Tag Archives: As Is Where Is

The power of effective marketing

Achieving another outstanding result under the hammer in our auction rooms clearly confirms why we continue to recommend auction as best practice for sellers of ‘as is, where is’ properties. The results speak for themselves.

Check out the facts on our most recent auction:

Address:                                            65 Perth Street. Richmond
Days on the market:                        9
Purchaser inspections:                   28
Number of pre-auction offers       2
Bidders in attendance:                   6 (2 active)
Private offer prior to listing           $170,000
Final selling price at auction     $271,000

Team Griff’s as is, where is, under the hammer strike rate year to date: 100%

The reality is there are many “astute” property opportunists active in the greater marketplace hunting for that next bargain. A homeowner who fails to engage in an effective marketing campaign to flush out multiple purchasers can become vulnerable prey for this calibre of purchaser. Such purchasers are governed by their own perception of value, plus their motivation to maximise profits. It goes without saying that they have very little regard for a sellers’ interests.

With 306 ‘as is, where is’ sales under our belt now it would be fair to say we understand this market. Accomplishing results like the above is the most satisfying aspect of the process. Seeing people moving forward with their lives and in most instances realising a greater selling price than expected makes it a very positive experience.

With spring on the horizon, we look forward to creating many more magic results for our clients prior to the end of the year. If your intention is to get sold before the year’s end, we suggest you contact us sooner rather than later. ‘As is’ buyers are hesitant to hold properties over the Christmas/New Year period due to labour shortages, so it’s best to get the ball rolling now.

Demand for ‘as is, where is’ properties remains strong

As Is Update(3)

Backing onto a strong start to the “ as is” market Team Griff’s 100% auction strike-rate year to date reflects both a strength of this active market for 2018 and the team’s proven marketing expertise.
Underpinning this 100% strike rate is multiple party participation, with an average 4-5 bidders participating in each auction.

Providing our homeowners with a selection of active bidders on auction day is directly attributable to our 1800+ strong database of known ‘as is, where is’ purchasers gleaned from a long track record of sales of uninsured properties dating back to 2012. This translates to competition with the real benefit of not having to rely on one person’s perception of value, as is invariably the case with an “off the street” type sale.

As the supply of uninsured homes on the open market now begins to decrease, we foresee the demand remaining strong, reflecting the inevitable fact that there is a finite supply of these properties.

Whether you are contemplating to sell your ‘as is, where is’ property or simply need a sounding board to bounce options off, please feel free to contact us in confidence – we’re ready to assist.

 

Recent success stories

45 Medway Street, Richmond

45 Medway Street, Richmond
3 beds, 1 bath, 1 living, 1 garage
Declared reserve $110,000
Days on market: 14
Number of inspections: 30
PropertyFiles downloads: 47
Bidders: 5
Sale price: $155,000

1
529 Bower Avenue, Parklands
4 beds, 2 bath, 2 living, 2 garage
Days on market: 21
Number of inspections: 56
PropertyFiles downloads: 32
Bidders: 7
Sale price: $397,000

591 Madras Sunny-5


591 Madras Street, St Albans
4 beds, 2 bath, 1 living, 2 garage
Days on market: 7
Number of inspections: 21
Bidders: 3
Sale price: $365,000

From Rags to Riches…

Rags to Riches

Talk about both ends of the property spectrum! Team Griff have just sold an earthquake-damaged flat in Waltham for $86,500 and a stunning architectural build in Waitikiri for a street record in excess of $1.3m – two Christchurch suburbs that are like chalk and cheese.

In both cases, assisting our owners to move forward with their lives for differing reasons is what makes this business so positively enjoyable. This sort of job satisfaction is hard to beat.

At Team Griff we pride ourselves with such versatility, having the skillset, systems and experience required to service a broad cross-section of both clientele and property.

For the cheapie in Waltham, it was a case of mucking in, digging deep into our 1,800 strong ‘as is, where is’ database of potential purchasers, not being too proud to do the hard yards of selling something that was rather undesirable. On the flipside, the $1.3m sale was one of my old neighbours simply touching base giving the heads up that they were intending to sell within the next twelve months. As it worked out we were working with a purchaser whose brief fitted the property perfectly – the rest being history. Needless to say, the owners were overjoyed with the result, let alone the convenience of not having to go to the open market with all the fanfare and intrusion of a full marketing campaign.

