REAL ESTATE WEEKEND ROUND UP, AROUND THE GROUNDS - LIVE WITH BILLY DRURY AND GLEN HIGGS

Ever wondered how unconventional strategies can transform a typical Saturday in real estate into a whirlwind of successful deals and buzzing open homes? Join us as we explore the dynamic world of property sales, where every location and property type brings a unique crowd and fresh opportunities. From the bustling open homes to the vibrant auctions, we'll share insights on how foot traffic and engagement vary, spotlighting the latest listings like a charming one-bedroom apartment in Collaroy and a strategically located two-bedroom unit above our office. But it’s not all smooth sailing — we'll weigh the pros and cons of refurbishing properties before putting them on the market and delve into the often overlooked but crucial aspect of changeover costs.

Discover how a touch of creativity can make a world of difference in real estate sales. We’ll uncover the secrets behind our recent triumphs, such as the European-style sausage sizzle near Bunnings in Allambie that drew in crowds, and the innovative pop-up open homes that provide flexibility and convenience for prospective buyers. Hear firsthand stories of spontaneous sales and the importance of balancing work with personal weekend plans. Tune in for practical tips on ensuring a seamless moving process for buyers and sellers, reflecting the importance of adaptability in the fast-paced real estate landscape.

Transcript

Speaker 1: 0:01

Saturday real estate weekend roundup. We're going to tell you the facts, the figures and the feelings. Live another Saturday in real estate state.

Speaker 2: 0:20

All right, glenn good afternoon well, a late afternoon, billy. We've been just just running, running, running, running from appointment to auctions. That, uh, billy, went to a sausage sizzle um so it's been a busy saturday.

Speaker 1: 0:37

Yeah, I think back to back. For yourself, seven or eight open homes?

Speaker 2: 0:40

yeah, I had, I had seven today. So, um, and what were the numbers? Uh, look it, probably top either of the seven. I had three where there were nine or ten. I had a couple of ones, um, but they're to be expected. One's uh, you know, it's got a long tendency in there. Um, so it's really just for an investor, another one we just started.

Speaker 1: 1:04

So all in all pretty busy day, yeah, or like a buyer appointment yeah yeah, yeah, with the opportunity that if a client you know is passing by sees a sign you know the doors open.

Speaker 2: 1:18

We might talk about pop-up opens. That can be a barbecue bit, billy yep but yeah good open numbers.

Speaker 1: 1:24

I know the team had a good range of opens, from $600,000 studios to $20 million Mossman mansions and the numbers, yeah, seem to vary between sort of 5 to 15 on average.

Speaker 2: 1:38

And it was a cracking day. It's been wet, wet, wet. I think there was a band in England called that Billy. Probably your mum and people like myself danced to it not me and your mum, I mean, but you know, like people our age, I think it was called Wet, wet, wet, but today was a cracker, beautiful winter's day in Sydney today.

Speaker 1: 1:59

Yeah, and you launched a couple of new listings for the week.

Speaker 2: 2:03

Yeah, I think we launched one in Collaroy, one in Brook, I think there were three or four.

Speaker 1: 2:10

Have you got a favourite?

Speaker 2: 2:12

No, no, they're all my children. Billy, you can't have a favourite.

Speaker 1: 2:16

Give us your highlight new listing of the week.

Speaker 2: 2:20

Actually I like the one bedroom in Collaroy, 200 metres from the beach. We did a little bit of we painted and we got a lot of things fixed in there and you know, whoever buys it will move into a property or tenant out of the property. That will be no hassles for about 10 years, so yeah, you know a lot of the stock we do sell, being investment properties.

Speaker 2: 2:48

There's a question, not a question, but there's. Often. When an investment property comes to market, it's tenants moved out, it's been a long-term tenant and we say to the owner hi, you know what, now's the time we're doing new carpet, new paint, new kitchen, tidy, fixing things in the bathroom, yep, or sell it. And they go to world. So often they're a bit tired when we get them, when we do tidy some up others.

Speaker 2: 3:20

The owner prefers not to just sell it as it is. They feel they've made enough capital gain in it. So yeah, this is a lovely property your favorite listing for the week.

Speaker 1: 3:30

Billy, probably the similar similar conversation we had with a owner that has a two bedroom above our office. They're looking at maybe spending in the vicinity of $25,000. That'll be plans, a box, you know, replanting plants box, putting an awning, paint, carpet, lighting, blinds. It'll really refresh the property, but they've got a good window of opportunity to potentially sell and buy something. So I think that opens up great conversation. For a buyer to get a great deal and, you know, for the owner to move into something opportunistic, yes, so what? What?

Speaker 2: 4:08

basically that I'm it's got.

Speaker 2: 4:10

Scenario is before they do that work with a $0 marketing pre-market, off-market. We're testing the market and trying to get them a price that enables them to move without spending any additional money on refurbing the property. And look certain properties, you can get that property. And look certain properties. You can get that. This property is going to be north facing, deck, yep and lift access right in town centre of dy, which enables it to be perfect for downsizes. We might just say, um, okay, I know I have to do these things, um, and we might finesse it a little bit.

