{"id":12358,"date":"2017-06-23T03:00:01","date_gmt":"2017-06-22T17:00:01","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12358"},"modified":"2017-06-23T03:00:01","modified_gmt":"2017-06-22T17:00:01","slug":"auctions-can-be-fun-how-and-when-to-structure-your-team-it-is-not-too-late-to-claim-depreciation","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/auctions-can-be-fun-how-and-when-to-structure-your-team-it-is-not-too-late-to-claim-depreciation\/","title":{"rendered":"Auctions can be fun + How and when to structure your team + It is not too late to claim depreciation"},"content":{"rendered":"<p><b><i><span style=\"text-decoration: underline\">Highlights from this week:<\/span><\/i><\/b><\/p>\n<ul>\n<li>We catch up with 2 young skilled property experts who happen to be brothers<\/li>\n<li>How to build your team<\/li>\n<li>A great tip about how to keep your property tenanted<\/li>\n<li>How auctions have changed and why it is a great opportunity for buyers<\/li>\n<li>A commonly missed opportunity for investors<\/li>\n<li>What strategy is right for you<\/li>\n<li>The questions you should ask yourself before investing<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>Make bidding at auction fun\u00a0\u2013\u00a0Haesley Cush<\/h2>\n<p><b>Kevin:<\/b>\u00a0 Haesley Cush is a second-generation real estate agent, having worked in the industry with his family for many years and now owns and operates his own office and, as well as that, is one of the most recognized auctioneers in Australia, having appeared on <i>The<\/i> <i>Block<\/i> and taken out many auctioneering competitions in Queensland.<br \/>\nI caught up with Haesley and asked him whether he could give us some tips for anyone looking at bidding at auction this weekend.<br \/>\n<b>Haesley:<\/b>\u00a0 Okay, tips for buyers: firstly, you have to know the property you\u2019re about to bid on and you have to know the rules of the auction \u2013 really fundamental things. Property is research local prices so that you\u2019re comfortable with the price that you\u2019re going to pay.<br \/>\n<b>Kevin:<\/b>\u00a0 I went to a Ray White auction a couple of weeks ago, or it might even have been last week; I can\u2019t remember. It wasn\u2019t quite as formal as it used to be. It\u2019s become very casual, even with the conditions. \u201cConditions are on display. I\u2019ll quickly run through a few for you.\u201d But we used to go very formally through those conditions.<br \/>\n<b>Haesley:<\/b>\u00a0 Yes. We just found when you\u2019d read through all 20, you\u2019d then have to go and wake everybody up because it was so bloody boring. People don\u2019t need to hear them. They\u2019re there to bid. They have all the paperwork they need. Terms of auction are<b> <\/b>on display. We hit a couple of the main points: you have to be registered, let them know about GST, explain vendor bids, all that sort of stuff.<br \/>\n<b>Kevin:<\/b>\u00a0 Explain vendor bids because that is interesting.<br \/>\n<b>Haesley:<\/b>\u00a0 A vendor bid is basically\u2026 Let\u2019s imagine you\u2019re a buyer who made an offer of $800,000 and the reserve is $900,000. You turn up to the auction, I call for an opening bid, \u201cBid it off at a start,\u201d and you think \u201cI might kick things off. I\u2019ll open it at $500,000.\u201d<br \/>\nI have two options as the auctioneer. I can say, \u201cSorry, Sir. $500,000 is too low, \u201cand then you and I have a bad experience together. Or I say, \u201cSure. I\u2019ll welcome your $500,000, and let\u2019s run in $100,000 rises to take us to $600,000.\u201d<br \/>\nNow, if nobody else bids, it\u2019s kind of the end of the show. You didn\u2019t expect to buy it for $500,000. We\u2019re a long way from the reserve. So I place a vendor bid at $600,000, which is our way of saying, \u201cYou\u2019re not going to buy it for $600,000. We\u2019re still traveling in $100,000s. Will you bid $700,000?\u201d You\u2019ve already offered $800,000, so you say, \u201cSure. I\u2019ll bid $700,000.\u201d I\u2019ll take a vendor bid at maybe $750,000, again, in the absence of someone else bidding.<br \/>\n<b>Kevin:<\/b>\u00a0 I just want to stop there. That\u2019s something I can read into the auction straight away \u2013 that we\u2019re getting close to a selling point, because you\u2019ve slowed down. You\u2019ve gone from $100,000 back down to $50,000. So, that\u2019s something you can read into the auction.<br \/>\n<b>Haesley:<\/b>\u00a0 Yes. If you think of bidding like a triangle, the chunks get smaller as we get higher. Usually that\u2019s from buyer pressure. And in the absence of buyer pressure, I have to try to read \u201cWell, if I take $800,000 from a buyer who\u2019s offered $800,000 before, they\u2019re not going to bid again.