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Professional couple in their Late 50s

Now I want to go to a hybrid story.

This story is very consistent in regards to the work that we do here, because we do the property planning piece, and then we go and implement that property planning through our Buyers Agents, and also through the mortgage broking team.

In this particular case, we’re talking about a 50s couple, professional couple, very time poor couple in Sydney and they were working with Rachel Cole our Qualified Property Investment Advisor out of Sydney.

Their story is a bit like this … when they sat down with Rachel they felt like they’d missed some big opportunities and made some mistakes. One of the mistakes was that they did inherit a property, one of the family members along with their brothers inherited a property, and they decided to sell that property many years ago. As far as our client was concerned, they thought that was a mistake, and it was a Sydney property, and we know now what’s happened with properties in Sydney. That has now meant that they didn’t get that luxury of having that inheritance do more work for them because they crystallised it early.

Now, they’ve got their big rock in the jar, so there family’s home in Sydney is very comfortable for them, they’ve got teenage children, some of them staring to become dependent kids, so really the focus for them was about how they were going to retire.

This story is in my view, a not “too late” story. In some cases it can be too late for property, but in this particular case it was, not too late. Rachel developed a Property Portfolio Plan, which had a couple of quick purchases to get them underway for their retirement targets. I then want to pivot to the Buyers Agents who then did some work in regards to this property and that’s Christa Batt, one of our leading Buyers Agents in the team.

She was able to find a cracking property that has been, what we would consider, an under-market value purchase. How do we do that? Well this is the story. It’s another Brisbane story, in a really good area of Brisbane. The lady was moving out of the move to go into a nursing home. As everyone knows when you move out of your home, to move into a nursing home, the nursing home needs a bond. It’s a significant amount of money. The family who are related to the older lady didn’t have that money, couldn’t raise that money, so they needed to raise that money by selling the property.

So what happens in this case?

Sell the property because they need to get her in the nursing home quickly, that means a quick sale. Christa was aware of this, and she thought that the auction came along very quickly. It was a brief auction marketing period, and we attended the auction. That property was past into us at $550,000, the reserve on the property was $600,000, so we appraised that property around the $600,000-$610,000. We thought the selling agent was being realistic, but because they had to sell we knew we were in an upper hand in terms of the negotiating tactics.  The negotiation for us was, “You need a sale today. We don’t need to buy today, so you need to meet our price point, not necessarily us meeting your price point”.

We were able to get that property unconditionally secured at $560,000, and again we appraised that property around the $600,000-$610,000.

A great result there, and these customers have given us some really good feedback around the fact that, one, they’re time poor. Two, by going through the planning process and seeing what’s possible for them, their opportunity and potential has given them the confidence to act. Thirdly, which is what I really like, is they’ve been really happy with the third party recommendations that we’ve made. What we’re talking about there, when you’re building out your quality team of professionals, you’re going to need a pest inspector. You’re going to need a conveyancer, or a lawyer in that particular state to do the transfer of title, and the settlement process. So they were really pleased with the professional standard of our recommended third party partners.

That’s important for us because we only recommend certain partners that we think do the great work, and we don’t get kick back on all the referrals. It’s important for us that we make those professional recommendations as opposed to something that we’re going to be rewarded for.

I love that story, an older couple moving quickly to move into, building out their team with professional advisors around them and acting quickly. I can only see good things for this couple, and the feedback from Rachel and also from Christa is they were a delight to work for. They were very accommodative in terms of understanding, they asked the right questions, but they were also quite excited about the story that they’re about to go on. I think that’s a great hybrid story where we’re seeing that connectivity between our advisors and the Buyers Agent executing for satisfied customers.


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