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

In this episode, Veronica and Chris finish the summer series with a discussion about some of the biggest “aha” moments in the first 25 episodes. As always, this conversation covers a lot of ground as we pull snippets from different interviews and discuss the key lessons and takeaways in more detail. The most common behavioural biases we have that let us down. What’s really happening during an auction sales process. Agent tactics to get you to make an offer. How we are not fans of “Positive Cash Flow” The Interest Only Cliff and what it will impact How data analytics are going to change property investing in the future. Flaws in new buildings and the risks of buying off the plan. This is the 50th episode and there’s so much to learn that only the first 25 episodes could be covered in this chat! Listen up and come back, the second 25 episodes will be tackled soon - there’s so much more gold in them! Episodes mentioned: Damien Cooley Matt Hayson Michael Harris Ewan Morton Luke Metcalf Michael Ferrier Amanda Farmer Download the transcript: www.thelephantintheroom.com.au/podcasts050 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Will it really create housing affordability and will there be unintended consequences? In this episode we stir up the conversation on Labor’s negative gearing policy and just how crazy we believe it will be if they successfully get it legislated. To help you better understand what could happen, we bring in parts of the conversations we’ve had with some of the smartest minds in property - Pete Wargent, The Kouk, Tyron Hyde and Ben Kingsley. For us, it is wildly outrageous that they believe this will help first home buyers get what they really want long term; a home in a highly desirable location. In fact we believe it will make it even harder for them. Labor are forgetting that a lot is riding on keeping our property investment industry stable and flowing, but in order to win votes they will bring financial pain to property owners all over the country. For properties not traditionally bought by investors, such as houses in the inner rings of capital cities, this will not have a huge impact. But for properties that are bought almost entirely by investors such as units, new apartments and holidays homes, this could be catastrophic. There are so many flaws in this policy design and this episode explores what the consequences could be if it gets the go ahead. Blog mentioned:Stuart Weymss Episodes mentioned:Pete WargentBen Kingsley Tyron Hyde Stephen Koukoulas Download the transcript: www.thelephantintheroom.com.au/podcasts048 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

In this episode we have a look at 2019 and what could change in “the property market”. This is the first of our 2019 summer specials and we reflect back on what some of our podcast guests have had to say about the big issues affecting property prices. Peter Koulizos talks Australia. Pete Wargent talks Brisbane. The Kouk talks all things interest rates and what the RBA could do. Mark Foy explains why some properties are performing better than others. John Lindemann explains how scarcity really works and where to buy for long term growth. We talk about the flight to quality, property fundamentals and how many different markets perform. Please listen to the end because Chris gives a great summary of how home loan lending has changed and what to do about it in 2019. Links: Veronica’s blogs:Lilyfield Case StudyPost GCF Case StudyBuy or Sell First Blog Chris Blog Servicing Changes www.thelephantintheroom.com.au/podcasts048 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Bryce Holdaway, is probably Australia’s most famous property co-host - podcast fans will know him from The Property Couch and TV fans will know him from Location, Location, Location Australia, Relocation Relocation Australia and now Escape from the City on the ABC. What you may not know is why he is the best person to explain to us exactly what a property spruiker is and what makes them so dangerous. And no chat about spruikers would be complete without also discussing: How much money is available in referral fees for mortgage brokers, financial planners and accountants who know very little about property and are not interested in good outcomes for their clients. Apartments aren’t all bad, but many are risky, so learn the first question to ask yourself before buying a new apartment. The specific issues you need to be aware of when buying property within your SMSF. But the most compelling reason to listen to this episode is to hear Chris’s “chicken in the oven” analogy. Download the transcript: www.thelephantintheroom.com.au/podcasts047 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Lorna Patten, counsellor and trainer, is renowned for telling the truth that needs to be told. So who better to explain to us exactly what lies underneath some of the decisions property buyers make - in particular those that cost people a lot of money. This is the episode we’ve been wanting to make for some time and we uncovered some absolute gems: What we fear the most when it comes to life and how that can lead to buying property for all the wrong reasons. The difference between normal anxiety about a big decision and a niggle that’s really a warning sign. Practical steps for gaining clarity around what you want and to succeed when buying with your partner. If you suspect that you might be driven by your inner 3 year old saying “I want it, I want it, I want it”, you’d better listen to this episode! Lorna's website The Change Room podcast Download the transcript: www.thelephantintheroom.com.au/podcasts046 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

