Case Study 1: renovate and sell from out of state
The client
Kirsty came to Vernon Partners with a property in Balmoral that she wanted to sell. The property had been rented out for many years and was in need of renovation before it could go on the market.
The challenge
Kirsty did not live in Sydney so she needed a consultant she could trust to organise the renovations on her behalf and manage it within the budget she had set. The townhouse property was part of a body corporate, some members of which were opposed to the renovation work and were proving a challenge. Kirsty needed a consultant who was able to negotiate with all concerned to achieve the best outcome on her behalf.
What Kirsty had to say
“We agreed a budget and Adam stuck to it. He gave me the priorities and just worked through it all. He knew the right people to bring on board to help and they did an excellent job.
He sent me photos at every stage and kept me fully informed every step of the way. I only went down when it was all finished and it looked amazing.
He handled the body corporate side of things with consummate professionalism. Adam knows how to handle people, he remains calm and doesn’t get ruffled.
The whole process was a revelation to me. I’ve never known an agent who would do such a thing – follow it all right through on every little detail on my behalf. I would certainly recommend Vernon Partners, they made what could have been a difficult process smooth and easy.”
Vernon Partners: what we did for Kirsty
After appraising the property we gave our suggestions for renovation to Kirsty and then coordinated the entire renovation on her behalf. This included:
- New paving
- New bi-fold doors
- Painting throughout the property
- Removal of old carpet
- Repair and sanding of floorboards
- New lights
- Furniture hire to show the possibilities of the property
We dealt with a significant amount of objection and challenge from other members of the body corporate to ensure that Kirsty was able to renovate her property to its best advantage.
The result
Estimated value of property before renovation: $1 million
Cost of renovation: $45,000
Final sale price: $1.3 million
Case Study 2: maximising profit on a tenanted unit
The client
Dimitri had a 2-bedroom apartment that had been tenanted for several years and was looking a little run-down. He asked Vernon Partners to sell the property with the tenants in situ.
The challenge
We advised Dimitri that he would achieve a much better sale price for the property if he undertook some renovation work and sold once the tenants had moved out.
The Owners Corporation for the apartment building would not allow a For Sale sign to go up, thus effectively cutting exposure for the sale.
What Dimitri had to say
“People say a property sells itself. In reality that’s not the case at all. Adam is very knowledgeable as to what needs to be done to make a property saleable. He was a very good reference as to what I should do and what I should leave alone and he knows which tradesmen can do a really good job.
Any time I was uncertain about something I would ask him ‘what’s the logic behind this?’ and he would explain in detail why he was suggesting it. It was easy to see that he knew what he was talking about – to me it made a lot of sense.
I was expecting a really long campaign. A rented unit that is empty is very expensive, but I settled within 4 weeks after exchange of contracts.
Adam is very skilful in what he does. He knows what buyers look for in a particular property and can readily detect changes in the real estate marketplace. He’s knowledgeable about the method of sale and is able to gauge where, when, and how a job needs to be done.
Furthermore, Adam has excellent negotiation skills with all those he needs to interact with to get the job done e.g. he can find a tradesman to do it properly and for a reasonable price.
He knows what will attract buyers and he keeps vendors informed. He updated me every week, sometimes daily, on the progress of my apartment sale.
Adam is a great communicator and very friendly. Adam knew exactly what he was doing and he got a great result for me. I recommend him and Vernon Partners without hesitation.”
Vernon Partners: what we did for Dimitri
Dimitri gave his tenants notice and 90 days later they moved out. We then coordinated renovations and furniture hire on Dimitri’s behalf to ensure the property was sale ready and would achieve its best price.
Vernon Partners worked around the situation with the For Sale sign and created a marketing campaign that maximised visibility, resulting in no less than 6 contract requests within the first two days the property went on the market.
Our original strategy was to sell via private treaty but throughout the course of the renovations there had been a shift in the market and we advised that Dimitri sell via auction instead.
The result
We guided the property over its $800,000 mark for a final sale price of $995,000. A great result.
Timeframe
8-weeks from the time tenant vacated apartment to final settlement.
Case Study 3: the quick sale
The client
Michelle began renovating her property with the intention of selling it eventually. She consulted with Vernon Partners on what decisions would make the best return on her investment and, after 15 months, was nearing completion.
The challenge
Quite unexpectedly, Michelle stumbled across her dream home only days before renovations on her current investment were due to be completed.
She contacted Vernon Partners with the following challenge: sell the current property and exchange unconditionally in order to free up funding for the purchase of Michelle’s dream home that was up for auction in 3-weeks time.
What Michelle had to say
“Adam and Jasmina worked really hard to sell our house. They were so easy to deal with, very positive and 110% committed to service and trying to make it happen.
They were always completely honest about the process and the chance of success. Not once did they tell us they could guarantee a result but instead kept us fully informed and gave us realistic, straightforward advice and guidance. This, along with the obvious extreme effort they went to, gave us the confidence to prepare for the up-coming auction of our dream home.
They were quick to get started and put together a strong campaign, managed the sale seemingly effortlessly and went to great lengths to work around my work schedule – coming over in evenings to get papers signed and keep us up-to-date.
There was no doubt in our minds that they were doing everything possible to achieve a great result for us and that is exactly what they achieved.
Their honest approach made it possible for us to feel confident that we had chosen the right agent and that they would get the best result for us that they could. I would not hesitate to recommend their services to others.”
Vernon Partners: what we did for Michelle
To give Michelle a chance of achieving her goal it was essential that Vernon Partners move quickly. Having received the call from Michelle in the evening, Adam arranged to visit the property the following morning and outline a marketing and sales strategy to get the property on the market as quickly and with as great an impact as possible.
The property was made ready, photographs were taken and the house was on the market within a week of the decision to sell being made.
Adam and Jasmina kept Michelle fully informed at all times, letting her know what was happening, what interest had been shown, and what the company was doing to give her the greatest chance of success.
Adam also gave Michelle some tips and advice on how to maximise her chances of success at auction.
The result
The property sold quickly and for an excellent price. The exchange was made on the Friday and Michelle went to auction for her new property on the Saturday morning as a cash buyer. Michelle was the successful bidder at the auction and is now renovating her dream house.
Timeframe
3-weeks
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