The Elephant In The Room Property Podcast | Inside Australian Real Estate

What impact does the media have on the property market?

In this episode, property writer Kirsten Craze is brilliantly open in sharing the flaws in media world and explains how to find articles we can rely on. Here's what you'll learn:

• How different headlines can be in just one week and why they can’t be relied upon.

• How to tell the difference between journalism, PR and an opinion piece.

• Over-reserve auction results - are they real?

• For the real story read the comments on news articles about “get rich quick” schemes.

• How to leverage on supply and demand when making offers.

• Why the media taps into "everyones got an opinion" on the Australian dream of property ownership.

• Buyers have lost their imagination and it's important to look past pretty pictures and styling to know you’re not buying the furniture. The message is loud and clear in this episode: the media is a minefield and you need to know how to read between the lines!  Links:  https://www.linkedin.com/in/kirsten-craze-111367167 How to choose a good buyers agent: https://gooddeeds.com.au/buyers-agents-sydney/choose-buyers-agent/

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Will legislation make or break Airbnb in Australia?

Quirin Schwaighofer, COO of Made Comfy is extremely positive about the future of the short term rental market although he's also very clear about the elements required for success. Here's what you'll learn:

• The type of property that lends itself to short term rental and the types of owners that are most suitable hosts.
• The attention to detail required to delight short term guests.
• The difference an X-factor can make to profit and what makes Australia’s best studio apartment so special.
• Renting out a room versus making the whole property available for guests.
• The impact of new legislation on short term rentals in NSW and how the 180 night limit will change things.
• Holiday houses and what works and doesn’t work for Airbnb.
• The complexity of managing short term rental pricing and the optimum occupancy rate.
• The myriad of risks and how to mitigate them.
• Lifestyle versus investment decisions and why they need to be separated.
• The real impact of Airbnb on the long term rental market in different cities. The message is loud and clear in this episode: short term rental is an investment strategy that carries a lot of risk and careful planning is required to get it right. This podcast is a great place to start!

Links:

Made Comfy Australia short term rental report 2018

Made Comfy free short term rental pricing analysis tool

Made Comfy overview of NSW short term rental legislation

Veronica's 14 things to consider before buying a holiday home

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How to tell the difference between advice and a sales pitch.

Plus agent tips for negotiation and auction bidding.

TOP 3 THINGS THAT MAKE THE GUEST FAMOUS

1. Manly/Fairlight local specialist
2. Sales agent
3. Uses Facebook extensively to market property

TOP 10 THINGS THAT WERE SPOKEN ABOUT

1. How she uses Facebook both as a marketing and productivity tool.
2. How and why she gives advice on competitors’ listings.
3. The questions she recommends buyers ask to test whether a property would get competition in good times and bad.
4. The behind the scenes local knowledge that buyers need in order to make good decisions.
5. What makes an expert negotiator.
6. Can buyers still overpay in a buyers’ market?
7. How she handles vendors who will be disappointed about their sale price.
8. Steps buyers should take when making an offer.
9. What is a 66W and why is it so important?
10. What happens if you back out during a cooling off period.

TOP  TEN LIST  OF TAKEAWAYS.  (BIGGEST ‘AH-HA’  MOMENTS)

1. Her use of social media to foster relationships with buyers and build trust.
2. The difference between north and south side of Fairlight and which properties are the best.
3. How an effective sales agent glosses over their listing’s negatives.
4. How buyers can get an advantage when negotiating and get the agent to back their offer with the vendor.
5. Why she doesn’t usually negotiate on a weekend.
6. The unconscious signs buyers give to agents.
7. Vendors can’t control when they list, there’s a bit of luck of the draw in picking an auction date.
8. Georgi’s tips for bidding at auction and mastering body language.
9. How to do your research so you can best present your offer.
10. Differences in the type of advice given by solicitors and why you shouldn’t wait until Friday to get your contract reviewed.

TOP SIX QUOTES

“That is the big thing because good agents will be working the auction floor. Okay. You’ll soon know, so no matter what the dialogue has been with a real estate agent to say, oh yeah, we've got six contracts out, or we've got ... you're going to know how many contracts are at outcome auction day. If you've watched your registration table to know who has registered.”

“Then the important thing is watching the body language, so it's not all about the auctioneer. Let the auctioneer go in and do their thing, but where I find it's really important is watching the body language of the people that you're going to be competing against.”