\u201d So I need to place $750,000 to take their $800,000. So, now they\u2019re back at the level they were at before, and now we\u2019ll see what happens from here.<br \/>\n<b>Kevin:<\/b>\u00a0 And they might come back at $775,000.<br \/>\n<b>Haesley:<\/b>\u00a0 They might come at $775,000, and I\u2019d probably take maybe $780,000 to try to keep moving.<br \/>\n<b>Kevin:<\/b>\u00a0 I want to talk about vendor bids, because I think a lot of people probably would be listening to this and saying, \u201cThat sounds so unethical that you as the auctioneer would place a bid,\u201d but in reality, it\u2019s no different from any kind of negotiation, where if you make an offer on a property, the agent will take that into the seller. The seller will counter sign it.<br \/>\n<b>Haesley:<\/b>\u00a0 And people think it\u2019s a bit foreign because they want to see competition at an auction. But the alternative is \u201cOkay, we pass it into you at $500,000 and that\u2019s the end of the day.\u201d They\u2019ve gone to all of the effort to turn up to bid at the auction. No auctioneer would ever place a vendor bid anywhere near what the owner would accept. This is not about pushing buyers above where they\u2026<br \/>\n<b>Kevin:<\/b>\u00a0 It\u2019s too risky.<br \/>\n<b>Haesley:<\/b>\u00a0 It\u2019s just about creating a level platform and then beyond that, leave it for the open market.<br \/>\n<b>Kevin:<\/b>\u00a0 Because every time you place a vendor bid you\u2019re actually buying it back on behalf of the owner.<br \/>\n<b>Haesley:<\/b>\u00a0 Effectively it\u2019s called a vendor bid because the vendor is saying \u201cI\u2019ll bid at that price and I\u2019ll keep it.\u201d This is their way of saying \u201cAt that price, I would buy it.\u201d And then their next bid comes. \u201cOkay, no better bid on that? Okay, at that price I\u2019d buy it.\u201d<br \/>\nPeople who are familiar with auctions quite like vendor bids because it\u2019s the vendor playing their hand as where<b> <\/b>they won\u2019t accept. People who aren\u2019t familiar with auctions find it really bizarre and really foreign. But as soon as that property\u2019s passed in, they\u2019re not going to find it bizarre that the owner says \u201cI want $300,000 or $400,000 more.\u201d<br \/>\n<b>Kevin:<\/b>\u00a0 In a way, what we\u2019ve done by making vendor bids public \u2013 in other words, in the old days, we used to be able to pull them off trees and no one would really know whether that was a real bidder or not \u2013 at least today for the buyer, if you nominate a vendor bid, you know exactly where you are in that buying process. You know \u201cThat\u2019s a figure that they won\u2019t accept. I need to go higher.\u201d<br \/>\n<b>Haesley:<\/b>\u00a0 Yes, that\u2019s right. For a buyer looking for tips, they can look at how vendor bids work.<br \/>\nThere are two strategies with an auction for someone bidding today. Remember that competition is what fuels the higher price. The lower you start, the more people can afford it, subsequently the more competition you\u2019ll have. The higher you start it, less people can afford it, there\u2019s less competition.<br \/>\nWhen I bid personally, I work out my maximum price, and I launch my opening bid very, very close to that to try to kill competition. Very few people take that advice because they worry that that bid will be more than the owner accepts.<br \/>\n<b>Kevin:<\/b>\u00a0 It\u2019s almost like a king hit. It\u2019s never as high as you\u2019d go, but it\u2019s getting close to it.<br \/>\n<b>Haesley:<\/b>\u00a0 When I\u2019ve done it, because of how comfortable I am with pricing, I just go with everything I have and if it buys it, great, and if it doesn\u2019t, I just leave. Very few people take that tactic so what makes them feel more comfortable\u2026<br \/>\n<b>Kevin:<\/b>\u00a0 Has it worked for you?<br \/>\n<b>Haesley:<\/b>\u00a0 It hasn\u2019t, no. Because I\u2019m a little bit too conservative on my pricing maybe when I\u2019m trying to buy.<br \/>\n<b>Kevin:<\/b>\u00a0 But that\u2019s the thing. You have to go down a few dry gullies, don\u2019t you?<br \/>\n<b>Haesley:<\/b>\u00a0 That\u2019s right.<br \/>\n<b>Kevin:<\/b>\u00a0 That\u2019s a great lesson for buyers: to set your limit and lock into it.<br \/>\n<b>Haesley:<\/b>\u00a0 Yes. You have to kiss some frogs before you get your prince, Kevin.<br \/>\nI think it\u2019s so joyful. Auctions are so easy \u2013 no paperwork. \u201cThat\u2019s my bid. Do you want to take it?\u201d \u201cNo.\u201d \u201cSee you later.\u201d There are auctions where I haven\u2019t used that strategy previously. I get caught up in bidding and I do quite like to bid.