So whether your property is in the “rags” or “riches” basket (or somewhere in between) be sure to make contact, as there is a good chance we will be able to perform our magic for your situation and property too.

‘As Is, Where Is’ Market Update

Live Update- As Is Where Is Market (2)25 Foresters Crescent | Parklands
Inspections: 32
Bidders: 6
Sale price: $365,000 at auction
Vendor feedback:
“Good result today with the sale and appreciated the regular communication; a job well done.”

3 Kakariki Lane | Sumner/Clifton
Inspections: 
35
Bidders: 
3
Sale price:
$515,000 at auction
Vendor feedback:
“While it would be fair to say that ours was not the easiest of properties to sell Team Griff took on the challenge professionally, dug deep and produced several bidders on auction day. The result, a sale price that we were quite happy with.” 

‘As Is, Where Is’ current market comment

Numbers through open homes are still holding up and while some are feeling the brunt of lending institutions both tightening their belts and lending criteria, our owners are still benefiting from multiple parties bidding on the day. The large majority continuing to be sold under the hammer. Team Griff’s sizeable purchaser database of 1500+ “as is” purchasers is proving invaluable when it comes to getting these properties across the line in a firming market. To date with 246 sales under our belt home owners looking to sell can rest assured that they have an experienced team at the ready.
To have the peace of mind that your property has been fully exposed to the wider open market in order to achieve the best possible result.

Do contact us today for friendly chat and to explore the options available to you.
Keep warm,
Griff Signature Jpeg version

238 ‘as is’ sales and counting

Pictured: 22 Titirangi Crescent - sold for a record 'as is' price in Tumara Park

Pictured: 22 Titirangi Crescent – sold for a record ‘as is’ price in Tumara Park

Celebrating our 238th ‘as is, where is’ sale is both rewarding and humbling, especially for a market that we didn’t originally set out to become specialists in. I have full respect for my team who have worked hard in a focused effort to help create the systems we have now, and the results simply speak for themselves. Of the 239 that we have listed 238 have sold! From the collation of property info packs both online and in hard copy to pre-drafting the sale and purchase agreement with appropriate clauses that protect both vendor and purchaser my team’s work ethic is nothing short of phenomenal.

Team Griff’s 99.6% success rate for ‘as is, where is’ sales
Such results are a direct reflection on our knowledge, expertise and systems. It may seem strange, but I am quite passionate about the process and the great thing about it is that process is very transparent. Post-quake and numerous scopes later, we have become “professional report” rich – great info to be able to prove the actual damage of a property.
Beware of the opportunists off the street or on the radio
With opportunity comes opportunists, and having heard some of their sales pitches, they are quite persuasive. The problem being their reality of value is based on both their perception only and in many cases, they pitch that conservatively to line their own pocket. Integrity is vital post-quake, especially so when people are vulnerable, some ground down by the process of fighting both EQC and their insurer for years. I recently met a gentleman who had been at it for more than six years – needless to say, he was at the end of his tether.

Marketing expertise
Effective marketing will bring you multiple parties and fair competition, a much more transparent way of establishing true market value.

1528 as is where is buyers as the click of a button
Team Griff have built up a strong following of ‘as is, where is’ buyers – as easy to unsubscribe as subscribe, our database has proved invaluable for both purchaser and vendor. With our first port of call being e-notifying 1500 plus as is buyers, vendors can be assured that their property is being marketed to those most likely to respond, let alone the phone calls we can make if the going gets tough.

The proven value of the auction process
Without question the auction process achieves better results for most properties. The reality is that it is very seldom that we don’t have multiple interest in an ‘as is’ property and auction is the best and fairest way of dealing with competition. There are more times than not where we get a better selling price than expected and with just one property last year that didn’t sell under the hammer, it is no wonder most sellers rejoice over an unconditional result that is on their terms.

The listings keep coming
While the ‘as is, where is’ numbers have eased a little over recent months there are still a lot coming through the system, so expect more of the same and be sure to keep in touch for the heads up on that new listing before it hits the market. Here’s to many more win/wins for sellers and buyers – both parties securing upside!

 

Team Griff’s early start pays dividends

Early Start

At the time of writing, we’re about to complete our fourteenth appraisal, list our tenth property, and complete our forth sale for the new year. Needless to say, we are fairly upboard about the new year market, which we refer to as a premium time to sell.

