We love a challenge at The Henry Wong Team®. When our vendors presented us with a block of four units to sell in Camp Hill, we knew it would be a tricky undertaking. Never once did we think it couldn’t be done, no matter what the market is doing. Let’s take a look at how the marketing campaign and the auction went down.
22 Bundah Street, Camp Hill
The property itself is a block of four units sitting on an expansive corner block in a sought-after area. Zoned as character residential, the block and the individual units all need some work.
Now the number of potential buyers for a block of flats is aways going to be less than for, say, a family home. Also, most properties in Camp Hill and most blocks of units across Brisbane, are being passed in at auction, meaning they don’t meet the reserve price. So we had to put this property in front of the right buyer, one who saw the prime opportunity for a real estate portfolio expansion.
The four units were all tenanted out, bringing in $61,100 in rent per year. It’s difficult for investors to resist such compelling instant returns. We just had to market the property effectively so they knew it was for sale.
The Marketing Campaign
When the market is running hot, you can get away with simply marketing to local buyers. Most real estate agents tend to do this. However, when things start to slow down a bit and you have a unique property such as this one, you can’t rely on local buyers. You have to drum up interest further afield.
That means marketing to interstate AND international buyers. The Henry Wong Team® has been building up a large network of buyers, both passive and active, over a number of years now. Many of these are affluent Asian buyers looking to secure investments in Australia… investments such as 22 Bundah Street.
We only had 20 days before this home went to auction. So our team got to work. After creating exquisite visual marketing material using photography, videography and floor plan professionals, we marketed to this network and to the 14,000 subscribers who receive our regular emails.
It went onto the usual real estate portals, realestate.com.au and domain.com.au, but instead of just relying on those we leveraged our large social media following to exponentially spread the word about this listing.
This following includes over 12,000 Facebook followers, over 4,000 Instagram followers and over 1,000 Linkedin connections. On top of that, we also have a network of 35 buyers agents that we deal with.
After an intensive marketing campaign it was time to go to auction. You can see how the day unfolded in the video below.
Leading up to the auction we had 42 enquiries over social media. Our team showed 25 separate groups through the property for an inspection, and one the day we had three registered bidders.
Most importantly, the reserve price was met, and the property successfully sold for $1,242,000. We had ecstatic vendors on our hands, and very happy buyers too. That’s a good outcome in our books!
If you’d like to talk more about real estate in Brisbane and Australia, and the state of the market in general, please get in touch. Henry is always available to give advice and answer questions.