Jeri Law - Estate Agent

17/04/2025

19/07/2024

❄️ Is It a Good Time to Sell Your Home in Winter in Melbourne?

Benefits of Selling in Winter:
1. Less Competition: 🏠 Fewer homes are listed during winter, meaning your property can stand out more. This reduced competition can lead to more buyer interest and potentially higher offers.

2. Motivated Buyers: 🚀 Buyers looking in winter are often more serious and motivated. They may need to move due to job changes, family needs, or other urgent reasons, leading to quicker sales.

3. Quicker Transactions: ⚡️ Fewer listings can mean quicker closing times, as there is less competition and faster processing through agents and lenders.

4. Strategic Timing: ⏱️Selling in winter can position you well for buying in the spring. By the time your home is sold, you’ll be ready to purchase in the spring market with potentially more options.

While winter may not be the traditional peak selling season, it offers unique advantages. Motivated buyers, less competition, and high demand can work in your favor. If you’re considering selling, it’s essential to prepare your home to appeal to winter buyers.

Need Advice? Contact me for a free property appraisal and personalized selling strategy tailored to the winter market.

Let’s make your home stand out, even in the colder months!

17/07/2024

🏡 Sell or Hold in a High-Interest Rate Market? 🏡

With current high interest rates, homeowners face a crucial decision. Here are key considerations:

🪧 Selling:
1. Maximize Value: Capitalize on high property values. If your home has appreciated significantly, now might be the perfect time to sell and get the best return.
2. Financial Relief: Reduce mortgage pressure. Selling can alleviate the burden of high mortgage payments, especially if rates have increased your monthly expenses.
3. Upsize/Downsize: Free up capital for new opportunities. Selling your property can provide the funds needed to invest in other ventures or properties.

📈 Holding:
1. Future Gains: Potential for long-term appreciation. Real estate typically appreciates over time, so holding onto your property might yield higher returns in the future.
2. Rental Income: Steady cash flow from renting. If your property is an investment, renting it out can generate a reliable income stream, covering majority of your mortgage.
3. Tax Benefits: Enjoy potential tax advantages. Holding onto your property can offer various tax benefits, such as deductions on mortgage interest, property taxes, and depreciation for investment properties.

Every situation is unique. Understanding your options is key. Contact me for a free property appraisal and personalized advice.

16/07/2024

📊 Box Hill South Market Update! 📊

Curious about how 4 bedroom houses are performing in Box Hill South?

Here’s the latest:
* Median Price: $1,720,000
* Growth: Up 4.2% over the past 12 months
* 4 Bed Houses Sold: 31 in the past 12 months
* Average Days on Market: 44 days
* Interested Buyers: 1532

Stay informed and make the most out of your property investment. Whether you’re thinking of selling now or in the future, knowing your property’s value is key.

DM me for a detailed property appraisal or any real estate queries!

15/07/2024

The Importance of Regular Property Appraisals

🏡 Why It’s Important to Get a Property Appraisal Even If You’re Not Selling! 🏡

As a homeowner, staying informed about the value of your property is essential. Here’s why:

1. Know Your Equity: Understand how much your investment has grown.
2. Plan Renovations: Make informed decisions on home improvements.
3. Refinance Opportunities: Benefit from better mortgage rates if your property value has increased.
4. Accurate Insurance: Ensure your insurance coverage matches your home’s current value.
5. Market Trends: Stay updated with the real estate market in your suburb
6. Estate Planning: Helps in making informed decisions for your family’s future.
7. Tax Purposes: Ensure accurate reporting for property taxes.

Get your FREE property appraisal today! DM me to book an appointment and stay ahead of the game.

09/02/2024

🎊 Happy Chinese New Year! 🎉 Wishing you a fantastic Year of the Dragon filled with strength, courage, and success. May this auspicious year bring you prosperity, good health, and happiness. 恭喜发财! 🍊🍊🧧

09/03/2023

𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗠𝗲𝗹𝗯𝗼𝘂𝗿𝗻𝗲 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗿𝗸𝗲𝘁: 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗙𝗶𝗿𝘀𝘁-𝗧𝗶𝗺𝗲 𝗛𝗼𝗺𝗲 𝗕𝘂𝘆𝗲𝗿𝘀

Buying your first home in Melbourne can be both exciting and daunting. With rising house prices and a competitive market, it’s essential to do your research and understand your options.

