Rick Otton Breaks Down Online Resources
I remember this famous saying by Benjamin Franklin: “By failing to prepare, you are preparing to fail.” This is true for many situations. And for property investors, research is one of the most important steps in preparation.
To give an example, last July 10, it was announced that Fairfax paid $50 Million to purchase AllHomes Property Website. This goes to show you just how valuable online data resources can be when doing your research.
Having mentioned that, one of the most frequently asked question is which property website is the best. Personally, I find that there is no concrete answer to that one.
Keep in mind that online resources are merely tools at your disposal. They help make things easier – yes. But it’s still up to you how to utilise them properly. Contrary to popular belief, there is no “one size fits all” approach that works in all parts of the country.
I’ve found that the majority of investors in Australia approach their research to property in the same way that they approach buying their weekly groceries. We’ve all got a favourite source of information, and we stray from it only rarely and when circumstances dictate we have to.
What I’ve found is that there are different market leaders for property listings and research depending on which part of the country you are in. For example, most investors in New South Wales and Victoria are familiar with the Sydney Morning Herald and The Age newspapers. What they might not know is that the leading property marketing website in those states, http://www.Domain.com.au, is owned by the same company as those two newspapers.
The leading way to advertise and sell property in Canberra is through the AllHomes.com.au portal, which coincidentally was just bought out by the Domain Property Group.
In the wider Australian market, there is no doubting that the industry “gorilla” is http://www.RealEstate.com.au, which attracts millions of page views every week. This is driven by their clean layout, geographic diversity as well as options for both renting and buying meaning that more real estate agents and sellers choose to list there than anywhere else.
For more general sources of information about property in a particular area such as average selling price, average rent and density, sites such as http://www.RPData.com.au and Australian Bureau of Statistics data are both fantastic free resources for investors looking to do high quality research.
For investors to succeed they need several factors, which includes creative strategies to make the most of any market conditions, effective research and high quality information. This is the reason that these factors are the focus of the regular podcasts on my website.
Investors interested in downloading the most recent podcasts of the We Buy Houses Radio Show which is hosted are encouraged to visit the website http://www.WeBuyHousesRadio.com. There are also numerous complementary resources available to read and download from the site.