Last Updated: September 27, 2016
UPDATE: Price Finder have completely overhauled their system recently, and I’ve gotta say, it’s very schmick!
Everything is now where it should be, making it easier to get your hands on important information… fast.
Here are some of the highlights in the latest (September 2016) Price Finder release:
- Easier access to recent searches and a cleaner functionality for discovering new properties using Quick Search on any page
- Auction history now available along with more interactive charts
- Owner type information so you can structure your offer differently if the vendor owns the property as an investment – as opposed to living in it
- More commercial data available powered by Commercial Real Estate
- A new section that reveals zoning for that property
As you know, I’m committed to providing you with access to everything you need to become an experienced, successful property investor. So I went ahead and re-recorded all my Price Finder video tutorials.
The new videos can be found in the blogpost below, along with a stack of other great tips for getting the most out of your Price Finder access.
Don’t have Price Finder yet? You can now get started for as little as $97 a month! Find out more about our PriceFinder packages here.
Having the ability to find great property deals that actually stack up is often undestimated.
It’s just not as simple as setting up a realestate.com.au email alert and hoping the deal of the century will just land in your inbox.
To find great property deals you need to have a number of irons in the fire. In fact you need 7 deal finding strategies in the fire but today I’m going to focus on just one.
The tool I use most to help me find and acquire outstanding property deals is Price Finder. This incredible online resource has come a long way over the years and now stands as the industry standard for analysing property data. I have often even heard it referred to as ‘x-ray vision for property investors’!
If you’re serious about investing in property, you’re going to need to invest in the proper tools to make it work. Yes, you can minimize costs by using free resources like Google Maps, suburbview.com or investsmart.com.au but if you want to stay on the cutting edge and do it like pro, you need a tool like Price Finder.
Ok so what does Price Finder actually do?
PriceFinder has a stack of benefits specifically designed for property investors so let’s go through some of the key advantages:
Historical sales data
Price Finder will give you past sales history in just about every suburb in Australia which will give you the inside knowledge of the property you are interested in and what it might be worth today. This really gives you the upper hand when formulating an offer to purchase or negotiating with an agent.
You see, once you know how much the current owner paid for the property, you can begin to understand their financial position.
For example if the seller is the existing owner of the property and purchased the home back in 1970 for $30,000, you can be pretty sure there is no debt associated with the property.
This means the seller may have more room to negotiate on price since he or she doesn’t have to pay out a bank debt upon settlement. He or she maybe more interested in negotiating on terms like a longer settlement so they have time to find alternative accommodation.
Conversely, if the owner bought the property 3 years ago for $500k and is now selling for $550k, you can bet your bottom dollar they wont have any room to move on price since the debt will still be quite high.
This provides valuable knowledge so that you can structure your offer to suit. For example, paying the asking price (or offering higher) with the agreement that you have a longer settlement with access to begin renovating the property.
Price Finder has some phenomenal functionality and search filters that allow you to check out sales history data for the entire street, suburb or via a customized radial search.
This is extremely helpful when looking to purchase a property that does not have a listing price or is going to auction.
By investigating the neighboring house in your street or suburb, you will discover, not only what the owners paid for them but when they purchased and how much they would currently rent for. Coupled with this data you can look at property specifics like how many bedrooms, bathrooms, car accom, lot size and positioning of easements.
But Price Finder has taken this function to a whole new level.
It’s called the Property Estimate Tool and has become one of the favourite applications in the software. All you need to do is click on the Property Estimate Go button and Price Finder will spit out the top 6 comparable sales using its clever algorithms and parameter matching software.
You can then adjust the similarity to your property using a sliding scale on how accurate you believe the price comparable to be.
Literally within a few clicks you have created your own estimated sales value report that can be used to back up your own offer to the agent.
This data, along with all the photos and mapping information provided, allows you to formulate a comprehensive view on what the property is worth, without leaving the comfort of your own home!
This video articulates the above strategy:
Liking Price Finder?