<br \/>\nAnd the other strategy is you get to the benchmark first. So if you\u2019re in a bidding battle, people tend to think in round numbers, so you want to get to the next round number first because that is likely or could be their limit. So if you\u2019re at $451,000, get to $460,000 because maybe they said, \u201cWe\u2019ll go to $460,000 and no more.\u201d If they bid $461,000, get to $470,000 because that could be the limit. Try to get to the benchmark.<br \/>\n<b>Kevin:<\/b>\u00a0 We have about a minute to go. There\u2019s one other point I want to make and that is that if you\u2019re going to go to an auction today or even next week, make sure you find out who the auctioneer is, and then go and see one of their auctions and understand how they work before you actually go and go toe to toe with the auctioneer.<br \/>\n<b>Haesley:<\/b>\u00a0 Usually the agent will be able to give you examples where they are.<b><\/b><br \/>\nA big thing that I want to leave people with today is get pre-approved. Go and see a broker and understand how much you have, because by being pre-approved, you can make what we call a cash offer, and a cash offer can help you buy a property a little bit better.<br \/>\n<b>Kevin:<\/b>\u00a0 I want to thank you very much for giving us your time today, Haesley. I know you\u2019re very, very, busy. It\u2019s great to see you in the studio. You\u2019re welcome any time, by the way. We\u2019d love to have you back.<br \/>\n&nbsp;<\/p>\n<h2>It is not too late &#8211; don&#8217;t miss out!\u00a0\u2013\u00a0Brad Beer<\/h2>\n<p><b>Kevin<\/b>:\u00a0 The end of the financial year is fast approaching. For property investors, it\u2019s important to make sure that all of your paperwork is in order, ready for when you visit the accountant to complete your annual income tax assessment.<br \/>\nNow one part of the process that is quite often overlooked is to ensure that you obtain a comprehensive tax depreciation schedule from a specialist quantities surveyor. We\u2019ll touch on that in just a moment.<br \/>\nBrad Beer from BMT Tax Depreciation joins me.<br \/>\nBrad, I thought it might be timely for us just to go over some of the benefits of doing that, and doing it right now, getting that depreciation schedule in place. Welcome to the show.<br \/>\n<b>Brad<\/b>:\u00a0 It\u2019s great to be here, Kevin. Yes, for sure. The big thing is that depreciation is one of those tax deductions that\u2019s there that so many people tend to overlook. Now is a good time to think about that because it\u2019s tax time.<br \/>\nYou\u2019re about to run to the end of June and we get a situation where we get group certificates, we start thinking about tax returns, of getting some cash back from the tax office. So, if you can get as much of that organized and ready to get as much as possible by the time you get to your accountant makes the whole process quicker, easier.<br \/>\nAnd this depreciation \u2013 the tax deduction for all property investors \u2013 is just not done properly so often. You don\u2019t want to leave your cash on the table. The building is getting older, it\u2019s wearing out, there\u2019s deductions there. You want to make sure you\u2019re taking advantage of those and getting the most out of those investment properties.<br \/>\n<b>Kevin:\u00a0 <\/b>Have you had any idea of how many investors in Australia don\u2019t get depreciation schedules who would be able to?<br \/>\n<b>Brad:\u00a0 <\/b>The data is not available exactly on how many do and don\u2019t get one, but the research that we\u2019ve done would suggest that 70% to 80% of the people don\u2019t actually maximize their deduction properly.<br \/>\nSo you might be claiming some deductions or depreciation, which is some of the data we can<i> <\/i>see, from tax office producers, but a lot of the time they\u2019re just not claiming as much as they can. And that could be because they guessed, they didn\u2019t realize the old property might have some depreciation still, they use something provided by the builder, or something like that.<br \/>\nNow, it\u2019s best to actually get it done properly because you don\u2019t want to be one of those people who are getting $5000 instead of $10,000. We want to make sure we are maximizing it properly.<br \/>\n<b>Kevin:\u00a0 <\/b>Yes. Of course, a lot of people think depreciation is only applicable to new builds. I know we\u2019ve discussed this in the past, but it\u2019s well worth asking an expert about an older property, isn\u2019t it?<br \/>\n<b>Brad:\u00a0 <\/b>I think regardless of the age, we should always ask the question. The simple thing is that old property definitely gets less deductions but it doesn\u2019t necessarily get no deductions. It\u2019s such a myth out there that an old property\u2019s not worth it.