澳洲Australia property Selling Houses Sydney | Sydney

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This week, we are beginning the process of selling my mothers property portfolio. She passed away in Feb and my brother and I are executors. She owned 3 houses next to each other in Beecroft. They are all owned outright. One is a house divided into 2 flats, so there are effectively 4 rental properties. Three of them (the 2 flats and one of the houses) have been rented over the past many many years. But, now that mum is gone, its time to sell and move on.

I hope to give some information on our journey as well as use this as an opportunity to get feedback as we go through the process.

We have decided upon a REA, and will put them on the market probably next week.

Our first decision, for this week, is whether to focus on developers, on selling as individual properties or to try to do both. (Apart from our portfolio, we would most likely have 2 houses on one side and 1 house on the other join in, so probably around 1.5 acres in total)

While its a large parcel of land, its a complicated development site, and the advice we have had from a number of people is that we will maximise our sale price by selling the houses individually. (Others are still enthusiastic!)
The complications are that it is a sloped site, the zoning, tree preservation prders and bushfire set backs. Apart from the size and the location, the pluses for a developer is that there is already a street gazetted on one side of the development, so it could potentially be used to access the rear of the blocks, which is all vacant at present, rather than having to use up the land size building a driveway/road.

In terms of the individual sites, one is a knock down/ rebuild with a small 3 bed fibro house on it currently. Its unusual in Beecroft to have a block of this size with street frontage (as opposed to battle-axe). The second is a large house which is currently divided into 2 flats (with council approval). The top floor is a 3 bedroom home. the bottom floor is one bed granny flat. It could easily be combined back into a large home in future. The third is a 6 bed, 3 bath, 4 storey split level home with big pool, formal dining, eat in kitchen, formal lounge, rumpus room..... great house for teenagers and entertaining. (Its our childhood home) Its not a new home (big extension/reno in early 70's.), but has recent kitchen and 2 bathrooms reno, and is freshly painted. So, each of the homes have a fairly clear target audience and good selling appeal in their own right, if they are targetted to the right people.

So, our first challenge is whether to still advertise them/ promote them as a development site. Some of the options that have been raised have been to have a auction for development before the main auctions; to have a tender for the development before main auction and finally to not bother with promoting the development site at all. We are concerned about "putting off" individual buyers if we advertise the development potential.
My sales and marketing experience says that the more focused you are in your promotion, the better chance you have of success..... but I'm also nervous about missing out on an opportunity.

I'd appreciate any feedback you have on whether ou would promote the development side of the portfolio, or focus on the individual properties. If you would push fwd with the development marketing, would you use auction/ tender and how would you avoid turning potential individual buyers away?

Thanks!  

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Penny, if it were me, I'd be advertising as a development site first - say a 6 week campaign. This should be enough time to draw the developers out and for your chosen REA to contact all the developers on their database.

I would not be concerned about putting off potential buyers looking for a home. If each property was worth say $1M ea for round figures, then the avert on re.com will be for a development site worth $4+M. There would be no Opens at all - as it is only the land that is of interest. You are not going to attract any homebuyers with that kind of re.com advert or the big signboard that says "Development Site".

If that campaign fails to attract what you want, then go to selling off individual houses in the normal way.

All the best with it :)  

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Why would agent not be in contact with the larger developers direct prior to any marketing?

There are several projects happening in the area (I live in an adjoining suburb) and any local agent would know this.  

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Well, we have signed up with an agent. We need to give tenants 14 days notice, so we have a bit of time before open homes begin.
We decided to do a 4 week tender process for development, run concurrently with a 6 week sale of individual properties (which will go to auction).

The agent wanted to market the individual properties and development concurrently, so we can get a better idea of what sort of offers we would get for the individual properties, in order to decide on our reserve price for the tender.

So, the auction will probably be held on 9 July if not sold beforehand.
Now the fun begins!  

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PennyK sorry to hear about the passing of your mother.

Best of luck with the sales  

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Ridin-High said: ↑
PennyK sorry to hear about the passing of your mother.

Best of luck with the salesClick to expand...
Thanks RH.
Her death was a blessing. She'd suffered terribly for a number of years from Alzheimers, but was very physically relatively healthy. She had a bad fall and had a bleed to the brain, so the end came much more quickly and peacefully than it would have if she'd continued down the dementia road. We were very grateful that she didnt have to continue to suffer.
But I do feel emotional about selling the houses. It was a great place to grow up and lots of special memories.  

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pennyk said: ↑
Thanks RH.
Her death was a blessing. She'd suffered terribly for a number of years from Alzheimers, but was very physically relatively healthy. She had a bad fall and had a bleed to the brain, so the end came much more quickly and peacefully than it would have if she'd continued down the dementia road. We were very grateful that she didnt have to continue to suffer.
But I do feel emotional about selling the houses. It was a great place to grow up and lots of special memories.Click to expand...
Well it does sound like she lived a full life, which is something you can be very happy about. I live with my grandfather and i know his time is approaching, i do get upset... but happy in the fact that he has had a good long life.  

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well, we are on the market. First open home on Saturday.

Our advert is focused on the individual properties, (except for the ad that went into the newspaper this week, which I was unhappy about. hopefully it will be fixed on the next ad). I'd be interested to see what you think of the texton the individual properties. I was unhappy with what the agent originally had. so I submitted some suggestions which have been used

the 2 houses next door are also on the market (one with our agent and one with another), which I guess makes the proposition more appealing to developers. but we need to get an idea of the pricing on individual properties to ensure we are getting a good price, if a developer does make an offer.

This is the development ad on re.com. All individual properties are on there as well. http://www.realestate.com.au/property-house-nsw-beecroft-107446521  

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we've had 2 weeks of open homes, and the turnout has been good both weeks, so thats encouraging....... my ads must be working!
No offers yet, but some interest. As we suspected, the main interest is from individual buyers, rather than developers.
Apparently, there have been a few very bad auction clearance weeks in the suburb, so the agent is feeling a bit nervous.
Its quite a lot of work selling 4 houses at once!!!! So, I'm hoping it all goes through quickly. Auction date is 9th July.  

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