{"id":11715,"date":"2017-05-12T03:00:41","date_gmt":"2017-05-11T17:00:41","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=11715"},"modified":"2017-05-12T03:00:41","modified_gmt":"2017-05-11T17:00:41","slug":"how-to-really-get-the-best-agent-your-score-with-the-banks-agents-need-to-adjust-to-consumers-needs","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-really-get-the-best-agent-your-score-with-the-banks-agents-need-to-adjust-to-consumers-needs\/","title":{"rendered":"How to REALLY get the best agent + Your \u2018score\u2019 with the banks + Agents need to adjust to consumers needs"},"content":{"rendered":"<p><b><i><span style=\"text-decoration: underline\">Highlights from this week:<\/span><\/i><\/b><\/p>\n<ul>\n<li>How things have changed when it comes to getting on with a bank.<\/li>\n<li>How buyers and sellers are benefitting from third party sites.<\/li>\n<li>Is there such a thing as \u2018capital loss\u2019 as well as \u2018capital gain\u2019 and what are the benefits?<\/li>\n<li>What makes a good \u2013 and bad &#8211; property for a renovation.<\/li>\n<li>How the bank scores you and how that impacts your \u2018suitability\u2019.<\/li>\n<li>Why agents need to get on board with the changing needs of consumers.<\/li>\n<li>Is there a time limit associated with moving out of and then moving back into a PPR?<\/li>\n<li>Is renovation the best strategy in all market conditions?<\/li>\n<li>Your credit rating explained, how to protect it and how to monitor it.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><strong>Transcripts:<\/strong><\/h4>\n<h2>How to check your &#8216;score&#8217; with the bank \u2013 Andrew Mirams<\/h2>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Just what do lenders mean when they talk about a good credit score? How do you get one and how easily is it damaged? Let\u2019s find out a little bit more about credit scores. Joining me to talk about that, Andrew Mirams from Intuitive Finance.<\/p>\n<p class=\"MsoNormal\">Andrew, welcome to the show once again. Thanks for your time.<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 G\u2019day, Kevin. Thank you.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 How are credit scores assessed, and how important are they?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 A good credit score is vital to be able to get access to credit. And credit now ranges from anything from a loan down to a mobile phone or a utility. Having defaults or bad payment history is going to affect you just in your normal way of life currently, and it obviously will have a significant impact on securing a mortgage or a home loan or an investment loan.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 So it\u2019s called a credit score; is it actually a score as in numbers, or is it a series of references?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:\u00a0 <\/b>A credit history is probably more what you\u2019re talking about. There are things called My Credit Score and Veda check that you can do that\u2019ll tell you what your credit history looks like.<\/p>\n<p class=\"MsoNormal\">In reality, the only thing with your credit history that matters is if you have bad history. Once upon a time, we all used to get dressed up when we were 18 and our father or grandfather would take us into the bank to get that loan so that we could get a good credit history. That doesn\u2019t matter now because every little inquiry made for a mobile phone or a utility or anything like that actually goes on it.<\/p>\n<p class=\"MsoNormal\">What you really want to do is just make sure you\u2019re managing to have a good credit history, and that\u2019s just keeping your day-to-day accounts in order, making sure you\u2019re making your payments on time, and everything like that. If you get overdrawn on just your normal bank account by $10, that\u2019ll have a hit on your credit score.<\/p>\n<p class=\"MsoNormal\">There\u2019s a website called My Credit Score. You can actually put in some information and data that will give you a bit of an idea of whether you\u2019re going to likely be a good credit risk or a bad credit risk to a lender or someone you\u2019re going to seek finance or credit from.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 If a lender knocks me back because I have some blemish on my credit score that I\u2019m not aware of, will they necessarily tell me about that, or will they just knock me back?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 Normally if a lender declines, they\u2019ll say \u201cBecause of your credit report\u201d or something like that. Some lenders or providers will provide you with the evidence and the details of it. Otherwise for the cost of about $30 or $40, if you really want to check your credit score or get your credit report, you can go to a group called Veda Advantage, and like I said, for the cost of about $30 or $40, you can actually get your personal credit file from there and then have a look at the inquiries that have been made.<\/p>\n<p class=\"MsoNormal\">Every time you sign a credit application you need to make a disclosure so that a lender or a provider can do a credit check on you. All those inquiries will be there. Any bad credit or any defaults or anything like that will be listed.<\/p>\n<p class=\"MsoNormal\">Sometimes for people named, say, John Smith, because it\u2019s a fairly common name, these things can get put on the wrong credit file. So it doesn\u2019t mean no; it just means if you can clear it up \u2013 and depending on the size of the default or the error of your ways that there\u2019s been \u2013 then as long as we can get an explanation around it, often we can still get finance approved.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>You\u2019re suggesting that we should check it on a reasonably regular basis.