It creates competition

Auctions can create a competitive bidding environment. Interested buyers might stretch themselves in competitive environments to purchase their dream home. In fact, this can be the biggest driver in achieving your premium price. Remember: competition fuels emotion.

Related: How to bid at an auction

Vendors are protected by the reserved price

The vendor sets the reserve price with the agent prior to the auction and you don’t have to sell unless the reserve is met or you’re happy with the highest bid.

Unconditional contract

Once the hammer folds, the buyer is bound to an unconditional contract and an immediate exchange will take place. The auction method is one of the most transparent ways to sell real estate. Buyers can see exactly who they’re competing against and vendors can witness firsthand what the market is prepared to pay for their property.

For more real estate video tips, head on to our Youtube channel.

One thing to consider when selling your property is off-market listings: these are properties for sale but aren’t listed in several listing services.

These are some of the reasons why people do off-market listings.

They want to test the waters.

First-time property owners who want to sell their homes usually have tons of hesitations, which is very understandable. Letting go of the first home they purchased feels like letting go of their firstborn to college. They would test the waters for a variety of reasons. Are they ready to let go of the property? Is the price comfortable? Are the processes involved too tedious? Depending on their preferences, testing the waters is a common reason for vendors to list their property off-market.

Related: FAQ: As a First Time Real Estate Buyer, When Should I Buy?

They want to maintain their privacy.

Having your property on several listings would gather more potential buyers, but it also comes with the tedious process of putting time aside to entertain them. This will be very taxing especially if the property you are selling also happens to be your place of residence.

They want to save on marketing.

For those with tight budgets, off-market listings are advisable to save on marketing expenses. Taking your property to market is by no means a cheap exercise. Listing websites like realestate.com.au and domain.com.au can set you back a pretty penny. Factor in photography, copywriting and floorplans and you’re looking at a few thousand all up, an amount that not all property owners have the luxury to fork out. Sticking to a few but reliable options for your listings does the trick.

They want to create a sense of exclusivity to fetch a higher price.

One kind of marketing is known as scarcity marketing; based on the psychological concept of a person wanting something that is difficult to acquire due to competition or shortage and lack of supply, it makes them want to acquire a property more, even if it means buying something for a higher price.

There was a change in their financial circumstances.

There are several reasons that change a person’s financial situation. Death, divorce, a new member of the family, sickness, or loss of a means to earn. These circumstances have their way of changing the preferences of home sellers.

Selling a property is very personal so the best thing to do is go with the process that feels the most comfortable and secure.

The feeling of security also comes from the assurance that you are working with a real estate agent that you trust. Collings Real Estate is one of the highest-rated real estate agents in Victoria. Discuss your requirements with us and let us make your real estate journey smooth and hassle-free. Schedule an appointment with us via call: +61 3 9486 2000 or email: info@collings.com.au.

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Just 10KM away from CBD, Reservoir is a community of mixed ages and life stages. It is known for being the ideal place for professionals and families with kids alike. The beautiful period houses add up to the charm of this suburb. But is Reservoir for you? Assess and find out by reading about the establishments surrounding the neighbourhood.

High Schools

• Reservoir High School

Reservoir High believes that diversity adds to the richness and quality of the students’ educational experience.

• William Ruthven Secondary College

William Ruthven Secondary College is a single campus, co-educational secondary college, catering for Years 7 to 12.

Primary Schools

• Holy Name Primary School

Holy Name Primary School was originally staffed by the Sisters of the Good Samaritan. Currently the school experiences the enrichment of more than 27 nationalities incorporating a multicultural flavour into our school community.

• Reservoir West Primary School

At Reservoir West Primary School every student is unique, capable of learning and able to become literate, numerate and curious.

• Reservoir Primary School

The core values of respect, responsibility, acceptance and personal excellence make Reservoir Primary School a safe, happy place where everyone can learn and achieve success.

• St Joseph the Worker School

Faith is at the core of endeavour at St. Joseph the Worker. The school firmly believes that education is formed through life experiences, understanding and knowledge of scripture, Church teachings and traditions, discoveries about ourselves, others and the world.

• St Gabriels School

Positive teacher-student relationships, personalised learning, parent engagement and creating a nurturing environment are the elements that draw every individual’s potential. These preparations are backed up by the school’s digital technology program that equip young people for leadership skills in the 21st century.

• William Ruthvern Primary School

William Ruthvern Primary School continues to develop literate, numerate and curious learners who are empowered and ready for each stage of their learning.

• Reservoir Views Primary School

A holistic approach to education is observed at Reservoir Views Primary School. This approach is practiced to improve the development of an individual.

Transport

• Tram (86)
• Regent Station
• Reservoir Station
• Ruthven Station
• Bus (552, 553, 555, 556, 558, 561)

Restaurants

• Sycamore Meadows Melbourne

This restaurant is a young hospitality group that wants to bring wholesome and flavorsome food to the local neighbourhood.

