In part 3 of our Brisbane buyers agent case study with Peta, we get out there and amongst it, identifying and inspecting properties.
If you haven’t read the earlier articles in this series you can check them out here:
Finding a property that is ready to rent out ‘as is’, has potential to renovate and add value, requires cosmetic work only that isn’t too onerous or expensive and is in a high growth location isn’t necessarily that easy! Coupled with Peta’s extremely busy life meant that this project took a little longer than the average project, however, we were determined!
We would have considered hundreds of properties via a brief desktop analysis. Around 70 or so properties made it to our spreadsheet for further consideration and research. We would have done ‘drive by’ inspections on around 50 and physically inspected around 25.
We made offers during the course of our project on 4 separate properties located in 3 different suburbs within our focus areas – Chermside, Geebung and Wavell Heights.
Although we’d made some offers, we hadn’t yet secured our ‘One’ and so our search continued. Peta managed to find a break in her busy work schedule and flew up to Brisbane to spend a day attending inspections with us. We thought this would be fabulous in terms of giving her a much better understanding of the locations we were looking in and certainly make her more confident in putting forward offers and understanding the styles of housing up here in sunny Queensland!
Some of the key reasons that people use a buyer’s agent to buy property are:
- Save money by selecting the best locations based on your criteria
- Save money through negotiating a good deal based on market knowledge and data
- Save money and stress by having an experienced investor and buyer guide you through the process
- Save time by having someone else do all of the research, analysis and inspections, thereby allowing them to bring you the key information to inform your purchase decision
- Enable them to purchase in a location that is logistically difficult for them to perform inspections
- Enable them to make a purchase and not miss out on getting into the market due to lack of time to do it themselves.
Even with all of these benefits some people can find it hard to imagine letting someone else take responsibility for such an important investment decision — but as you can see, the process is much more of a collaboration!
Peta’s day trip to Brisbane was so successful in fact that we placed an offer on a property that very day and in ‘wheeler-dealer’ style Peta was rushing to meet her airplane departure time phone in one hand talking to us and us talking to the sale agent – all very dramatic! In fact the last call I got in before Peta jumped on her plane was to say ‘Congratulations – we got it!’
We’d purchased a fantastic 3 bedroom plus study character weatherboard in Geebung, with modernised kitchen and bathroom, for $430k. The property had great scope for cosmetic renovation including easy conversion to 4 bedroom and scope for an ensuite and walk in robe for the main bedroom!
‘What a happy ending’ I hear you say….well, not quite yet! There were a few more dramas to come in the contract period, stay tuned for our next instalment!