Tim Heavyside, sales agent, auctioneer and director of Melbourne based Fletchers, is the very auctioneer we critiqued with behavioural scientist Simon Russell in our first episode! Tim is the consummate professional, and it should come as no surprise that he is acutely aware of the ways in which his actions influence the behaviour of property buyers.

Buyers need to be very, very aware that many auctioneers, particular someone like Tim, invest an enormous amount of their own personal development, education, training and practice to get to a point where they are an absolute expert at what they’re doing.

This is a very revealing episode, in which we covered:

• How he “gets in buyers’ heads” so they engage and bid at auction.

• How he stops confident bidders scaring off timid bidders.

• The subtle distinction between indicative sale price and an estimated sale price.

• What’s Goldilocks and the Three Bears got to do with property?

• Nasty vendors and nice vendors - who gets the best price?

• What happens when you get fined for under-quoting.

• How storytelling gets traction and how traction gets momentum at auction.

• How often luck is involved at auction for both sellers and buyers.

• What happens when the owner wants more than the agent has quoted them?

• The anchoring statements he makes and their desired effect.

Veronica’s video on how to set your maximum bid: https://gooddeeds.com.au/auction-tips/how-do-you-set-a-maximum-auction-bid/

Tim’s profile:https://fletchers.net.au/team/tim-heavyside

Show transcript and behavioural bias download:www.theelephantintheroom.com.au/podcasts/036

Want to work with Veronica? Send her an email! [email protected]

Want to work with Chris? Send him an email! [email protected]

See omnystudio.com/listener for privacy information.

 Jane Slack Smith is probably best known for creating the Your Property Success online education program. Jane has worked with thousands of students through the Ultimate Guide to Renovation course and Location Masterclass and also runs a successful mortgage broking business. In this interview we cover a lot of investment fundamentals, including:

1. The danger of “hot-spotters” who forget to tell you when to exit.
2. Why you don’t need to be an active investor or have lots of properties to be successful.
3. The difference between a property flip and a flop.
4. The cost of time when renovating.
5. Renovation strategies: Repair, Rejuvenation, Refresh, Restructure and Revamp.
6. The real cost of a dream lifestyle in retirement.
7. The importance of cash-flow.
8. Why borrowing capacity is going to get worst
9. The truth behind “that 60 Minutes story” and sensational journalism.
10. How to narrow 8,000 suburbs down to 330 suburbs.
11. Just because something is cheap, doesn’t mean it’s less risky.
12. How bad decisions often compound.

Jane’s eBook - The Room-by-Room Guide To Renovate For Profit:https://go137.isrefer.com/go/rbrvm/vmorgan/

Jane’s eBook - The Number 1 Mistake Property Investors Make: https://go137.isrefer.com/go/lmvm1/vmorgan/

DISCLOSURE: Jane has generously offered “The Elephant” a sponsorship agreement, which means if you go on to subscribe to one of her courses after downloading either of these eBooks, she’ll make a contribution towards the production costs of this podcast.

Jane’s podcast:http://yourpropertysuccess.com.au/podcast/

The 60 Minutes report:https://www.youtube.com/watch?v=smPR0s2W-Ck

The Media Watch story on the 60 Minutes story: https://www.abc.net.au/mediawatch/episodes/60-minutes-property/10300068

Want to work with Veronica? Send her an email! [email protected]

Want to work with Chris? Send him an email! [email protected]

See omnystudio.com/listener for privacy information.

Shelley Horton has been a property valuer for over 20 years and worked in many different parts of the industry including the much misunderstood area of Lenders Mortgage Insurance. For the past five years, Shelley has been running her own buyers agency in Sydney and her expertise extends to helping tree changers in the Blue Mountains.

As usual, we covered plenty of ground in this episode, including:

• What a good valuer does when researching recent sales.

• Why the sale price doesn’t tell always the full story.

• How banks and buyers value property for different reasons.

• Why what else is on the market can change a property’s value.

• How being cashed up can make you susceptible to overpaying.

• Who does lenders mortgage insurance protect?

• Dangers in investing where banks don’t want to go.

• Why young couples are tree changing to Blue Mountains

• What to buy in more volatile markets.

