Category Archives: Wealth Creation
Top 10 Tips for Selling Your Home Fast & For Maximum Profit
Top 10 Tips for Preparing Your Home for a profitable Sale.
Street appeal is a PRIORITY. You probably don’t realize just how many sales you lose before potential buyers even get to the front door. Buyers more often than not, do a “drive by” before an open house. You need to make your home stand out from the crowd! Look at your home from a buyer’s point-of-view: stand on the footpath or across the street and really look at your home.
• House numbers: Ensure your house number is visible from the road – buyers can’t view your home if they can’t find it!
• Colour: Paint the door a bright colour, plant pots of colourful flowers/plants.
• Simplicity: Minimize you knick-knacks to maximize your return. Don’t deprive your home of its soul but accept that the garden gnomes have to go!
• Prune: Trim branches, remove old palm fronds and manicure your lawn.
• Social Conscious: With a growing concern for environmental sustainability plant trees that require less water consumption. You can also appeal to your busy buyers who prefer low maintenance gardens.
• Hide & Seek: Emphasize the architectural elements of your home. Highlight features and downplay negatives. Put away the wheelie bins and tidy-up your letter box. Position plants to augment, but not hide exterior features.
Your landscaping needs to be attractive, neat and welcoming. Pique buyers’ interest, making them curious to see what’s beyond the garden. For more information about how to get a professional looking garden click here:
Preparing your home for sale by de-cluttering has shown not only to add value but also generates quicker and more profitable contracts. Once again, you need to understand the psychology of your buyer. People walk into a space imagining how they would be living there. If they are distracted by your possessions and clutter they are not focusing on the home you are trying to sell them.
Don’t just hide stuff in cupboards, under the stairs, or in drawers. Potential buyers are interested in all nooks and crannies – they will open EVERYTHING! Your kitchen cupboards and underwear draws, I have even seen them open the fridge?! Not only does clutter make rooms look smaller, mess suggests to buyers that there is insufficient storage.
When (not IF) you sell, you are going to have to pack it all up anyway. Why not pack it now?
A) Temporarily lease a small storage space (approx $150-300/month)
B) Karma-credits. Relish in the cathartic experience of passing on your less used wares to your local charity.
C) Simply pack your possessions in boxes, label and seal them storing them in the garage (not the spare room) ready for the removalist.
D) Have fun & earn some cash – have a garage sale. Or…
E) A combination of all of the above.
One Man’s trash is anothers treasure!
While it’s important for you to become emotionally detached, remember you want to help your buyer make an emotional decision. Creating a warm friendly space helps buyers feel comfortable and visualize where their own furniture can be placed. Be objective and ruthless but don’t strip your home of all character.
Depersonalize and streamline your photographs and artworks; tone down bold decorations, but pack away the china doll and teddy bear collection. If you choose to re-decorate to sell, use neutral, light, modern colours that will not offend. There is an art to striking a balance between neutralizing and depersonalizing your home without leaving the place looking and feeling sparse, empty and unloved.
The market rewards property owners that place a high-value not only on tidiness but particularly cleanliness. While you are scrubbing the floors:
• hammer down any loose nails;
• fix squeaky floorboards with talcum powder; and
• fill any dints.
Make the most of your views and let in the natural light by:
• cleaning the glass windows and doors;
• oil hinges and
• repair broken fly screens;
• wipe down walls with a soft cloth and a little sugar soap;
• use sample pots of colour-matched paint to touch up damaged areas; and
• stick down lifting wallpaper.
Scrub your bathroom and kitchen:
• whiten tile grout;
• replace washers on dripping taps; and
• remove built up stains and lime scale from glass screens, toilets, etc.
You should be able to eat off every surface!
Getting top dollar is a great motivation to finally complete all the little things that never get done around the house. Remember the buyers’ psychology – they are looking for any excuse to discount your asking price. The more apparent imperfections are, the more ammunition to justify markdowns.
Make your home as welcoming as possible by opening windows and allowing the natural light and breeze through. This can help circulate the inviting sent of fresh flowers, freshly baked bread, brewing coffee or a subtle aromatherapy candle.
• Consider replacing antiquated curtains with contemporary blinds as they open up the room.