In this episode, we had an eye-opening discussion with Noel Whittaker, who is somewhat of a household name. Noel writes weekly columns in major newspapers in every State in Australia. He also broadcasts regularly on ABC Radio and appears on channel nine. He's written 22 best selling books that have sold over two million copies around the world. His book Making Money Simple set sales records across the country, and was recently named in the top 100 of the most influential books of the last century. Here is some of what we discussed: Labor’s policy on negative gearing - is it a fallacy? Will changes to negative gearing help housing affordability? Depreciation - is it even worth it? Superannuation funds - why are we so disengaged? SMSF and the importance of getting good financial advice. Join us for some some fantastic property and investment debate. Download the transcript: www.thelephantintheroom.com.au/podcasts045 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

You make your money when you buy, not when you sell. In this episode we pick the brains of Kevin Turner, a leading independent property market commentator, that's a mouth full, and host of the very popular podcast for consumers, called Real Estate Talk, and another for agents, called Real Estate Uncut. But he's more than just a star podcaster, Kevin has been able to combine his extensive radio and real estate careers which both date back to the 1980s. We have covered a lot of ground, here’s a snapshot: The downsizing market - lifestyle villages to suit all ages. Multi-generational Living - what developers need to build. Holiday mistakes - don’t buy a house when you are an ice cream licker! Beware of the spruikers - is the negative gearing pitch really worth it? Tips on how to choose a good selling agent. It’s a great episode - we hope you enjoy it! https://realestatetalk.com.au/featured-channels/kevin-turner/ www.thelephantintheroom.com.au/podcasts044 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

In this episode, we pick the brains of Stephen Koukoulas, better known as the Kouk. He’s One of Australia's leading economic visionaries, past chief economist of Citibank and probably most famous for being Chief Economic Advisor to Julia Gillard. He's renowned for being able to turn complex economic analysis into terms mere mortals can understand. We cover a vast array of topics including: Election Promises by Liberal/Labor - what will happen to negative gearing? The Banking Royal Commission - the effect it’s having on property prices Infrastructure - Is enough in place to cope with population growth ? Why waiting for the ‘bottom of the market’ when looking to buy your home can cost you big. “The Kouk” really lifts the lid on all things economic, housing and the levers that drive the property market. Download the transcript: www.thelephantintheroom.com.au/podcasts0XX Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Jarrod McCabe is director of Wakelin Property Advisory. Wakelin specializes in the investor market in Melbourne, and Jarrod runs a team of property advisors. Wakelin has been around for decades, and Jarrod's been there for eight and a half years, but he started his career as a valuer almost twenty years ago. Now, he knows the Melbourne’s property market inside out. This episode covers: The importance of streetscape for capital growth Which apartments are in scarce supply and high demand Good property managers and tenants rights Jarrod gives us a tour of Melbourne’s property market and highlights what makes a stellar investment. Download the transcript: www.thelephantintheroom.com.au/podcasts042 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Why your first property purchase is your most important financial decision. Meighan Hetherington is one of Brisbane’s most respected buyers agents with 15 years experience and over 650 purchased properties under her belt. This entire episode is dedicated to first home buyers. Getting your first purchase right can set you up for life but getting it wrong can be devastating. We delve into the best sources of advice for first home buyers. Here are some of the big issues we tackle: Is the government actually helping first home buyers or stitching their financial future up? What compromises can first home buyers make and what they should never consider? The dangers in not realising what we don’t know and how first home buyers have the most to lose. This advice is better than anything your parents will tell you! Meighan’s website: https://www.propertypursuit.com.au/ First home buyer survey: https://www.surveymonkey.com/r/5V6S2B6 Free mini course for first home buyers - how to work out the right price to pay: https://homebuyeracademy.com.au/freecourse Download the transcript: www.thelephantintheroom.com.au/podcasts041 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Simon Kuestenmacher is one of Australia’s rising stars in the world of demography. Demographers study people and because property is all about where people live and what we live in, this is something we need to pay attention to. Simon is probably most well known to be the brains beside the renowned Bernard Salt at The Demographics Group. Here’s some of what we learned in this discussion; How an aging population, death and high migration will shift Australian needs for housing. The population argument - for and against - and why it has lead to an awful outcome in terms of housing stock. The difference both old and new technology will make to the way we live and will we ever get high speed trains in this country? Part researcher, part futurist, what an amazing glimpse into what could be ahead! https://www.tdgp.com.au/ Download the transcript: www.thelephantintheroom.com.au/podcasts/040 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Stuart Weymss is one of Australia’s top financial experts and has been running his own financial planning & mortgage broking business for over 15 years. Stuart truly gets the important cross-over between good property advice and good financial advice. He’s written many books and his new one Investopoly is a must read because it covers the importance of quality assets and sound evidence based financial strategy. Whether you should DIY or use an adviser to help you with your biggest investment decision in a totally unregulated market. How important is your first property and some cheeky investment strategies for First Home Buyers What qualifies a property to be investment grade and the three things you must do to stay ahead of the herd This is a long one, but we didn’t cut it because there was nothing in that we could. Enjoy. Buy Investopoly with 30% Discount Code elephant - https://www.prosolution.com.au/buy-investopoly/ Episode www.theelephantintheroom.com.au/podcasts/039 Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Bryce Holdaway, Veronica’s TV co-host, is also co-host of the incredibly popular podcast The Property Couch and the soon to be released brand new TV series called Escape From the City. In this episode we discuss the ups and downs of making a sea or tree change. Plus why it’s important to think ahead when you buy property, whether or not you’re moving away from the city. The top three takeaways are: How to mitigate the risks of a sea change or tree change, the importance of “People Like Us” and reminiscing about the lessons learnt while filming. Mindfulness and property decisions and how to do a lifestyle audit before making a big move. The downsides of relocating and what to do in the first year to make it a success. Bryce also makes a big embarrassing confession about Location Location Location Australia!! Get the transcript: www.theelephantintheroom.com.au/podcasts038 Bryce's podcast: wwwthepropertycouch.com.au Work with Veronica? [email protected] Work with Chris? [email protected] omnystudio.com/listener for privacy information.