• Phon Pi Sai

Giving Reservoir a taste of the North Eastern part of Thailand, Phon Pi Sai serves only the freshest and most authentic dishes that are served on the Mekong River bordering Laos.

• Off the Boat Pizzeria

Off The Boat has been serving the best authentic Italian food for the past 7 years to our customers in the Reservoir area of Melbourne. We pride ourselves on creating the most authentic Italian experience we possibly can by ensuring our pasta’s, pizza and Gelato are all homemade.

Cafes

• The Window Cnr Cafe

This is a pleasant, small, light filled cafe in the back streets of Reservoir. It has a quiet and convenient location with indoor and outdoor seating.

• Gellibrand

Also known as the “ice cream cafe” that everyone loves, Gellibrand is known for being that spacious cafe that can house 80 guests.

• Lady Bower

Lady Bower is a cute and friendly cafe tucked away in Reservoir. It is known for being a pet and child-friendly cafe that serves the most delicious food and coffee that the area has to offer.

Shopping

• Summerhill Shopping Centre

Situated only 12km north of Melbourne, Summerhill Shopping Centre features Coles, ALDI, Kmart, Liquorland, Red Rooster, Australia Post and Bank of Melbourne.

• Reservoir Village

Reservoir Village is an open-air neighbourhood shopping precinct boasting over 90 stores in the heart of Reservoir, Victoria.

Parks

• Edwardes Lake Park

This park has two playgrounds and a skate park. Additionally, a suite of outdoor exercise equipment is located around the circuit path.

• J.E. Moore Park

J.E. Moore Park is located between two ovals. The main attractions of this park are the wave slide, ladders, fireman’s pole, shop front, chain bridge, monkey bars, chain traverse, monkey rungs, scrambling wall and parallel bars. Both kids and accompanying adults will surely enjoy the area as this park has shaded seats.

• TW Andrews Reserve

The TW Andrews Reserve upgrade project is a celebration of Reservoir’s diverse community. This public infrastructure project adds vibrancy through art and improves safety through activation of the reserve.

Beauty / Leisure

• Reservoir Leisure Centre

Reservoir Leisure Centre is one of Melbourne’s premier leisure facilities. Owned by the City of Darebin, it offers its members a modern and exciting Reservoir gym facility with the most advanced water treatment and Reservoir swimming facilities available.

• Reservoir Health and Fitness

What’s unique about Reservoir Health and Fitness is that their weekly memberships are contract-free. They are confident that their services will meet your criteria.

• Reservoir Skin Fitness Centre & Salon

Reservoir Skin Fitness Centre has been in operation for over 30 years and is catering to a very loyal clientele. They are composed of beauty professionals dedicated to specialised treatments and services.

Pets

• CT Barling Reserve

CT Barling Reserve is a huge reserve with two areas of ovals separated by a car park. Near the carpark is a pavilion with bins and cricket nets. The Darebin Trail runs beside Darebin Creek on the east side of the reserve.

• Reservoir Veterinary Clinic

Reservoir Veterinary Clinic is more than just a clinic. They pride themselves with employing professionals that offer education, advice and care to ensure your pet has the longest, happiest and healthiest life possible.

The convenience that Reservoir offers is one of its charms. At present, Reservoir is one of the most desirable suburbs in Melbourne which makes an investment property in Reservoir a great one. Whether you’re looking into selling or buying a property in Reservoir, Collings Real Estate is here to assist you. Give us a call at +61 3 9486 2000 and let us discuss your real estate requirements.

Median home sale price, quarterly price range, median rent, rental yield of Reservoir, VIC as of September 2022. Screenshot from https://reiv.com.au/market-insights/suburb/reservoir.

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Here are the five biggest rental law changes you need to look out for before you sign your rental agreement.

Rentals at a fixed price

The first change is rentals can now be offered at a fixed price. Rental providers and agents cannot invite rental bids for higher rent.

Property status disclosure

Before signing a lease, the rental provider must disclose to a renter if the property is up for sale. This is done verbally and with Consumer Affairs Victoria.

Pets

The third rule change is pets now cannot be unreasonably refused. This means renters will, in many more cases, be able to bring their pets. Despite this, renters must still ask for permission from the rental provider.

What are the things that would be considered by the landlord?

Some information that could help the landlord consider your application would be the following:

• Age of your pet
• Temperament, training, and other characteristics
• References from your vet, previous neighbors, or both as proof that your pet would be suitable to live with you on the property
• Why do you see the property fit and suitable as a living environment for the pet? Here, you can highlight some of the features of the property.

Basically, you need to prepare a pet resume to help your application be approved.

Bond and rent advances

Rental providers cannot ask for or accept more than one month’s rent as a bond or require renters to pay more than one month’s rent in advance for properties with a rent of 900 per week or less.