<\/p>\n<p class=\"MsoNormal\">Could I ask you another question just while it occurs to me? If I go to get a loan \u2013 say I go to one of the major lenders \u2013 and they knock me back, will the fact that they\u2019ve been in to have a look at my credit score be reflected there? In other words, if I went to another lender they\u2019d know that I\u2019d already been to the other lender \u2013 in other words, there\u2019s a history?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 Great question, Kevin. This is why we advocate for not making multiple applications at one time. Yes, every inquiry does get recorded. Whether you\u2019ve been approved or declined at one lender, that will reflect on your credit inquiries. It\u2019ll be marked as an inquiry there.<\/p>\n<p class=\"MsoNormal\">Now a inquirer will say \u201cWell, what happened with that? Did it proceed? Did it not proceed?\u201d They don\u2019t ask the outcome. They won\u2019t ask whether it was approved or declined, but they\u2019ll ask \u201cDid it proceed, or did it not proceed?\u201d<\/p>\n<p class=\"MsoNormal\">If you have multiple checks on there, all of recent times for relatively similar amounts, that will start to raise a new lender\u2019s inquiry: \u201cWhat are they looking for? What am I missing here? What might be something? If they\u2019ve done two or three applications, why are they coming to me? And if I\u2019m going to approve it and if there\u2019s something there,\u201d they might say, \u201cHmm, there\u2019s something here we want to look a bit further into. Give me the details of those applications.\u201d So it can actually work to your detriment.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 It\u2019s almost like a red flag, isn\u2019t it, coming up and saying \u201cThis person is someone we need to be careful about.\u201d<\/p>\n<p class=\"MsoNormal\">Is there any point in time if I had something against my credit score that was incorrect and then it was taken off, does it get totally removed, or is there just a note to say that it doesn\u2019t apply?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 if it\u2019s recorded incorrectly, it\u2019ll get removed. A quite common one is when a group of young people all go into a co-share or a tenancy together, and the person who signs the lease might move out. Then when the other people all leave the property and the property is handed over, often that last power bill or something is in default. It goes to the first person who was there, and often it is doesn\u2019t become known to them until some time in the future when they actually go to apply. That\u2019s an oversight. As long as the debt is paid and it all gets fixed up and there\u2019s an explanation as to why, that will often be viewed favorably still by a lender.<\/p>\n<p class=\"MsoNormal\">But if there are things you\u2019ve done wrong in the past and you have defaults, yes, they will sit there. Bankruptcies will sit there up to seven years, so it affects your record up to a period of seven years.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 That explains a lot to me because I\u2019ve heard people say that they\u2019ve missed a phone bill, for the sake of $20 or $40 or whatever, that they were not even aware of and that it\u2019s actually affected them getting their home loan. Could it be that simple, or is it sometimes a bit more?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 The default response will be no, and then what we need to do is just a little bit more work around \u201cWhy did that happen? What were the circumstances? Was it an oversight? Had you moved address and for some reason, the mail didn\u2019t forward on? Were you in a dispute and then you won it but it still got defaulted or recorded in error?\u201d There\u2019s a whole range of things that happen in our lives that might result in these things.<\/p>\n<p class=\"MsoNormal\">If you\u2019ve done the wrong thing, well, that\u2019s just going to be the fact of life that you\u2019re going to struggle to get access to finance with most of the major lenders and second and third tiers. But if you\u2019ve done the right thing and it was in dispute or there was an oversight or something like that, generally as long as we can provide a valid reason for it \u2013 you might have been overseas for six months and just didn\u2019t get to it or the direct debit changed or your credit card was nicked and you got a new card \u2013 there are all these things now with direct debit and things like that are an oversight more than a default as such.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Great stuff, mate. Just give me that website again.<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b> \u00a0Veda Advantage or Veda Australia, I think it might be now. There\u2019s also the website My Credit Score that you can do without paying. They\u2019ll put a number on there, a numeric graph based on the stats you put in. Or if you actually want to get your credit file, it\u2019s Veda Australia.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Okay. Andrew Mirams from Intuitive Finance. More good advice there for you.<\/p>\n<p class=\"MsoNormal\">Andrew, thanks very much for your time.<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n<p>&nbsp;<\/p>\n<h2>Agents need to adjust to consumer needs \u2013 Greg Dickason<\/h2>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>You\u2019ve heard us talk in this show about these third-party sites that will offer to put you in touch with a real estate agent. One of the ones we have mentioned in the past is Open Agent. There are other referral sites as well. I want to have a look at that now in my conversation with Greg Dickason from CoreLogic.<\/p>\n<p class=\"MsoNormal\">Greg, what\u2019s your take on these? There obviously has been a huge uptake on these in Australia. Why is that?<\/p>\n<p class=\"MsoNormal\"><b>Greg:\u00a0 <\/b>Hey, Kevin. I think there are multiple reasons why there has been huge uptake. Some of it is simply they\u2019re better at getting their brands in front of consumers, so when you go into Google or something and you search for \u201cproperty,\u201d their brands will pop up and the advertising is slick enough that people will click on it and go through.