• Add a mirror to a dark room to help it appear larger and lighter.
• Dry or steam-clean curtains, carpets and rugs removing imbedded odours, especially if you have pets.
• Remove cigarette paraphernalia
• Empty cat littler trays before your open house and either wash your dogs or arrange for a friend to mind them, particularly since you will have numerous strangers browsing through your property.
Sometimes we can become desensitized to our own odours. If you are unsure of how your property smells, ask your agent or a brutally honest friend to tell you the truth.
While you are busy sprucing up everything in front of you, don’t forget to look up! Potential buyers, sure don’t. Dust away old cobwebs and replace blown light bulbs. Remember to think like a buyer. If a light does not turn on – is it the bulb? Or the electrics?
It is worth investing in any ceiling repairs, it may not cost as much as you think, but buyers consider cracks and discolouration warning signs of greater structural problems. You don’t want your buyers to be running around claiming the sky is falling as an excuse to reduce the price.
Potential buyers look, listen to and feel what is under foot. New floor coverings are considered to be an expensive outlay for new homeowners, so don’t let inferior floor coverings cost you the sale.
If your carpets hold unpleasant odours, get them cleaned. However, the average clean will not help if they are dated, wearing thin or covered in impossible stains. Pull them up. Do not, however, over capitalize on refurbishing your floors.
Polished concrete, quick-click floorboards or simply a stylish rug are cost effective alternatives to expensive tiles and hardwood timbers. Otherwise compromise and make improvements to your homes appearance with out breaking the bank, such as re-carpeting only ‘comfort’ rooms i.e. bedrooms and lounge.
Do not be tempted to scatter rugs throughout, to cover your floors imperfections. Having lots of rugs just adds to clutter and draws attention to the quality (or rather lack of,) of the flooring.
You don’t need to refurnish your entire home, stand in the entrance to discover each room’s focal point. Where is your eye naturally drawn? The elegant fireplace, the Bay-window? Decide what your room’s attributes are and emphasize their features by deliberately placing furniture to enhance not hinder.
Not sure what the space’s highlights are?
Consider your audience. What’s the most likely demographic of buyers interested in your property? Young families; elderly couples; avant-garde professionals? Appeal to their needs; demonstrate the versatility of a room: transform a boring storage space into a nursery, study or even foldout guest room.
Dress rooms with a subtle but consistent theme by carrying through colours, textures and/or patterns. Furnishings such as cushions, throws, lampshades and matching frames are simple and inexpensive items that can continue a theme from one room to another.
Know that less is more and continuity is key.
You don’t want the buyers imagination to be disrupted by incongruence. Put things where they belong. Who wants their dinner party guest tripping over the exercise bike? Give new life to older pieces; re-define them if you have to. Your favourite antique chaise lounge that has been crowding up your modern media room would instead be a fantastic signature piece and help create a peaceful reading nook in the master bedroom.
If it is all too hard you can hire contemporary furniture or even an interior designer to help you get the ultimate look for your home.
CONTACT Impressions to learn how they can dress your rooms to ensure a quick and profitable sale.
Whether it is professional decorators, tradies, contractors or agents, you want someone who really knows what they are doing. Finding the best people for the job will not only save you time and money, but make you money by generating quicker and more profitable sales.
If you’re working with a real estate agent, you’ll want one who can really sell. Someone who understands current market forces, knows your neighbourhood intimately, who is enthusiastic about your property and ultimately, someone who is trustworthy. Buyers lose confidence in agents who play games and act deceptively, providing misleading information or simply don’t return phone calls.
Do your due diligence. Shop around, research the reputable agencies and most successful, reliable agents in your area, ask them the kind of questions buyers ask, and ensure they are working for YOU, not the buyer and not just themselves.
And lastly but perhaps, most importantly…
Before potential buyers even do their “drive-by” or get to your door, your home maybe eliminated from their search based on the first impression provided by your marketing team. Buyers predominantly and increasingly are using the internet to find property. Quality photographic presentation is more important than ever. Buyers do not want to waste time, using external and internal photos to narrow their search and determine which homes make the open-house cut. If your homes internet marketing material does not “wow” them, the next property is just a click away!
Ensure your agent hires a professional photographer and does not use the sale of your home as the subject for their photographic hobby.