The request of inappropriate information

The fifth rule change is a rental provider or the agent cannot request inappropriate information in a rental application. For example, the renter’s bond history or a bank statement

Those are the five rental law changes we thought you should know before signing a rental agreement. If you enjoyed this content, please like, follow, and subscribe.

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Previously, we have discussed the reasons why your property may not be selling and some cosmetic tips to follow. If by some reason, you still find your property sitting in the market for a couple of more days, there may be a few more things to consider.

The price may need some reevaluation

It is most likely that you have checked the prices of the properties sold around your neighbourhood. Although that helps, it is also important to consider the combination of a few factors: the market condition, the condition of your home and your circumstances. Is today’s market a seller or a buyer’s market? What further improvements do you need to do to your property? How soon do you want to sell your property?

Aside from checking the price of the sold properties in your neighbourhood, ensure that you find similar properties with almost the same features as your property; that would help in filtering your search. If you have conducted several open for inspections previously, collect the feedback from the attendees and start from there. You would get insightful ideas on which parts of your property could do a little more touch up. Combine all the information you gathered and get the advice of at least three real estate agents. This way, you’d get the range of prices you can go with.

Elevate your marketing strategy

It is always a good idea to put a sign outside your property but who could see it? As mentioned in the previous post, people are now more tech-savvy. Interested homebuyers are smart with their time – they utilise the internet to shortlist properties that they want to see in person. If your property is not listed online, you are already missing half the battle.

The other half of the battle is getting your property noticed in the pool of properties in listing sites. realestate.com.au states that 57% of potential buyers do not check the page 2 of search engine results page. If your listing is buried underneath the properties in page 1, it’s most likely to stay there and remain unnoticed.

Professional photography services, 360 degree videos, carefully thought of property descriptions optimised for web search and a lot more digital marketing efforts are now offered by experienced real estate agents who understand the pulse of the buyers market. Apart from showing off the highlights of your property in a creative way, they also know the right channel where to put it. Having a great deal of network gives them the advantage to reach out to more potential buyers.

Alternatives are not explored

As mentioned above, it is also important to know the market trend. Factors such as population, economic conditions, housing demand and supply are something that you cannot control. But that doesn’t mean that you are powerless – the property is yours, you just have to know when to sell it. An experienced agent can help you with your timeline.

Alternatively, if your need to sell the property is time-sensitive due to the mortgage, it might be a good idea to explore the rental market. Until the seller’s market stabilises, worthy renters can help you cover your mortgage costs. Discuss this option with your local agent expert and expect sound advice from them.

Real estate agents are trained to negotiate well and provide you insightful ideas to possibly resolve your predicament. With their years of experience in the industry, they surely have tricks up their sleeves that would best answer your problem.

Related reading: How to Choose the Best Real Estate Agent?

Selling a property entails a lot of effort on the seller’s side, but the fulfillment that one feels after closing a sale is incomparable. If you have decided that you need a helping hand in this journey, Collings Real Estate is just a call away. Reach us through +61 3 9486 2000.

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Why are property auctions popular in Victoria?

Long gone are the days when it was stereotyped that auctioned properties are distressed ones. For many years now, auctions have been popular in Victoria real estate market as it is:

• Transparent. Auctions set a fair value and are open for everyone. Before the actual auction takes place, relevant documentation is provided to bidders. Following the due diligence checklist, buyers are given comprehensive information required to further assess the property.
• Competitive and fair. The willingness of others to bid on the property is an added assurance that you share the opinion of the property’s value. Everyone’s on a level playing field. Bidders have the power to determine the purchase price and the market. Victorians are not required to pre-register to bid on auction day. Unlike in other states, there is no restriction on vendor bids in Victoria.
• Fast. When buying a home at an auction, there would be no cooling off period. Purchasing a property in an auction often translates to a motivated seller with a clear timeline.

In the week of September 26, 2021, Victoria had a clearance rate of 87% with 151 properties sold at auctions. 

How much deposit is required?

By law, there is no required amount of deposit but usually, it’s set at 10% of the purchase price.

How can you pay the deposit?

This may differ depending on the terms and conditions set by the selling agent. It will be helpful to chat with the agent before the auction to confirm the methods of payment that they are willing to accept. Generally, these methods are acceptable:

1. Personal cheque
2. Bank cheque
3. Deposit cheque

Here are some useful tips that may come in handy before attending the auction:

• Get a counter cheque to use on the day
• Get a bank cheque for 10% of your max bid limit
• If you want to pay a partial deposit, you can ask the seller before the auction if they would accept a part deposit with the remaining amount due on a specified date.

Again, it is important to communicate with the seller before the auction to know more about their terms and conditions. 