Balanced market predicted

With the market tracking well for a positive start to the new year and with stock levels building steadily we predict 2017 to provide another year of balance. We are of the opinion that purchaser and vendor can both embrace the year positively – purchasers can continue to purchase confidently in what has become a sustainable marketplace as capital growth rates remain modest and property prices overall affordable. For vendors, they can expect to see continued demand and sell within a month, as we see no reason for the list-to-sell period to lengthen much from the 2016 average of 31 days. After all, with the flush local economy underpinning local investment and confidence, we are not likely to experience a downturn for some time yet.

‘As is, where is’ market continues strongly

Our first ‘as is, where is’ auction signalled more of the same for the year ahead. 54 inspections over 8 open homes produced five bidders and a result in excess of the reserve price. Our second auction resulted in an early auction after a mere four days on the market, with the ultimate sale price $50,000 above the pre-auction offer. With Team Griff’s track record of 98% sales under the hammer, our 1,300+ ‘as is, where is’ purchaser database, and 218 sales – we’re constantly receiving requests for assistance and consultation.
We see 2017 largely being a year of more of the same healthy investment into Canterbury real estate. Here’s to a great year ahead and be sure to be part of Christchurch’s exciting future and invest today!

Team Griff sets local record for EQ-damaged property in Waimairi Beach

12 Cordyline

Last Friday saw a new record set for an uninsured property in Christchurch’s north-east with the sale of 7 The Belfry for $860,000.

The auction for the architecturally designed and Metzger-built luxury home was brought forward after the owners received an acceptable pre-auction offer of $645,000.

With a full auction room and five active bidders, the sale price quickly rose to the final figure. After securing an extra $215,000 in the space of less than ten minutes it goes without saying our owners are really going to enjoy their upcoming holiday! The property’s 2013 rateable value was $720,000.


The 283sqm family home was situated on the boundary of the local golf course and just minutes from the shores of Waimairi Beach. Exhibiting a mere 42mm in differential settlement, the property was deemed a repair by the owners’ insurer. The property’s enviable location, coupled with its barely noticeable damage meant the property attracted a good cross-section of interest from tradespeople and owner-occupiers. The successful purchaser, a local, intends to repair the property to an insurable standard and move in with his family.

Our owners, who plan to build in Clearwater, were approached several times to sell privately before taking their home to the market. Clearly their decision to engage Harcourts and utilise the auction process paid dividends.

The facts
Days on market: 11
Open homes: 5
Inspections: 68
Active bidders: 5
Views on Trade Me Property: 2860
Views on Harcourts.co.nz: 1501
Trade Me watchers: 128

Team Griff’s Winter Update

Winter 2016

2016: Strong and steady

Backing onto 2015, a year of continued high sales volume, the 2016 real estate market in Canterbury has started strongly with the first quarter showing that momentum continuing. With a local economy remaining flush from the post earthquake rebuild there are still good cash reserves being readily channeled into local real estate. However the overall activity in the local market is more tempered than that of previous years and purchaser’s are enjoying the luxury of more choice, especially in the fringe areas and the newly built spec home market. It is expected however, that volume will continue to be strong as purchaser confidence remains high and investment in Canterbury real estate is seen as desired and a sensible option.


Capital growth rates remain constant

The bigger picture of the Canterbury province clearly indicates that supply has now overtaken demand and largely the post-quake housing shortage has been soaked up by vigorous building over recent years. This has largely been driven by the supply and release of land into the fringe areas of the city with the expedited approval process of the subdivision of land by the local authorities. This has resulted in a larger supply which in turn has brought an easing on capital growth rates.


Canterbury real estate likely to remain affordable

Full credit to the powers that be at the CCC and surrounding district councils, CERA and ECAN etc who post-quake moved swiftly to approval land for development. With such an injection of readily available land into the greater Canterbury market/residential rebuild has inevitably resulted in a leveling in capital grow rates over the previous 12-18months. Ultimately this will provide a more affordable housing market moving forward. This already is having a spin off effect on values in several sectors of the Canterbury marketplace and in our opinion will avoid a “Auckland type market” where limited land availability continues to drive housing values to record levels. With an abundance of flat readily available land on the outskirts of the city it is unlikely that we here in Canterbury will run out of land in the foreseeable future!


