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Jun 15, 2023
Social Media is a big YES when selling
If you are looking to sell your property, you should be reading this. The real estate industry has experienced significant benefits from the use of social media, including platforms like Instagram. Here are the key advantages and why you should consider social media in your marketing plan. Extensive Reach: Social media provides a vast audience base, allowing real estate agents and home sellers to showcase their properties to a wide range of potential buyers. Instagram, with its visual nature, is particularly effective for displaying properties through high-quality images and videos. This exposure can attract a larger pool of interested buyers. Targeted Marketing: Social media platforms offer advanced targeting and advertising options. Real estate professionals can leverage these features to reach specific demographics, interests, and geographical locations. This ensures that property listings are seen by individuals who are more likely to be interested in buying a home, increasing the chances of generating qualified leads. Engaging Content: People spend a significant amount of time on social media, including watching videos. These platforms offer convenience and entertainment, making them an ideal medium to capture the attention of potential buyers. By creating compelling videos and engaging content, real estate agents and home sellers can hold viewers' interest, encouraging them to explore the property further. Visual Storytelling: Videos are a powerful tool for showcasing properties. They allow potential buyers to experience a virtual tour, giving them a better understanding of the property's layout, design, and ambience. Videos can highlight the property's unique features, amenities, and the surrounding neighbourhood, creating an emotional connection with viewers. This immersive experience can significantly impact a buyer's decision-making process and increase their interest in the property. Enhanced Engagement: Social media platforms offer various engagement features such as likes, comments, and shares. These interactions can generate buzz and create a sense of community around a property listing. Increased engagement can lead to more views, awareness, and potential referrals, ultimately boosting the chances of selling the property quickly. Reach out to your trusted real estate agent who will be able to advise on the market trends and demographics relevant to your specific situation, tailoring the marketing campaign accordingly with other tools like websites, print media, and other channels of advertisement. In conclusion, social media platforms, including Instagram, have become integral to the real estate industry. The extensive reach, engaging content, and visual storytelling capabilities offered by social media make it an essential tool for maximising views, creating awareness, and generating interest in property listings. Allocating a portion of the marketing budget to social media platforms is a wise investment, as it provides cost-effective marketing, helps reach the right audience, enhances engagement, and offers measurable results. Written by Elli Blanco
Jun 9, 2023
It’s Hotter Than You Think!
One of the biggest myths in real estate is that Winter is a bad time to sell. Actually, the opposite is usually true, and that’s especially the case this year. Let me explain. Selling in Winter is actually advantageous for vendors in two ways. Firstly, there is typically a lower number of homes for sale in Winter (because of the myth!). What that does is tighten up supply, and that strengthens buyer competition for the homes on the market. Buyers who want or especially need a new home do not stop looking because the weather gets cold! Secondly, if your strategy is to buy your next home after you’ve sold your existing one, then selling in Winter means you’ll be ready to buy in Spring – when there are usually a lot more homes for sale. These two advantages are present every year, but in 2023, the supply/demand advantage is magnified. This is because we’re at a point in the market cycle when stock is already very low, data from Domain and realestate.com show total listings are down 30% on historical averages, which means buyer competition will be even stronger for the homes available for sale during Winter this year. The market is now absolutely on its way back after a correction with buyer demand clearly increasing, stock levels are not yet improving. This creates great selling conditions, with auction clearance rates in Melbourne up to well beyond the 70% mark and climbing! So, we see a great opportunity for sellers to do very well this Winter in the suburbs with particularly tight supply, so if you’re thinking of selling this Winter, get in touch today! Written by Toby Campbell
Jun 2, 2023
Preparation first, then go for it!