Speaker 2: 4:51

We might get them access during settlement to measure things up and and work out what they're going to do. They might we might get a longer settlement. They might be buying a bit of cash, so there's all sorts of things we can do to make that that moving pain free. Yeah, absolutely.

Speaker 1: 5:11

But as there were new listings, sales were made. I'll start with my favourite of the week. Happened late yesterday, friday afternoon. Really really happy clients. Buyers are static. The vendors hopefully got something that she'll have confirmation on by Monday, tuesday, and that's a lovely two-bedroom in Oaks Avenue. And what's the address? Billy 6-47, opposite the big council car park, if you know the block St Mary's Church, st Kevin's Church too, in DY.

Speaker 2: 5:47

So this is a really solid, neat, tidy block. Two bedrooms, two bathrooms. One with an additional car space sold for $5,000 more. We'd probably value a car space a little bit more than $5,000. But what's?

Speaker 2: 6:03

really interesting about that is what the owner thought she would sell it for and what she would have to pay for another property. Both those prices were actually lower than what she needed. So it really comes down to sometimes when you're buying and selling is not what your sales price is, but what your changeover cost is. So if the markets come back a little bit on what you're looking to buy, you might be able to be slightly more flexible with your price to put a deal together and even being flexible on your price, you might be ahead.

Speaker 2: 6:49

So not using this lady as an example but say you needed 1.2 to buya property for 1.5, that property comes down to 1.3. Yep, you might be able to go for a million and still be ahead. So it's always the change over cost in upsizing and downsizing that's important not the actual sales price yes, but um favorite sale for yourself I. I was fortunate enough to have two double whammy yeah, two on one day.

Speaker 1: 7:21

So I really liked one in 1030 parade.

Speaker 2: 7:24

The vendor was fantastic um there have been a few sales that were slightly out of line with his floor plan and we used our zero dollar marketing pre-marketing strategy to get buyers through the property, but not to over market it uh days on market are really, really critical. As soon as you go to the major portals, that that clock is ticking?

Speaker 1: 7:48

yep, and if you haven't got a sale in 21 days.

Speaker 2: 7:52

Then the only answer is it's overpriced. So you know, we had seen one agent one property similar floor plan was sold by an agent out of area and another property was sold by a local agent which I just couldn't fathom the price. It was a long-term property management and the agent returned the landlord's loyalty by selling it a hundred thousand cheaper than what we sold ours for.

Speaker 2: 8:21

So I really like that one and I learned a lot about the block it's got slightly higher strata ladies, but it has a full-time building manager, introduced the buyer to the building manager to find out how you move in where your letterbox is. What happens with this? What happens if the lists don't work and that's why you pay a little bit more? There's an answer for everything in that building, and that was really quite pleasant. Sale, pleasing sale, and working with the vendor was great too, because we were both on the same page.

Speaker 2: 8:53

That we thought we were a bit crazy there for a while, like he was saying Glenn, you sure we'll get that price, and I'm saying yeah, yeah, I'm sure that's what I reckon it's worth even though we were seeing sales as I said out of line, but we held fast together and worked together and got it.

Speaker 1: 9:13

Brilliant. It was a great result, really great result, and time was not a pressure in that case. It was a smooth transition.

Speaker 2: 9:22

Well, that's, it's really yeah sorry. In and out of different strategies yeah, look, it's really important to pick the strategy that, um, that you want if, uh, you know, probably especially with apartments, because they're relatively they're similar stock. You know, one might face northwest, one might face southeast, but they're similar and if one of them goes out of line in the block for a lot cheaper and there could be circumstances around that. I've heard a couple of those over recent times.

Speaker 2: 10:01

One was a property sold $100,000 cheaper than the one I sold. They had a long-term tenant in the property. The tenant had been in the property for 25 years and he ended up buying it. Yep. So either the owner said been a great tenant. Whatever you give forward, you can have it, Yep. Or something else went on which I won't say yeah, well, there you go.

Speaker 2: 10:26

There's you know that whereby people the result is people had saved up money in cash and something like that happened because that's the only reason around it, you know and mental rentals. Mental rentals we rented one that I sold. It was previously rented for $685 and we got $700 in 24 hours. So that was an increase of $15. Yep, so it just shows that you know the rents have moved up A lot more stock. But you know out on the market so that one we advertised at 6.85 and we got 15 dollars more.

Speaker 1: 11:09

But, um, you know you might be able to negotiate a better deal I'm also finding a lot of clients are taking the time between exchange and settlement as an opportunity to show their properties for rent as a new landlord. So as a buyer, the way to look out for that is it will be advertised like any other. You might even be able to talk to the agent and find out if it was recently sold. The good news, if it has, is, generally speaking, they're going to be a long-term landlord, you know at least, at least for the initial lease. You know they're committed to getting someone locked in, so what you say.

Speaker 2: 11:44

People buy the property before settlement. They get authority from the previous owner to show the property for rent, yep.

Speaker 1: 11:53

And then I find you know the landlords are liking that strategy because they've got the first, you know, a couple of weeks to test the market and it sometimes looks like slightly more bullish rate and then coordinate a line up with move-in date with the settlement date, to reduce that vacancy.