‘As is, where is’ market continues to perform

Having just reached a new milestone of 180 sales of “as is where is” property Team Griff continues to produce solid results, achieving a 95% success rate under the hammer and to date since the inception of this market having sold every property but one. In most instances higher than expected sale prices have also been achieved, where healthy competition has fueled such results. Do talk to us for a no strings chat if you need to explore the options available to you.


New secondary schools a boost for the east

With a state of the art shared campus planned, this will to be a huge asset for the East/North Eastern suburbs and will contribute to underpinning real estate values moving forward beyond the post-quake economic bubble. Click here to read more.


Healthy balanced market likely

All things being equal, it is my opinion that the remainder of 2016s residential market will continue to forge ahead, riding on the back of purchaser confidence, low interest rates and a flush local economy.  With the CBD tracking well and key cornerstone projects evolving, the commercial market is beginning to underpin the bigger picture of both the rebuild and investor confidence.


Team approach key to success

With Team Griff now being a tight knit team of five, you can rest assured that your needs will be met swiftly and efficiently. Whether if is a general enquiry, or simply checking on an open home time through to an appointment to have your home appraised, our systemised approach will mean your enquiry can be dealt with on the spot. At the recent Harcourts Gold awards, taking out the # 4 spot, the Customer Services Award plus the Auctioneers’ Excellence Award was great validation that the team are each playing their part in providing a high level of service to our clientele.

Griff and the team

1,000+ ‘as is purchasers at the click of a button

As Is

Effective online database

With our first as is where sale dating back to May 2012 and 185 sales later it’s probably fair to say the that Team Griff have the t-shirt when it comes to ‘as is, where is’ sales.

As the lead consultant of this innovative team of consultants, I have always said systems are key to a successful real estate operation. Team Griff’s efficient way of harvesting email contacts has equated to now having an as is where is data base well north of 1000 subscribers.

A simple system of accumulating enquiry generated whilst marketing these well-followed and sought-after listings has provided us with a massive advantage when it comes to marketing any ‘as is, where is’ property Christchurch-wide. Whether it be on the hills or by the beach in the east, the chances are we have a buyer, or rather a handful of buyers for your ‘as is, where is’ property.

Just today I quipped to a potential client: “If I can’t find a buyer for your home from our 1000 strong ‘as is, where is’ database then I probably deserve to be sacked!”

Each time we list a property we simply email this target market which results in well attended open homes and consistent direct enquiry. We’re also in regular contact with some of the city’s most active buyers.

 

Property specific information online

Further, we also provide extensive property specific info at TeamGriff.co.nz where engineering, geotechnical, EQC and other pertinent property information is uploaded as each new listing is launched to the market.

Prospective purchasers relish the fact that any and all of our listings have the information readily available which in turn saves them time and money because they can drill down to the properties best suited for their specific needs before leaving home.

Empowering people with creditable information is key to building confidence, which in turn means they can make well informed and sensible decisions. Tradespeople and specialised remedial companies can often have a good grasp of the cost and type of remediation strategy needed for a property by the time they inspect. It is no wonder like today, we sold a property at auction with three committed bidders in the room following the property just being on the market for a mere five days!

 

Can anybody sell them?

Many agents are putting their hand up to sell these feistily sought-after properties. However, unquestionably it is a specialist who can provide the experience, knowledge and expertise to not only sell them but also maximise the result. Understanding everything from the claim settlement process, to a having a solid grasp of the real damage and structural status, through to the critical contractual terms, is vital. Actually drafting the contractual terms to adequately protect both purchaser and vendor is of utmost importance. The potential consequences of an incorrectly drafted sale and purchase agreement are far reaching, let alone costly and stressful.

Here at Team Griff we can take that stress away and have robust systems in place to ensure a seamless process from listing through to sold and for a happy thereafter.

Call us today in confidence to talk about the sale or purchase of uninsured as is where is property. It’s a market we know like the back of our hand.

Subscribe to our new listing notifications at teamgriff.co.nz

 

‘As is, where is’ December 2015 update

AS ISWHERE ISTeam Griff chalk up their 155th ‘as is’ sale

This Thursday with four auctions to be called Team Griff will reach yet another milestone, surpassing their 155th ‘as is, where is’ sale. Who knows with the demand for our services ever increasing there may well be another 100 plus to come! Continue reading