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

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_centralSee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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=enSee omnystudio.com/listener for privacy information.

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/elephantSee omnystudio.com/listener for privacy information.

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] See omnystudio.com/listener for privacy information.

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-agentsSee omnystudio.com/listener for privacy information.

Will the real estate agent of the future be trustworthy? John Cunningham is a respected name in the estate and he is currently spearheading the Pathway to Professionalism program across the country. He brings surprising insights into what’s wrong with the real estate industry and why agents have no choice but to embrace change. We talk about: Why the property industry is ripe for disruption How will agents provide advice even though only the vendor pays them? The skills gap in agents across Australia. Problem with dumbed down “popular” agent training. The small percentage of agents he thinks are able to become professional Scarcity mindset versus abundance mindset and how this affects consumers. Is the end of real estate commissions in sight? The surprising churn rate of sales agents. Are Purple Bricks really a disruptor? What this unregulated market costs buyers. Why buyers make mistakes, what they’re doing wrong. Who is in control when you make an offer. The future looks bright for some but not all agents. This is one very interesting interview, especially for buyers and sellers who’ll want to be able deal only with professional agents. Links -John Cunningham’s eBooks: Owners Guide Buyers Guide Investors Guide Sellers Guide See omnystudio.com/listener for privacy information.

Can buyers ever win from being honest with real estate agents? What really makes prices go up (hint: it’s not the agents…) Sales agent and principal Michael Harris reveals the challenges real estate agents face when having price conversations with both vendors and buyers. It seems not everyone is ready to face the truth. Other revelations in this episode include: What makes an agent over-excited and believe in the property they are selling. Is a “great sales person” really the best sales agent? What makes a good property and what “rubbish” property looks like. Is there really a buyer for every house? Presentation tricks used by vendors. The biggest frustration agents have with buyers. Why buyers should open up to some agents and how much they should share. The dangers buyers face when they look before they have finance approved. The impact of credit tightening and why inner city home owners are staying put. Different types of pre-auction negotiation processes and when it’s best for a buyer to go to auction. How to be taken seriously when you make an offer. How agents recognise the early signs of a turning market. The pitfalls of taking advice from family and friends. Is the first offer a vendor receives really the best one? If you want to understand how the slowing market affects property in the inner city, you’ll need to listen to this conversation. Links: Veronica’s blog on misleading headlines https://gooddeeds.com.au/property-buyers-tip/the-australian-property-market-is-not-going-to-drop-7-5/ Freakonomics video https://www.youtube.com/watch?v=pbFkw_roJqISee omnystudio.com/listener for privacy information.

How to ensure you're protected by your building & pest inspection or strata report What do unexploded bombs, red flags, lemons and dogs have in common? Michael Ferrier joined us for a no-holds-barred talk about property inspections. What goes into them, what’s wrong with them and why you need them. He reveals some really important issues for property buyers: Circumstances when strata reports won’t be 100% accurate. The biggest warning sign to look for in a strata report. What’s better to buy: new or old? The biggest major issue in new apartments & who is obliged to fix defects. When it’s a good idea to get a building & pest inspection on a block of units Why he lobbied against compulsory building & pest inspections in contracts. The questions to ask before engaging a building inspector. The purpose of a building report and the best question to ask the inspector. The magic number of inspections a building inspector can do a day before the report suffers What “parking inspector” reports are and why they are dangerous. The circumstances under which buyers are covered by pre-purchase reports and when they aren’t Don’t rely on a pre-inspection report until you listen to this episode! Links EYEON resources for buyers and sellers: https://www.eyeon.com.au/resources/ https://www.eyeon.com.au/2018/03/26/commission-based-sales/See omnystudio.com/listener for privacy information.