One common concern for first-time home buyers is understanding and qualifying for government grants such as the 𝗙𝗶𝗿𝘀𝘁 𝗛𝗼𝗺𝗲 𝗢𝘄𝗻𝗲𝗿𝘀 𝗚𝗿𝗮𝗻𝘁 (𝗙𝗛𝗢𝗚). It’s important to know the conditions and requirements to make sure you’re eligible. The Victorian Government offers a range of concessions and discounts for first-time home buyers, including stamp duty exemptions or concessions.

𝗦𝗮𝘃𝗶𝗻𝗴 𝗳𝗼𝗿 𝗮 𝗱𝗲𝗽𝗼𝘀𝗶𝘁 can also be a challenge. It’s important to have a solid savings plan in place. Some tips for saving for a deposit include setting up automatic savings transfers, reducing expenses where possible, and considering alternative sources of income. Understand how to make your money work for you, and not work for the money.

Understanding 𝗹𝗼𝗮𝗻-𝘁𝗼-𝘃𝗮𝗹𝘂𝗲 𝗿𝗮𝘁𝗶𝗼𝘀 (𝗟𝗧𝗩) is also crucial when applying for a mortgage. This can affect how much you can borrow and what interest rates you’ll be offered. It’s important to shop around and compare mortgage options from different lenders. Or better yet, work with a trusted mortgage broker who can deliver the ideal loan structure for you, based on your circumstances.

If you need assistance navigating the Melbourne property market as a first-time home buyer, don’t hesitate to contact me for more information. 📲📧

08/03/2023

𝗧𝗵𝗲 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: 𝗠𝘆 𝗘𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝗮𝗻𝗱 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀

Over the course of 1 week, I received 4 inquiries from former renters and landlords. These individuals either found me through referrals or had previously spoken with me but chose to engage another agent. Each expressed dissatisfaction with their current agent or property manager.

In my opinion, the prevalence of substandard service in the property management industry is due to a lack of regulation and low barriers to entry.

Property management agencies often compete for property management by lowering fees or offering incentives. However, these tactics are frequently not accompanied by a basic level of service. One potential solution to this issue would be for the government to impose a fixed management fee for all agencies and mandate timely handovers of management between agencies.

As a landlord, it is important to be aware of potential red flags that may indicate poor property management.

These include:
1. 𝗜𝗿𝗿𝗲𝗴𝘂𝗹𝗮𝗿 𝗶𝗻𝘀𝗽𝗲𝗰𝘁𝗶𝗼𝗻 𝗿𝗲𝗽𝗼𝗿𝘁𝘀: A competent property manager should provide regular and consistent inspection reports to landlords.
2. 𝗥𝗲𝗻𝘁𝗮𝗹 𝗮𝗿𝗿𝗲𝗮𝗿𝘀: If renters consistently fall behind on rent payments and the property manager fails to take appropriate action, this may indicate poor management.
3. 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗱𝗶𝘀𝗰𝗿𝗲𝗽𝗮𝗻𝗰𝗶𝗲𝘀: Frequent errors or discrepancies in rental payments to landlords is another concerning sign of substandard property management.
4. 𝗣𝗼𝗼𝗿 𝗿𝗲𝗻𝘁𝗲𝗿 𝘀𝗰𝗿𝗲𝗲𝗻𝗶𝗻𝗴: A good property manager should have a thorough process for locating, screening and securing renters for your property. Consistent issues with renters may suggest inadequate renter screening.
5. 𝗟𝗮𝗰𝗸 𝗼𝗳 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻: The inability to reach your property manager when needed is a red flag that they may not be the right fit for you.