Renting out your property can be a lucrative investment opportunity, but it requires careful preparation to attract quality tenants and maximize your returns. Whether you're a seasoned landlord or a first-time property owner, getting your property ready to lease involves preparation done the right way. Minimum standards are items that must be adhered to before a tenancy commencement can take place. The annual smoke alarm checks with the gas/electrical checks to be completed every two years are minimum standards that many rental providers don’t know about. Within current rental legislation, renters rights include ending the rental agreement immediately without costs should minimum standards not be met within a property before they move in. Preparing your property for lease requires careful attention to detail and proactive measures to attract desirable tenants. By cleaning, decluttering, conducting necessary repairs, enhancing curb appeal, updating the interior, and setting a competitive rental price, you can position your property as an attractive and desirable living space. Remember, a well-prepared property not only attracts quality tenants but also establishes a positive landlord-tenant relationship, leading to long-term satisfaction and success in your leasing endeavors. Written by Jordan Palma
May 26, 2023
It's Tax Time
The big news in property this week was the Victorian Budget and the introduction of new land tax measures, with the land tax threshold to be cut from $300,000 to $50,000. Of the 860,000 investment property owners in Victoria, 380,000 have not been subject to land tax before. For example, a couple who owns two properties in Victoria, one being their home and another being an investment apartment with a site value of $120,000 would not be paying any land tax under the current schedule of land tax rates. Under the new land tax measures, from the 2024 land tax year, they would become subject to a fixed land tax charge of $975 per year in relation to the apartment, which would apply on top of existing costs. The Real Estate Institute of Victoria (REIV) has criticised the land tax increases announced in the State Budget, saying they will only worsen the current rental crisis facing Victorians. In recent years, we’ve observed a lack of investor activity within our marketplace, largely due to an array of legislative policies and increasing costs that have made property investment a somewhat unattractive proposition. Unfortunately, the tax measures introduced in the latest Victorian budget are likely to further diminish the appeal of investing in property, which will only exacerbate the tight rental market. As always we would love to hear your thoughts on the matter or answer any questions you may have regarding the possible impacts to your investment. Written by Peter Hannon
May 19, 2023
First Home Jitters
Buying your first home can be an exciting and overwhelming experience. It's a major milestone that requires careful planning and consideration. But who says it can't be fun too? First things first, before you start browsing real estate listings, you'll need to save up for a down payment. This can be a daunting task, but think of it this way: if you give up avocado toast for a few years, you'll be able to afford a whole avocado tree! Just kidding, don't do that. But seriously, consider cutting back on some expenses and setting up a budget to save for that deposit. Next, it's time to start house hunting. This can be a lot of fun, but also overwhelming. It's important to keep an open mind and remember that your dream home might not be perfect. You might have to compromise on some things, like that pool you always wanted (unless you're willing to dig a hole in the living room) When you find a house you like, make sure to get a thorough inspection. You don't want any surprises, like a secret dungeon in the basement!! And if the inspector says there are some issues, don't panic. Just think of it as an opportunity to practice your handyman skills. YouTube tutorials can teach you anything, from fixing a leaky faucet to paneling the walls. (Trust me, I have done this) Once you've found the perfect property and the inspection is done, it's time to make an offer. This can be nerve-wracking but remember: you're in control. Assuming everything goes smoothly, you'll be the proud owner of your first home! Congratulations! Now all you have to do is unpack, decorate, and get ready for the most expensive game of adulting you'll ever play: homeownership. But don't worry, it's not all bad. You'll enjoy the satisfaction of fixing things yourself, like that leaky roof or that squeaky floorboard. And who knows, you'll even discover a hidden talent for DIY projects. Just remember to wear safety goggles and don't be afraid to call a professional if you're in over your head. In conclusion, buying a first home can be daunting, but it doesn't have to be all serious business. With a little humor and a lot of patience, you can make it a fun and memorable experience. And who knows, maybe someday you'll look back at all the memories you made in that first home and realise it was worth every. single. penny (and every other bad joke). Written by Jess Wilking
May 12, 2023
A Costly Saving