<\/p>\n<p class=\"MsoNormal\">Some of the uptake has simply been that they\u2019ve been able to get right up front with consumers, but I also think some of the uptake has been where they have had a good experience with these type of sites that they\u2019ve actually referred on and told their peers and their contacts about their experiences.<\/p>\n<p class=\"MsoNormal\">So, I think some of it is about their service and some of it is just about the advertising.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Yes, because I\u2019ve heard a lot of criticism from agents who aren\u2019t on those referral sites \u2013 in other words, they haven\u2019t agreed to pay them the 20% referral fee \u2013 so they\u2019re missing out, some of them being very good agents too.<\/p>\n<p class=\"MsoNormal\">Is this only a matter of time before, as agents, we need to be looking at these and embracing them more, Greg?<\/p>\n<p class=\"MsoNormal\"><b>Greg:\u00a0 <\/b>I think it\u2019s a two-way street. I think there\u2019s going to be a shakeout in the industry. Open Agent, for example, is very good at what they do and they tend to do a lot of value-add, so they\u2019ll actually help an agent if they\u2019re used properly. But some of the others don\u2019t necessarily help the agent; all they do is get a digital lead that would have come to the agent anyway. I think there\u2019s going to be a shakeout on that side.<\/p>\n<p class=\"MsoNormal\">I think from an agent\u2019s perspective, it\u2019s something to look at as part of your mix of how you get customers. Ideally, the best way you get customers is through phenomenal service so that people will refer you and so their friends and family will use you, but if you\u2019re not going to get leads through that, then which one of these sites do you work with to make sure that they give you the right kind of leads so that it\u2019s actually profitable for you to work with them?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Are we seeing these sites also in fairly popular use overseas as well, or is it just an Australian phenomenon?<\/p>\n<p class=\"MsoNormal\"><b>Greg:\u00a0 <\/b>It\u2019s largely an Australian phenomenon. I\u2019ve seen some of them overseas, but the Australian phenomenon seems to be quite strong now. I think it\u2019s been a lack of digital advertising from our agents, so it\u2019s almost a need in the market that\u2019s being met by them.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Is this highlighting a gap in professionalism with Australian agents? Is this the fault of the Australian agents that these people have been allowed to come in?<\/p>\n<p class=\"MsoNormal\"><b>Greg:\u00a0 <\/b>I think some of it has been because prices have gone up quite a lot. There\u2019s been a perception in the market that agents get a fairly big commission, which is not actually true. If you look across the world, agents\u2019 commissions in Australia are in a lot of ways some of the lowest in the world.<\/p>\n<p class=\"MsoNormal\">But there has been a perception \u2013 especially for multi-million-dollar properties \u2013 that the value hasn\u2019t been as much as what the seller or the vendor expects, and so some of this has made it fertile ground for these kind of digital businesses to come in.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Some of the marketing costs are very high too on selling a property in Australia. We talk about 1% of the value of the property should be spent on marketing, but quite often we see that having to be expanded with the introduction of the Internet.<\/p>\n<p class=\"MsoNormal\">Australia being probably the most expensive\u2026 Not \u201cprobably\u201d; I understand it is the most expensive country in the world to advertise a property on the Internet. Has that caused this feeling of \u201cIt\u2019s just too costly, agents make too much out of this,\u201d people thinking that the agent also makes the money out of the marketing?<\/p>\n<p class=\"MsoNormal\"><b>Greg:\u00a0 <\/b>I think so. I think there\u2019s a lot of pushback on some of the marketing costs \u2013 perception that the marketing costs are high. And unfortunately, with an agent, they have to pay the marketing costs up front even if the house or the property doesn\u2019t sell, whereas in their case, they only get commission if it does sell.<\/p>\n<p class=\"MsoNormal\">We have actually encountered a few solution providers out there that are looking at ways in which they can reduce those marketing costs up front and basically insure your marketing spend so that only if you sell do you have to fully outlay your marketing costs. So, there are some interesting innovations coming in that space.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Greg, that\u2019s really exciting news. Thank you very much for joining us, and when there is an update on that, we\u2019d love to hear from you. Thanks for your time.<\/p>\n<p class=\"MsoNormal\"><b>Greg:\u00a0 <\/b>No worries, Kevin.<\/p>\n<p>&nbsp;<\/p>\n<h2>Ken Raiss answers your questions \u2013 <a href=\"http:\/\/metropole.com.au\/wealth-advisory-service\/\">Ken Raiss<\/a><\/h2>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>A couple of questions we\u2019re going to answer on the show now. Joining us, <a href=\"http:\/\/propertyupdate.com.au\/author\/ken-raiss\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ken Raiss <\/a>from <a href=\"http:\/\/metropole.com.au\/wealth-advisory-service\/\" target=\"_blank\" rel=\"noopener noreferrer\">Metropole Wealth Advisory.<\/a><\/p>\n<p class=\"MsoNormal\">Ken, thanks for your time. How are you?<\/p>\n<p class=\"MsoNormal\"><b>Ken:\u00a0 <\/b>I\u2019m well, Kevin. How are you?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Good. I think we caught you in sunny Melbourne today too, haven\u2019t we?<\/p>\n<p class=\"MsoNormal\"><b>Ken:\u00a0 <\/b>Yes. It\u2019s a bit cold compared to some other states, but beautiful weather.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Good on you, mate. A couple of questions, the first one from Andy: \u201cMost people always talk about capital gains and having to pay capital gains tax, but is there a capital loss? Do you claim the loss if you sell at a lower price than the purchase price?\u201d<\/p>\n<p class=\"MsoNormal\"><b>Ken:\u00a0 <\/b>I\u2019ll answer it quickly and then a bit of detail. You can claim capital losses, but only against capital gains. What you do is when you have a capital loss, you net it off your capital gain that you could have had in a previous period. It doesn\u2019t matter where that gain or loss comes from, so you can mix profits and losses from different assets, but the loss gets netted off against the capital gain and then you apply the 50% discount.<\/p>\n<p class=\"MsoNormal\">One trap, though, that a lot of people forget is if you\u2019re talking property, you have to add back the depreciation that you claimed on the building. This reduces your costs when calculating the gain or the loss.<\/p>\n<p class=\"MsoNormal\">You have to be careful that a capital gain or a loss can only be claimed if you\u2019ve kept that property for more than 12 months if you want the 50% discount. If you have sold that property in under 12 months, it\u2019s still to the capital account but without the 50% discount. And secondly, the date of sale for tax is the contract date, not completion, such as settlement. Hopefully, that answers your question.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>I\u2019m sure it does. Thanks for your question too, Andy.<\/p>\n<p class=\"MsoNormal\">I want to move to another one. This one is from Marie, multiple questions in this one. I\u2019ll give you the situation, Ken. Marie writes in saying she has a house in a capital city purchased in 2006. It\u2019s her principal place of residence. In January 2014, Marie remarried and moved to another city and lived in her new husband\u2019s home, which is in his name solely. She then rented out what was previously her principal place of residence in that capital city.<\/p>\n<p class=\"MsoNormal\">Question number one: \u201cIf I wish to retain my house in the capital city as my principal place of residence, will I need to move back into it no later than January 2020 due to the six-year rule?\u201d<\/p>\n<p class=\"MsoNormal\"><b>Ken:\u00a0 <\/b>You can only have one main residence for tax purposes, and that includes that property that could either be in your name or your husband\u2019s name. Between you, now that you\u2019re a couple, you can only have one property for exemption on the sale. So, you will have to decide whether you want that to be your property or your husband\u2019s property.<\/p>\n<p class=\"MsoNormal\">But the beauty is you only have to decide when you sell one of them. At that point, you will then work out maybe which one would have got you the better tax results and then claim that one for tax purposes.<\/p>\n<p class=\"MsoNormal\">It\u2019s going to be a bit hard in six years\u2019 time, so what I\u2019d be doing is I\u2019d be getting some market valuations for both your property, Maria, and your husband\u2019s so that you have a starting point to do a calculation, depending on what happens in the future.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>And then take some professional advice.<\/p>\n<p class=\"MsoNormal\">Ken, just a second question from Marie \u2013 and I\u2019ll ask this quickly \u2013 if she were to move back in January 2020, how long would she have to physically stay in the house to reestablish it as her principal place of residence? Is there a timeframe?<\/p>\n<p class=\"MsoNormal\"><b>Ken:\u00a0 <\/b>There\u2019s no timeframe, because you could move in and then all of a sudden, get a job transfer or whatever. You must move in with the intention for it to be your principal place of residence and therefore occupy it as your home, which means you\u2019re going to have to change all the records \u2013 voting records, driver\u2019s license, bank accounts, having mail delivered.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Oh, yes. Show evidence that you\u2019re actually living there.<\/p>\n<p class=\"MsoNormal\"><b>Ken:\u00a0 <\/b>Correct.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Can I move to the third part of this situation from Marie? Alternatively, instead of moving back into her principal place of residence in January 2020, could she transfer or gift the house in the capital city to her adult child before that time \u2013 January 2020 \u2013 by creating a bloodline trust with her as the settler and he as the beneficiary? If she does transfer or gift the house to her adult child, would the capital gains be exempt because it is her principle place of residence?<\/p>\n<p class=\"MsoNormal\"><b>Ken:\u00a0 <\/b>You can always do that, but it will be a trigger for both capital gains tax and stamp duty. And both the tax department and the relevant state government will apply market rates at that date, so you can\u2019t call it a lower number. It\u2019ll have to be done at market rates, full capital gains tax, and then obviously, stamp duty by changing the title.<\/p>\n<p class=\"MsoNormal\">The other thing you have to be very careful of, of course, is that while that place is not your principal place of residence because you\u2019re not living in it \u2013 which is different to tax \u2013 you have to look at land tax, because maybe you\u2019ll need to start paying land tax. And the various state governments have got different land tax rules dependent on whether the property is in a person\u2019s name or in a trust. So they have different rates to calculate land tax depending on the structure.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>A lot to get through there, but I want to thank you, Ken, for helping us, and Marie and also Andy, thank you for your very good questions.