Why ‘inside information’ is essential to your property search
If you took every property advertisement at face value, you’d be hard pushed to find fault with a single property. From the glossy sales brochure to the praise-laden website listing, property marketing and advertising is naturally all about persuading potential customers that the property in question ‘ticks all the boxes’.
And while we’re not suggesting that these ads set out to deceive, the fact is that just as with any form of advertising, what you hear about the property from advertisements and agents will only highlight the best parts about the place - and conveniently leave out the aspects that may put people off.
This is why having access to genuine, unbiased information about a property is crucial to making the right decision for yourself, your family, or your business. By finding out the facts beyond the ‘smoke and mirrors’ of marketing collateral and agent sales pitches, you’ll be able to decide whether the property actually ticks the boxes you need it to.
So how can you obtain the information you need about a property?
If you’re currently searching for a residential or commercial property to buy, rent or lease, check out our simple tips for gaining all-important property knowledge to inform your decision.
1. Ask questions
While this may sound a little on the obvious side, it’s easy to get swept up in the agent’s excitement or your own enthusiasm for a property you’ve seen - particularly if you sense there may be competition. However, asking the right questions is a critical part of obtaining the insights that will guide your investment decision.
Having a list of questions ready for the agent can help you get the information you’re seeking, so take the time to identify what you need to know about the property that isn’t covered by the sales material. This may include aspects such as whether there any known issues with the building, how long the property has been on the market, or whether there are any major renovations planned. Consider what information is important to you and ask away.
2. Know what to look for during the inspection
Have you ever been to a property inspection and come out with little recollection of the actual features or details of the place? Inspections can sometimes feel like a whirlwind, so being prepared and knowing what to look for before you set foot in the door can help you to uncover the key information that will help with your decision.
Identify all the areas you want to check out during the inspection and tick them off your list as you go through the property. Whether it’s determining the storage situation, noting down measurements for furniture, or taking a look at the facilities, go into the inspection with a clear plan of what information you need to leave with.
3. Do your homework
There’s a lot more to a successful property decision than just the place itself. In order to make the smartest choice about a residential or commercial property, it’s a good idea to do your own research on other aspects that will affect the ongoing property experience.
This could include looking into the local area to assess factors such as crime rates or household demographics, researching the current market to get an idea of typical rental rates or sale prices, or finding out more about future projections and growth potential for the location the property is situated in.
4. Read real tenant reviews
No one knows what it’s like to occupy a property better than its tenants - so finding out their honest feedback about things like security, cleanliness, noise levels and the local area can give you invaluable insights to inform your decision.
And of course, if you’re looking for tenant reviews, you’ve come to the right place! We started Property Reviewed to give property seekers the insights they need to make an informed decision - because we know that inside knowledge makes all the difference when it comes to choosing the right property.
Property owner or manager? claim your listing now and discover the advantage of comprehensive property analytics.