We have three memberships that include PriceFinder access – Deal Finder Toolkit, Platinum Membership, and Ultimate Membership. You can compare the memberships here:
If you’re looking to subdivide or develop, this is where PriceFinder really starts to become sexy.
The mapping functionality has improved out of site. Not only can you zoom in on any particular house, anywhere in Australia but you can also ascertain the dimensions of the block and measure specific distances with the application’s online ruler.
This is incredibly handy when you need to work out setbacks to maximize your building envelope, measure side access and proposed lot dimensions to ascertain if you can subdivide and legally access the rear lot.
Using the interactive mapping functionality actually means you can go hunting for sites that are not on the market but are suitable for your subdivision or development strategy. If you see a site you like, it’s just a simple phone call to the local agent to ask them to approach the owner on your behalf – now that’s leverage!
On the Market Filtering
I love this functionality because it means with the click of a mouse, I can check out every property that is on the market in a particular suburb.
Big deal, you can do that on any website that sells real estate. But here’s the twist.
With Price Finder, you can sort the search to show all the properties that have been on the market for, let’s say 365 days.
If a property has been on the market for over a year, there is something wrong. One of three things is happening:
- The agent is not doing a great job and its time for you to approach the owner directly to find out what the story is.
- The property is overpriced in which case the vendor has not been motivated to sell. Now a year has passed, has their motivation changed? It’s worth asking the question.
- There is a problem with the property that nobody wants to fix. Property investing is all about solving problems. Find the solution to the problem and you unlock the profit.
This could be your monthly task! To check in and see who’s still got their house on the market after a year of frustration and contact them to see if you can end their misery with a win-win offer based on the knowledge you have gathered form PriceFinder.
This video articulates the above strategy:
I could go on and on describing the benefits of PriceFinder and how it will assist you in becoming the master at finding great property deals. Once you have access to it, you’ll discover just how deep this data research goes and how you can utilise it for your own investing purposes.
Ok so what’s the price to access this incredible online resource?
Well PriceFinder have a number of packages that are tailored to the needs of the user. Depending on whether you are an investor, real estate agent, industry professional, it can vary dramatically.
If you are a genuine property investor wanting to get access for your own investing needs, contact us to check out some of the Property Resource Shop annual memberships. You’ll discover a mountain of property investing tools and resources, including access to PriceFinder.
Click the link below to read more about how PriceFinder can benefit your property investing: www.propertyresourceshop.com/pricefinder
Here are two more onscreen capture videos that will greatly assist with understanding PriceFinder:
Video 1 provides an outstanding process for filtering properties in any suburb to uncover splitter blocks.
Splitter blocks are properties that have two lots on one registered title and are seen as jackpot properties by savvy property investors…. Meaning you’ve hit the jackpot and discovered a potentially exceptional deal!
This is because the splitter block configuration negates the need for a formal subdivision process and more importantly removes the $27000 fee (Brisbane City Council price) that council charges the developer for infrastructure costs (council contributions).
(Note that this filter is currently available in Queensland only.)
I would like to acknowledge Daryl Rae for his contribution to this video. Daryl is a long time Property Resource Shop Platinum Member, a valued colleague and friend of mine PLUS he is a successful property investor in his own right (he retired from his job at aged 40!)
Daryl taught me the above strategy many years ago and it has assisted me to find a stack of splitter block deals which has lead to some amazingly profitable opportunities – thanks Daryl!
Video 2 (If you’re just wanting to get a good bird’s eye view of how Price Finder is laid out, this is the video to watch.)
Across the 11 minutes you’ll discover some of the key aspects to Price Finder and how you can implement this resource into your own property investing to uncover great deals and formulate quality offers using the latest data.
Are You Ready For PriceFinder?
Our Deal Finder Toolkit, Platinum Membership, and Ultimate Membership all come with PriceFinder access built-in, in addition to many more benefits. You can learn more and compare the three memberships here: