{"id":10931,"date":"2017-03-28T03:00:50","date_gmt":"2017-03-27T16:00:50","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10931"},"modified":"2017-03-28T03:00:50","modified_gmt":"2017-03-27T16:00:50","slug":"perfecting-the-dud-property-detector-michael-yardney","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/perfecting-the-dud-property-detector-michael-yardney\/","title":{"rendered":"Perfecting the 'dud property' detector – Michael Yardney"},"content":{"rendered":"

As with any investment, real estate has its good, bad and average performing assets and if you\u2019re not careful, you could easily end up with a property investment lemon.\u00a0\u00a0 Today Michael Yardney<\/strong><\/a> gives us the key questions to ask to detect a \u2018dud\u2019 and what to do about it.
\nTranscript:<\/strong>
\nKevin:\u00a0\u00a0<\/b>If you\u2019re a regular listener to the show, you\u2019ll know that we talk all the time about having a strategy. But when can the strategy go wrong? Sometimes it does, sometimes you end up with a property in your portfolio that you don\u2019t want to hold onto any longer. So how do you find out when you\u2019ve got a dud, and then what do you do about it? When to sell, and when to hold a property? That\u2019s the question I\u2019m going to pose this week of Michael Yardney<\/a> from Metropole Property Strategists.
\nHi, Michael.
\nMichael:\u00a0\u00a0<\/b>Good morning, Kevin.
\nKevin:\u00a0\u00a0<\/b>No doubt you\u2019ve come across this in your own portfolio.
\nMichael:\u00a0\u00a0<\/b>I\u2019ve come across it in my own portfolio, and definitely with lots of our clients, Kevin. It is a difficult question because there is so much time, effort, and money involved in buying, and emotion as well, that sometimes it\u2019s hard to look at it subjectively. It\u2019s something one has to do, though.
\nKevin:\u00a0\u00a0<\/b>Yes, indeed. What are some of the questions that you ask yourself or you get your clients to ask themselves to determine whether or not it\u2019s a dud and what they should do about it?
\nMichael:\u00a0\u00a0<\/b>A good question you should ask yourself is: is my property performing like I expected it to? Because that goes back to what you said in the beginning; you actually have to have a strategy, you have to have some expectations.
\nThe next question I\u2019d ask is: is the property outperforming the market? Maybe it\u2019s just a lull in the market. In certain markets \u2013 in Western Australia, in Perth, for example \u2013 you probably wouldn\u2019t have performed well because the general market is not doing well. But it doesn\u2019t necessarily mean you have to sell up. So, how is it performing compared to the rest of the market?
\nThe third question I\u2019d ask myself is: if this property was on the market today, would I buy it again? I like asking: knowing what I know now, would I buy that same property?
\nI\u2019d also then look at: is there anything I can do to improve my property\u2019s return, maybe to make it more attractive?
\nAnd the last question I\u2019d ask is: is this property likely to outperform in the long term? In other words, is there an opportunity cost in holding this property compared to something else? These questions are going to make sure that you own the right property, Kevin.
\nKevin:\u00a0\u00a0<\/b>Looking at those last couple of questions, I want to look in detail at probably three, four, and five, but four and five, even if you do do something to improve it, number five \u2013 which is \u201cIs it going to outperform the market?\u201d \u2013 that\u2019s probably the ultimate question, isn\u2019t it?
\nMichael:\u00a0\u00a0<\/b>It is. In general, the performance of your property is going to be 80% related to its location and maybe 20% or so to the property itself. If you bought in the wrong location, in one of those isn\u2019t going to do well in the long term \u2013 in other words, not in a capital city or not in the right locations in a capital city \u2013 it\u2019s just going to be too hard in the long term, no matter how much you tart it up, pretty it up, what value you add, because that\u2019ll give you a one-off improvement, but \u201cIs it going to do well in the long term?\u201d is a question I ask myself.
\nKevin:\u00a0\u00a0<\/b>I said at the outset that we all make mistakes. In your experience, Michael, what are the things that make a property underperform?