• Why national parks can be a good thing for property prices.

  Link: www.theelephantintheroom.com.au/podcasts/034

Work with Veronica? [email protected]

Work with Chris? [email protected]

See omnystudio.com/listener for privacy information.

Peter Koulizos is one of Australia’s best known property commentators for good reason. As a university lecturer, Peter’s passion and skill is in educating people and he brings research to the minds of investors that makes a hell of a lot of common sense. Peter is also a respected author and this episode is one that you’ll be nodding your head to as he is so practical! Some of the big points we covered include:

• Which locations he thinks will get the best return in next 5-10 years.

• Why the apartment market is a different beast to houses.

• How do developers make a profit.

• Why Australians LOVE older property.

• If population is a good determinant of capital growth.

• Can small cities grow at the same rate as big ones.

• Should you time the market, or focus on time in the market?

• Do overseas experts understand the Australian Property market?

• How you can pick the next growth suburbs.

• The what, how and why of Gentrification

• Is property unaffordable really?

We will have to get Peter back on because Chris got told off for continuing to ask questions!!

www.theelephantintheroom.com.au/podcasts/033

Work with Veronica? [email protected]

Work with Chris? [email protected]

See omnystudio.com/listener for privacy information.

Ben Kingsley is probably best known for being one half of Australia’s number one property podcast “The Property Couch”. Ben is without doubt one of Australia’s big names when it comes to property investment and his business Empower Wealth has helped thousands of Australians. It was such a pleasure to get Ben fired up and we sure did get to talk about the things nobody talks about!

• The case for regulation of the property industry.

• Should you buy and hold, or buy and sell?

• Why low wages growth will be a worry for property investors.

• How big data could improve investing opportunities.

• What is PICA and why investors should join.

• Why a lot of financial planners don’t look at property.

• How families should come together with family wealth.

• The best money management system for your life.

• Why negative gearing is a political tool and how removing it will affect the market.

• How house and land packages are sold, and discounted.

• What do state governments really want and why GST may be going up.

• Why second tier cities need to be on your radar.

What a brilliant episode!

Links:

The Property Couch https://thepropertycouch.com.au/

Property Investors Council of Australia - PLEASE JOIN! https://pica.asn.au/

Work with Veronica? [email protected]

Work with Chris? [email protected]

See omnystudio.com/listener for privacy information.

Anthony Millet, director of BrickX, which offers a new model of getting onto the property ladder “one brick at a time”. This is NOT a sales pitch, rather an exploration of what it means when a “lumpy asset” is broken down into “bricks” that can be sold one at a time. Here’s what we cover:

• What is fractional property investment?

• What’s been the best performing investment over the past 20 years.

• The benefits of liquidity and the power of cash.

• Why property can’t be measured like your share portfolio.

• Issues with diversification.

• The philosophy underpinning blue chip investment property.

• Why venture capitalists are liking this model.

• How much gearing is required to make a blue chip property positive geared.

• Why you should not use your credit card to buy investments.

• Short term versus long term property investment.

• A potential market adjustment resulting from changes to negative gearing.

• What drives the flight to safety in times of crisis.

• The affordability problem and what’s really caused it.

Fundamentally any investor MUST remember that quality beats quantity, so listen and let us know what you think about this as an option.

Links:

www.brickx.com Pessimism Research: https://www.realestate.com.au/news/wannabe-homebuyers-wont-sacrifice-coffee-smashed-avocado-new-brickx-survey-shows/

Work with Veronica? [email protected]

Work with Chris? [email protected]

See omnystudio.com/listener for privacy information.

Kylie Davis is a content extraordinaire who has worked in and around the property market for many years. Originally a journalist, she recently started her own content marketing business after spending four years at Australia’s #1 property data source, CoreLogic. This is such an amazing episode as we explore data but also the people side to property. Here’s a few of the things we discussed:

• How property is more about people than prices.

• What buyers and sellers really think about sales agents.

• Why low expectations presents an opportunity for real estate agents.

• The best agent aren’t necessarily those who sell the most.

• How to mystery shop the best agent for you.

• How poor agent behaviour can turn off buyers.

• How technology is changing the real estate experience.

• What’s the difference between median value and median price?