<\/p>\n<p class=\"MsoNormal\"><a href=\"http:\/\/propertyupdate.com.au\/author\/ken-raiss\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ken Raiss <\/a>from <a href=\"http:\/\/metropole.com.au\/wealth-advisory-service\/\" target=\"_blank\" rel=\"noopener noreferrer\">Metropole Wealth Advisory<\/a>. Thank you so much for your time.<\/p>\n<p class=\"MsoNormal\"><b>Ken:\u00a0 <\/b>Thanks, Kevin.<\/p>\n<p>&nbsp;<\/p>\n<h2>How to REALLY get the best agent \u2013 <a href=\"http:\/\/realestatetalk.com.au\/featured-channel\/michael-yardney\/\" target=\"_blank\" rel=\"noopener noreferrer\">Michael Yardney<\/a><\/h2>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Hi. <a href=\"https:\/\/twitter.com\/michaelyardney\">Michael Yardney <\/a>here, and I\u2019ve turned the tables. I\u2019ve grabbed the microphone, and I want to interview Kevin Turner, because Kevin is an experienced licensed estate agent \u2013 not everyone knows that. Kevin won multiple awards as a winning agent, he speaks to estate agents all day for his own <i>Real Estate Uncut<\/i> podcast, and he speaks to investors and home owners every day for his <i>Real Estate Talk<\/i> podcast.<\/p>\n<p class=\"MsoNormal\">Kevin, welcome to the interview on the other side of the table.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 This will be interesting.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Kevin, I\u2019ve sprung this upon you because I\u2019m seeing lots of people who are selling up \u2013 they\u2019re selling their homes \u2013 to move up, to move down, to downgrade, to upgrade, and also investors who over time, need to sell their homes. So I wanted to pick your brain on how does a seller get the best price for their home, Kevin?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 This is such an interesting question, Michael, because not many people when it comes time to sell actually focus on the agent. They think more about the price they want to get and how they\u2019re going to market their property, but at the end of the day, the most important decision that a seller will have to make when they come to list their property is the agent that they will list it with. Because, believe me, there\u2019s a huge difference with the expertise of some agents.<\/p>\n<p class=\"MsoNormal\">Great agents make the industry look really easy, Michael, so much so that anyone thinks \u201cOh, all I have to do is get myself a nice flash car, put some buyers in it, take them round, show them some properties, they\u2019ll like it and buy it, and I\u2019ll make a lot of money.\u201d<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Even more than that, Kevin, today there are Purplebricks and a lot of these do-it-yourself sites where people think \u201cI know a bit about real estate. I\u2019ve lived in a home. I\u2019ve been to a couple of open for inspections. I know how to handle it.\u201d<\/p>\n<p class=\"MsoNormal\">Kevin, I think we have to be open and explain that you\u2019ve spent a lot of time researching this for your shows, for yourself, but also for a book that you\u2019ve called <i>How to Find the Best Agent.<\/i> So I want to pick your brain on some of the homework that you\u2019ve done about how to find the best agent.<\/p>\n<p class=\"MsoNormal\">I have to say, I do agree that of all the factors involved, an agent is potentially going to make you tens of thousands of dollars.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 They will.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 How do you choose them, Kevin?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Just before I answer that question, Michael, which is the key question of this, can I just address why I wrote that book?<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Yes, please.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 You mentioned there Purplebricks, you mentioned Open Agent, and all of those organizations who offer to put you in touch with the best agent. That\u2019s the reason I wrote the book, because I was deeply concerned about the fact that that\u2019s misrepresenting what they actually do. They actually will only put you in touch with agents who are going to pay them a commission to get the listing.<\/p>\n<p class=\"MsoNormal\">This is a real beef that I have about the way these third-party sites work. They basically sit there and take a commission from putting you in touch with not the best agent but just an agent who will pay them a commission. I just wanted to get that on the table. That\u2019s the reason I wrote that book.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 I think that\u2019s a good point, Kevin, because most people don\u2019t realize that. Without mentioning too many sites \u2013 there\u2019s Rate My Agent and all of those \u2013 the average consumer believes \u201cI\u2019ll go on there,\u201d just like they go on Trip Advisor or Google Reviews to choose their restaurant or choose their holiday. It\u2019s not the same with agents, is it?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 No, it\u2019s definitely not. You talk about those others \u2013 Trip Advisor and people like that \u2013 they actually have affiliate arrangements with all of those people, and they do actually come up and they compare deals for you as opposed to anyone who offers to put you in touch with an agent. As I said, they\u2019ll only put you in touch with a select number of agents who will actually pay them a commission.<\/p>\n<p class=\"MsoNormal\">It gets down to that key point: a lot of people don\u2019t understand the sorts of questions they need to ask, and that\u2019s why right at the back of the book, Michael, I\u2019ve listed down 21 of the key questions you need to ask an agent and the sorts of answers you should expect back.<\/p>\n<p class=\"MsoNormal\">This is actually going to help you find the best agent, because there are things that the best agents will be able to tell you about the marketplace that you\u2019ll find very interesting, but the more uneducated or the newer agents won\u2019t have that same depth of knowledge.