Emergency Services Property Advisors Director Luke Lawlor recently met with TPAV to discuss insider tips on the property market, and buying and selling in 2021.
Since 1917, The Police Association of Victoria – or TPAV – have endeavoured to protect, represent and support the professional, industrial and welfare interests of Victoria’s police and protective services officers.
With the sector now sitting at over 17,000 Australians, the TPAV journal is just one of the methods used to ensure that the organisation continues to serve as a leading voice on a range of topics and information relevant to those working within Victoria’s police force – and that includes helping officers navigate the many complexities of Victoria’s property market.
Luke Talks Property With TPAV
Based on the first quarter of 2021 alone, it’s safe to say that buying and selling property this year has yielded unprecedented results. While the current market boom that Victoria – and in fact, the whole nation – is experiencing, key insights from industry professionals like Luke Lawlor can be invaluable when it comes to getting ahead. According to Luke, it’s an unprecedented time to be buying or selling real estate.
“There are two main reasons for the boom market we are in – record low interest rates, and a lack of available properties for sale. In fact, in some areas there are ten buyers for every available home. If you are a buyer, it can be a very frustrating and often soul-destroying experience to try and find the right home. From there, you can then be competing against ten other buyers and still be missing out. However, if you are selling – it is an amazing and exciting period, but sellers must take full advantage, as we may not see a market like this again for a long time.”
For those who are looking at buying property this year – whether that be as a first home owner or an investor – the good news is that there are a few key tricks to deploy to avoid a disappointing experience.
Be Patient – From the perspective of a real estate professional, it’s becoming more and more common for a buyer to miss out on a few homes, only to wind up buying the wrong house purely out of frustration. Be sure to have a “must have” list for your new property, and don’t compromise on these. Avoid buying for the sake of buying, and sit tight if your position allows it. An example of this is Luke’s own 23 year old daughter, who has opted to “press pause” on buying her first home for now and will instead wait for the market to inevitably settle down.
Be Prepared And Aggressive – When buyers are competing for a home, there is more than just price that will influence the end sale. Terms and conditions are key here, as Luke has seen owners accept offers of up to $50, 000 less for an unconditional contract. Have a pre-approval and have a building and pest inspection ready to go – go hard, and go fast if you have found your winning property. Make an offer with an expiry date, and don’t let agents take two to three days to get back to you – they are most likely shopping around to generate higher offers.
Think Outside The Box – In a market as hot as this, real estate agents physically cannot keep up with the number of buyer enquiries that they are receiving. Instead, consider using a property advisor service such as ESPA. One of our recent clients had been trying to source a house for six months. We asked them to take a drive, and select homes that appealed to them just from the street. ESPA then proceeded to write a letter to each of the sixty properties that the client had selected – within two weeks they had privately bought their dream home off the market.
However, if you’re selling property in 2021 – things really are looking peachy for you. There are quite literally not enough homes on the market to meet the demand, but that doesn’t mean that it’s suddenly okay to get lazy. To ensure that you have a smooth and straightforward sale that puts you in a favourable position to sell, the devil is in the details.
Make The Effort – While it’s true that buyers are currently paying crazy prices for quality homes, and the best results are being achieved by homes that are presented in great condition. Make the effort to present your home as best you can, and don’t be scared to invest some money into your existing property to make it more appealing to buyers. This expense should be seen as an investment, and will no doubt pay for itself when it comes to your final sale price. Do yourself a favour, and avoid being complacent.
Go To Market Properly – Needless to say, now is not the time to sell “off market” to a buyer that an agent just so happens to have on his or her books. While there are quite literally thousands of buyers out there right now, why would you let just one of them negotiate with you exclusively? If and when you do opt to go to market, an investment in a good advertising strategy is just that – an investment that will produce a return on your final sale price. As a guide, aim to invest around 0.50% of your home’s value into a marketing campaign.
Employ A Great Negotiator – Now more than ever, it’s crucial to have a world class agent – and in turn, negotiator – on your team. Just one example that Luke has seen recently is an agent that worked the buyers so tirelessly, that the agent ended up getting the seller $100, 000 over their sale price. While it could have been sold for much less, the very best agents will take pride in their work and understand that the extra funds can make a world of difference when it comes to the next stage of their clients lives.
Sourcing A Reputable Property Advisor
A completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants, and aim to provide tangible real estate advice to those in stressful positions with crazy hours at no extra cost to them. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.