Chris & Veronica discuss the need to make smarter decisions around property now that we can’t get access to as much money following APRA intervention & the Royal Commission. Borrowing capacity is a finite resource so we need to use it wisely Why the banks won’t lend you as much money as they used to The new impact of poor investments on your lifestyle The disposition effect and how it leads to selling the wrong property What locations and properties lose the most money when the market drops The secret to buying property that will survive a market downturn The biggest single impact on capital growth What the future holds for Sydney, Melbourne, Brisbane & Perth Whether affordable locations make good investments The finer points you need to know when selecting an A grade investment property How to identify a “flyer”, “floater” or “flop” and when to hold or when to sell The circumstances when hotspotting can work The problem with new units and townhouses in Sydney How to decide which property to sell An entire episode dedicated to the juicy topics of debt, risk, the quality of assets, rewards of patience and planning for the future. https://www.theelephantintheroom.com.au/podcasts/9 Veronica's blogs on: https://gooddeeds.com.au/property-selection/not-all-sydney-property-prices-fall/ https://gooddeeds.com.au/investment-property/8-reasons-capital-growth-primary-investment-objective/ https://gooddeeds.com.au/property-buyers-tip/reasons-not-to-buy-a-property/ Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Bidding on-site, in-rooms or online: which way makes buyers pay more? David Scholes has conducted some 40,000 auctions over his career and candidly shares with us many examples of buyers pushing themselves beyond their limits, the auctioneer’s role in getting them to do this and the extreme times when he actually stops mid-auction because a bidder is over extended! Other insights include: The seven stages of an auction and which one is the most important. His frustrations with sales agents. How smart agents will handle a situation when only one bidder is registered. The impact of momentum on the sales price. How a pedantic auctioneer could cost the vendor money. Why the reserve price isn’t important. The different ways buyers can respond to the pressure of an auction and which ones annoy auctioneers. How he lures reluctant bidders. What experienced bidders do to control an auction. The real reason auction clearance rates drop in a transitional market. The psychology of online property auctions and whether they will replace on-site/in-rooms auctions. Are there differences auctioning in Brisbane, Melbourne, Canberra & Sydney? Experience counts: David’s observations of the past 5 Sydney property cycles will enlighten you. Links: AuctionWORKS videos Auctionworks Tutorial - Contracts auctionworksONLINE - The ProcessSee omnystudio.com/listener for privacy information.

Are pre-auction offers really in a buyer's best interests? The inside scoop on why more properties sell before auction in a slowing market Mary Anne Cronin, sales agent at PPDRE in Sydney’s Eastern Beaches, talks about buyer behaviour in her patch as well as sharing insights into the whole pre-auction offer process. We cover a lot of ground in this interview, including: The things property buyers do that surprise her The precise point in a marketing campaign where buyers lose interest How she works both buyers and vendors in a slowing market The importance of transparency in negotiations How educated buyers can put themselves at a disadvantage What and how downsizers are buying in her area Meaningful questions buyers should be asking real estate agents The decisions buyers need to make when trying to upgrade into a house And we get the answer to that multi-million dollar question: why are prices so high in Sydney’s Eastern Suburbs? Links: https://www.linkedin.com/in/mary-anne-cronin-8328aa12/ Phillips Pantzer Donnelly http://www.ppdre.com.au/ Maryanne’s Bondi Snapshot https://www.youtube.com/channel/UCB_adtLTgw-bCo3O0Eb-sMw Veronica’s videos: When is the best time to buy property in Sydney? Do houses increase in value more than apartments?See omnystudio.com/listener for privacy information.

Learn how to sort through property data and choose what's important Don't believe the hype! What property statistics can you rely on? Kent Lardner is a “geek with a personality” and he discusses different types of property data and explains what’s important. Knowing a little bit can be dangerous, largely because of the inconsistencies & nuances of data, of which most of us know nothing. In our chat we cover: The trouble with median sales data What information you need to look at beyond sales data How agent bias can affect vendor price expectations What goes into an AVM (automated valuation model), when they are used and why automated estimates vary so much from actual sales prices in Australia Technological advances that might soon mean machines replace property valuers & real estate agents Short term and long term indicators that predict capital growth When and how to seek out local knowledge Tips for making an objective assessment of property value so you can work out what to pay How to use search engines to uncover more properties with potential If you want to make better property decisions, this episode is a must-listen-to! JLL http://www.jll.com.au/australia/en-au SEIFA scores http://www.abs.gov.au/ausstats/[email protected]/Lookup/by%20Subject/2033.0.55.001~2016~Main%20Features~SOCIO-ECONOMIC%20INDEXES%20FOR%20AREAS%20(SEIFA)%202016~1 Zillow Zestimate https://www.zillow.com/zestimate/ House Canary https://www.housecanary.com/ Will robots take my job? https://willrobotstakemyjob.com/ Free download - list of property data sources Social Linked In √TwitterSee omnystudio.com/listener for privacy information.

Confessions of a sales agent; what the future holds and what needs to change. This is quite a philosophical conversation with Shannan Whitney of BresicWhitney about the relevance of real estate agents in our changing world. We talked about many “elephants” and Shannan did not hold back on discussing: Outmoded real estate agent practises How self promotion in the age of social media misses the mark Where industry awards fall short and reward the wrong type of behaviour How the accepted measures of success fail both vendors and buyers Why the current industry structure doesn’t support change The importance of trust in a real estate transaction and how lack of trust hurts both buyers and sellers How published price guides make agents accountable, which is why many won’t commit to them What happens behind the scenes when a low offer is made Decoding “agent-speak” with some handy translations What do auction price guides really mean? The insights in this episode about the offer process will change the way you buy your next property. Links: www.bresicwhitney.com.au Veronica’s blogs on auction quoting: How to decode auction price guides. Video: what do auction price guides mean? See omnystudio.com/listener for privacy information.