“And auction's theater, it really is. There are. You can actually scare off your opposition by being that person who's got the endless bucket and so often when I go and work a crowd and someone has done that, people say “ha, we're just going to stop now”. Because we don't know if that person is going to keep going.”

“We're also finding now with it not being a hot market, it's more a buyer's market, the vendors market and lending capacities have changed, that we are a lot more open to now going to the cooling off periods and giving people that little bit more time that they need.”

THREE  TOP ACTION  ITEMS YOU WANT  SOMEONE LISTENING  TO THIS AUDIO TO DO  AT THE END OF IT?

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Who is Australia’s most famous property dumbo?

A case study that shows the cost of not learning from our mistakes.

Have you ever thought that if only you had more money, then you’d be able to buy the right property? Well in this episode we discover that wealth alone does not protect people from making expensive property mistakes. We trace the decisions, purchases, missteps, court cases and sales that resulted in losses totalling over $2 million in the span of a few short years. The thing is, this couple made some mistakes that nearly every property buyer makes at least once! If they’d only been given some good advice (or heeded it) along the way, they could have avoided a lot of pain. We can certainly all learn from this case study.

CTA

Due diligence checklist

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How to to best prepare for the experience of owning an apartment or townhouse.

Strata manager Reena van Aalst gives an in depth perspective on strata living, highlights the pitfalls for the unwary and advises how to ensure you don’t live to regret buying into a strata complex. She gives us the benefit of her experience and uncovers:

• The crucial information missing from most strata reports.
• Early warning signs for buyers that a building could be a no-go zone.
• Issues that cause pain for buyers of new apartments.
• Horror stories of buyers who’ve bought without doing a strata report.
• The type of buyer best suited to strata and those who should never buy an apartment.
• Why your lawyer may not warn you of all the pitfalls.
• What to do if you want to buy into a pet friendly building.
• What rules can be enforced and to what extent.
• How to best prepare for the experience of living in a “democracy”.
• The responsibility of an owners corporation and consequences if they fail.
• How entitlements and levies are calculated.
• What a capital works forecast is and how they can be used.
• Why special levies are raised and what owners can do about them.
• How much work a strata manager does and how to get rid of a dud one.

All this as well as explanations of multifaceted strata, cost-sharing, community title, building management committees, tumelo and other things you’ve probably never heard of.

Links:

Reena’s website:

www.stratacentral.com.au

Veronica’s strata report video:

https://gooddeeds.com.au/buyers-agents-sydney/7516/

Social heading:

What do strata inspectors look at when writing a report? What SHOULD they be looking at?

Below are the social  profile links:

https://www.linkedin.com/in/reena-van-aalst-3487b76/

https://twitter.com/strata_central

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What falls in value the most in a buyers market?

The best times to buy and sell in the inner city.

Ever wondered why some properties get lots of buyers fighting for them and others struggle to sell? In this episode with Mark Foy from Belle Property we go beyond the agent sales spiel and discover what makes an A grade property, and a B grade one and even a C grade… We also find out:

• Why the market in inner Sydney is very different to the rest of the country.
• The one market segment that’s really “firing” at the moment.
• What’s causing a shortage of listings.
• When B&C grade properties can get A grade prices.
• How to time the purchase of a B grade property.
• How and when they get a buyer to make a pre-auction offer.
• How a “Dutch auction” works in real estate.
• When is gazumping OK?
• The best time to sell in the inner city and where the bargains are.
• The pitfalls that out of area buyers don’t even know exist.
• How buyers can get the most out of agents.
• The cost of buying the wrong property.
• Interest only loans and the impact on owner occupiers versus investors.
• How to know values so you won’t miss your perfect property.

Timing the market has never been more important!

Links:

https://www.belleproperty.com/surry-hills/mark-foy/

Veronica's case study: an A grade versus a B grade.

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Is it possible to do long term property forecasting?

Have you ever wondered what you should be looking for in a property? Should we look for new infrastructure and/or anticipate the impact of driverless cars, noise cancelling and the changing nature of the workplace? The answers are in the data and Luke Metcalfe opens a fascinating window into what really matters. We discover:

• How machine learning can help us understand the property market and where it falls short.
• The 8 criteria that matter when determining future price growth.
• The importance of liveability and how it impacts land value.
• What else you need to know about train stations.
• Problems with short term data versus long term hold strategies.
• What banks do with renovation data.
• 3D imaging, voice activation, drones & image recognition; what will they mean for the property industry?
• Red herring data and the truth about space and tranquility.
• The ethnic predictors of poor growth.
• The behavioural biases that good data can help us overcome

The future meets the past in this interview. And don’t miss the biggest single factor that affects price growth.

