Rich Harvey

The way you do that is to get out every week, at least twice a week on a Wednesdays or Thursdays when there's open week, midweek inspections and also Saturdays.

And this is where it's a very time consuming activity and go to lots of auctions, go to lots of open homes, but only obviously look at properties in your price range.

There's no point of looking properties 500 or 100,000 or a million dollars above your range.

There's no point unless you've got the capacity to go there.

You've also got to develop very deep and wide relationships with all of the local agents.

And this takes time and you've got to understand how they price property, how they operate, how quickly they sell or how slow they sell depending on market conditions.

And you also need to track auction results.

I mean, we're going through a stage now in Sydney and Melbourne where the market's retracting a bit, right?

We're seeing price guides being revised.

We're seeing price guides being much more accurate.

So it's very important to keep a week by week handle on the market.

Just like last year in 2021, it was an incredibly fast market.

Prices were moving almost 2% or 3% a month.

Now we're heading into a slightly changing market.

It's not dropping at 2% a month, but it's certainly correcting a little bit.

And so that gives more opportunity for buyers.

So back to your question, how deep do you go?

As deep as possible, as deep as you need to make a wise decision.

So when we do an analysis for our clients on a property, we're going to be looking at five to six comparable sales before we advise them what the value of the subject property is in today's market.

Yeah, make sure you get out there and don't just do an online research because you need to physically see the property and see if it's overshadowed or next to a busy school or a childcare centre or something like that and just see all of the negative features of the property in person.