If you are a property owner experiencing difficulties with your current management, I invite you to contact me for assistance. My commitment to providing exceptional service ensures that your property will be managed effectively. Please do not hesitate to reach out and discuss your concerns so that we may work together to find a solution that meets your needs. 📲📧

07/03/2023

𝗥𝗲𝘀𝗲𝗿𝘃𝗲 𝗕𝗮𝗻𝗸 𝗿𝗮𝗶𝘀𝗲𝘀 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲𝘀 𝘁𝗼 𝟯.𝟲 𝗽𝗲𝗿 𝗰𝗲𝗻𝘁 𝗶𝗻 𝟭𝟬𝘁𝗵 𝘀𝘁𝗿𝗮𝗶𝗴𝗵𝘁 𝗵𝗶𝗸𝗲

The Reserve Bank of Australia has raised interest rates for the 10th straight meeting in a row and continues to flag more hikes in a bid to bring inflation down. At its second meeting of 2023 today, the RBA pushed through a 0.25 percentage point hike, taking its target cash rate to 3.6 percent. 📈

As a property investor, an interest rate hike can have several effects on your investments. Higher interest rates translate into higher mortgage loan costs. This can make homes more expensive for buyers, thereby reducing the demand for home purchases. Reduced demand also hurts sellers as they need to reduce the prices of their homes to attract buyers. 📉

On the other hand, as interest rates rise and lending standards become tighter, fewer real estate transactions will take place. This could mean that more people will need rental properties until they can afford a mortgage. 🏠

Some strategies for dealing with interest rate hikes include:

🔒 𝗟𝗼𝗰𝗸𝗶𝗻𝗴 𝗶𝗻 𝗮 𝗳𝗶𝘅𝗲𝗱-𝗿𝗮𝘁𝗲 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲: This can provide some certainty and stability in your monthly mortgage payments.

💵 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗿𝗲𝗻𝘁𝗮𝗹 𝗶𝗻𝗰𝗼𝗺𝗲: If you own rental properties, you may be able to increase the rent to help offset the increased cost of borrowing.

🚫 𝗥𝗲𝗱𝘂𝗰𝗶𝗻𝗴 𝗲𝘅𝗽𝗲𝗻𝘀𝗲𝘀: Look for ways to reduce your expenses and increase your cash flow. This could include refinancing other debts or cutting back on discretionary spending.

⚖️ 𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝘆𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼: Consider diversifying your investment portfolio to include assets that are less sensitive to interest rate movements.

Everyone has a unique situation and not all option works best for you. It’s always a good idea to speak with a financial advisor before making any major decisions.

06/03/2023

𝗛𝗼𝘄 𝘁𝗼 𝗔𝘃𝗼𝗶𝗱 𝗛𝗶𝗿𝗶𝗻𝗴 𝗮 𝗕𝗮𝗱 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗿 𝗶𝗻 𝗠𝗲𝗹𝗯𝗼𝘂𝗿𝗻𝗲: 𝟱 𝗥𝗲𝗱 𝗙𝗹𝗮𝗴𝘀

Are you looking for a reliable property manager in Melbourne? If so, you need to be aware of some red flags that could indicate poor service, lack of professionalism, or even fraud. Here are some of the signs that you should avoid when choosing a property manager:

𝗡𝗼𝘁 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲𝗶𝗿 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀: 🤔 A good property manager should have a clear understanding of their role and duties. One of the important responsibilities of a property manager is to assist landlords with purchasing landlord insurance and ensure all compliance checks are met. Another responsibility is to comply with the new rental laws in Victoria that expand the rights and responsibilities of renters and landlords. If they don’t know or follow these responsibilities, they could expose you to risks and compromise your investment.

𝗟𝗮𝗰𝗸 𝗼𝗳 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻: 🗣️ A good property manager should keep you updated on what’s happening with your property, such as inspections, maintenance, repairs, renter issues, and rent collection. If they don’t respond to your calls, emails, or messages promptly, or if they don’t provide you with regular reports, this could mean that they are not managing your property effectively or transparently.

𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀: 🚫 A good property manager should offer a comprehensive range of services that cover all aspects of managing your property. This includes renter screening, lease preparation, rent collection, maintenance coordination, inspection reports, financial statements, and more. If they only offer limited services or charge extra fees for certain tasks, this could reduce the value and quality of their service.