A professional photographer will know the best angles, aspect and lighting to promote your property. Buyers appreciate both interior and exterior shots by day as well as dusk. Don’t be tempted to publish too many photographs. Be selective and only post the shots that really present your property in its best light, sparking the buyer’s curiosity, thus securing an on-site inspection.
Depending on your budget and time constraints, consider whether you wish to invest in traditional photographic marketing material or if you also want to take advantage of technologies such as virtual tours.
Ask your Agent or Real Estate Marketer about your marketing options or to discuss your photographic and marketing needs contact Impressions Real Estate Marketing directly by clicking here.
Top 10 Rules On How To Budget for a Renovation
When renovating it is imperative to create a budget, monitor, re-asses where necessary and stick to it as much as possible.
1. Be realistic!
Extensively research the value of products and services (get at least 3 quotes per trade) and consider worst-case scenarios. KNOW the value of your property before you buy it and be conservative with estimates and your selling price. Don’t under-estimate your time-frame.
2. Work backwards.
With all the knowledge you have accrued researching your particular market you should have a comprehensive understanding of what your property is worth now and what it will be worth once the renovations are complete. Knowing this, deduct the expenses (calculated as accurately as possible) from your potential selling price and consider if your plans are even worthwhile. Consider the time, effort and opportunity costs of investing in the renovation to realize a decent profit.
3. Don’t forget to build in a contingency buffer of at least 10%.
This is to ensure you are covered for unexpected emergencies – which ALWAYS arise. It is important to note that you can not control EVERYTHING. Sometimes mother-nature doesn’t have your schedule in mind and projects can be delayed through no fault of your own. It is better to be strict with your budget than to have to abandon the entire project due to failing funds.
4. Keep it Simple
Every new property presents the opportunity to be over-ambitious. The skill lies in discipline and self-control. Whether it be your colour scheme or your landscaping the more simple your design is the easier it is to keep to budget and to widen your target market appeal.
5. Marry your Budget with a Schedule.
Work FAST! Time is Money. Aim to complete all projects within a realistic time-frame. Consider everything that must be done and what order it needs to be done in. Delegate who is responsible for each task and assign them of their duties. Keep them in the loop. Let them know what your expectations are of them (quality standards and timings). If plans change, inform everyone down the chain. You can’t afford to be the weakest link 😛
By analyzing your schedule you can plan for necessary equipment and save money by not having to double up on machinery. Try and co-ordinate your contractors and machinery (e.g.bobcat, scaffolding, etc.) so they optimize their time and reduce the number of site visit call-outs.
6. Know Your Limitations.
When considering all the actions that need to be taken to reach your end goal, consider realistically what you can and can’t do. Don’t be afraid to hand over the reigns on jobs you simply do not have the time or skill set to complete to the highest quality. It may seem expensive to bring in a professional, but it will save you on frustration and credibility come inspection time. A quality finish can mean all the difference in making a real profit or not.
By being honest with yourself and recognizing what you are and definitely not capable of to begin with, you can project a more accurate budget and factor in the costs of contractors.
7. Familiarity can breed contempt.
It’s always nice to work with people you know and like, but sometimes using the same tradespeople for every job can make them a little complacent. They may take liberties they wouldn’t otherwise. It can be useful to keep them on their toes by at least rotating teams. If you have worked with a contractor before, be sure to let them know that they have not automatically got the job this time round – that you are getting quotes and will seriously consider hiring their competitor.
8. Never Pay Retail.
For your initial budget it is wise to cost products and services at retail prices. But that doesn’t mean you should PAY retail. When renovating, I NEVER pay retail. It could be as simple as buy when the stocktake sales are on; bidding at auctions (on and offline); using vouchers, trade cards or loyalty programs; or simply asking “Is this your best price?” – Get creative and NEVER pay full ticked price. Those extra pennies you save on one item can allow you to splurge on something else – if you just have to have it!
