Feature: 11rm student accom, 5 bath room
100m from uni
Not a lot of car park, so it needs to be within walking distance to uni.
Front of the property:
Drive way run off down the hill, concern: will the drain do the job?
Front grassy area: possible more car park. Even just rent the car park to students since it’s so close to Uni
Tree near house: branches trimmed back. Not so much a problem
Brick fence: rebuild will be costly in comparison to picket fence.
Look behind: there is a T intersection and no unit development nearby
Driveway Inspection: Ivy starting to peep over the fence from next door. If left alone, ivy will affect the structure of the fence. Need to ask next door to remove it.
Garage: Rendered wall, a false wall that converted double garage into extra room
a/c: looked reasonably new. Brand name of a/c is cheap brand name
Side of property inspection: new style and old style plumbing, which indicates recent plumbing work.
Cental heating unit: brand is Daiken , a good name; The area is hard to access and maintain.
Trees over gutter
Rear of property inspection: Small grassy area, couple of trees, not a lot of maintenance.
Basic and serviceable clothes line with marble steps
Student accommodation needs multiple exit point for council approval; the railing seem to meet council regulation.
BBQ plumbed into main gas – make sure it’s functional.
This kind of property Cannot be rebuilt today, as it’s intruding neighbour’s privacy
Rooms recently painted, is it worth the asking price
When we do a inspection, put ourselfves into the shoes of the tenantMain br has ensuite, most of the has BIR, desk, telephone port for internet
Questions to ask agents: Agent summary: 11br, 5 bathroom, ideal tenant: student, easy to find tenant
Q: How long has the property been on the market? Why is the vendor selling?
A: 1 month in market, vendor wants to cash up,
Q: Do you think it is going to be hard to sell it?
A: No, not really. We’ve got a bit of interest at the moment. We’re just waiting for people to do their homework.
Q: What’s the magic figure:
A: Looking at 700k+
Q: Settlement terms?
A: 30-60 days.
Q: Do you think the vendor will be open to slightly longer settlement terms?
A: Yes, yes, not a problem. And if the person buying it is looking for student accommodation, we can also help out with that.
Q: I know you are nto the rental manager. What do you think will be a reasonable commission to pay a rental manager to look after the property.
A: Normal commission is 7%.
Q: “Plus GST or including GST?”
A: “Plus GST”
Q: “so 7.7%”
A: “Yes, but if you bought it, we would look after you.”
Roadside reconnaissanceOld tree has a limb on the ground, and the limb just broke off. , it’s caused by something: termite. Pest inspection is now very important for any internal signs of termite damage to this brick wall property.