<br \/>\nYou really should ask someone who knows about depreciation. If I tell you it\u2019s not worth it for the old property, you probably should listen. But if someone who doesn\u2019t do this all day everyday thinks that maybe because it\u2019s old, it may not get enough, let\u2019s assess and see if there\u2019s some money there before you make that decision.<br \/>\n<b>Kevin:\u00a0 <\/b>Of course, there were some changes recently in the Budget, weren\u2019t there? Bring us up to date on that, Brad.<br \/>\n<b>Brad:\u00a0 <\/b>The Budget has actually made some changes to the plant and equipment that\u2019s claimed. Some of the claims relate to the structure of the building, some relate to the plant and equipment, carpets, blinds, air conditioners, and those sorts of things. They\u2019ve made some changes from Budget night for everyone that buys from Budget night where in second-hand property you won\u2019t be able claim some of those things. And it will affect those old properties.<br \/>\nIt doesn\u2019t mean there\u2019s nothing in any of them. It\u2019s still almost the same question: ask a quantity surveyor that knows about depreciation before you decide, because we\u2019ll be able to tell you whether it\u2019s worth it or not.<br \/>\nNow, under those changes, there will be more properties than there used to be that won\u2019t be worth it. But you still should ask the question because you still don\u2019t know the intricacies of the things that we can find in a place for depreciation. There\u2019s just going to be a few more of you in the future where we\u2019re going to say \u201cLook, no, it\u2019s not worth it.\u201d<br \/>\nOne really important thing to consider about those Budget changes is that, unless you exchanged your contract after Budget night, there\u2019s no change to you. It\u2019s only someone who\u2019s bought since then, and it looks like it\u2019s only someone who has bought a second-hand property since then.<br \/>\nSo, everyone should ask the question, but most of the people doing a tax return now, we\u2019re coming up to the 30th of June, if you exchanged on Budget night in May, you probably haven\u2019t settled it yet and you\u2019re only just going to settle before the financial year, so you probably weren\u2019t going to be the person thinking about it anyway.<br \/>\nSo, if you\u2019re an investor getting to the end of the financial year now, forget about the budget changes; it\u2019s only for your future investing. You still need that deduction because the thing is grandfathered, and there\u2019s no change to people who\u2019ve bought in the past.<br \/>\n<b>Kevin:\u00a0 <\/b>You can\u2019t beat that professional advice. Can I ask you about back claims? Tell us about that.<br \/>\n<b>Brad:\u00a0 <\/b>A very important thing to consider is back claims. For all those people who aren\u2019t doing it properly, you can easily go back and amend up to two years of your tax returns and actually go back and get some money from the tax office.<br \/>\nA bit like if you don\u2019t pay your tax, the Tax Office will find you and make you pay it, it kind of works the other way. Didn\u2019t claim all my depreciation for the last two years? It doesn\u2019t matter how long you\u2019ve owned the property, you can amend up to two years easily. If you\u2019ve owned it four years, two years. So, don\u2019t do another tax return and not be able to go back another year; get the two years fixed up before you do the next one.<br \/>\nBack claims are very important because they mean cash, firstly, and so many people are leaving it on the table. But as we get to tax time, if you do another tax return, you\u2019re cutting another year off your potential back claims.<br \/>\n<b>Kevin:\u00a0 <\/b>Great advice. And as you said right up front too, do not leave any money on the table. If it\u2019s there for you, make sure you chase it.<br \/>\n<b>Brad:\u00a0 <\/b>To me, not doing a depreciation schedule is like offering the bank more interest or reducing their rent because you\u2019re a nice guy.<br \/>\n<b>Kevin:\u00a0 <\/b>Brad, just before I let you go, mate. Are there any benefits in arranging the schedule prior to June 30?<br \/>\n<b>Brad:\u00a0 <\/b>The main benefit pre-June 30 is that if you\u2019re going to get a quantity surveyor to do a depreciation schedule, if you order and pay for it before June 30, that fee is deductible in this year.<br \/>\nYou\u2019re going to need this when you do you tax return in July or August anyway, so you might as well buy it in June because then you get a deduction for that fee in this year instead of next year.<br \/>\nOn top of that, when you get to your accountant, it is ready, they don\u2019t have to send you out for more things, so you\u2019ll get that tax return back quicker.<br \/>\n<b>Kevin:\u00a0 <\/b>You have time to do it. Get your skates on. Make sure it happens. BMT Tax Depreciation are the people to talk to.<br \/>\nBrad Beer, thank you very much for your time.