Help needed to sell tenanted property

Discussion in 'Australia Property' started by Lindz, Feb 28, 2013.

  1. Lindz

    Lindz New Member

    Hi.

    I hope someone with experience in property investment in Australia can help me here.

    I have an investment property in Australia which I inherited from my father last October. As it is tenanented and currently managed by a property management company it was my intention to keep the property, sit back and let the money roll in! However my circumstances have since changed and I need to sell asap. The property has been on the market with an estate agent since before christmas, but nothing much seems to be happening with it, and despite the fact I have drastically reduced the price there has only been one viewing.

    I live in the UK and have no experience of buying/selling property in Australia, or any knowledge of the market over there. Not sure what I can do to get the place sold other than reducing the price even further so any ideas/advice from experienced investors would be appreciated.

    Thanks in advance for any help!
     
  2. Lysos

    Lysos New Member

    You could tell the agent to auction it, which is done on site, at the property & have a reserve price to ensure you weren't 'giving it away', but I don't know what rights the tenant has under Australian law.
     
  3. Norbert

    Norbert Senior Member <br /><img src="http://img.propertyc

    Don't sign anything

    Auctioning Ossi homes is risky business.
    Read Don't Sign Anything, written by Neil Jenman, a devoted advocate for consumer protection in real estate.
    In your case I'd try and find a Jenman Approved agent look into your case.
    Google for Jenman Real Estate Monitors Australia.

    Norb


     
  4. Lysos

    Lysos New Member

    Why is auctionng a risky business ?.
     
  5. Norbert

    Norbert Senior Member <br /><img src="http://img.propertyc

  6. Benn

    Benn New Member

    Neil Jenman is a great read I recommend it for all property investors.
     
  7. Lysos

    Lysos New Member

    I sold at auction as it wasn't moving with the estate agent & got the asking price. Lindz has already stated that it isn't generating much interest and asked for ideas/advice, which is what I gave, based on my personal experience.
     
  8. Norbert

    Norbert Senior Member <br /><img src="http://img.propertyc

    Nobody doubts your exprtise!

    And of course Auctions work.
    But, like in every sales transaction, one has to be very careful here.
    People are not always prepared to look at risks - and become a victim.
    I merely suggested people to consider the risks.
    And to call ask one of the Approved Agents for advise.




     
  9. Norbert

    Norbert Senior Member <br /><img src="http://img.propertyc

    Is LINDZ reading this?

    Please respond and tell us what the situation is, Lindz.
    Look online for a JENMAN APPROVED agency in the area.
    They would at least be able to tell you what the options are.
    The fact that you 'drastically' reduced the asking price gives me the impression that your current agents over-valuated it.
    For how long did you sign the contract with the current agent?



     
  10. ellers

    ellers New Member

    Lindz, in what general area is the property (e.g. city vs regional), and what type (e.g. house, unit)?

    Is there any reason that you can think of that it would be slow to sell?

    In my experience the property is either problematic for some reason (e.g. in need of renovation), the tenant is making things difficult or the sales agent a problem.


    Andrew
     
  11. Norbert

    Norbert Senior Member <br /><img src="http://img.propertyc

    LINZ wake up

    When no longer interested just let us know.
    It is not COOL to waste our time!
     
  12. jeff1708

    jeff1708 New Member

    selling oz property

    i live in Sydney and property is selling very quickly here so your estate agent is not very good or going to scam you.
    My neighbour who lives in Germany invested here and rented it out ,was scammed by their agent and lost $100,000's
    The agent claimed he could not find a buyer and made him reduce it by $300,000 aus then sold it to one of his friends and got a back hander.
    When you are abroad it is difficult to keep track of the housing market prices so these things happen.
    Where is the property?
    Change agents or if it's worth alot of money come here and handle things yourself
    it could save you $$$
     
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