Wednesday, August 13, 2014

Why I would use Oasis Property’s Buyers Agency Service

On a more serious note now and to carry on with my recent theme about entrepreneurs, building a business, and building wealth. This is definitely in my Blog's 'do' category. We all work hard, and for the more savvy we save and spend wisely, hopefully with some loose change leftover to invest. Why do we want to do that? For some, it's the sense of achievement of just building wealth, for others it's setting themselves up for retirement so they can just enjoy things later in life (hopefully not too late) and be financially independent. In any case, you'd be foolish not evaluate your own financial circumstances and consider your own strategy to plan ahead. Australian's obsession with property as a way of building wealth is unquestionable but is what you're buying adding value? It could be your own home in which case the love of just living there is enough for you. For investors, how will you know it could potentially add value to your wealth portfolio?

There are so many buyer agencies around and the question is should you use them even if you live in the city in which you are seeking to purchase, what value do they add and how do you choose amongst them all? There are two reasons why I recommend Oasis Property as a buyers agency service for Sydney real estate - teamwork and professionalism. If now is not the right time to buy, they will tell you that. It may seem obvious but I’ve distilled two ingredients for a good investment in real estate and it’s not just about finding the property – the first, is that you’ve got to get the timing of the market cycle right and second is the power of price negotiation.

Beautiful 1900s sandstone Sydney property that reminds me of a secluded country escape

Having tried buyer agency services interstate in the past, I firstly sought a professional opinion as to whether investing in Sydney at the time (March 2013) was the right time. I had previously pursued interstate investment opportunities outside the capital cities. The lesson I learnt is that history (i.e. mining boom) rarely repeats itself, and that’s certainly the case if you get into the market at the wrong time. You would have thought the interstate buyer’s agency I used should have told me that, but I later discovered they were more interested in keeping the developer happy rather than the buyer. You get over it, and the losses you make but it has ensured I won’t be using them again. Unfortunately, it does put you on guard as to who to use and trust in the future.

Admittedly, I just Googled buyers agencies in Sydney as I didn’t know anyone who recommended a buyers agent. After all, if you are a Sydneysider then you should do it yourself right? At the time, I went to a few auctions, didn’t have a lot of spare time on the weekend to pursue real estate transactions and needed to keep the investing thing moving so decided on using a buyer’s agent instead.

I recall Oasis Property was the only agency that was upfront on their fees. Others I had to go and inquire. Apart from the time saving factor from going back and forth on fees, disclosure of fees upfront on Oasis Property’s website probably already tells you something about honesty and their approach. Gavin’s initial advice suggested that the time to invest in Sydney was at the time I was inquiring and that if I waited another 6 months, I would be further ‘priced out’. With hindsight, now August 2014 that piece of advice proved to be correct and invaluable. I am sure I would not be able to purchase the property today at the price I paid back in May 2013.

So that’s the timing aspect – knowing when to get in. Also, your mind will be cluttered the more investment property magazines you read and everyone has their own prediction on where the market is heading. I don’t read these anymore. If you have to read them then just ask yourself, what evidence is used to support assertions on which way the market is going? Did they flip a coin or is it based on some well considered evidence? Oasis Property can tell you that and so I’ve replaced these magazines with the Oasis Property newsletters on how the market is performing and now Oasis TV, which are quick and snappy way to absorb good tips in purchasing property and about lending. Follow them on Twitter too as their updates are good value.

The second ingredient for a ‘good investment’ is negotiation of price when you make the purchase. This is critical as paying too much will ensure you will be waiting many years to recoup your initial costs. And that’s when I met Adam Sampson from Oasis Property. The first thing I noticed about Adam is that he was quick on his feet. After giving the Oasis Property the go ahead, whilst I was sleeping I would receive emails in the middle of night from Adam of paperwork required to progress the transaction to the next stage, the next lot of properties lined up for inspection, itineries scheduled etc ensuring responses and action can be taken first thing the next morning, no time was wasted and no missed opportunity.

When I spoke with Adam for the first time I recalled the first thing he said to me was “avoid auctions”. You’ll pay too much for it and you will have to wait many years before you see a return on it. Not having met him in person before inspections and all conversations done over phone, I mistakenly pictured him as some balding old dude who has been in the industry for years and knows his stuff well. Adam has been in the game for years but he wasn’t a balding old dude. Just a guy with a lot of experience up his belt, personable and a level of maturity that enabled him to have a professional and informed conversation with you about property and your goals – normally a conversation expected of someone well beyond his years. I learnt a lot from Adam about negotiation  – things I had not picked up before in the negotiation process for real estate. I also recall Adam spotting a strata issue that not even the lawyers or the strata body picked up at the time which although it wasn’t a show stopper for the purchase, it needed to be managed going forward. Adam was strategic, nimble, and street smart which ensured the deal for my purchased closed quickly (ahead of other competing parties) at a good price.

Photo by Adam Sampson:
Art Deco Brisbane architecture Adam has come across
whilst looking for property for his clients

I still have this investment property. I am also rest assured that if I needed to sell within the week I’m sure that will happen too at a decent price but I have no plans on doing that for now as I’m investing for retirement.

For more information about Oasis Property's buyers agency service, go to www.oasisproperty.com.au

Photo by Adam Sampson: Another Art Deco Brisbane block


Photo by Adam Sampson: A Colonial style house in Brisbane
Photo by Adam Sampson of Brisbane real estate
 
 

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