• Which data can help determine your bidding strategy.

• How the principal of “measure twice, cut once” applies to buying property.

This is such a great episode to further your thinking on what may change in property, and what will stay the same.

Links:

https://www.theelephantintheroom.com.au/podcasts/030

https://www.linkedin.com/in/kyliecdavis

Kylie’s article on buyer and seller psychology:

https://www.propertyobserver.com.au/forward-planning/advice-and-hot-topics/87278-psychotic-vendors-ungrateful-landlords-feral-tenants-and-disgruntled-buyers-why-estate-agents-hate-houses-and-people-kylie-davis.html

Corelogic reports on buyer and vendor perceptions of agents

https://www.corelogic.com.au/news/future-of-real-estate#.W3z0eZMzZTY

https://www.corelogic.com.au/news/perceptions-of-real-estate-agents#.W3z0epMzZTY

Work with Veronica? [email protected]

Work with Chris? [email protected]

See omnystudio.com/listener for privacy information.

Fiona McKenzie is a negotiating extraordinaire and runs her own consultancy firm. She has degrees, MBA and university medals on her mantle piece, but what was so interesting is that this is all about the “Elephant”. There are so many great techniques that we can all use in life in this episode but more relevant when negotiating to buy a property.  

We discussed so many great point and here are just a few of the big ones:

• What a BATNA is and why you need one.

• Why must have a least acceptable agreement BEFORE you start.

• How to negotiate by knowing the other’s motivations.

• What is the point when you will get long term buyers remorse.

• The “winners curse” phenomena.

• Why some negotiation is not always about the price.

• What has been debunked in negotiation tactics.

• Why silence is so effective.

• When to use the “going to the balcony” technique.  

• How great negotiators practice to get perfect.

• When “gut feel” should be trusted.

This is such an important episode on negotiating smartly.

https://www.linkedin.com/in/fionamckenzie/

https://resolvingmatters.com.au/about-us/

BATNA - https://www.pon.harvard.edu/daily/batna/translate-your-batna-to-the-current-deal/

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The stress created by “keeping up with the Joneses”.

Introducing, a very funny and insightful Lynette Malcolm. Lynette is one of the top agents in the Upper North Shore of Sydney and knows her market better than anyone. Chris was sadly absent for this episode, but he wouldn’t have had a chance to get a word in because Veronica and Lynette bounced off each other hilariously.

In particular they covered:

• How home priorities change when kids finish school.

• Where the money flows to from the Upper North Shore.

• When renting before buying in a new area can be the right move.

• Why you shouldn’t apologise when viewing a property multiple times.

• Is “happy wife, happy life” driving the vast majority of our property market?

• How our home is our castle and status drives many decisions.

• What can happen when you rush and buy the wrong home.

• Why you need to be careful when finding comparable sales data.

• How to position your offer to improve your chances of acceptance.

• In what circumstances will an offer never be accepted?

This is such an enlightening episode into the dynamics of buying a home.

https://chadwickrealestate.com.au/team/lynette-malcolm/

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What should buyers look at before buying a "renovator's delight"?

Introducing, Tom Wills. Tom is an Architect of over 20 years and runs his own firm TWArchitects, specialising in residential design and small developments.

This is one hell of an episode that gets the elephants roaring in the renovation world.

There’s lots to cover in this one and this list is only the start:

• Why you should go to see an architects before you buy your dream property.

• How councils are their own kingdom and do things their way or the highway.

• Beware the community NIMBY group.

• Why Council rules are subjective, not set in stone.

• Why you should not fall for myth of precedence.

• How planning rules constantly change and you need to have a plan of attack in advance.

• How you can under capitalise, even more so than over.

• Styles of houses go in and out of fashion, but what enduring qualities survive?

• What to look for in an architect.

• Issues with building contracts to be aware of.

You do not want to miss it if you’re even dreaming of renovating.

Links:

https://www.ubank.com.au/newsfeed/articles/2017/02/new-documentary-explores-how-we-can-redefine-the-australian-dream

www.TWarchitects.com.au

https://www.planningportal.nsw.gov.au/

http://www.architecture.com.au/architecture/national/working-with-an-architect

See omnystudio.com/listener for privacy information.