{"id":5380,"date":"2015-08-12T01:00:59","date_gmt":"2015-08-11T15:00:59","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5380"},"modified":"2015-08-12T01:00:59","modified_gmt":"2015-08-11T15:00:59","slug":"2-identical-properties-2-different-prices","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/2-identical-properties-2-different-prices\/","title":{"rendered":"2 identical properties &#8211; 2 different prices &#8211; Geoff Hall"},"content":{"rendered":"<p>&nbsp;<br \/>\nIn today&#8217;s show\u00a0we have an incredible story about 2 identical units in the same complex that sold weeks apart but for very different prices. Why would one outsell the other for almost $100,000 more?\u00a0<strong>Geoff Hall<\/strong>, from Metropole Properties in Melbourne, knows the answer.<br \/>\n&nbsp;<\/p>\n<h4>Transcript:<\/h4>\n<p><b>Kevin:<\/b>\u00a0 How does it happen? I\u2019ve seen it happen recently in Melbourne with two identical properties in the same block, and one sold for about $80,000 to $100,000 more than the other one, only a matter of weeks apart.<br \/>\nTo tell us the story, Geoff Hall joins us from Metropole Properties in Melbourne.<br \/>\nGeoff, what was the story?<br \/>\n<b>Geoff:<\/b>\u00a0 It was an interesting one. As you said, there were two identical properties in a row of six apartments in a lovely street in the eastern suburbs of Melbourne. One of them had a tenant in place, and the agent was selling it with the tenancy in place. Of course, the presentation was less than ideal \u2013a lot of mess around \u2013 and the auction campaign for that particular property didn\u2019t go as well as I\u2019m sure the agent was hoping. That particular property ended up selling at auction. In fact, it passed in and sold just after auction.<br \/>\nExactly the same property two doors up \u2013 within the same block but two apart \u2013 sold six weeks later with a different agent. What that agent had decided to do was furnish the property, so they staged it. They\u2019ve put a coat of paint over the property and thrown some tanbark in the courtyard out the back.<br \/>\nThe properties were exactly the same, the floorplans were the same, and were in the same location, obviously. The difference in the sale price was close to $80,000, about a 20 percent difference in the sale price for exactly the same property. It all came down to presentation.<br \/>\n<b>Kevin:<\/b>\u00a0 All down to presentation. Was the second one staged?<br \/>\n<b>Geoff:<\/b>\u00a0 The second one was staged, yes. It had the hire furniture, and when you walked in, it had a much superior feel to the first one that had the tenant in it.<br \/>\n<b>Kevin:<\/b>\u00a0 Can you give me an idea on how much that staging cost? No, let me ask you this: how much would it have cost to improve the first property that undersold?<br \/>\n<b>Geoff:<\/b>\u00a0 The agent told me that they\u2019d spent around $6000 in total. That was with painting, some minor tarting up of the courtyard, and the staging of the hire furniture. So about $6,000 has contributed to an $80,000 increase in price.<br \/>\n<b>Kevin:<\/b>\u00a0 That\u2019s quite staggering, isn\u2019t it? That\u2019s a huge lesson. Now, also, one had a tenant in and one didn\u2019t have a tenant, obviously. Is that some more advice to investors as well?<br \/>\n<b>Geoff:<\/b>\u00a0 I think there are two lessons there. There\u2019s one for investors: if you\u2019re looking to buy, look beyond the presentation. As buyer\u2019s agents, we often like buying properties that have tenants in place because of that very reason. A lot of owner-occupiers will get put off by the way the property is presented with tenants involved. So if you\u2019re buying, you have to look beyond that.<br \/>\nAnd there\u2019s a lesson there for vendors, people selling: presentation is key. It can make a huge difference, and sometimes it\u2019s a lot better to wait until a tenant is out, do some minor work, and then sell the property. You\u2019ll get a much better result.<br \/>\n<b>Kevin:<\/b>\u00a0 There are some great lessons there. Thanks for sharing them with us, Geoff. I appreciate your time.<br \/>\n<b>Geoff:<\/b>\u00a0 My pleasure, Kevin.<br \/>\n<b>Kevin:<\/b>\u00a0 Geoff Hall from Metropole Properties in Melbourne. Thanks, mate. I\u2019ll talk to you again soon.<br \/>\n<b>Geoff:<\/b>\u00a0 Cheers. Bye now.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; In today&#8217;s show\u00a0we have an incredible story about 2 identical units in the same complex that sold weeks apart but for very different prices. Why would one outsell the other for almost $100,000 more?\u00a0Geoff Hall, from Metropole Properties in Melbourne, knows the answer. &nbsp;&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":5381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-5380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2 identical properties - 2 different prices - Geoff Hall - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/2-identical-properties-2-different-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2 identical properties - 2 different prices - Geoff Hall - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; In today&#8217;s show\u00a0we have an incredible story about 2 identical units in the same complex that sold weeks apart but for very different prices. 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