Frank Gelber describes himself as a property forecaster with a long memory. In this interview we are all treated to a masterclass in property cycles from an expert with an impressive pedigree. Frank is a director of BIS Oxford economics and he takes us on a whirlwind tour of the entire Australian property market and explains how interconnected it all is. Here’s what you’ll learn: How buyers can navigate property cycles safely. Options for different players in the property market - developers, short term investors, renovators, long term investors, owner occupiers. What it takes to set off a boom and how long it takes to absorb the excess capacity created during that boom. Which commercial market is about to have an “almighty boom”. In a low growth market should you chase yield? The structural changes in the economy and the knock on effect in our housing. Why removing negative gearing will result in increased rents. The domino effect of a low Aussie dollar, increases in tourism, jobs and population growth. Why corporates haven’t got into residential property investment. Build to rent, is it a good idea and can it work in Australia? Links: Veronica’s case study on two properties in a falling market: https://gooddeeds.com.au/property-selection/not-all-sydney-property-prices-fall/ Frank’s website: https://www.bisoxfordeconomics.com.au/ Work with Veronica? [email protected] Work with Chris? [email protected] See omnystudio.com/listener for privacy information.

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] 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: The danger of “hot-spotters” who forget to tell you when to exit. Why you don’t need to be an active investor or have lots of properties to be successful. The difference between a property flip and a flop. The cost of time when renovating. Renovation strategies: Repair, Rejuvenation, Refresh, Restructure and Revamp. The real cost of a dream lifestyle in retirement. The importance of cash-flow. Why borrowing capacity is going to get worst The truth behind “that 60 Minutes story” and sensational journalism. How to narrow 8,000 suburbs down to 330 suburbs. Just because something is cheap, doesn’t mean it’s less risky. 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] 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/ See omnystudio.com/listener for privacy information.

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/See omnystudio.com/listener for privacy information.

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-architectSee omnystudio.com/listener for privacy information.

Introducing the one and only, John Lindeman. John is one of Australia's most respected Property Educators with over 40 years of personal investing experience and research driven education. When experts need advice, they go to John . Chris unfortunately was MIA on this one, and he was gutted because it was one of the most enlightening episodes on where it can all go wrong for investors The biggest mistake when investing for yield How people tend not to understand what happens to yield when prices go down Would you buy in Hobart now If booms are driven by investors and their lifespan. Why you need to value a property right if buying If all cities behave differently and the impact the Brisbane Flood had. How long the impact of natural disasters can take for people to get over them. What government policies impact the market and when it fails, what they do The average growth all the way back to 1901 What was more valuable back in 1901, country home or a city house If migrants drive growth in cities and the type of property they love These are just some of the big points and that's after I cut ten other big points out. This one is not to be missed by keen property investors. Episode link: www.theelephantintheroom.com.au/podcasts/026 John's links: http://www.7steps2success.com.au/ https://www.yourinvestmentpropertymag.com.au/expert-advice/john-lindeman/the-truth-about-good-yield-and-bad-yield-248038.aspx https://www.amazon.com/Mastering-Australian-Housing-Market-Lindeman/dp/1742468527 https://www.amazon.com/gp/product/0730319814/ref=dbs_a_def_rwt_bibl_vppi_i0 http://www.propertypowerpartners.com.au/PPP/index Work with Veronica? [email protected] Work with Chris? [email protected] See omnystudio.com/listener for privacy information.