One of my favourite things to do on the weekend is just drive around my suburb, look at the style of homes, the latest trends, what other renovators are up to and most of all… check out garage sales. Some of my best bargains have come from garage sales. After all…
9. Buy in Bulk.
Included in your initial cost analysis should be an outline for all the materials required to complete the project. By outlining all the inclusions you can see, when and where all your materials are needed. Having calculated your mass requirements, you are in a better position to negotiate with suppliers. You don’t always have to buy the same exact product, often suppliers are just happy that you are buying in full from them, rather than going elsewhere.
Also, Buy your TIME in bulk. When hiring equipment, often you can get a better deal from companies who do not trade on the weekend. By picking up late on a Friday or early Saturday and dropping it back first thing on the Monday, you maximize time and value.
10. Build Relationships.
Arguably the most important factor in budgeting for a reno. Often, it is not what you know but who you know and by establishing lasting, positive relationships with your contractors, suppliers, agents, lawyers, accountants – everyone you meet, you can save $$$ and maximize profits.
I have saved thousands and made tens of thousands by talking to agents at open houses; knocking on neigbour’s doors; asking questions; getting recommendations and referrals; chatting and befriending repeat-business owners, discussing win-win outcomes with vendors/buyers. Call in favours and don’t be afraid to ask for mates rates.
It is important to remember all these people make up your team. You are leading and managing a team, the more smoothly the team runs the easier it is to keep to budget.
Rules of Renovating
To ensure a successful renovation and maximize profits I stick to a tried, tested and proven formula and apply the following essential rules of renovating:
Focus on one or two suburbs and get to know it better than the back of your own hand!
By understanding the area intimately you will learn what properties are worth, what buyers want and what the market is doing.
OFF-LINE:
Attend every relevant open-house in your area; get to know the agents; ask questions and take note of who and how many other people are inspecting the same kind of property you are interested in.
Watch DIY television programs that demonstrate the latest trends and styles, challenges and strategies. My favourites are:
Grand Designs, Dream Home Abroad, The Renovators, Top Design, The Block, The lifestyle Channel in general and don’t forget Youtube 🙂
Attend Property Investing and Development Seminars; mingle & network – get to know other investors; learn from their strategies, experiences and insights. You never know who might meet. I have become great friends with fellow Seminar Junkies, who have ultimately helped me in some way. From lawyers to buyers agents, developers, builders, accountants, interior designers, photographers – whether they be active or passive investors, you may find a great JV partner.
Click here to find out the next property related seminars near you.
ON-LINE:
Investigate websites such as:
realestate.com.au
domain.com.au
abs.gov.au (Demographics)
The old saying, “You make the real money when you buy”, certainly applies. Ensure you stick to a tight budget from the beginning. By knowing your area inside out you will KNOW what the property is worth; what needs to be improved to meet market desires – what is costs to get there and therefore how much it will be worth and where the marketing will sit, once you are done. With this information you can confidently negotiate your terms and achieve the best price at sale.**
This goes for negotiating with contractors as well. And ALWAYS get at least 3 quotes for each trade. You would be amazed at how many times I have had drastically varying quotes. Sometimes, contractors over-quote because they are too busy or under-quote because they just need the work. You don’t always get what you pay for, so make sure whomever you go with has come recommended by someone you know or from work you have seen.
When calculating my budget, I work on a 1:3 principal. For every dollar spent – I aim to get $3 back!
Factor in a contingency buffer of at least 10%. This should cover those unexpected emergencies. It is important to note that you can not control EVERYTHING. Sometimes mother-nature doesn’t have your schedule in mind and projects can be delayed through no fault of your own.
**Please note: that achieving the lowest price is not always the best outcome of negotiations. Get creative with your offers and consider what terms and conditions would best suite you AND the seller. Often – a WIN-WIN negotiation is more successful than just a hard, beat-down of the vendor.
Constantly monitor your Renovation Budget. Often you can come across a bargain or two which allows you to re-structure your budget and allow for unforeseen circumstances, unexpected cost blow-outs or hopefully a little splurge.
Don’t skimp on the kitchen and bathroom. These rooms can make or break a house and if you have taken the time to renovate a property you should be catering to buyers who do not want to have to. The last thing they want is to go without a shower or sink for a week to make the improvements you should have made.
It’s not a case of sparing no expense – it is about matching the level of sophistication to your buyers demographic and then WOWING them by adding valuable extras and surprise features.