Speaker 2: 12:10

Yeah and look if that's something you're looking to do have that form part of your offer.

Speaker 2: 12:20

So my offer is 800,000, 5% deposit. I'm happy with the 42 day settlement, but I would like, two weeks prior to settlement, to show the property to Saturdays for 15 minutes and use the photos and floor plan and have that all up front and also put that in writing and get a reply in writing. Yeah, often if you're buying and then renting through the same agent, that process is pretty smooth. It gets a little bit more tricky when you buy off, you know, let's say hookers, and then you want to rent it through us. It can get a little bit frayed around the edges. But I find if you're transparent and you ask these things up front and you get an answer in writing, nothing can stop you.

Speaker 1: 13:15

Brilliant Good advice Commercial wrap.

Speaker 2: 13:19

Commercial Farron has been once again selling a lot. They did have a sausage sizzle. Didn't have to bring your own meat.

Speaker 1: 13:28

It wasn't an Aussie barbecue, really no, it was a European free sausage sizzle opposite the new biggest Bunnings going in in Alambie, french Aspire so I think they've got another one coming off in the next couple of weeks as well, glenn yeah look, mark loves running these off the plan projects we've had before.

Speaker 2: 13:48

He's run them for eight and nine weeks in a row, giving up his time to to do that and and you know he pays for everything. Um, but once again it's not an aussie barbecue. The Europeans in the office joke about the old Aussie barbecue where you've got to BYO everything. We'll supply the gas or the charcoal. But yeah, head up there, fantastic deals being done. Selling storage units. I know for a fact under market by about $70,000. But that won't last forever. These are sales to form part of the finance and there's only a few of them to go.

Speaker 1: 14:37

Yeah, that's probably going to make another feature in the next couple of weeks. So, commercial, just reach out to the team. They'll be able to point you in the right direction. So what did?

Speaker 2: 14:44

we say our barbecue bits would be today Billy Pop-up opens Pop pop, pop, pop the popcorn Billy.

Speaker 1: 14:51

Like Cocoa Pops. What is a pop-up open?

Speaker 2: 14:55

Well, we really like them at Novak, whereby our motto is open 24-7. We never sleep, so we will often show a property by appointment on a Sunday and then, rather than just meet the boy, they show them the property and then go home we'll put an open for inspection time at the same time. So potentially as buyers or just observers of real estate, you'll see some odd times like 9.45 on a Sunday to 10 o'clock. Yeah, and that's where we've thought well, if one person wants to see it at this time.

Speaker 1: 15:35

let's advertise the time it could be two Buyers love it because they might be passing by or they might not be able to get to Saturday and they can spontaneously change the plans on Sunday morning and drop in to see an open home. And I think the sellers love it because they've got their property open double.

Speaker 2: 15:53

Yeah, well, if I'm a buyer and you know, saturday night, you know it's quiet. I'm relaxing, it's 8.30, I'm scrolling through realestatecom, yep, and then I see a time 9.45 on a Sunday.

Speaker 2: 16:14

I think, yeah, we'll go to that. And it's those sorts of buyers that you know have their finance approved. Granted, but go on an impulse like that. Who may be your heart buyer? Your buyer that you know can tell you every brick, you know, in the unit block in DY, or every hair on an agent's head, probably have been to some of the agents. It'd be pretty easy Instead of you having to count one or two. But you know, for others, they've probably been to every open and they've got a. But you know, for others, they've probably been to every open and they've got a spreadsheet, you know, on just what's sold in the area in the last 100 years, you know, since Captain Cook came. But these other buyers, they buy more. On emotion, they turn up.

Speaker 2: 16:59

Convenience is a huge thing. The more convenience you make for people to buy a product, the more they buy it. Hence, supermarkets only open five days a week, nine to five, yeah, absolutely, and you know, open all hours. So that's what we really like at Novak. So don't think we've gone crazy and made a funny time like 9.50 or 9.55. That's just when we're booked in another buyer and we're opening it up for everyone for the same opportunity show one, show all show, one show, all that's right, that's, that's very good.

Speaker 2: 17:35

That's very good. We do talk in the office Michael silly, ted one. He sold a property back when 1.6 million wasa lot of money and just put, you had a pop-up open, just put a sign out. Blake came in. We've been marketing this property for four or five weeks so I always wanted to see in here and lo and behold, the deal maker, the Michael Sillich, one of the best buyers agents, grace Novak put the deal together Bingo, bango, bongo, a sale.

Speaker 1: 18:07

Glenn, what are you up to on the weekend?

Speaker 2: 18:09

Look family away. They're sending me pictures of beautiful Phuket. I'll be doing Sunday opens and I might have a lunch at the RSL as a treat. I think Billy yourself.

Speaker 1: 18:22

A little bit more of a tired finish to the week. So probably a relaxing weekend. Definitely got a Sunday open or two on tomorrow, but other than that might see what the weather's doing and catch up with a friend for an afternoon beverage done at Manly Wild stuff Wolf Bar.

Speaker 2: 18:40

Don't forget Samson, she's always up for that.

Speaker 1: 18:43

She is All right. Have a good weekend, guys, take care.