<br \/>\n<b>Brad:\u00a0 <\/b>Kevin, great to be here, thank you.<br \/>\n&nbsp;<\/p>\n<h2>What we have learnt from smart investors\u00a0\u2013\u00a0Shannon and Joel Davis Parts 1 and 2<\/h2>\n<p><b>Kevin:<\/b>\u00a0 My guests in studio: Shannon Davis from Metropole Properties and Joel Davis from Image Property.<br \/>\nJoel, I don\u2019t know how you feel about this, but foreign buyers are constantly getting caned and investors are constantly getting caned for increased prices. What\u2019s your take on that?<br \/>\n<b>Joel:<\/b>\u00a0 I think it\u2019s a lot of hype, personally. We deal with probably a hundred new properties a quarter, and out of those hundred new properties, the amount of foreign investment we see within it would make up less than 10%.<br \/>\n<b>Kevin:<\/b>\u00a0 Joel, let\u2019s talk about investors. Both of you deal with investors all of the time, but you get them at the point where they\u2019ve secured the property. Then they have to go on and get it managed professionally.<br \/>\nHow important is mindset, and do you see that changing once they become property owners?<br \/>\n<b>Joel:<\/b>\u00a0 I think mindset is really important. It depends on what you want out of it. If you\u2019re trying to grow a portfolio over a number of properties, then you need to have a mindset of pick the right person and then trust them to do the job and take the advice.<br \/>\nIf you have the intention of micromanaging the person you employ to do the job, then in my opinion, you have no right to build a portfolio because:<br \/>\n(a)\u00a0\u00a0 The people who you\u2019re working with, if you don\u2019t trust them and take their advice, probably won\u2019t do business with you for very long. That is certainly my experience. I won\u2019t do business with those clients for very long.<br \/>\n(b)\u00a0\u00a0 You just won\u2019t be able to do it logistically. The stress and the chaos that it creates will make the whole process something that won\u2019t be conducive to getting where you want to go with that portfolio.<br \/>\n<b>Kevin:<\/b>\u00a0 Do you find you have to educate a number of investors on that point?<br \/>\n<b>Joel:<\/b>\u00a0 Absolutely. Certainly in recent times, it\u2019s become probably something that we\u2019re much more aware of and we do very early in the process. We just lay out the plan very clearly. We also cover off on what the worst-case scenario could be and how that would look. Obviously, we make them aware of the fact that there is a process for that.<br \/>\nI think <i>A Current Affair<\/i> has a lot to do with making people believe that you can have a tenant in your property who you can never get out. It\u2019s just not true. There is a process and a system for everything. We know what it is. We\u2019re professional. We know how to do the job. Trust us and then that way, you can focus your attention where it needs to be in order to get to where you want to go.<br \/>\n<b>Kevin:<\/b>\u00a0 Those stories we see on <i>A Current Affair<\/i> are the horror stories. They\u2019re probably one in 10,000 or 50,000 \u2013 I don\u2019t know \u2013 but they certainly paint a very bad picture of tenants, not only of foreign investors but of tenants as well.<br \/>\n<b>Joel:<\/b>\u00a0 Yes. Typically, it\u2019s also a private landlord looking after a lot of those properties, someone who hasn\u2019t served the paperwork in the timeframes that are required in order to be able to get the process carried out.<br \/>\n<b>Kevin:<\/b>\u00a0 Shannon, I know in your case, when someone comes to you and they tell you that they want to invest in property, given the fact that we call you a buyer\u2019s agent but you\u2019re more of a strategist, what is the difference between a buyer\u2019s agent and a strategist, and how do you determine whether someone is right and whether their mindset is going to be right as an investor?<br \/>\n<b>Shannon:<\/b>\u00a0 I think a strategist get you the highest and best use of your property, be it if it\u2019s an apartment, a house, or a development site.<br \/>\n<b>Kevin:<\/b>\u00a0 You said there \u201cbest use of your property.\u201d Wouldn\u2019t it be correct to say \u201cbest use of the available funds,\u201d because you actually point them in the right direction? They may have an idea about what property they want, and quite often, you\u2019re going to have to change their mind on that.<br \/>\n<b>Shannon:<\/b>\u00a0 Yes, definitely. The budget comes into it, but not so much the budget that the bank is going to give; it\u2019s to do with their comfort zone. If they\u2019re allowed to borrow $1 million from the bank, that might be too far, they might not be able to sleep at night. It\u2019s really to do with what their risk tolerance is, and if they have comfort around $600,000, then we would show them how that deployed into the market would be the highest and best use of their funds.