And what is the benefit to the seller? Like, do they not have to then go ahead with all the marketing side of things?

Yeah, so there's a couple of benefits and that is number one is that you could save some significant costs.

We've sold homes recently where we had quotes of about $50,000 to do all the renovations that we should do to it to make it really marketable.

Instead, we sold it pre-market because it meant the owner didn't have to spend that kind of money and the net result was probably higher by selling it pre-market than on market without the risk.

And Steve, is there anything people should be cautious of when considering an off-market listing or not really?

From a buyer's point of view? Well, I guess from a buyer's point of view, when it's pre-market like that, you're kind of relying on your own research and the price that the agent and the seller are kind of wanting rather than market value, which is when you're on the market and you've got other interests.

So you've got to be pretty sure on your numbers.

But really, other than that, no, there's nothing to be concerned about.

And what is the benefit to the seller? Like, do they not have to then go ahead with all the marketing side of things?

Yeah, so there's a couple of benefits and that is number one is that you could save some significant costs.

We've sold homes recently where we had quotes of about $50,000 to do all the renovations that we should do to it to make it really marketable.

Instead, we sold it pre-market because it meant the owner didn't have to spend that kind of money and the net result was probably higher by selling it pre-market than on market without the risk.

And Steve, is there anything people should be cautious of when considering an off-market listing or not really?

From a buyer's point of view? Well, I guess from a buyer's point of view, when it's pre-market like that, you're kind of relying on your own research and the price that the agent and the seller are kind of wanting rather than market value, which is when you're on the market and you've got other interests.

So you've got to be pretty sure on your numbers.

But really, other than that, no, there's nothing to be concerned about.

And so how do you kind of manage that and work all that out?

Well, Our open homes, there's not a huge amount of buyers coming through the open homes.

And as the market starts to turn and come back up, you'll start to see a lot more participation at auctions, a lot more people coming through the open homes.

You'll start to see the days on market start to come down to under 30.

And you'll start to see the auction clearance rates go back up to around 60%.

If you're seeing all those signs, it means that you've probably missed the bottom of the market because the market's on the rise again.

And so as you make all these judgment decisions, what are some of the things that you should avoid doing when you're thinking about this?

Probably overthinking it.

Oh.

It makes no difference to the strength of the offer.

What makes a big difference to the strength of the offer is somebody that is proactive and follows the instructions when you make an offer because a lot of people hold off paying the deposit for a few days, and it takes another few days to clear, and that can delay the exchange process, which means the property still remains on the market, and it could be gazumped.

A- and so what are one or two other ways, um, just quickly how people can, you know, improve the- their offer?

Good offers are made up of really three things: a good price, uh, you know, a 5 or a 10% deposit but y- you know, uh, and a, a proactive approach towards it, and terms that you feel suit the seller's situation.

They might be selling because they're looking to upsize, they might require a longer settlement, and if you can factor that in, sometimes that's worth more than the actual sale price to the sellers themselves.

Mm-hmm.

The deposit at risk is always 10%.

So there's a box next to the, um, deposit on the front page which says, "Deposit by installments.

Clause 52 applies." If that is ticked, you can pay a 5% deposit, but if you pull out of the deal after exchange, you lose your 5%, and they pursue you for the other 5%.

A- and so what are one or two other ways, um, just quickly, how people can, you know, improve the- their offer?

Good offers are made up of really three things: a good price, uh, you know, a 5 or a 10% deposit that, you, you know, uh, and a, a proactive approach towards it, and terms that you feel suit the seller's situation.

They might be selling because they're looking to upsize, so they might require a longer settlement.

And if you can factor that in, sometimes that's worth more than the actual sale price to the sellers themselves.

A- and what are some of the advantages of knocking down and rebuilding?

The advantages are really that if you do a knockdown rebuild, it's typically in an established suburb, so you've got all the benefits of the established suburb, and the established suburbs in Canberra have larger blocks and better infrastructure and tree-lined streets, and you know exactly what that suburb is like because it's existing.

Um, and so the benefit then doing the knockdown rebuild is that you get your home designed to your needs built for you.

That is the, the number one benefit of it.

Yeah.

Um, but if you buy it for what we expect it to sell for, around 550 to $600,000, that's 731 square meters of land in an established suburb, and that's, you know, only 750 a square meter.

It's about a 30 to 40% discount of what you'd buy new land in a nearby new suburb for.

So therefore, straight up, you're saving 30% of your overall cost.