For property owners when a developer or other buyer calls.
We’ll act for you...
Click on these tabs to learn a little more about the challenges in a few of these scenarios and how Wakelin Property Advisory can help.
You are approached by your
|You chair an owners corporation |
where one unit owner offers to
buy the rest of the ‘block’.
|Mega-lots – you and your |
neighbours have come
together to sell to a developer.
A neighbour approaches you to discuss purchasing your property in order to expand or build on their existing property. As this is often unexpected, you may not be prepared for this conversation and may be uncertain about how to direct this conversation in order to get the best outcome for yourself.
Wakelin Property Advisory is well versed in negotiating decisive outcomes for our clients and can assist you in the negotiation process to deliver you the best result possible. Depending on your level of comfort, we can act as backup support or take charge of the negotiations on your behalf.
One unit owner sends a letter to every other member of a six-unit owners corporation offering to buy their unit. Is the offer fair and reasonable? Is it practical for six owners to negotiate as individuals especially as one owner is overseas and another is frail and elderly? This has the potential to be a long and disruptive journey that destabilises the harmony of the block. As the chairperson of the owners corporation you want to ensure an orderly process, regardless of whether a transaction takes place at the end.
You may seek approval from the OC to appoint Wakelin Property Advisory to act as an intermediary between offeror and the other owners. As professionals operating in the Melbourne residential marketplace 7 days a week, we will use our expertise and judgement to appraise the current market rate for the units individually and as a whole-of-block parcel. This will provide guidance to enable the parties to agree a satisfactory outcome for all concerned.
Alternatively, should the offeror decline the appointment of an intermediary role, the offerees may decide to appoint Wakelin Property Advisory as their exclusive adviser and negotiator.
You and your neighbours are situated in a prime location for development – it might be, for example, on or adjacent to a main street in a highly sought-after suburb. To try to secure the best possible price for your property, you have decided to join with neighbours to create a mega-lot.
With all the different people and properties involved, this situation needs to be well managed. Several questions may come up that need to be addressed carefully. How important is any one property to the plan? Will that play into how much of a share each person will get? Who will represent the large group? How should the mega-lot be marketed: via a public sales campaign or through an approach to selected developers?
In these situations, it is often best to arrange for a third party to liaise with developers and manage the sale.
Our Bespoke Negotiations team assists clients through a three-stage process:
A one-hour complimentary discussion at our offices, where we advise if there is scope for our Bespoke Negotiations team to assist you.
On payment of a Bespoke Negotiations administration fee, an analysis is undertaken, including a review of the target property/ies market value and existence or otherwise and magnitude of an above-market premium that a motivated strategic buyer may be willing to pay for this property/ies.
Where there are multiple properties involved, we will consider the case for marketing these properties together as one parcel or separately.
This stage will involve a visit to the property and a desktop analysis of comparable properties and transactions.
Wakelin Property Advisory manages the strategy to optimise the negotiations with the prospective buyer/s.
This stage may or may not involve an estate agent, depending on the circumstances.