The internet is a great source for supplies. However, if you are not confident buying products effectively sight-unseen, then use the net to gauge the value of products and save time by comparing prices online. You can also use this information when negotiating directly with suppliers, e.g. “What’s your very best price? As I can have it delivered to my door for $……. from on online supplier, but I like to support my local”.
If you are going to use this negotiating tactic, be honest; make sure you a comparing apple with apples and know the ins and outs of the product for when the opposition tries to rebuff their online competitor.
Check out discount suppliers (on and off-line auctions), where you can often pick up a bargain because the product line is either discontinued, a slight scratch or dint or are display models.
GraysOnline.com.au
Ebay.com
This goes for the quality of the finish as well as the bureaucratic processes.
Always present the best quality product. You don’t have to have a discerning eye to see shoddy paint jobs and craftsmanship. if you insist on doing the work yourself, ensure you take the time to get it right – right angles should be square, tapware should co-ordinate and tiling should be perfect. By all means – give it a go yourself but if you are not producing a quality finish call a professional. It may cost you more in the end not too.
There have been times when I could not afford to pay for 2 professional tradesmen, so I have asked if I could be their “off-sider”. This has not only allowed me to ensure a professional finish to the job but I have learnt some of the skills involved. For example: I was a plasters apprentice. I had done all the plastering of the walls and needed to install some decorative (and heavy) architraves. There was no way I could do the job myself even if I knew what I was doing. So I found a quality plastering, who was happy to have an extra pair of hands on site and to share his knowledge and skills.
Always check if your renovations require planning permits from your local council and as tedious as it may be, follow all the necessary procedures. If you do not, you risk costing unnecessary delays and expenses.
One Friday afternoon I received a phone call from my local council informing me I had illegally moved a Queenslander from one block of land to another in the next suburb. The council threatened me with legal action, an excessive fine and the very real potentiality of having to bear the cost and time of removing the house.
Initially, I was shocked but I knew that I had always followed council and building requirements to the letter. I spent the weekend waiting for council to open their doors first thing Monday morning, as I had retrieved the diligently filed documentation, that had all the necessary approvals. Unfortunately, councils filing system is not as comprehensive as my own and so they had “misplaced” their copies of the approvals. I did not receive an apology for their “mistake” but I always try to have a close working relationship with my case managers and town planners and so was happy to let that one fly.
It was reassuring to know that I had done the right thing and a great reminder that had I intentionally avoided due process it would have been very costly indeed.
Whether it be your colour scheme or your landscaping the more simple your design is the easier it is to keep to budget and to widen your target market appeal. Try and keep your personal touches and bold colour preferences to styling such as furniture, cushions, bedding, etc. I am not saying that the space should be completely devoid of personality but consider your audience, their needs and taste. By using a fashionable but muted colour scheme you are not distracting potential buyers from visualizing what it would be like for their items and selves to be living in the space.
Keep to a simple mix of materials. By all means be bold and innovative but be consistent. A home filled with granite, stainless steel, glass, terracotta, metallics, slate, porcelain, timber, bamboo, it’s all too much. A combination of complementary finishes will help keep your design focused and themed.
Keep landscaping to a minimum with just a few plants and turf, with minimum maintenance and preferably water-saving vegetation and devices.
Natalee-Jewel
North East Corner
Cherie Barber
Cherie Barber and partner Steve Tolle didn’t set out to swap being a mortgage broker and marketing manager for a renovating business. But when they took on a one-off renovating project and made $270,000 after four months of working just weekends, they realized they’d be crazy not to.
They began slowly doing one project at a time, which meant inspecting properties each weekend and lots of labour on their building sites. Now they’re able to work on up to three projects at once and the rewards are everything they hoped for.
“We can live life as we please, work when we want and where we want” Cherie Barber
Cherie and Steve have worked out a formula for selecting houses and renovating for maximum profit, making an average of $300,000 per house.
Cherie says the secret is:
- Knowing the market
- Keeping costs down
- Working to tight timelines; and
- Driving hard bargains with contractors and suppliers
Cherie has extended the business to teach others how to make money out of reno and present “how to” workshops all around Australia.
Cherie also offers 2-day courses with take-home study kits (DVDs, Manuals, Discounts and after-sales support) which show people how to identify money-making suburbs and properties with potential.
