Buying...

Experience in the market place is critical in order to make informed decisions. We are highly skilled negotiators, auction or private sale...

Selling...

Being in the market place all the time we know what buyers are thinking when it comes to quotes, we know what you can & can't do...

McMillan Property Advisers is a specialist property advisory started by David McMillan with the aim of providing balanced, rational & conservative advice...




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Frequently Asked Questions

1.


a.


2. I want to sell my house but I am not sure what the agents
are telling me is correct, I think it's worth more


a. Often owners have a higher price in mind than what their house is actually worth. Check the comparable sales provided by an agent and see how they compare. Look at the aspect, condition and the age of recent sales. If the sale was long ago, the market may have changed. You may want to look at paying a valuer to value your home.


3. Should I buy first and sell or sell and buy?


a. a. This will depend on your appetite for risk and ability to borrow money. In a rising market it is often best to buy before you sell and in a contracting market sell before you buy. If you buy before you sell, always have a contingency plan just in case you can’t sell. For example bridging finance, rental option or sell another property. Either way you need to get it right.


4. How do I know the agent is telling me the truth?


a. a. Most agents are very truthful; you need to be more aware of what they don’t tell you. Eg. “We have an offer on this property at $XXX, what do you want to do? “ You need to ask some questions, what settlements offered, is the offer conditional, is it in writing, is the property going to be sold to this offer… How are you going to handle offers? Are you dealing with any other buyers? Remember it is what you are not told you need to worry about.


5. I’ve found a property to buy but I’m not sure what it is worth


a. a. Access a database of what has been sold recently. Only look at properties that can be compared with the one you are looking at purchasing. Obtain an independent report or appraisal from someone who knows the area. Sometimes talk to another local agent. Never tell anyone what you think its worth or what you might pay.


6. How do I know whom the best agent is to sell my house?


a. a. Couple of basic rules. It is about the agent as much as the agency. Use someone with experience and a track record of success with houses of a similar style to your property. No good using an agent who specialises in flats to sell your $3.0 million home or visa versa. Stick with a local agent who knows the buyer pool and deals with the buyer pool. A quality agent will know most of the active buyers. Avoid the formula agents that give every house the same treatment. Don’t go for the cheapest commission. Look at the knowledge base; the best agents are not usually the cheapest. And we could go on…


7. Is there really someone else wanting to buy the house as well,
it’s been on the market so long and now someone else wants it too.


a. a. Good question, and how do you know the answer. There have been many cases when there is no one actually interested in the property you want to buy, at the level you are at…how do you know…ask those questions and understand the answers. If an agent lies to you and you can prove it, they are in big strife. Hold the agent to their word. We have done this many times in the past.


8. I’ve been trying to sell my house, why are no offers being made?


a. a. Properties don’t get offers for a few reasons: your agent isn’t good, your price is too high, there are no buyers in the pool that want your property at the asking price (see previous), your property is specialised and will take time to sell, the area you are in has no demand from buyers. It’s a buyers’ market. Revise the price and look at changing agents.


9. What do they mean by “Listing Agent”?


a. a. The listing agent is the agent who is dealing with the vendor and has signed the property up for sale. He is the most powerful agent and controls the sale; usually. When the property sells he will be paid a listing fee as part of the commission from the agency. It is often best to try and deal with the listing agent.


10. Who is the best agent on an advertisement to call?


a. a. Ideally it is best to deal with the listing agent. (See previous)


11. Does it matter why a house is being sold?


a. a. Sometime it is important to know why, particularly if the property has been sold in recent times. You don’t want to buy someone else’s problems.


12. This house has been sold quite a few time over the past few years


a. a. This to me is always a worry. It can mean there are issues with the property and no one wants to deal with them. It might have ordinary neighbours, be noisy, have a structural issue, who knows it might just have bad luck. We like houses that have been owned for a long time as it usually means it is a good place to live.


13. What are some of the best tips for auction bidding ?


a. > Know your limit
> Set a realistic limit
> Get some independent advice
> Listen to what is being said and if you are confused ask the auctioneer who has the bid
> Don’t be put off by a bossy auctioneer
> Always have a big smile
> Move the bidding amounts around
> Careful not to stir up the emotions in another bidder and mistakenly take them on.
> You have to bid to buy, don’t be too smart
> Talk with someone who has experience (more than 1 or 2 auctions)
> Have a plan; they work!


14. Are Dummy bidders still about?


a. a. Dummy bidding is illegal, but antidotally we have heard stories of vendors getting some help from a dummy. It is illegal but also very difficult to prove. We have a strategy to sort dummy bidders out.


15. The agent wants me to spend $20,000 on advertising? Is it worth it?


a.





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