Auctions in time of Coronavirus

Yes, under the restrictions you can put your home on the market for private sale or auction indoors or outdoors with a limit of 10 people excluding the minimum number of people required to hold the inspection and residents of the property, subject to a density limit of 1 person per 4 sqm. Social distancing must be observed for at least 1.5 metres between yourself and others. Face masks are required indoors and outdoors unless an exception applies.

Real estate agents must request that attendees check-in using the Service Victoria QR code app regardless of the duration of the visit. It is also the responsibility of real estate agents to confirm that you are not a resident of metropolitan Melbourne for everyone’s safety.

To get updates on Collings Real Estate auction schedules, be sure to follow our social accounts:

Facebook: https://www.facebook.com/collingsrealestate/

Instagram: https://www.instagram.com/collingsrealestate/

LinkedIn: https://ph.linkedin.com/company/collingsrealestate

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Present homebuyers are now exposed to the advantages of being tech-savvy. The need to inspect the property online became crucial as health restrictions were heightened. One of the many things that they check, aside from the features and amenities of the property, is the number of days it has been listed on the market.

Although the average number of days it takes a home to sell varies per area, it is common knowledge, the longer the property has been listed in the market, the more it is likely to fall below its list price. Interested homebuyers would wonder why and this poses a serious setback to sellers.

If you are under the same circumstance, below are some tips that might help you break out of the bind.

The façade needs some work

First impressions always last. Before an interested homebuyer evaluates the likable features of your home, what welcomes them is the façade of your property. Experienced agents know that this is the first thing that you need to do to improve the marketability of your home. A well-landscaped, neatly-manicured front yard has more brownie points than properties with no landscaping.

There are missed home improvement opportunities

If you are also living in the property you’re about to sell, it’s quite difficult to see which parts of your home need some TLC. Your familiarity with the property is detrimental at this point in time. If you haven’t yet, consider getting the professional help of home stagers. A fresh set of eyes would be looking into your property with a new perspective as to how the general public would view it. Your personal preferences might be different from how people would want to view your property.

Getting your property staged doesn’t come without any emotional challenges. It may feel like your privacy is crossed when stagers point out areas to improve when it used to be normal in your eyes. The best approach to go with this is to treat this as purely business – you as the businessman and the homebuyers as the consumers. Once you see that this is all transactional, the emotional hindrances of the sale would be minimal.

Related: How Furniture Styling Adds Value When Selling Your Property

The distinctiveness of your property is not highlighted

The reasons you bought your home may be the reasons why others would want to buy the property too. Highlighting these features with your personal recounts is a brownie point and adds value to the emotional appeal of the property. It is the agent’s responsibility to pass this information to the prospective buyers.

Having these features might also mean that you need to explore further channels and platforms to showcase your property. An experienced real estate agent knows where to enlist your property for sure.

But while at the task of giving your property features a different light, it’s important to also learn the general market’s preferences and try to improve what is applicable to your property.

Your property might be 2-3 steps behind being “move-in” ready

Every homebuyer wants the property to be in mint condition, sparing them of the minor repairs that the property needs. Things that are simple as broken doorknobs or dripping faucets can drive away potential buyers. Another underlying implication of repairs is cost. The more items to be attended to, the more they mentally calculate how much they would shell out if they decide to buy the property.

If the items in your repair list are beyond you, you may want to consider selling your property as is to an investor. It is important to note that in this circumstance, the property will be sold in a short span of time but less than its selling price.

A little touch-up may go a long way. As the owner of the property, familiarity may not be your friend so be sure to get a fresh pair of eyes to help you evaluate what needs to be done with your property.

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Strong visual impression

Styling helps build a strong visual impression for the purchaser. Having furniture in a property helps the purchaser visualise exactly what can fit into the property and therefore visualise themselves in there once they purchase it.

Visually pleasing outlook

Secondly, through styling your property, you create a far more visually pleasing outlook through all forms of marketing and therefore attracts a wider audience to your property.

True assessment of value

Lastly, staging your home gives a buyer a true assessment of the property’s value. Having furniture in your home exaggerates the fixtures and fittings and therefore creates an overall picture for the purchaser.

In our previous blog, we discussed why it is worth it to home style your property. For more real estate tips and tricks, subscribe to our Youtube channel.

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Tip one: Wasted space

This can come in the form of hallways and walkways. Ensure when you’re looking at a floor plan, the overall footprint maximises the living area.

Tip two: Outdoor area

Whether you like to entertain or whether you like to stay indoors, ensure that you’re getting the right area that suits your lifestyle. Maintenance can be a big thing when it comes to larger spaces so keep that in mind.

Tip three: Free flowing air

Whether it’s the kitchen, or the bathroom area, make sure that there’s free flowing air throughout the property at all times, creating a well-ventilated space, preventing mold and condensation over time.

For more real estate tips, head on to our Youtube Channel.

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