<br \/>\n<b>Kevin:<\/b>\u00a0 The process of qualifying them \u2013 to find out whether or not you can actually help them \u2013 is that an extended process? How does that take place, and what are the questions you ask?<br \/>\n<b>Shannon:<\/b>\u00a0 Yes, we\u2019ll do 80% of the work before we get to contract stage or inspection stage of a property. Some people, their values are put into them from an early age, maybe from your parents. And unless you have multi-millionaire parents, then you might have some of those bad values, like \u201cRich people are evil,\u201d or \u201cI\u2019m hopeless with money.\u201d<br \/>\n<b>Kevin:<\/b>\u00a0 Conditioning.<br \/>\n<b>Shannon:<\/b>\u00a0 Yes, those limiting beliefs will affect their relationship with money and wealth.<br \/>\n<b>Kevin:<\/b>\u00a0 That\u2019s ingrained. You can\u2019t overcome that, can you?<br \/>\n<b>Shannon:<\/b>\u00a0 You can with the right sort of help. That fear of failure or the fear of success, we have to get rid of those limiting beliefs. And the best investment is in yourself, really. Once you get rid of those limiting beliefs, it opens up the whole world to opportunity.<br \/>\n<b>Kevin:<\/b>\u00a0 I was at a function recently \u2013 in fact, it was only last week \u2013 and I heard a young person, a young investor, speak. A young lady, newly married, she and her husband had just purchased, I think, their first or second investment property. She was explaining how her friends were trying to talk it down all of the time, tell her to be careful with her money. It\u2019s not only coming from our parents; it\u2019s actually coming from our peers as well.<br \/>\n<b>Shannon:<\/b>\u00a0 Yes, abundance. I think if you have that negativity in your life, you need to be finding more abundant people. Recently, Twiggy Forrest has donated $400 million. Wealthy people aren\u2019t necessarily evil; in fact, they\u2019re very generous and they have an abundance mentality, and that\u2019s what has opened up so many opportunities, too. If you\u2019re around that negative influence, you just probably have to get some new mates, Kevin.<br \/>\n<b>Kevin:<\/b>\u00a0 That\u2019s right. There is a saying, isn\u2019t there, about\u2026?<br \/>\n<b>Joel:<\/b>\u00a0 You are a reflection of the five people who you surround yourself with.<br \/>\n<b>Kevin:<\/b>\u00a0 That\u2019s it. Thank you, Joel. Well done.<br \/>\n<b>Kevin:<\/b>\u00a0 Continuing to talk to Shannon Davis from Metropole Properties and also Joel Davis from Image Property. This time, we talk about building the team.<br \/>\nJoel, I\u2019m just interested to know what you see smart investors doing, how they put the team together, who\u2019s on that team, and at what point do they do it?<br \/>\n<b>Joel:<\/b>\u00a0 Obviously, I have the fortunate circumstances of working with more than a thousand investors who I look after personally. Probably where they start is, first of all, getting the right advice from someone in terms of strategy \u2013 so, similar to what Shannon does as a buyer\u2019s agent or buyer\u2019s advocacy role.<br \/>\nBut when you\u2019re actually at the coalface of choosing that property, I think it\u2019s really important that you have a couple of key people. Your property manager is not just there to manage the property; your property manager is there to give you an independent assessment of what the true value of the rental return on that property will be.<br \/>\nI think it\u2019s an error that a lot of people make in terms of taking the rental appraisal that the sales agent is providing. I think there can be a conflict of interests there, and I think seeking an independent appraisal is always important.<br \/>\n<b>Kevin:<\/b>\u00a0 On that point, if you go to buy an apartment, you\u2019re probably going to get that appraisal from an agent. Accept that, but then what you\u2019re saying is go and get another one.<br \/>\n<b>Joel:<\/b>\u00a0 Always, Kevin. I had one of my owners who is purchasing come to me only last week, and the appraisal that we gave as opposed to the appraisal that was provided, there was a $50,000 difference on a $500,000 property.<br \/>\n<b>Kevin:<\/b>\u00a0 That\u2019s fairly major, isn\u2019t it?<br \/>\n<b>Joel:<\/b>\u00a0 It is. Someone is being, obviously, extremely bullish with their price point and we\u2019re always realistic with our price point. But I think that independent check is important.<br \/>\nI think outside of that, you should be working with someone who has a lot of experience in that local market, so having someone who has that knowledge of the local market and someone who is active within it, I think is really important also.