{"id":13605,"date":"2017-08-25T01:00:41","date_gmt":"2017-08-24T15:00:41","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13605"},"modified":"2017-08-25T01:00:41","modified_gmt":"2017-08-24T15:00:41","slug":"the-rise-fall-and-rise-of-remax-the-best-sites-to-research-property-finding-the-best-renovation-suburbs","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-rise-fall-and-rise-of-remax-the-best-sites-to-research-property-finding-the-best-renovation-suburbs\/","title":{"rendered":"The rise, fall and rise of REMAX \u2013 The best sites to research property + Finding the best renovation suburbs"},"content":{"rendered":"<p>&nbsp;<br \/>\n<strong><em><u>Highlights from this week:<\/u><\/em><\/strong><\/p>\n<ul>\n<li>A buyers agent guide to the \u2018go to\u2019 internet sites for researching the market. Cate Bakos lists her favourites.<\/li>\n<li>E-settlements have been available in New South Wales since late 2014. The exchange of electronic contracts was made possible in 2015. Fast forward to today and, as you will hear from the property lawyer who made history with Australasia\u2019s first fully on-line transaction, it is bounding ahead.<\/li>\n<li>The property cycle &#8211; what makes the cycle, where are we at, does it change, and what impacts it? Damian Collins gives us an insight.<\/li>\n<li>Suburbs that are offering the best renovation properties right now. But you need to find a gem.\u00a0 Kent Lardner tells us how.<\/li>\n<li>How the growth of REMAX in Australia was smashed by the GFC.<\/li>\n<\/ul>\n<p><strong>Transcripts:\u00a0<\/strong><\/p>\n<h2>Overcoming analysis paralysis &#8211; Cate Bakos<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Buyer\u2019s agent Cate Bakos joins me to talk about the research tools that she uses to help her identify properties that she can recommend to her buyers or her clients.<br \/>\nCate, lovely to have you on the show, and welcome. Nice to be talking to you again.<br \/>\n<strong>Cate:<\/strong>\u00a0 Great to back, Kevin. Thanks for asking for me.<br \/>\n<strong>Kevin:<\/strong>\u00a0 So, that is the challenge. I asked you if you could tell me a few of the sites you look at or where you go to get your data. Just let me position it up-front by saying that I think there is so much data. Sometimes we can go into paralysis by analysis, just analyzing too much stuff, Cate.<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, you are absolutely right. I meet so many people who get themselves into a real spin. There\u2019s conflicting data and there is a lot of data out there, and deciding on which data segments you would like to rely on and how you need to extract data in order to make a judgment call is really important.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, so where do you start?<br \/>\n<strong>Cate:<\/strong>\u00a0 Obviously, the portals that are advertising the properties are a great start, and they have come a fairly long way, so we wouldn\u2019t just rely on a search engine on its own. But we can certainly extract a lot of data, particularly when we look into the sold section and when you segment properties by type or by street, and we can see what has been selling and get a really good feel for the stock levels that are out there, the prices that they are achieving, the rents that are being asked, etc. So, they are obviously, the first port of call.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I know there are a lot of other sites around that have some really good detailed data, and they analyze it quite well, but you are exactly right; REA, Domain, places like that, to get a feel for a demographic of an area, how long it is taking to sell, and list prices to sale prices. There\u2019s some really good data on those sites.<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, without a doubt, and they\u2019ve worked out how to make it quite user-friendly, and people can really navigate around quickly when they get to know the search engine.<br \/>\n<strong>Kevin:<\/strong>\u00a0 What are some of the other sites that you go to, to get a little bit more detailed information, Cate?<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, it\u2019s a good question. ABS is my rock-solid port of call, and you have to have a lot of time to pour over the Bureau of Statistics website because there are so many ways that you can cut that data. But if you know what growth drivers you are looking for and you know what rate of change information you are trying to check, you can get a lot out of that with some careful planning. So, ABS is a favorite of mine, but it is a really serious site to try and navigate around.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes. Some of the others?<br \/>\n<strong>Cate:<\/strong>\u00a0 We have our own industry portals. In Victoria, we have the REIV, and I know that each state has their own portals. And there is some really good data on those portals, and they have got heat maps, they have capital growth rates, quarterly reports. You can get lost in one of those sites for hours on end. And it is almost in real time, so I think we can\u2019t go past those sites, as they are readily available to members.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, they are, the institute sites. There is an institute for each state. Do you have to be a member to get that detailed data?<br \/>\n<strong>Cate:<\/strong>\u00a0 You have to be a member to get the most detailed data, but it certainly does offer data for the general public as well. And it\u2019s great data. I think anyone could have a look on there and agree that what they\u2019ve enabled the public to have access to is really useful.<br \/>\n<strong>Kevin:<\/strong>\u00a0 There are some data sources that we know of that are quite public, like CoreLogic, or as it used to be known, RP Data. There is PriceFinder. There is a number of others. Do you use them as well?<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, in combination, I will use those. There is another one, On the House. When you run all of that data into them, you crosscheck various properties against each other, and have a look at the different ways that data is reported and cut, you can see growth rates that might be over differing periods. And so, when you are compiling your findings, you get a great overview if you can bounce around between all of these sites.