What is an off market sale, you may ask and why are they becoming more common in Melbourne during the coronavirus covid-19 crisis? Plus how to participate safely.
A week in the life of a Wakelin property buyer
At Wakelin Property Advisory, we take pride in our knowledge and coverage of the market using each day to explore the market – not just Saturday. It is our week-long presence in the market that makes us experts in our field.
Mondays are days of review at Wakelin Property Advisory. Our property team focuses on the weekend that was, evaluating what impact it will have on the next few weeks and reporting to clients. This involves coordinating transactions, updating databases, arranging documentation for purchased properties, overseeing property management, liaising with solicitors and determining how these weekend events may affect prices and demand for certain property types and styles. The team also catches up with clients who had a stake in a weekend transaction to discuss their success or how plans need to be updated.
Tuesday is one of the most important days of the week in the office and when the rest of the week is planned out. The team gathers to discuss the properties currently on the market, as well as a list of off-market properties. The objective is to judge what is suited to investing and what is a fair budget to secure a property. All the properties need to be approved as investment grade by two team members before we consider taking them to a client.
Wednesday and Thursday
The middle of the week is reserved for property review activity and reporting to clients. The property team is out and about inspecting new properties on the market that were discussed on Tuesday. They also introduce clients to properties we believe meet their requirements. Building and pest inspections are also organised.
Thursday afternoon, the property team regroup to discuss what they’ve learnt during the week, what further assistance is required for clients who want us to proceed with a property negotiation, and finalise their activities for the weekend.
On Friday, the team work to ensure that all is in place for the weekend. The day is spent planning and coordinating with clients to attend auctions and inspections over the weekend.
Saturday is the biggest day of the week for property. Our team is out in the market from the morning to the afternoon attending auctions and inspections. Our auction attendance isn’t limited to ones we are bidding on or assisting in disposing; the property team visits other auctions that don't have a client assigned in order to help us further understand how the market is performing. The team also inspect prospective opportunities in the marketplace – some externally, some internally.
Usually a day of rest. But occasionally there are Sunday auctions that we are involved with. Or a property is passed in on Saturday and negotiations go on into Saturday evening and through Sunday.