, you know great sales like this help the under 50 square meter category. Whether you're in freshwater or not in freshwater, it will be there as a sold listing. Banks won't be able to use this until it's settled, but this is a fairly short settlement. But in the coming month this will go down as a settled property and it's selling at just under $16,000 a square metre. That's the same price. We're selling brand new off-the-plan apartments in beachside suburbs like DUI, right across the northern beaches. To be fair, $16,000 a square metre is a premium rate for a residential apartment on the northern beaches and that's what you're achieving Before we go.
Speaker 1:How did you sell it that quickly? Because normally there's a five-day cooling off that sometimes gets extended to 10 days. Normally this sort of process happens two weeks after offer accepted. You had a strata search ready to go and the the bank valuation was pretty quick. How did you do all that so quickly?
Speaker 2:yeah, that's right. Strata report we, we sort of help the owner prepare that up front so we take care of all the admin side of it. The owner, oh wow, please go ahead. So I ordered that. Um, I ordered that whilst the property was being painted. We, I'll just finish on that before we leave you. I've just finished. How do you get the best price for your property? I'll come back to that in a sec, but, um, we ordered that up front. Just make sure there's no delay. You know, once you've got an offer accepted, people want to do australia report, but they don't. They don't want to wait um, you did it.
Speaker 1:Instead of then getting off accepted, then ordering and then waiting a week. You did this with the owner. You got the owner to order one prior to what even going on the market. That's clever.
Speaker 2:Yeah, it just helps everyone out, and the buyer provided a 66W, which is a certificate that basically waives the cooling off period. They were able to do that by having a really good solicitor on their side and sort of getting all their ducks in a row, which put their offer in a stronger position than maybe one of the other two or three, being that it was not requiring the call off. They'd kind of actually done all, they'd actually done all their contract amendments before putting their offer in, just so they knew exactly what they were getting themselves in for if they were getting an offer accepted.
Speaker 1:Okay, we're gonna wrap it up, but you wanted to talk about getting the place ready. You did some. You um not only with that marketing, but you did some.
Speaker 2:You did some, some, some house prep, unit prep yeah, absolutely like three pillars to achieving the best price. Here is is price, and that's your pricing strategy. It's product um, being the apartment itself. And then it's the promotion side of it, the marketing. So, with regards to price, you need to get that price guide correct to get people in the door, start extracting offers and that will uncover where market value is and, above market value, really important for your owner, because if you never get an offer, you're never going to know where market value is.
Speaker 2:The second thing, the actual product side of it this was an apartment that was totally original. You see from the photos, kitchens was updated about 20 years ago. It's not the original kitchen, but it's certainly nothing flash. The hardwood floors were all original. The owner could have gone through and really spent 20, 30 grand on this, but it wouldn't have made a return on investment and the way you've got to look at that when you get close to selling is like a 5x multiplier If I'm spending a dollar, I've got to be making five.
Speaker 2:That's where you're sort of at that critical stage of releasing the property. So they did a full paint all the way through, made it look light, made it look fresh, but it certainly didn't do an over-the-top reno Didn't require any strata permission for that either. When no, didn't require any strata permission for that either. When you start pulling out kitchens and bathrooms when you're at that close point of pulling the trigger on selling your property, you don't want to then start engaging strata to go through permissions of doing kitchens and bathrooms. It just becomes a really long, drawn-out process. And then the promotion side. This went straight on to realestatecom. It was in front of everyone, it was a lot of social media, a big letterbox drops freshwater community.
Speaker 2:Everyone in the street knew about it um right from day one.
Speaker 1:So that night is like two weeks, three weeks of activity guys, if you're wondering why this man is the uh, the mozart of real estate, he started real estate at Novak when he was four years of age. Billy Drury, congratulations, well done. And 20 years later, look at this guy fly. I'm hearing you talk this morning, thinking for a person that's a bit over 20, jesus, you know your stuff and well done to you on this sale.
Speaker 2:Thank you. Mark Lace has just finished off with a really good comment there. Every one of these properties, they're like our favourite children. They all get treated the same way, and it's definitely the extra 1% that goes a long way. And I'll say that with your buyer service as well. You know, at the end of the day, buyers just want to be looked after. They want to see the property when they're available, not when it suits the agent, and they just want to be sort of treated in a clear, concise way.
Speaker 1:Billy, something's happened to you today and I don't know what, but I like it. I think it's because you got a new car. Congratulations, Well done on the sale.
Speaker 2:Thank you. I hope that helps someone considering buying or selling. Please give us a call. We do have a couple more properties coming on just like this.
Speaker 1:You're on fire Guys have a beautiful Monday. Thanks, Bill, See you later.