I thought I knew about property
My name is Luis Lequerica. I am a serial entrepreneur, over the years my focus was international logistics and fast growth companies. I joined the Your Empire team 4 months ago, and to be perfectly honest I believe I have the best job in the world. My mission is to build strategic alliances and customer relationships.
Learning has always been a big thing for me, so a couple of weeks ago I decided that I was going to go through the property buying process once again. It was simple, my target property was a 2 bedroom, one car park, hopefully with a balcony in Bondi or surrounding suburbs with a $1,050,000 budget; super easy!
On Monday, my wife and I started shortlisting properties to fit that description. Our main source of research was realestate.com.au, but we also had a look at the Wentworth Courier and domain.com.au. By Thursday, we had spent around 2 hours each night getting the list ready, I must admit we did fall back behind on some episodes of Orange is the New Black, but we were sharp focused on our property goal. By Friday, we were super tired; trying to juggle the house, the family and work, as we both have full time jobs, was no easy task. At this stage our shortlist was 18 properties. We had a jam-packed schedule from 9am to 2:30 in the afternoon, with no breaks!
On Saturday morning we woke up at 6:00 a.m., got the kids ready, and off to swimming lessons. I had arranged for my brother to pick them up from the pool and to look after them for the day. At 9:00 am we were at our first open house.
There were around 20-30 people lined up to see the property, it was crowded in that 65 sqm unit, the agent got our details, gave us some brochures and gave us his undivided attention for 30 seconds... and then, off he went to focus on the next couple.
For us, it was also time to move on to our next inspection. Our next property was right on the heart of Bondi Beach, Saturday morning 9:30, what a nightmare trying to find a space to park! It was a great property but unfortunately the owner wanted to go to auction, which meant that our budget was not going to be able to compete with people with emotional purchases and higher approved loans than ours.
We quickly decided to move on to the next one, and the next one, and the one after that… only to see that with every inspection our dream of buying another investment property quickly vanished before our eyes.
To cut a very long story short, after 18 properties inspected, arguments about my wife’s driving skills and my navigation shortfalls, no lunch, and a pounding headache, we finally arrived home completely exhausted and not an inch closer to our property goal. I very quickly realised that buying the right property in blue chip suburbs is not about having the finance in place or time.
The real key is having the access to good quality properties with specific characteristics, that are priced right and that will make solid investments for many years to come, and that my dear friends is what we do so well at Your Empire.
I wanted to share this experience with our customers and maybe touch on a couple of common pain points. Properties with all sorts of hidden problems: on main roads, with very small bedrooms, no carparks, without balconies, high levies, overpriced, without natural light, or real estate agents acting on behalf of the seller and without any sense of honesty.
As funny as it sounds, this is a reality for hundreds of buyers out there.