<\/p>\n<p class=\"MsoNormal\">Believe me, they need to have that knowledge for when they\u2019re talking to a buyer \u2013 even being able to test their negotiation skills, Michael. There are a couple of things in the book that will tell you exactly how you can do that and some of the things or the little tests you can put out to find out if the agent is really the full issue, if they\u2019re going to be able to get the job done for you.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Kevin, we can get that book at RealEstateTalk.com.au. Just go to the home page and click on the link there, and you\u2019ll be able to get that book.<\/p>\n<p class=\"MsoNormal\">But I\u2019d like to dig into a couple of the questions. How much difference does one agent make to another though, Kevin? Does it really matter?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 It matters an enormous amount, Michael. It matters because of their database, the number of people they\u2019re working with, but very much so their negotiation skills. Basically what you\u2019re doing is you\u2019re putting someone between you the owner of the property and the buyer \u2013 someone who wants to buy it.<\/p>\n<p class=\"MsoNormal\">Now, every seller wants more than their place is worth \u2013 that\u2019s a fact \u2013 and every buyer wants to pay less than what it\u2019s worth. So you have that compressed air, and that compressed air sometimes can be $60,000 or $70,000 worth.<\/p>\n<p class=\"MsoNormal\">If you\u2019re dealing with an agent who doesn\u2019t know how to negotiate to get you the highest price \u2013 because they are working for you at the end of the day; you\u2019re going to pay their commission \u2013 if they don\u2019t have the skills to do that then you\u2019re leaving thousands and thousands of dollars on the table.<\/p>\n<p class=\"MsoNormal\">In some cases, Michael\u2026 And I know you\u2019re a buyer\u2019s agent and I\u2019m talking to you. You\u2019re an expert negotiator. So, too, is your team. You\u2019re there to get the best deal for the buyer. I want to know that I have an agent who\u2019s equal to your skills and can match you and make sure that I\u2019m going to get every dollar out of you that I possibly can.<\/p>\n<p class=\"MsoNormal\">This is where this book will really help you identify those things. And yes, Michael, a good agent will make a huge difference.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Kevin, I agree with you. It was a loaded question, because there are certain agents who, as buyer\u2019s agents, we love working with because they seem to give the properties away a little bit, and there are others we know are going to push the hardest and work the hardest and negotiate the hardest.<\/p>\n<p class=\"MsoNormal\">As an unassuming consumer who\u2019s selling their home, I\u2019m emotional because I\u2019m either excited or disappointed \u2013 there are usually a lot of emotions going on around selling your home \u2013 and then I invite a couple of people into my home and they all wear nice suits and they all drive nice cars and they all give me a fancy presentation pack, how do I decide which one to go with?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 That\u2019s a great question, Michael. The thing that I make a point of in the book is that you have to test their negotiation skills, because that is what you\u2019re employing. You\u2019re employing a paid professional negotiator.<\/p>\n<p class=\"MsoNormal\">I give you a good example in the book of how you can do that, the sorts of questions you can ask them, and about someone coming in and offering you a price much lower than your asking price. I give you the scenario there and I give you the answer in the book.<\/p>\n<p class=\"MsoNormal\">Once again, without trying to tout it, Michael, I think all the answers are in the book, actually.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Yes, they are. And it\u2019s really so cheap that it\u2019s not worth even wondering if you should or shouldn\u2019t get it. If you\u2019re in the position where you\u2019re considering selling a property, whether it\u2019s your home or an investment property, it\u2019s on the home page of Real Estate Talk.<\/p>\n<p class=\"MsoNormal\">Kevin, is it the agency \u2013 the logo, the banners, the brand \u2013 that\u2019s important, or is it the specific person?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Once again, this is a great topic. Look, it is the person; it\u2019s not the brand. But having said that, can I just make the point that when you engage with an agent, you\u2019re actually giving them an agreement to sell your property but that\u2019s actually with the agency not the agent?<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Most people don\u2019t realize that. You\u2019re signing with the agency, the company.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Yes, you are. So it\u2019s important to know that you\u2019re dealing with a good company \u2013 that\u2019s the first point \u2013 but if you are unhappy with your agent and you make a mistake, don\u2019t think that you can just sack that agent; you have to actually sack the agency because they are the ones you have the agreement with. I think that is an absolute key point, Michael.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 One more hint for our listeners before I let you go and revert the microphone to you taking charge, Kevin. What other hint would you say if you\u2019re looking for the best agent?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 There\u2019s a part in the book, Michael \u2013 I think it\u2019s around pages 9 and 10 \u2013 where I give you a table with 13 key things that you need to look for when you\u2019re looking to find the best agent. In other words, you\u2019re going to compare them.