Case Study Summary:
Online views: 8,767
Open Homes: 21
Groups Inspected: 105
Sale Price: $545,000
View the online advertisement here
The Back Story:
5/251 Darlinghurst Rd, a character-filled and recently renovated one-bedroom apartment in an awesome location in the heart of Darlinghurst. Should be an easy sale right? Think again.
This property has posed many challenges but Joseph Fairchild never gave up. Let’s rewind and let me explain.
We listed this property at the end of 2019. We couldn’t get new marketing photos because there was a long term tenant in there. So we relied upon some older photos used for the rental of the property. The second challenge was that the total size of this apartment was 33m2, it’s deceivingly small, and if you know anything about applying for a loan you would know that anything under 50m2, the banks will take one look at and give you a big fat NO.
So from the beginning, we knew we were in it for the long haul, and that’s ok. We knew that we were looking for a very special buyer, one who was looking to buy as an investor and one who didn’t need to rely on the banks for their deposit.
These restrictions meant we had to get creative with our marketing strategy. We showed the property twice a week for many weeks. We followed up leads at lightning speed! We lost count of how many buyers wanted to go ahead but then got knocked back for finance. Advertisements were run on Facebook and countless mail and SMS campaigns were sent. What we really needed was time. We knew that in time, the right buyer would come along, we just had to find them! So we focused on our relationships with the vendors, reassuring them that a result wasn’t too far away. We also got to know the tenant very well and gave him small gifts for allowing us access so regularly.
Then after months of hard work, the coronavirus saga started to develop, we were running out of time! We had a serious buyer who was back and forth with his solicitor, making amendments to the contract and preparing to sign, when alas, he couldn’t get finance. We didn’t give up. Another round of marketing was fired out to our database of 6,000+ buyers, and just like that, we had another hot lead!
Luckily we were able to hold a private open home before further lockdown rules were enforced. The buyer loved it! She was a cash buyer, investor, and wanted to sign the contract asap. Sounded too good to be true! All we had to do was lock in the tenant for another 18 months and the deal was on. Luckily, because of our good relationship with the tenant, this was easily done.
After a few days we had the signature and thanks to Joe’s awesome negotiation skills, the price was more than the vendors expected! We even got a 66W certificate signed too which meant the sale was unconditional.
Time to celebrate!! Thank you to the vendors for their patience and trust, and the team at Metro for all their hard work!
Author: Joseph Fairchild