In today's edition of The Age newspaper, Domain section, an article titled ‘I want an honest sale’: How a Brunswick man is selling his home without an agent, focused on the titular “Brunswick man’s” efforts to sell his home without the assistance of a real estate agent. Putting aside the implicitly slanderous tenor and content of the article, it is worth noting that there is nothing (legally) that prevents a property owner from conducting their own sales campaign. Some may view this as a bold move towards independence and a prudent “cost-saving” strategy in an economic climate in which the price of most things is skyrocketing. It is, however, important to consider the risks associated with selling a property without the expertise of a real estate professional and the related specialists that agents “project manage” in supporting the sale of any property (i.e. legal, photography, builders, etc.). One of the most significant risk factors for selling a property without a professional real estate agent relates to the legal complexities involved in all real estate transactions. Selling a property in Victoria demands extensive documentation and contracts and is highly regulated with strict compliance requirements. If not handled correctly, missteps and errors can lead to costly legal issues and potential fines and penalties. Real estate agents are required to understand the legislative framework and have the knowledge and experience to navigate these complexities and ensure that all legal and compliance requirements are met. Real estate agents employ a wide range of marketing tools and techniques that can effectively market a property to a much wider audience. This develops a larger pool of potential buyers, which ultimately increases the chances of a successful sale, with the best price result. Without these tools and techniques, selling a property can become a daunting, costly and time-consuming undertaking. Determining the true value of a property is another area where a professional real estate agent can be invaluable. Real estate agents have access to a wealth of information on comparable properties, market trends, and other factors that can impact the value of a property. True, nowadays, much of this information is accessible to anyone willing and capable of searching for it or paying a fee to access it. But analysing and interpreting the data isn’t the same as having it. Real estate professionals are immersed in this data constantly, receiving inputs from buyers, sellers, colleagues, and aggregators throughout the day, every day. Objectivity is critical when determining price. People, all of us, are at the mercy of cognitive biases that influence how we regard and value our own possessions - those things important to us personally. If I had a dollar for every time I’ve been told by a property seller that their blue feature wall must add at least $50,000 in additional value, I’d have around six dollars…but I think you get my meaning. Negotiating with potential buyers can be a delicate and complex process that requires skill, finesse, and a thick skin. Real estate agents have the experience and expertise to negotiate on behalf of their clients and achieve the best possible outcome. Price is only one of many elements that may require negotiation: settlement terms, timing, inclusions and exclusions among others. Being able to adroitly manage simultaneous negotiations, leveraging one against the other to maximise the seller’s preferences, requires significant experience. Selling one's home is a deeply personal and emotional experience that can cause offence to the seller if (when) potential buyers provide negative feedback. Real estate agents act as a buffer between the home seller and potential buyers, providing an objective perspective and managing the emotions involved in the transaction. This can help to ensure that the home seller is not offended by negative feedback and can maintain a positive outlook throughout the selling process. Ultimately the market system makes the argument for using an agent - if it was cheaper, easier, and the outcomes were better, everyone would sell their own property, and estate agents would cease to exist. Selling a property without the assistance of a professional real estate agent may seem like a cost-saving measure, however, it is important to consider the risks involved. Legal complexities, marketing expertise, determining the true value of the property, negotiation, and emotional involvement are just a few of the areas a property professional can deliver invaluable assistance. It is important to carefully consider all aspects of the selling process and make an informed decision that will ultimately lead to a successful sale and a positive experience for all parties involved. Written by Jacob Caine
May 5, 2023
The Real Estate Rollercoaster
Greetings and salutations, my dear readers! Today, we are going to talk about a very serious topic: the latest rise in interest rates and its impact on the real estate market. Now, I know what you're thinking: "Wow, this is going to be a super fun and entertaining read!" And you know what? You're absolutely right! Let's start with the basics: the interest rate. It's like that friend who's always changing their mind about where to go for dinner, except instead of sushi or pizza, it's about how much money you have to pay to borrow money. And recently, the interest rate has been rising faster than a helium balloon in a room full of needles. So, what does this mean for the real estate market? Well, for starters, it means that getting a mortgage keeps getting a little bit more expensive. And if you're looking to buy a new house or refinance your current mortgage, you might have to dig a little deeper into your piggy bank to make it happen. But hey, at least you still have a piggy bank, right? But wait, there's more! With immigration levels going up, the demand for housing is also increasing. This means that there's more competition for the available homes, which in turn drives up the prices. And if you're a renter, you're probably feeling the pinch even more. It's like trying to catch a break in a game of musical chairs where there are fewer chairs than players. So, what's the solution? Well, I'm not a financial advisor (I'm just a real estate agent, after all), but I think we can all agree that the best way to avoid the impact of rising interest rates and a competitive housing market is to... wait for it... live in a van down by the river! I mean, think about it: no mortgage, no rent, and you get to be one with nature. Plus, you can tell everyone you're a minimalist and they'll think you're super trendy. All jokes aside, the real estate market can be a tough nut to crack, especially when interest rates are on the rise and there's increased demand for housing. But don't give up hope just yet. With a little bit of patience, creativity, and maybe a few extra coins in your piggy bank, you just might be able to find your dream home after all. Or, you know, a really cool van.
Apr 28, 2023
ChatGPT - Help or Hinderance?
ChatGPT is a wonderful, beast - see below what happens when you are running late on the blog post so you decide to outsource to AI technology - my task to the bot “Can you please write a blog post on the Melbourne real estate market, but make it a little funny”, the below is unedited for your enjoyment. Melbourne Real Estate: Where the Prices are as High as the Trams Melbourne, the cultural hub of Australia, is a city renowned for its lively atmosphere, delicious food, and expensive real estate. Yes, you heard that right, folks. If you're thinking of buying a house in Melbourne, be prepared to fork out a fortune. But don't worry, we're here to help you navigate the crazy world of Melbourne real estate, and maybe even get a laugh or two along the way. First things first, let's talk about the prices. If you're looking to buy a house in one of Melbourne's trendy suburbs, you better be prepared to hand over your first-born child (just kidding, please don't do that). In all seriousness, the median house price in Melbourne is around $900,000. Yep, you read that right. $900,000. And that's just the median. If you want something a little fancier, like a house with a backyard or more than one bathroom, you're looking at closer to $1.5 million. You know what else you can get for that kind of money? A small island in the Bahamas. Just saying. But it's not just the house prices that are high in Melbourne, it's everything else too. Want to grab a coffee? That'll be $5 please. Want to go out for dinner? That'll be $50 per person, minimum. Want to catch a tram? That'll be $4.50 for a two-hour ticket. Yep, even the trams in Melbourne are expensive. But hey, at least they're reliable (most of the time). So, why are the prices so high in Melbourne? Well, there are a few factors at play. Firstly, Melbourne is a desirable place to live. It has a thriving arts scene, great food and coffee, and is generally just a cool place to be. Secondly, there's a limited supply of housing in Melbourne, especially in the inner suburbs. This means that demand is high, and prices are driven up as a result. Finally, there's the good old-fashioned Aussie attitude of "she'll be right". Basically, Aussies are pretty laid-back and don't tend to get too worried about things like rising house prices. It's just part of life in Australia. But don't worry, all hope is not lost. If you're looking to buy a house in Melbourne, there are a few things you can do to make the process a little easier. Firstly, be prepared to compromise. Maybe you won't get the house of your dreams, but you'll still be able to find something that ticks most of your boxes. Secondly, consider buying outside of the inner suburbs. Sure, you might have to commute a little further, but you'll save yourself a lot of money in the long run. Finally, and most importantly, don't take it all too seriously. Remember, it's just a house. As long as you have a roof over your head and some good coffee nearby, you'll be just fine. In conclusion, the Melbourne real estate market is a crazy, expensive, but ultimately lovable beast. If you're thinking of buying a house in Melbourne, be prepared to pay through the nose, but also be prepared to fall in love with this amazing city. And if all else fails, just buy a small island in the Bahamas instead. It's probably cheaper anyway. Written by ChatGPT