Monthly Archives: October 2009

We need this in New Zealand

Many times when a property is placed on the market for sale in New Zealand it’s at the price the vendor wants. Or in some cases where an agent has told them a “buy the listing” type price, then they’ll probably go for that because 9 times out of 10 that will be higher than what their good sense thought they would get.

So sometimes in the lifecycle of a property listing it has an adjustment conducted on its price. Most times this is by way of the reduction variety.

Unless a savvy browser keeps tabs on many properties then this will not be known to them, except where they also scan the weekly property magazines for that area.

However if you are from out of town, or overseas then you possibly wouldn’t even know the property has dropped in price unless you have been told by another party. Or were keeping an eye on just a few select properties.

Which brings me to such a great idea. This great idea is working right now in the UK.

It goes like this;

1] you select your region / county of choice

2] and you can view the price reduction results online in a page turnable magazine style format just like the Summit Weekly and other online magazines. If you have tired or stressed eyes, then by hitting F11 you can see the magazine full screen.

3] theres also an option where you can subscribe by email address to be notified of each weeks changes.

There was recently here on the Voices platform a discussion on the merits of placing a SOLD across properties to inform the general browser community a bit better. I suggest that this is imminently more practical and usable in day to day life for a property searcher / buyer than a SOLD overlay on a property. Surely buyers actually want to know when a property reduces in price, it might just be to a figure that hits their button.

Undoubtedly a price reduction is surely a sign of increased urgency, and this information should be imparted to as many people as possible as quickly as possible. This is what the web and property portals are great at.

Is this something the browsing property buyers of New Zealand want to see?

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Sept 2009 Building Consents for Nelson Up

30th October 2009

Seasonally adjusted figures released today by Statistics NZ show a rise of 2.8% (excluding apartments that is) in the volume of new housing consents authorised across New Zealand.

In the press release Statistics NZ comment;

The trend has increased by more than 20 percent in the last six months, following a decrease of over 50 percent between the recent peak in May 2007 and the low in March 2009. When apartments are included, the trend has been increasing since January 2009, although it has eased in recent months.

Nelson has been on an encouraging upward trend for the last quarter, coming off a very quite beginning to the year. This trend is also reflected in neighbouring Tasman District.

On the street I can say it was bound to happen as locally we have gone from selling 1-3 sections a month for the first half of 2009 to selling over 10 a month for the last 3 months.

October is looking interesting too, currently via REINZ figures Nelson is sitting on 17 residential section sales, and that’s quite an uptick compared to previous.

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Google announces GPS – Navigation for everyone

29th October 2009

Google does it again.

It had to happen, just a matter of time really……. and here it is!

Garmin, Tom Tom, Uniden, Navman, Magellan et al….perhaps are awakening today, and after reading this……may not have that usual Silicon Valley smile on their face.

Accordingly to the Official Google Blog, (and announced simultaneously on the Google LatLong blog too) the Eagle has landed.

Yes Google is now 100% in the GPS – Navigation business.

Must admit I was a bit puzzled earlier today when I saw a camera icon on most intersections on either Google Earth or Maps, but oddly enough they don’t appear to be there tonight?

With clouded speak just a few days ago…….

Google spokeswoman Carolyn Penner noted that consumers frequently ask the company to add navigation to Google Maps, but declined to comment on future products.

…………….well it pretty much looks like they have delivered on that one.

The march forward continues………

NB: initially this is logically, from a Google point of view just for Android 2.0 phones

Caution required with CV Property figure in NZ

29th October 2009

Could there be a danger in blindly following, and basing your initial appraisal assumptions, calculated though they might be, on using the CV figure as a base value of a designated property.

After all, to come to that figure, QV have utilized a heck of a lot more than just my, or your brain alone.

Well to my way of thinking, and I am certainly open to others thoughts on this, you could get yourself into a bit of bother if you blindly & solely follow this “status quo” recipe.

Why do I say “status quo?”

As a generalization, many “newbies” entering the selling industry look to past experience as the best litmus of future success.

Let me tell you, Real Estate is no different.

Can I suggest ours certainly wouldn’t be the first industry to adopt a practice like this. Following in the shoes of past successful champions sounds like a way to “short circuit” mentoring if you ask me.

In a way I guess that’s what Uni is all about, isn’t it – past experience examples, case study history, etc.