<\/p>\n<p class=\"MsoNormal\">I always advocate that you have to get three agents in, the key questions you ask those agents, you keep a record, and make no commitment until you\u2019ve seen all three of them because you\u2019re going to make a comparison.<\/p>\n<p class=\"MsoNormal\">On page 9, I actually give you the 13 key comparisons, and right at the front, I talk about the top discount rate performance. This is probably a great demonstration, Michael, of why you need to get a good negotiator on your side, because in table 2, I give you about three or four comparisons about if you employ a dud agent, how much money it\u2019s going to cost you.<\/p>\n<p class=\"MsoNormal\">This graph alone allows you to do an ABC-type rating, and you\u2019ll very quickly be able to determine who are the best agents because you\u2019ll know the key questions to ask them, Michael, coming straight out of the book.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 Thanks, Kevin.<\/p>\n<p class=\"MsoNormal\">In summary, the cheapest agent is the one who gets you the highest price, not the one who gives you the lowest commission.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Yes. And you\u2019ll see that on pages 10 and 11. I demonstrate that quite graphically for you in the book.<\/p>\n<p class=\"MsoNormal\">Michael, you mentioned there that it\u2019s quite cheap. It\u2019s the cost of a couple of cups of coffee. I\u2019ve tried to make it as cheap as I possibly could, basically really just covering the cost of production, to get this out to you.<\/p>\n<p class=\"MsoNormal\">In a bookstore you would pay probably $30 or $40 to get a book like this with this amount of information in it, because I\u2019ve given you all of my experiences over about 25 to 30 years of having worked with agents and having worked as an agent. It\u2019s all in the book here. And as I said, for the price of a couple of cups of coffee \u2013 just under $10 \u2013 it can be yours.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 <i>How to Find the Best Agent<\/i> by Kevin Turner. Go to the home page at RealEstateTalk.com.au and click on the link. It\u2019s as easy as that.<\/p>\n<p class=\"MsoNormal\">Thank you for your time, and thank you for letting me hijack your microphone, Kevin.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 It was a pleasure. And it\u2019s good to have the tables turned for a while.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 It\u2019s a funny feeling, isn\u2019t it?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 It is a funny feeling but I\u2019ve enjoyed it. Thanks, Michael.<\/p>\n<p class=\"MsoNormal\"><b>Michael:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n<p>&nbsp;<\/p>\n<h2>Don&#8217;t be complacent with your renovation \u2013 Jane Slack-Smith<\/h2>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>With affordability nowadays a key issue, we\u2019re finding more and more people are preferring to stay where they are and renovate or look for renovation to give them some really good cash return in an investment property. But is that the correct strategy? Is this the time to be doing it? That\u2019s a great question to ask Jane Slack-Smith, who joins me.<\/p>\n<p class=\"MsoNormal\">G\u2019day, Jane.<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>Hi. How are you going, Kevin?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Good. Good question that one, isn\u2019t it?<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>It is actually, because I guess the thing about renovation is it\u2019s been a strategy that I\u2019ve used through a number of different cycles, but when things change, it makes you step back and reassess the strategy that you may be committed to or look at new strategies. So, I still think renovation is a strategy that can be used.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Has the market changed a lot to make you step back and question whether renovation is right, Jane?<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>Absolutely. A lot of people who renovate, like I did originally \u2013 bought a property, renovated it, used the equity that I had created to go and buy the next property and the next property and the next property. I only started with $45,000 and created a very large multimillion dollar portfolio, never putting my own cash in again after that very first property.<\/p>\n<p class=\"MsoNormal\">That accessing equity was a key to the strategy. And what we\u2019ve seen, April\/May 2017, there have been a lot of changes in the lending sector where accessing that equity is not as easy as it used to be, so it could bring up that question.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Are there some things you can do in a renovation to give you better bang for buck? In other words, give you a better return?<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>Absolutely. And I think that\u2019s why renovation is still very relevant now. You can do it for two reasons. You can do it for an equity gain and get that bang for the buck that is creating more value \u2013 the perceived value is higher than what it\u2019s cost you. But there\u2019s also the absolute benefit you\u2019re going to get by pushing the rent up.<\/p>\n<p class=\"MsoNormal\">So, when you\u2019re looking at what renters want as well as the equity gain, you\u2019re looking at simple things like painting. You\u2019re looking at the prime public areas, like the front of the property and street appeal, and then the kitchen.<\/p>\n<p class=\"MsoNormal\">There are things that you can do. You don\u2019t need to pull out<b> <\/b>an entire kitchen and start from scratch. You could go and maybe improve the bench tops or the fixtures and fittings, and just painting alone can just do so much to a property value.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Well, if renovation sounds like the key thing for you, I\u2019m going to recommend that you use the button on the right-hand side on the home page at Real Estate Talk. It\u2019ll take you to a webinar that\u2019s absolutely free of charges. It\u2019s coming up on the 25<sup>th<\/sup> of this month, at 8:00 actually. All the information is there; just click on the button. Jane is going to host that.