\nMichael:\u00a0\u00a0<\/b>There are a couple of things. First of all, there\u2019s timing \u2013 buying at the wrong time in the cycle or just holding it at the wrong time in the cycle. We know that every ten years or so \u2013 not that the cycle is exactly ten years \u2013 there are going to be three or four years when the market is flat, there will be a year or two when all properties drop a little bit in value, and then there will be a period of time when things go really well. So, is it the time in the cycle? If that\u2019s the case, don\u2019t worry, because if you have an investment-grade property, it\u2019ll do okay.
\nMaybe it has underperformed because you paid too much, and that may mean you\u2019re likely to have a few years of no capital growth. But again, if it\u2019s the right location and the right property, it\u2019s a one-off cost but you have yourself a good property.
\nAs I said right at the beginning, the location is the most important. Some suburbs will underperform and others will do better \u2013 and they\u2019re the ones you should be owning.
\nAnd then is it the property itself? Have you just chosen the wrong sort of property? Maybe one that doesn\u2019t fit the location or one that just doesn\u2019t have the attributes that make it investment-grade, Kevin.
\nKevin:\u00a0\u00a0<\/b>We said in the outset about having a plan, a strategy. That\u2019s so important. But another big mistake is if you have a plan and you find there\u2019s something not quite right, not taking any action, not doing anything about it.
\nMichael:\u00a0\u00a0<\/b>What I commonly hear people say is \u201cIt\u2019s not costing me anything; the cash flow is covering the mortgage.\u201d And while it may not be costing you in cash flow, if you didn\u2019t own a good property in the last couple of years, you\u2019ve missed out on some of the best markets we\u2019ve ever experienced in Melbourne or Sydney, so there\u2019s a huge opportunity cost.
\nI explain it this way to clients. I say, \u201cDo you own a business?\u201d \u2013 because remember, property investment is like a business \u2013 and many of them do. I say, \u201cWell, imagine if you did, and imagine if you had an employee and they came late to work, they played on Twitter and Facebook all day, and they went to lunch and came back and didn\u2019t see the customers or the clients, what would you do?\u201d They\u2019d say, \u201cWe\u2019d sack them.\u201d And I\u2019d say, \u201cYou probably have to do a performance review first because that\u2019s what industrial relations requires.\u201d
\nAnd this is what we\u2019re doing with your portfolio, your property business. We\u2019re doing a performance review. And if you can\u2019t improve its performance, then what I would do is I would sack them. And you know, sometimes you have to pay a redundancy package.
\nAnd then the clients get it, Kevin. Because I say, \u201cYou pay a redundancy package, get rid of your bad employee, so that in the future you have a better employee who\u2019s going to work even harder for you and make more money.\u201d Then the penny drops.
\nKevin:\u00a0\u00a0<\/b>That\u2019s a great point, and a great way to describe it too.
\nSo we\u2019ve made the decision, we\u2019re going to sell this lemon, this dud property. But what if it\u2019s the wrong time to sell?
\nMichael:\u00a0\u00a0<\/b>Again, it\u2019s all related to opportunity costs. That\u2019s why I was saying that there\u2019s a redundancy package in some ways. Yes, there will be some losses that you crystalize, some selling costs or some opportunity costs, but if you have a dud property and it\u2019s not a good time today, when the market improves, in general what will happen is the investment-grade properties, the better properties will outperform your dud property, and the gap will only widen. So it never seems to get much better.
\nIt\u2019s a difficult decision to make. Sometimes you just have to bite the bullet and move on, Kevin.
\nKevin:\u00a0\u00a0<\/b>Yes. Great comment, Michael. Thank you so much for your time. Michael Yardney from Metropole Property Strategists.
\nThanks for your time, Michael.
\nMichael:\u00a0\u00a0<\/b>My pleasure, Kevin.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

As with any investment, real estate has its good, bad and average performing assets and if you\u2019re not careful, you could easily end up with a property investment lemon.\u00a0\u00a0 Today Michael Yardney gives us the key questions to ask to detect a \u2018dud\u2019 and what…<\/p>\n","protected":false},"author":176692471,"featured_media":10933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,36,22,25],"tags":[101],"class_list":["post-10931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nPerfecting the 'dud property' detector - Michael Yardney - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/perfecting-the-dud-property-detector-michael-yardney\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Perfecting the 'dud property' detector - 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