A leading real estate agent has launched a new website that allows investors to obtain detailed reports on the development potential of any property in Victoria.
iSeekDevelopments allows users to search any address in Victoria and obtain a report that summarises the land size and dimensions, easement location and local planning restrictions they need to be aware of when building or developing real estate.
Allens Real Estate director and auctioneer Grant Lynch, who was named a Top 100 Agent in 2013, launched the website last month with co-founder Luke Tadich. The pair plan to extend the website’s capabilities to allows users to obtain reports of all properties in Australia.
Included in the automated feasibility report is a calculator that enables people to work out the potential profit of buying, building and selling the property.
“This is the first time that this crucial combination of information has been available through one singular channel, and is set to streamline the investment property industry,” Mr Lynch said.
The founding team interviewed professionals throughout Victoria to determine the expert conveyancer, builder, mortgage broker, architect/draftsperson and real estate agent in each council area, to provide a specialized recommended team to users, for their specific area.
The reports generated by iSeekDevelopments provide users with the contact details of experts who are experienced with residential property developments in their specific location. They can then approach these experts to further assess the site for its development potential.
Mr Lynch, who specialises in property developments, was looking for a new way of simplifying the process for investors.
“The idea for the site came after witnessing the real life frustrations that new property developers were experiencing over and over again,” he said.
According Mr Tadich, if someone doesn’t fully understand the details of property development, it can cost thousands or even millions of dollars, years of their lives, and potentially result in emotional strain – simply because they did not fully understand the project before commencing.
“My wife and myself went through a fairly painful learning experience with our first investment property,” Mr Tadich said.
“Finding the property, someone to do the plans, a builder, and financing issues... I thought, ‘There has to be a simpler way to get through this process’,” he said.
“There isn’t, so we put together this website, and we created one.”
The website has launched in Victoria and is scheduled to be rolled out across Australia by the end of the year.
Reports are priced at $89.95.
The company is currently in discussions with several national real estate networks and property investment groups interested in how the reports can help their clients.