“Northies News” for September 2016

A great start to a day.

Breakfast finished, so it was into the office and start the day. First daily task – check the emails and do the three D’s – delete/deal with/distribute.

Check the diary for appointments – looks like a quiet day today. Phone goes! Landline, so no number to identify the caller! Wonder who it is?

“Good morning!”

“Good morning. Am I speaking with Ian North?”

“Yes you are. How are you?”

“I’m good thanks. I see you have some properties to rent and we were wondering if you’d like another for your books!”

It turned out to be a property investor with a two bedroom townhouse they wanted a tenant for, had seen my advertising and decided they’d like me to help them.

Man, those are wonderful calls to get! When someone rings you to give you business! Wonderful! These kind of people are the ones you do more for!

The market

Is it too late! Has the market started its downward trend in the Eastern Beaches area, or is this just the “End of Winter Blues!”
The latest data is out from the Real Estate Institute of New Zealand and it shows a 2.27% drop in the median house price from June to July. This is after there was no change from May to June this year.
Have buyers said “Enough is enough!” and are starting to take their hands out of their pockets?
September data will tell us more! I will put an update on my web site and Facebook Business page on the 16th.

 An appraisal is not only a must..!

The reason, the method, and the need for an appraisal of your property has changed.

No longer is it just to get an idea of what it will sell for!

No longer is it given on the spot with a scratch of the head!

And no longer is it just to satisfy your curiosity!

Today, licensee’s in real estate must provide their client with a written appraisal, realistically reflecting the current market conditions, and supported by comparable information on sales of similar properties.

To do this, a licensee must exercise skill, care, competence, and diligence in carrying out that work.

And the advertised price must  then, clearly reflect your pricing expectations.

Being provided with an appraisal also means you have got a much better idea whether the price you are being offered, is a good one or not. There have been recent reports of properties selling several times during a month. If the first owner of the property had used a real estate licensee, they would have had to have been given an appraisal on their property, and would have then had a much better idea of the current market price.

 

 ‘Sleep out’: Take care when making representations.  

Making representations and advertised a property as having such things as a ‘sleep-out’ need to be correct and the legalities of them confirmed. A purchaser bought a property with a ‘sleep-out’ and carried out works on the property only for the Council to order the purchaser to stop work on the ‘sleep-out’ as it was said to be unconsented. The purchaser had not been told that the ‘sleep-out’ was unconsented, but his Licensee was able to show additional evidence to the decision makers, accompanied by an affidavit from the purchaser’s neighbours that Council consent was not required as the sleep-out was less than 10 metres in size. The Council’s order requiring that work be stopped was due to the purchaser’s subsequent construction on the ‘sleep-out’.

This decision highlights the importance of licensees and vendors ensuring that they take care when advertising a property as having a ‘sleep-out’ or making other positive representations, so they are able to substantiate any representations that they make.

 

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