Click here to learn more about Cherie and where you can next see her LIVE!
Think & Grow Rich-Get it FREE!
Napoleon Hill is known to have influenced more people in their success than any other person in history. Hill’s work remains a testament to individual accomplishment and is the cornerstone of contemporary motivation and leadership.
His most famous work Think and Grow Rich is one of the best selling books of all time. In 1986 USA Today published a list of the Top Ten selling paperbacks about investments, Think and Grow Rich ranked No.1.
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Commissioned by Andrew Carnegie, Napoleon Hill interviewed over 500 millionaires to formulate a philosophy of success based on the insights and experiences of self-made tycoons.
Some of these entrepreneurs included Thomas Edison, Alexander Graham Bell, Henry Ford, Elmer Gates, Charles M. Schwab, Theodore Roosevelt, William Wrigley Jr, John Wanamaker, WIlliam Jennings Bryan, George Eastman, Woodrow Wilson, William H. Taft, John D. Rockefeller, F. W. Woolworth, Jennings Randolph, just to name a few.
From the wisdom of such Masterminds, Hill explores the essential components of success. In Think and Grow Rich, Hill discusses everything from our six basic fears, to marketing personal services, sex transmutation, mind stimulants, synthetic imagination, money consciousness, dominating thoughts, infinite intelligence, and the subconscious mind.
Exploring our thoughts as “things” and “powerful things that” Hill links the rate of success to our levels of desire combined with definiteness of purpose, and persistence.
Think and Grow Rich describes the art of auto-suggestion: the combination of reason, visualization and emotion to realize your dreams. “Whatever the mind can conceive and believe, it can achieve”. The honing of your imagination along with decisiveness and specialized knowledge to set, reach and transcend your goals.
Think and Grow Rich provides specific guidelines to realize your highest potential, and succeed in anything you set your mind to. The ultimate profound formula to acquiring mass wealth and prosperity, is however, much more subtle and the book really must be read multiple times to grasp the many lessons it holds.
Finding the perfect balance between clever business practice and the arcane Law of Attraction, the success principles outlined in Think and Grow Rich are as relevant today as they were 100 years ago.
I keep multiple copies of Think and Grow Rich, as I am always lending it out to friends and family – but never getting it back! They love it and always as to keep it for future reference.
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Ultimate Success Summit
Check Natalee-Jewel up on stage at the Ultimate Success Summit in Sydney with Sir Richard Branson, Anthony Robbins, Mark Bouris and the Success All Stars.
A full run down of the event will be posted soon…
Learn more about the Ultimate Success Summit by clicking here!
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Drinx with Probloggers
It was a great opportunity to catch up with some REAL LIFE professional Bloggers, Darren Rowse of Digital Photography School fame and Yaro Starak the BlogMasterMind!
I extended the invitation to a client of mine, who shares an interest in Blogging and Internet Marketing.Top10System’s, Tony Barlow, whose slogan is “Software not Menswear” :{) came along as my “Wingman” to drinks with the probloggers.
We were both excited and curious to be face-to-face with such online-successes but were pleasantly surprised to find everyone was really down-to-earth, approachable, friendly and insightful.
Both Darren and Yaro were keen to learn about everyone’s ventures and generously passed on a couple of hints and tips.
Learn Yaro Starak’s 10 Blog Traffic Tips by clicking here.
The evening was also a great opportunity to mingle and make some new acquaintances. Obviously, like any business – networking is simply part of a Bloggers success.
You never know who you are going to meet? It could be your next JV partner, or simply someone who has that final piece to the puzzle, you have been racking your brain over! Regardless, it is always interesting to discover what weird and wacky things others are blogging about and to also share the challenges and highlights of your experiences.
Thanks Darren for giving up your time to organize the get-together and share your insights; and to Yaro for the invite! It is always surreal when you meet your heroes and people you admire. Thanks for not disappointing me 🙂
Natalee-Jewel
Natalee-Jewel’s LIBRARY
For the ultimate personal development guide – grab your FREE copy of Napoleon Hill’s THINK AND GROW RICH by clicking here.
Learn more about Napoleon Hill and Think and Grow Rich by clicking here.