<br \/>\n<b>Kevin:<\/b>\u00a0 You make a very good point, and I just want to pick up on something too. Sales agents, we do know they\u2019re somewhat ambitious. They do tend to look ahead. There is nothing wrong with that. They\u2019re quite enthusiastic about the market, the market growing all of the time.<br \/>\nBut when you\u2019re looking at a property manager, there is someone who you\u2019re going to have a relationship with for quite some time. Therefore, they want to make sure that the information and advice they give you is something that\u2019s not going to come back to haunt them a little bit further down the road. Would you agree with that, Shannon?<br \/>\n<b>Shannon:<\/b>\u00a0 Yes. Sales is like dating, but property management is like a marriage; it\u2019s going to be a long-term relationship. So yes, there has to be a lot of trust there, and no one is being helped by being lied to, so it\u2019s better to get an accurate appraisal first than be disappointed later.<br \/>\n<b>Kevin:<\/b>\u00a0 How do you go about choosing the right people to fit onto your team, Shannon?<br \/>\n<b>Shannon:<\/b>\u00a0 I think, make sure they\u2019re independent. They can\u2019t be having two masters. What I mean by that is \u201cThis is great investment stock, just buy any one of these off of this list,\u201d because they\u2019re obviously masquerading as just a developer\u2019s sales agent slash investment expert as well.<br \/>\nWe want unbiased advice and we want that advice from people who have been there, done that, and are actually successful. If you\u2019re not successful at this particular activity, I\u2019m not really interested in your opinion. If you are successful, then it\u2019s someone I\u2019m going to make time to sit down and listen to.<br \/>\nSome of my investors have taught me a lot of their strategies. For instance, I rent my properties at 95% of market rent and only 12-month leases because I want the long tenant stays. When you reward them with a little bit of a discount on market price, you\u2019ll get a great tenant who is a long-term fit who is going to not give you much trouble at all.<br \/>\n<b>Kevin:<\/b>\u00a0 Joel, that\u2019s a very interesting point that Shannon makes there. Do you find that investors are aware of that? Do you pitch your properties for investors at about 95% of the market?<br \/>\n<b>Joel:<\/b>\u00a0 I think it\u2019s really important that you do go in with a price that\u2019s not above market value. Certainly, 95% of market rate is great if you can afford that. Not everybody can, and not everybody is willing to be that logical with their approach to property.<br \/>\nI think it\u2019s really important that you don\u2019t let the vacancy happen because once that vacancy has been incurred, there\u2019s no getting it back. A lot of the mistakes that I see made are investors calculating their rent by whatever it is times 52. It\u2019s not. It\u2019s how long your property was on market during that 52-week period that determines the yield.<br \/>\n&nbsp;<\/p>\n<h2>The questions to ask to discover your ideal strategy\u00a0\u2013\u00a0Michael Yardney<\/h2>\n<p><b>Kevin:<\/b>\u00a0 Our theme for the show today is having a strategy around building a property portfolio. No one better to ask that question than Michael Yardney from Metropole Property Strategists.<br \/>\nYou\u2019re doing this all the time, Michael. I know you have a strategy, but you\u2019re helping other people build their own strategy to build a portfolio, correct?<br \/>\n<b>Michael<\/b>:\u00a0 Correct, Kevin. Really, if you don\u2019t have a strategy, any road can get you where you\u2019re heading, but any road can get you lost as well. So, it\u2019s important to begin with the end in mind, and then find a strategy that\u2019s worked<b> <\/b>for others over multiple cycles to help get you there.<br \/>\n<b>Kevin:\u00a0 <\/b>Do you find there\u2019s one strategy fits all, Michael, or does it depend on your stage of life?<br \/>\n<b>Michael:\u00a0 <\/b>You\u2019re right, Kevin; it will vary upon your stage of life, your risk profile, what you\u2019re trying to achieve. I have a strategy that\u2019s worked for me and for our clients, but I accept it\u2019s not for everybody. Some people are not looking for a big asset base; they\u2019re looking for different things in their life.<br \/>\n<b>Kevin:\u00a0 <\/b>When you\u2019re helping someone build their strategy, Michael, what are some of the key questions you ask that maybe someone should be thinking about when they\u2019re putting it together?<br \/>\n<b>Michael:\u00a0 <\/b>The first thing is where are you now \u2013 in other words, what\u2019s your financial position now \u2013 and where do you want to be? Next is to understand what their time frame is. Somebody who\u2019s in their 50s has much less time and can\u2019t afford to take risks than somebody who is in their 20s.