This week on the Soho Carpool series, Buyers Agent Hamada Alameddine shares how he finds the real value of a property.
Let's talk about, I guess, valuing property. How do you actually find the value of a property and there's so much information out there. Obviously, there's a lot of, I guess, data and paid data that you can kind of get. I guess there's first-hand information and second-hand information. How do you filter through? Absolutely, like I said earlier, you know, feet on the ground and making your own market comparison is without a doubt the best way to get value on a location. You know, it's hard to do that across Australia because you can't be everywhere at once. But if, obviously, if you're buying a family home your centralised to maybe two, three, four suburbs. And if you're going across those suburbs, and those opens and auctions weekly and taking notes down, along with the comparables the real estate agents hand you and then the comparables you can find online. There's a lot of free information online. Yeah. There's also page subscriptions and advisory firms that I use that give me more in-depth detail research to where I can then, I guess, materialise to come up with value. Where, I guess, the average punter sort of just goes off the comparables and whatever they can find online to try get a, I guess a trend or a line of value where they can work from. But you're definitely, so first-hand is definitely, probably, I'd say, the best way to quantify value. Obviously the second-hand information you can get from agents and online portals, and the neighbours, and the people in the street help, but if you're at opens and auctions and you’re building your own trends and getting your own analysis, without doubt, then at least then that way you can go to an agent to negotiate knowing full well what the property is worth. It’s just another, I guess, another string in your bow of arsenal when you're when you're going to negotiate. In terms of what's exciting me. Oh geez. Definitely not the lack of stock at the moment. But yeah. Look, one brief that we just finished up was actually purchased in Punchbowl. You know, this family had been looking for 18 to 24 months. They engaged me probably about three months ago now so 12 weeks, the property’s due to settle in three weeks. So in six weeks, we found a home that was suitable for them within their budget and we found it in 6 weeks rather than in the 24 months. This property actually came off-market through an agent that I that I know, excuse me. So yeah in terms of excitement. There's a lot of market buzz definitely. There's a lot of people out and about and the market’s getting a little bit tougher. The lack of supply is hurting a few people. I guess it's making it a bit more difficult to source property. But obviously, if you're on the ground every weekend and most week nights getting in front of many agents and opens and auctions as possible opportunities start presenting themselves and I feel that's where the opportunities are coming from. Just being in front of people, in front of agents mainly, and obviously reaching out to my agent network to try draw properties that aren’t on the market. Gotcha, yeah.