<\/p>\n<p class=\"MsoNormal\">You\u2019re going to take us into some out-of-the-box strategies this time, Jane?<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>Yes. Look, I still think that renovation is the key strategy but we do need to think differently. So, there\u2019s things that I want to cover in there, four key strategies that people can take away to improve their portfolio, not just in 2017 but beyond that.<\/p>\n<p class=\"MsoNormal\">Simple things like collaboration. Maybe you can\u2019t borrow anymore by yourself, but borrowing with someone else. Now, I read an interesting statistic recently, and that was in China, 70% of young adults actually own their home. But China has one of the top ten most expensive real estate markets in world, so how can they do this and why?<\/p>\n<p class=\"MsoNormal\">And really, it\u2019s come down to the fact that by the end of this decade, there are going to be 30 million more single men than women. The families are collaborating and going \u201cHow can we make our boy look better on the market? Well, he must have a home.\u201d<\/p>\n<p class=\"MsoNormal\">Although it\u2019s not relevant here, we can look at that and take some learning and go \u201cWell, maybe it\u2019s time families pitch in together.\u201d We have things like parental guarantees, but maybe bringing the inheritance forward or maybe buying in a self-managed super fund, maybe buying with your friends in a tenancy in common, or maybe even buying in a crowd-funded platform.<\/p>\n<p class=\"MsoNormal\">That\u2019s just one of the four strategies that we\u2019re going to explore in full. But it fundamentally comes down to the fact that there are some strategies you can apply to buy a property but still, renovation is the thing that\u2019s going to add the value.<\/p>\n<p class=\"MsoNormal\">So, when the banks do come back into the norm and start letting you access equity more and you can service that, you have that available to use. But in the meantime, you\u2019re pushing your rents up in your rental properties and minimizing the effect on your hip pocket every month.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Yes. I love that idea about being able to help people get into property, because let\u2019s face it; you can\u2019t renovate a property you don\u2019t own. And if renovation is going to be your end goal, you have to get the property first.<\/p>\n<p class=\"MsoNormal\">I love that idea of getting the family or collaborating with other people to get a property. It\u2019s a great way to start, isn\u2019t it?<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>Absolutely. I look at some of my students and their friends buying together or couples buying together three-bedroom houses and they\u2019ve move from the rental accommodation, renting with friends, to buying with friends.<\/p>\n<p class=\"MsoNormal\">If you can structure that kind of agreement well so that you both get an equity gain, you\u2019re still living with your mates but you\u2019re actually on that property letter. A lot of people miss that kind of step because they\u2019ve seen what their parents have done and that\u2019s the only lesson they know.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Okay. The four key out-of-the-box strategies, we have heard about one of them. That\u2019s going to be coming up in a webinar on May 25 at 8:00. Lock into it. Book your place. Places, I imagine, will be limited. Jane?<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>Yes. They will be. First in will be on it.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>And of course, as I said earlier, if you think this could be the answer for you, then spend some time with Jane on this webinar. It\u2019s absolutely free. It\u2019ll come back for you in spades.<\/p>\n<p class=\"MsoNormal\">Hey, Jane, thank you for joining us today. I love what you\u2019re doing with this webinar because I think getting more people, especially young people, into property and helping them build wealth through renovation is just fabulous. Thank you very much for your time.<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>Absolute pleasure.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Okay. I\u2019ll mention once again: webinar, May 25. Use the link on the home page at Real Estate Talk. Click there, book your seat now. You will not regret it.<\/p>\n<p class=\"MsoNormal\">Jane Slack-Smith from Your Property Success. Thanks for your time.<\/p>\n<p class=\"MsoNormal\"><b>Jane:\u00a0 <\/b>It\u2019s a pleasure, Kevin.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: How things have changed when it comes to getting on with a bank. How buyers and sellers are benefitting from third party sites. Is there such a thing as \u2018capital loss\u2019 as well as \u2018capital gain\u2019 and what are the benefits?&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":11716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24],"tags":[101],"class_list":["post-11715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-shows","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to REALLY get the best agent + Your \u2018score\u2019 with the banks + Agents need to adjust to consumers needs - 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\/how-to-really-get-the-best-agent-your-score-with-the-banks-agents-need-to-adjust-to-consumers-needs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to REALLY get the best agent + Your \u2018score\u2019 with the banks + Agents need to adjust to consumers needs - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Highlights from this week: How things have changed when it comes to getting on with a bank. How buyers and sellers are benefitting from third party sites. 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