I’ve been brought up to emulate the holistic success’s of past salesperson’s like Zig Ziglar,  Og Mandino, et al……if not in habit….then most certainly in principal.

You might note the dynasty of these mentioned names, not for no reason let me tell you.

When I commenced in Real Estate I suspect I was no different either………. my first few weeks after I received my Real Estate Certificate,  I too wanted to know what was “the secret.” I did receive conflicting reports from well intentioned folk, and overall, that suggested to me right there at the beginning, that there may not have been one single 100% path to follow to ensure “guru” status and subsequent  success.

Why?

The why is looked at as the “how” but overall if you don’t have the “passion” to look after folks interest’s at heart, then your time in the selling industry (and that’s not just real estate) I suggest, will be limited.

Which brings me to the point of the post.

Check out this table………..it was one of my appraisals yesterday, and yes, as I have been told many times before over the last few years……….I do go a bit over the top when it comes to these………but hey ………if it was my property, then for me………….frankly this is exactly the sort of detail I’d want/insist to see anyhow.

Simply put you cannot evaluate every property based in core, on its CV value. The above snapshot from my spreadsheet demonstrates this perfectly. Those sold have been in the range 976 to 1500. Those currently “on the market” are priced at 1527 to 1831. Notice something here?

You don’t have to be a Rocket Scientist to note the differences, now do you? The m2 $ for properties on the market when compared to those that have sold……hmmm……bit of a difference, right?

If you are considering placing your property for sale, then you want to make sure your property is “in the zone.”

To sell?

OFF COURSE …..but more importantly to generate that initial Interest………. after all why do people buy?

Logically, because the numbers stack up……..well yes if you are an investor.

However as a home owner more than likely the property decision is an emotional one………..

And just as similarly …..no that does not mean as a seller that you have to accept the first price/offer past the post, …………whats important in this Oct/Nov 09  market is that you do get at least a few offers over the goal line after the first open home.

That’s exactly what happened to my listing in Fergusson St two weeks back.

Taking my advice, my clients opted for the front page of our weekly magazine (distributed in the local paper Friday).

That was backed up by a Saturday colour insert.

I then conducted not only a Saturday Open Home, but followed that up the next day with a Sunday one. I did have interest in the property earlier in the week, but frustrated some other agents by informing them that “in the best interests of my clients” we were going to wait til after the Open Homes to table all the offers.

Long Story short, after calling all offers, the add from our magazine tells the story…………….

……..31 groups through the location, all offers presented, property sold, Monday am……..less than 20 hrs after the last of the two Opens…….for a very satisfactory price……..totally unconditional. SOLD on the spot so to say.

Let me tell you that more than anything I do, I love the fact that my appraisal figure is usually within 2% of what the property sells for.

Of course I enjoy the initial process, the calculations, the appraisal, the listing, the marketing, the ongoing selling, the “reach an agreement” situation, the “follow thru”, and the “unconditional letter” that arrives from the buyers solicitor, but you know what?

Frankly the most exciting thing for me is that the finally accepted price is so close to what I appraised the property originally would sell for.

In some cases, a seller decide’s to go with the “other agent” because she/he said it would sell for $20-30K more…..but 2 months later they’ve got sick and tired of their selected agent telling them “the market isn’t seeing it at that level…….and you need to reduce the price” type of statement…..and I get the phone call.

When oh when will clients/sellers realise it is not that agent buying the property! (perhaps they should ask that agent if they are prepared to buy the property there & then for that price – now that’s a novel thought?)

Time goes on…………..

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WHATS ON in Nelson

Recently the local council, Nelson City Council had a makeover/redesign and update of their website (in conjunction with Wellington based NZ web developers Silverstripe )

Must admit in general day to day use, its a site I visit almost daily, its decidedly easier to navigate around than the old version.

Following this up recently, the Tasman District & Nelson City Council’s have launched another joint initiative, the new “Its On” website.

Its aim is to inform all exactly what “is on” in the region covered by both Authorities catchments, and I’m sure they would like it to become the “one stop shop” locally for that type of information.

They make it easy for locals to upload Events free, publishing the “The Nelson Event Handbook” online here.

So if you were planning a property scouting trip to Nelson, or wanting to visit to investigate lifestyle / retirement options, you might just want to check here first.

That way, you could coincide your trip with one of our many local events, especially now that Spring/Summer is upon us.

You can also subscribe by email so that you can keep an eye on upcoming events.

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