Experts warn sellers could be short-changed up to 10pc by selling their home off-market

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAndrew Winter: How to flaunt your Unique Selling Point01:02Brian and Claire Maule, with their daughter Sophia, at the home they are selling in Camp Hill. Image: AAP/Steve Pohlner.INDUSTRY experts have warned of the risks of selling “off-market”, with one leading agent claiming it could leave a homeowner hundreds of thousands of dollars worse off.With continuing low levels of stock for sale and a rise in opportunistic vendors, some agents are reporting an increase in the incidence of “off-market” property transactions.“Off-market” sales are those which occur without public advertising, with real estate agents contacting interested buyers privately.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREPotential purchasers who’ve missed out at auction are registering with sales agents to ask to be notified if anything similar looks likely to come up, while many are also going to buyers’ agents who have databases of those thinking of selling.But some agents have warned sellers risk exchanging for less than their properties could be worth on the open market. Auctioneer Haesley Cush. Image: AAP/Claudia Baxter.Ray White Bulimba principal Roger Carr also gave an example of a vendor who received an off-market offer for their property at 8 Julian Street, Morningside, from a neighbour for $765,000.Fortunately, Mr Carr said the seller decided to reject it and take the home to auction, where it sold for $1.02 million.Real Estate Institute of Queensland chief executive Antonia Mercorella said off-market sales could work for vendors of unique properties, but they could also be disadvantageous.“If that buyer comes along before you list, then you are often wise to grab that sale fast because you don’t know when another buyer for that unique property will turn up,” Ms Mercorella said.“Eager buyers who have been hunting for a property can put in an offer before it’s listed. In some circumstances this can mean other buyers don’t have an opportunity to put in an offer, and as a result there is no competition for the property and it’s competition that gets the best price for the property.“It’s important for vendors to think carefully before engaging in an off-market sale.“Make sure you understand the marketplace and whether you’re selling yourself — and your property — short.” REIQ chief executive Antonia Mercorella. Photo: Claudia Baxter.CoreLogic senior research analyst Cameron Kusher believes there are more benefits associated with taking a property to market than selling in secret.“You’d only want to do that in the case you’re very confident of getting a buyer and your real estate agent has a good database of potential purchasers — and it’s hard to judge that,” Mr Kusher said.“I personally think you’re better off getting the message out to everyone and trying to find a buyer that way.”Brian and Claire Maule are selling their first home at Camp Hill after spending the past six years fully renovating it.The young couple has decided to invest in an advertising campaign, listing the house with Steven Gow of Ray White Bulimba, because they believe it will give them the best chance of getting the highest possible price.“We’re hoping it will bring in a few more buyers, from people who are potentially downgrading from a bigger house or perhaps a young couple looking to start their family,” Mr Maule said.The three-bedroom, one-bathroom property at 14 Clara Street, Camp Hill, is scheduled for auction next month. Industry experts warn sellers could be short-changing themselves by not exposing their property to the open market. Image: AAP/Lukas Coch.Place Estate Agents Kangaroo Point director Simon Caulfield claims vendors selling their houses “off-market” could be missing out on up to 10 per cent of their property’s true value.Mr Caulfield said that by agreeing to sell quickly and quietly without a public campaign, sellers could be significantly short-changing themselves.“My advice always is that clients should expose their property to the market because I think you always risk underselling it if you take it off-market,” Mr Caulfield said.MEET THE NEW OWNER OF PAT RAFTER’S HOUSEHAMPTONS IN BRISBANEBRISBANE BACKYARDS SHRINK 30PC“If you’ve only taken a handful of people through the property, are you really giving it the best chance?“You could end up potentially five to 10 per cent short.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:05Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:05 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhat the Federal budget mean for you.01:05Mr Caulfield said only about 10 per cent of the transactions his office handled were off-market.“There’s a lot of positivity at the moment in investing money into a campaign and getting a great result,” he said. Selling “off-market” could cost you up to 10 per cent of a home’s value, agents say.Ray White New Farm principal and auctioneer Haesley Cush cautioned that while sellers could save money on advertising costs by selling off-market, a lack of competition meant they might not get the best price for their property.More from newsParks and wildlife the new lust-haves post coronavirus19 hours agoNoosa’s best beachfront penthouse is about to hit the market19 hours agoMr Cush recently auctioned two similar properties in comparable locations in the inner-city Brisbane suburb of Spring Hill.One vendor decided to spend $3000 solely on digital advertising, while the other spent about $15,000 on a full marketing campaign across print and online.The former generated 16 groups of people during the four week campaign and a sale price just after auction in the early $700,000s, while the latter attracted 50 groups and a sale price in the high $800,000s.“To receive three times the number of inspections in such a small little suburb certainly adds weight to the benefit of a full marketing campaign,” Mr Cush said.“The reality is a strong campaign will likely generate more buyers.“Real estate is a contact sport; the more buyers your agent is in contact with, the more competition your property will likely receive.”last_img read more

Return of Bacolod-Iloilo fast crafts goes smoothly

first_imgPrior to entering the terminal, passengers queue in line as they wait in turn for a temperature check. An isolation room is readily available just in case a passenger registers a high temperature. BACOLOD City – Fast craft vessels plying the Bacolod-Iloilo route set sail for the first time in more than two months after authorities imposed travel restrictions to curb the spread of coronavirus disease 2019 (COVID-19). PCG personnel then divide the passengers between Bacolod City residents, and those living outside of the city. Once inside the terminal passengers are required to present their identification when purchasing a ticket and go through the normal security checks. Bacolod City residents only need to submit their health cards and after which they are allowed to go on their way. Negros Occidental residents, meanwhile, undergo testing through real time-polymerase reaction at a swab booth set up outside the terminal’s premises. For arriving passengers, Philippine Coast Guard (PCG) personnel immediately retrieve the health cards issued to passengers prior to disembarkation. Seats in the waiting area are clearly marked in order for passengers to follow social distancing measures, after which another round of temperature check will be performed prior to boarding their vessel. Panay News went to the Bacolod Real Estate Development Corp. (Bredco) port over the weekend and observed that passengers have been fully cooperative with port authorities. Ferry operators are also stringent in enforcing minimum health protocols. They only accommodate 50 percent of the vessel’s total seating capacity and are also seen disinfecting the passenger accommodation areas. BY DOMINIQUE GABRIEL BAÑAGA At the roll-on/roll-off terminal, meanwhile, PCG again divides the passengers, only this time Negros Occidental residents are directed to ride a waiting bus which will take them to the Provincial Healing Center in the town of E.B. Magalona for testing./PN Last week, Mayor Evelio Leonardia and Mayor Jerry Treñas agreed to resume travel between the two cities./PNlast_img read more

Munster confirm new deals for Flannery & Jones

first_imgPhoto: © Munsterrugby.ie Team Manager Niall O’Donovan has signed a three-year deal. Munster have confirmed that Jerry Flannery and Felix Jones have both signed two-year contract extensions.Flannery who had been scrum coach is now confirmed as the forwards coach for next season after taking over the role following the death on Anthony Foley last year.Jones has been made Backline and Attack Coach.last_img