<br \/>\nWe also have to understand what their risk profiles are. And what\u2019s ahead? What are their job prospects like. Are they going to be on steady incomes, or are they going to stop and have a baby?<br \/>\nIt\u2019s a long term process that you can\u2019t plan in concrete. I know some people try to give out 40-year spreadsheets. Kevin, I don\u2019t know what interest rates are going to be next month. So, what we do is set some big goals and then recognize that the plan is going to change along the way.<br \/>\n<b>Kevin:\u00a0 <\/b>Some of the key things I\u2019ve heard you talk about too, Michael, are preparing and making sure that you have some sort of a buffer. Because as you rightly said, you don\u2019t know what\u2019s going to happen even tomorrow, next month, or even next year.<br \/>\n<b>Michael:\u00a0 <\/b>What you have to do is plan for the future but also recognize that times will change over the 10 or 15 years. We\u2019ll have some good times, some bad times, some periods of high interest rates, some periods of low interest rates, some times when property values are going to decrease, and other times when they\u2019re going to boom.<br \/>\nSo, what you really need to do is cover yourself for the downside while looking forward to the upside. That means protecting yourself personally with life insurance and income protection insurance. It means protecting your property portfolio to ride the storms by having financial buffers in place.<br \/>\nAnd it means owning the sort of assets that are going to be strong and stable. By strong, I mean they have to grow at wealth-producing<b> <\/b>rates of return, but by stable, Kevin, I mean that they\u2019re not going to fluctuate in value much <b>[2:53 inaudible]<\/b> having the ups and downs of the more volatile regional mining and secondary locations, Kevin.<br \/>\n<b>Kevin:\u00a0 <\/b>Michael, I appreciate you giving us your time and I know we\u2019ve caught you at an airport there. Can I just squeeze one other point in? I received an e-mail from Troy that he\u2019s requested I seek your opinion on, which I\u2019m very happy to do, and thank you for giving me your time.<br \/>\nTroy writes: \u201cCome July 1, with stamp duty cuts in benefits, I\u2019d like to know if buying off the plan before the end of the financial year is wise, or waiting until after first-home buyers or just general buyers have done their thing.\u201d<br \/>\nHe wants to know your opinion on that, Michael.<br \/>\n<b>Michael:\u00a0 <\/b>Well, Troy, I don\u2019t think that short-term fluctuations \u2013 whether it\u2019s in tax benefits, incentives, or market cycles \u2013 should affect your long-term plans. Of course, everyone wants to buy at the best price or take advantage of First-Home Owner Grants or stamp duty savings, but please don\u2019t make that your major consideration. The time to invest is when you have the finances right or when it\u2019s the right stage of the property cycle for you.<br \/>\nThis is, in my mind, not the right stage to buy off-the-plan properties. Most recent results have again shown that prices are moderating, particularly in our two big capital cities \u2013 Melbourne and Sydney \u2013 but also in other parts of Australia.<br \/>\nBanks are being very cautious about lending for off the plan because in general, most people recognize there\u2019s a glut of<b> <\/b>off the plan properties. And people who buy them are going to end up regretting it because their contract value is going to be significantly more than what the end value would be. In other words, they\u2019re going to have an equity shortfall. They\u2019re going to have difficulty financing at the end.<br \/>\nThis is happening in every state in every location at the moment. So I\u2019d be avoiding off the plan no matter how good the incentive. It won\u2019t make up for buying a second-grade property, Kevin.<br \/>\n<b>Kevin:\u00a0 <\/b>Michael, thank you for sharing your wisdom with us, and safe travels wherever you\u2019re going. And thank you, Troy for your questions.<br \/>\nThanks, Michael Yardney from Metropole Property Strategists. Thanks for your time.<br \/>\n<b>Michael:\u00a0 <\/b>My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: We catch up with 2 young skilled property experts who happen to be brothers How to build your team A great tip about how to keep your property tenanted How auctions have changed and why it is a great opportunity for&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":12402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10,11,13,24],"tags":[101],"class_list":["post-12358","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 v28.3 - 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