Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Latest


Must Read


PM Tech Startup Growth Sales Marketing Industry Buyers Agent

Startup


Buyers Agent


Our Events


Real Estate Business Awards 2021

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

LEARN MORE
VIEW ALL
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.

Signboard surprise delivers agent $4.31m sale

By Nick Bendel
11 December 2014 | 1 minute read

Outdoor marketing has paid off for one agent, after a country visitor saw his name and asked him to sell his long-time Sydney home.

The 720 square-metre, five-bedroom Clovelly home (pictured below) was sold at auction last Saturday for $4.31 million after the reserve was set at $3.7 million.

“The vendor was in town and he saw my name on a signboard. He took a photo of the signboard, Googled my name, and looked at my history and experience in the eastern suburbs,” said NG Farah partner Martin Farah.

Advertisement
Advertisement

“I met him and his wife and built an instant rapport with them. I built their confidence within a one-hour meeting, and he proceeded to give me the verbal go-ahead to start marketing that night.”

Mr Farah told Real Estate Business that the sale was emotional, because the Grafton-based family had owned the block for about 70 years.

“We had discussed the possibility of achieving a great result, but we didn’t expect to get over $4 million,” he said. “Most agents gave opinions of $3 million to $3.5 million. We set the reserve according to the interest – we had 27 contracts out and a huge demand leading up to the auction.”

Mr Farah attributed the high bidding to the property's excellent ocean views and the fact it was set on three titles.

“There was a possibility to have three separate blocks of about 240 square metres each – and there were developers looking at it,” he said.

“It was bought by a home owner. If you’ve got a home owner bidding strongly and a developer bidding strongly and the home owner outbids the developer, you know you’re going to get a maximum result.”

Mr Farah told Real Estate Business that Clovelly’s beach-side location had driven massive growth in real estate prices during the 28 years he had worked the area.

He revealed that he'd written about $200 million of business in 2014 and expected to finalise four sales in the next week with a combined value of about $16.2 million.

His biggest sale this year was a mixed commercial-residential centre in La Perouse that was purchased for $8.2 million by a foreign buyer.

Source: NG Farah

Source: NG Farah

Source: NG Farah

Source: NG Farah

Source: NG Farah

Source: NG Farah

 

Signboard surprise delivers agent $4.31m sale
clovelly
lawyersweekly logo

Feeling burnt out? The newest event to hit the industry, REInnovate, is a must-attend for serious real estate professionals facing the pressures of a heavy workload. Get ready to walk away with the undeniable structure for success, efficiency and profitability, and get yourself back on track to focus on what’s really important for your business. Get your early bird ticket now.

Tags:

ABOUT THE AUTHOR


Listen to other installment of the Real Estate Business Podcast
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.