Amanda Farmer is the go-to-expert in "strata world" with over 15 years experience as a strata lawyer. Amanda is also a fellow podcaster with over 100 episodes under her belt and she lifts the lift on many of the problems and opportunities she sees with strata. Here are some of the 'aha' moments: Why you should get involved with your strata committee and the best way to do it What well-run buildings do and the difference between a strata committee meeting and a general meeting Why you should buy “Eyes wide open” and know exactly what you are buying and the condition it is in. Why you need a ying to your yang when buying and how two peas in the pod don’t work The ongoing plague of poorly built building defects and why you wouldn’t want to buy new buildings. The danger of a low valuation when buying off the plan and why you need to be aware of the risk. The harsh reality when you buy off the plan is you are sign contract today but are totally committed for many years ahead The awful sunset date and why off the plan contracts are water tight to protect others The crazy situation when buildings over 4 stories do not need insurance Why building defects usually start after 8 years, when times up on insurance This is one of the most elephant filled episodes and you should not buy into a strata complex unless you've truly listened to this brilliant advice. Link to Amanda's podcast, ebooks and other resources: https://www.yourstrataproperty.com.au/See omnystudio.com/listener for privacy information.

Pete Wargent, arguably Australia best property blogger and a buyers agent in Brisbane, Sydney and London, opens up on the Brisbane property market amongst many other things. Pete has a brilliant mind and he explains why understanding demographic shifts is so important to investors. If you are looking to buy in Brisbane, don’t even consider it until you’ve listened. How you can learn to be a better invest by finding the story through picking through data How you can watch demographics shifts by tracking data and see city evolving How we have a very short term memory when investing How leverage works much better when you are younger How Brisbane is rebalancing, the property and areas to target if you are an investor The problems with investing in higher yield areas How buying land is the true scarcity in inner rings How some style of property go for big money right now How buying Pre-Market & Off-Market is much more common in Brisbane This is one of our first episodes going in to detail about investing in Brisbane and we will be going there in October to interview more Brisbane locals. Links: http://allenwargent.com/who-we-are/pete-wargent/ Articles on Pete's research into the impact of Labor's proposed tax changes: http://petewargent.blogspot.com/2018/02/high-risk-alert.htmlhttps://www.livewiremarkets.com/wires/impacts-of-labor-s-proposed-negative-gearing-and-cgt-reforms https://www.news.com.au/finance/real-estate/sydney-nsw/labor-housing-reforms-would-have-unintended-consequences-report/news-story/4ac931a05b4e1094018dadf667ceb511 https://www.riskwiseproperty.com.au/News/impacts-of-labors-proposed-negative-gearing-and-cgt-changesSee omnystudio.com/listener for privacy information.

The inner workings of the Melbourne property market revealed. Buyers advocate Cate Bakos reveals all the quirks of her local market and the advantages she gains from knowing the real estate agents better than any individual buyer can. She also gives loads of practical tips on how buyers can keep money in their pockets. We cover: What’s happening in the Melbourne property market? Will it follow Sydney? How first home buyers have created a dual speed property markets. Chinese buyers, oversupply and whether some apartments are good investments The impact of traffic and public transport on property prices and what creates sustainable growth. Auction underquoting and whether it still exists. What is a boardroom auction and why buyers agents love them. When to make a pre auction offers if you need a cooling off period. Where does a buyers agent add value and the advantages of local knowledge. What is vendor advocacy and when/why/how is it necessary? Where and what to buy in Geelong & Ballarat. Plus fundamental tips on what to look for when buying for capital growth. Link: http://www.catebakos.com.au/ See omnystudio.com/listener for privacy information.

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/ See omnystudio.com/listener for privacy information.

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 homeSee omnystudio.com/listener for privacy information.

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 Manly/Fairlight local specialist Sales agent Uses Facebook extensively to market property TOP 10 THINGS THAT WERE SPOKEN ABOUT How she uses Facebook both as a marketing and productivity tool. How and why she gives advice on competitors’ listings. The questions she recommends buyers ask to test whether a property would get competition in good times and bad. The behind the scenes local knowledge that buyers need in order to make good decisions. What makes an expert negotiator. Can buyers still overpay in a buyers’ market? How she handles vendors who will be disappointed about their sale price. Steps buyers should take when making an offer. What is a 66W and why is it so important? What happens if you back out during a cooling off period. TOP TEN LIST OF TAKEAWAYS. (BIGGEST ‘AH-HA’ MOMENTS) Her use of social media to foster relationships with buyers and build trust. The difference between north and south side of Fairlight and which properties are the best. How an effective sales agent glosses over their listing’s negatives. How buyers can get an advantage when negotiating and get the agent to back their offer with the vendor. Why she doesn’t usually negotiate on a weekend. The unconscious signs buyers give to agents. Vendors can’t control when they list, there’s a bit of luck of the draw in picking an auction date. Georgi’s tips for bidding at auction and mastering body language. How to do your research so you can best present your offer. 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? See omnystudio.com/listener for privacy information.

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 checklistSee omnystudio.com/listener for privacy information.

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.