𝗣𝗼𝗼𝗿 𝗳𝗼𝗹𝗹𝗼𝘄-𝘁𝗵𝗿𝗼𝘂𝗴𝗵: 📞 A good property manager should do what they say they will do and deliver on their promises. If they fail to follow through on their tasks, such as arranging repairs, collecting rent, conducting inspections, or enforcing lease terms, this could damage your relationship with your renters and jeopardize your investment.

𝗡𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗿𝗲𝗻𝘁𝗮𝗹 𝗵𝗶𝘀𝘁𝗼𝗿𝘆: 📝 A good property manager should check the rental history of potential renters before approving their applications. If they don’t do this, they could end up renting your property to someone who has left a previous property in poor condition, caused extensive damage, defaulted on rent payments, or breached lease terms. This could result in legal issues, repair costs, and loss of income for you.

If you have any questions about finding a trustworthy and professional property manager in Melbourne, please feel free to contact me anytime. 📲📧

02/03/2023

𝗗𝗼𝗻'𝘁 𝗟𝗲𝘁 𝗟𝗼𝘄 𝗙𝗲𝗲𝘀 𝗙𝗼𝗼𝗹 𝗬𝗼𝘂: 𝗧𝗿𝘂𝘀𝘁𝘄𝗼𝗿𝘁𝗵𝘆 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗿𝘀 𝗮𝗿𝗲 𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹

As a property owner or investor, you may be tempted to choose a property manager solely based on their fees. However, a low fee does not necessarily mean you are getting the best value for your investment. In fact, having a trustworthy property manager is more important than just looking at the fees themselves. 💰

When it comes to managing your property, you want someone who is not only reliable and efficient but also ethical and honest. 😇 A trustworthy property manager will have your best interests at heart and will take care of your property as if it were their own.

Choosing a trustworthy property manager can lead to better tenant satisfaction, which can translate into longer-term tenancy and ultimately increase your return on investment. In contrast, a property manager who cuts corners or neglects their responsibilities can cause tenant turnover, leading to higher vacancy rates and ultimately hurting your bottom line. 📉

Moreover, a trustworthy property manager will be transparent and communicate effectively with you. They will keep you updated on the status of your property, provide you with detailed reports, and give you peace of mind knowing that your investment is in good hands. 🤝

In short, when it comes to property management, it's essential to prioritize trustworthiness over fees. While a low fee may seem attractive, a trustworthy property manager can bring far more value to your investment in the long run. 🏘️

23/02/2023

𝗠𝗮𝘅𝗶𝗺𝗶𝘇𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗥𝗲𝘁𝘂𝗿𝗻𝘀 𝗮𝘀 𝗮 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿: 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝘆𝗰𝗹𝗲

As a property investor, understanding the property market cycle is key to maximizing your returns. The cycle is made up of four stages: expansion, hypersupply, recession, and recovery, each of which has its unique characteristics.

During the 𝗲𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 stage, the property market experiences growth, with property prices rising, demand being high and supply being limited. Developers and investors are optimistic about the market, and there is a lot of construction activity as a result. At this stage, there is an opportunity for investors to buy and hold properties for long-term appreciation. 👷‍♂️

The 𝗵𝘆𝗽𝗲𝗿𝘀𝘂𝗽𝗽𝗹𝘆 stage, on the other hand, is characterized by an oversupply of properties, high vacancy rates, and falling prices. Demand starts to decline, and developers and investors become cautious, leading to reduced construction activity. This stage presents an opportunity for investors to look for undervalued properties that can provide a steady rental income. 🏘️

The 𝗿𝗲𝗰𝗲𝘀𝘀𝗶𝗼𝗻 stage is marked by a severe decline in the property market. Prices and demand fall sharply, and there is little construction activity. This stage is often triggered by larger economic downturns or financial crises. In such situations, investors should be cautious and avoid making rash decisions such as selling their properties at a loss. Instead, they can look for opportunities to acquire properties at lower prices in anticipation of a recovery. 📉

The 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝘆 stage is when the property market begins to stabilize and grow again. Demand increases, prices start to rise, and construction activity picks up. Investors can take advantage of this stage by selling properties for profit or holding onto them for further appreciation. 📈

Understanding the property market cycle is crucial for property investors in determining when to buy, sell, or hold properties. By working with a trustworthy real estate agent and monitoring the market cycle, investors can maximize their returns and minimize risks.