Links:

www.microburbs.com.au

www.rapint.com

Social headlines:

Is Sydney becoming a London, a Shanghai or a Miami?

The biggest single factor that affects property price growth

Social media profiles:

https://www.facebook.com/microburbs/

https://twitter.com/microburbs

https://twitter.com/orchyluke?lang=en

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Expert guide to the new depreciation rules for property investors

A rear-window view of the good and bad decisions property investors make

Have you ever wondered whether your accountant is completely up to date on what tax deductions you can claim as a property investor? Have you ever been advised to buy property in order to reduce your tax? In this episode, quantity surveyor Tyron Hyde reveals the myths, traps and truths about property depreciation. We traverse an incredible range of topics including:

• The two biggest and easiest to avoid mistakes he sees property investors make.
• The most vulnerable buyers likely to get trapped as a result of new depreciation rules.
• 7 strategies to maximise tax benefits under new rules.
• The difference between a developer’s marketing depreciation report & a depreciation schedule.
• The danger of using depreciation as the sole decision making tool & the other numbers and tax implications investors need to know about.
• The big surprise - some accountants don’t necessarily understand depreciation & most investors don’t know everything they can claim for.
• He challenges the “fact” that land always goes up in value and reveals his magic formula combining the bottom of market and high build costs.
• How to make money out of new property and what the risks are.
• The case for not sprucing up a property before selling it.
• Why building costs have been going up and why costs blow out.

This episode contains a wealth of pragmatic, informed and clever tips for both property owners and buyers.

Links:

Tyron’s eBook + special rate for Elephant listeners:

www.washingtonbrown.com.au/elephant

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What is the difference between manipulation and influencing buyers?

How you ever wondered about the conversations agents are having with the owner about price? What about other buyers? Marnie Seinor, sales agent at McGrath Coogee, reveals her discussions throughout an auction campaign, week by week. She didn’t stop there, also giving insights into:

• Appealing to the emotional buyer & when she knows buyers are most likely to make a strong offer.
• Best times to sell and buy in the beaches market.
• Agents are liars, vendors are liars and buyers are liars.
• Strategic questions for buyers to ask agents in an auction campaign.
• What buyer “feedback” means & what offers agents will disclose to other buyers.
• What she does when only one person registers to bid at auction.
• Why underquoting still exists despite underquoting legislation.
• Tips for buyers for working out which agents to trust.
• Why agents like selling pre auction and how they make them happen.
• The best time to make a pre-auction offer and clues that you are the only buyer and should wait for auction.

This episode uncovers yet more “insider operations” that every buyer should be aware of.

Links

Veronica's blog: buy first or sell first?

Veronica's blog: sell now and wait to buy?

Veronica's blog: don't sell the wrong property!

Veronica's video: can I buy before I sell?

Marnie Seinor's profile

Work with Veronica? [email protected]

Work with Chris? [email protected]

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What's an "honest liar" in real estate and when will they be no more?

Plus: The two key things you should look for when buying an apartment.

Ewan Morton pulls no punches on why agents do the wrong thing and we have a bit of spirited debate about the pros and cons of buying new apartments. This energetic conversation traverses two very contentious issues and there are loads of revelations:

• How is a good agent able to overcome a lack of trust and manage to help both the owner as well as the buyer.
• Agents no longer hold all the information but it’s not a bad thing.
• How agents have been punished for telling the truth by vendors.
• His dialogue for telling vendors “as it is” when they should take an offer.
• The secret to getting more money out of buyers.
• How he gets buyers to trust him and why buyers should disclose info to agents.
• Treating agents with respect doesn’t mean buyers are not in control.
• Changing attitudes to apartment living and the debate about oversupply.
• What’s with the quality of new builds?
• The important things to research before buying a brand new apartment.

Another cracker episode, Ewan does not hold back!

Links:

Corelogic reports

http://store.corelogic.com.au/buyer-perceptions-of-real-estate-agents

http://store.corelogic.com.au/vendor-perceptions-of-real-estate-agents

See omnystudio.com/listener for privacy information.