How your emotions are targeted before you get to the open house. The secret to influencing buyers when selling lifestyle properties. Kate Lumby, sales agent, auctioneer and principal of Lumby Hampson in Sydney’s Hills District, reveals the performance art of property sales. In this episode we learn about: The props used by agents to “sell the dream” How she breaks down the barriers between auctioneer and bidder and gets an opening bid Different buyer behaviour and the buyers who are their own worst enemy How the “elephant” affects agents, vendors and buyers Tips for becoming the favourite buyer of both the agent and the vendor and why some people get to buy a property for less money How she recognizes buyers who are in “peak buying mode” The type of property she refuses to sell How an agent’s mindset will impact the sale price The research property buyers should do How good agents lead a buyer to the negotiation table This episode reveals all the little details that affect the way property buyers behave.Links: Lumby Hampsonhttp://lumbyhampson.com.au/ My Auctioneerhttp://myauctioneer.com.au/ Video - How to set your maximum bid at auction https://gooddeeds.com.au/auction-tips/how-do-you-set-a-maximum-auction-bid/ See omnystudio.com/listener for privacy information.

What do real estate agents really say behind the scenes? This week we interview Matt Hayson, real estate salesperson and director of Cobden & Hayson, which has 5 offices in Sydney’s inner suburbs. Matt is widely known as a straight shooter and doesn’t disappoint in this episode. His insights include: The news buyers should need to listen to in order to make good decisions Different types of buyers and which ones get the best deals How emotion overrides some buyers, even though they’ve done a lot of research How investors manifest emotion in their decision making The challenge buyers have in working out how to deal with different types of agents The conversations top agents have with their vendors behind the scenes Specific buyer influencing strategies used in a buyer’s market Why agents might give buyers “free” advice Why some unscrupulous agents are good for buyers to deal with The danger of relying on auction clearance rates to determine market conditions The truth about pre-auction offers How some vendors cost themselves a good sale price Anybody thinking of buying or selling will find this episode packed full of absolute revelations. How to choose a selling agent cheat sheet (VM to create a form) https://gooddeeds.com.au/how-to-choose-a-selling-agent/ Social Linked In Facebook @teamhayson.com.au √Twitter @cobdenandhaysonSee omnystudio.com/listener for privacy information.

How successful auctioneers know when to push you to bid more This week we interview Damien Cooley, probably Australia’s most famous property auctioneer, well known for his appearances in nearly every series of The Block. Damien is extremely candid and reveals some absolute gold: How he reads body language and uses it to get buyers to make higher bids. How he creates momentum and urgency How he modifies the way he speaks to different bidders in order to get them to follow his suggestions The signs buyers give that tell him they have more money The circumstances when auctioneers actually want a low bid and why buyers should give them a high one What he thinks about agents quoting “buyer feedback” His hot tip for buyers agents Some of the moral dilemmas he has faced at auctions You really should never bid at auction without listening to this first.See omnystudio.com/listener for privacy information.

In this illuminating interview with behavioural scientist Simon Russell we discover a myriad of ways in which the auction process influences buyer decisions, without them even knowing it. Simon explains how we humans are governed by our emotions, often despite our best intentions and often to our own detriment. When he attended his first ever property auction in Melbourne, he was amazed at how many behavioural biases he saw in action. These are mental shortcuts that human beings take when confronted with complex decision making, and what could be more complex than competing at an auction? In this episode we cover ten biases in an easy to understand, conversational style. Essential listening for anybody who wants to have more control when they are bidding at auction. Free download - behavioural bias checklist: https://www.theelephantintheroom.com.au/podcasts/1 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

What's this all about? I’m Veronica Morgan, real estate agent, buyers agent and co-host of Foxtel’s LLLA & I’m fascinated by consumer behaviour. Hence the elephant: he’s a metaphor for the way our emotions often dictate our actions. I’m joined by Chris Bates, financial planner, mortgage broker and wealth coach and together we’re going to uncover who’s really making the decisions when you buy a property. Each week we’ll get into the psyche of buyers, agents, auctioneers and other industry experts to learn the truth about why buyers do the things they do. The plan? To help us all make better property decisions!See omnystudio.com/listener for privacy information.