<br \/>\n<strong>Kevin:<\/strong>\u00a0 There is another one, too \u2013 it comes out of Melbourne \u2013 that I know you\u2019ve had a look at that\u2019s now a national site, and that is called View, or it used to be known as Real Estate View. They have some great data, and their Kent Lardner has been a guest on our show on a number of occasions talking about what they look at. So, once again, I put those beside the REAs and the Domains in terms of some great information that you can get.<br \/>\n<strong>Cate:<\/strong>\u00a0 Absolutely, it\u2019s a very clever site indeed.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Can I just ask you about CMAs, competitive market analysis. These can be very heavily manipulated, can\u2019t they?<br \/>\n<strong>Cate:<\/strong>\u00a0 I don\u2019t like these at all, Kevin. You\u2019ve hit a sore point with me. I think that people assume that they can be relied upon, and without understanding how a comparative market analysis report is put together, it can fall into the wrong hands and be a very dangerous piece of paper.<br \/>\nIt\u2019s an algorithm and it\u2019s a combination of five different factors, and if there are any data integrity issues \u2013 so, for example, the land size isn\u2019t actually reported for one of the key ingredients, or perhaps a bedroom has been listed as the incorrect number, or the maybe the property has undergone some refurbishment or even a really extensive renovation \u2013 the computer does not know that.<br \/>\nI\u2019ve seen many buyers going out to the market, armed with the CMA that a friendly well-meaning broker or accountant has generated for them, and they already have the wrong idea of value in their head. And it\u2019s because they have not cross-checked it, and they might find that the report suggests that they could secure a property within a $430,000 to $470,000 price interval , and we look carefully at the property and realize that it is just over $600,000.<br \/>\nI am referring to a real-life example, just from a couple of weeks ago, and the integrity of the data was lacking, and the client didn\u2019t know any better and didn\u2019t understand how to carefully cross-check that data and see if it was, in fact, a reliable report.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, I get a bit frustrated. I\u2019ve seen some television ads for a major bank touting their desktop valuations, all done on that CMA-type algorithm, and touting these as being an accurate way to work out what a property is worth. Really, by and large, if you really want to know what a property is worth, you should get a property valuer.<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, I agree. And have a look at some recent comparable sales if you are not wanting to stump up the costs for a valuer. You have to look at these properties yourself and understand the size of the dwelling, the size of the land, whether the location is superior or inferior or comparable.<br \/>\nThere\u2019s a lot to look at behind the scenes, and buyers who are familiar with an area and familiar with other properties that are selling, comparing to what they are looking for are actually a pretty good judge of appraised value themselves because they are looking at a segment that is very tight and they\u2019re becoming specialists in their own area. So, they shouldn\u2019t discount their own ability to understand price and to not rely on an algorithm like this.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Very, very true. Great advice. Cate, thank you so much for your time. Always great talking to you. Cate Bakos from Cate Bakos. The website, is it just CateBakos.com.au?<br \/>\n<strong>Cate:<\/strong>\u00a0 That\u2019s right. Thank you, Kevin.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Too easy. Okay. Good on you, Cate. Lovely talking to you. We\u2019ll catch up again soon.<br \/>\n<strong>Cate:<\/strong>\u00a0 Thanks so much, Kevin.<br \/>\n&nbsp;<\/p>\n<h2>Technology makes settlements easier &#8211; Claire Martin<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Property lawyer Claire Martin, who heads up the property department at Kreisson law firm, embraces PEXA technology, electronic settlements. We\u2019ll talk about that because that is what the interview is all about. Claire made history last year, by completing Australia\u2019s first fully electronic property sale. The exchange of contracts and property went fully online. Claire joins me to talk about that and what\u2019s happening with electronic settlements generally.<br \/>\nClaire, welcome to the show, and thanks for your company.<br \/>\n<strong>Claire:<\/strong>\u00a0 Thank you for having me, Kevin.<br \/>\n<strong>Kevin:<\/strong>\u00a0 How did that settlement go? Tell me about how it went.<br \/>\n<strong>Claire:<\/strong>\u00a0 It was an arduous task. It was something that I had been trying to do as part of research for my masters, and I ended up having to sell one of my own properties. That way, I could dictate to the agent and dictate who they sold the property to and ensure that the purchaser\u2019s conveyancer was onboard with PEXA.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s pretty ground-breaking stuff, isn\u2019t it? Let me just give a little bit of history here. E-settlements have been available in New South Wales since late 2014. The exchange of electronic contracts was made possible in 2015. Fast forward to today, 2017. Where are we with all of this, Claire?<br \/>\n<strong>Claire:<\/strong>\u00a0 It\u2019s bounding ahead. We can now generate hundreds of contracts in under an hour. We can now settle hundreds of settlements just at a click of a button. Once the technology was perfected from, I think 2015, the first couple of contracts were exchanged electronically. Then, in June 2016, I managed to get the settlements and the exchange totally paperless and digital. And now, we can generate high volumes of contracts for off-the-plan purchases that can be exchanged and signed electronically.<br \/>\nAnd then PEXA has recently released PEXA Projects, which means that when acting for a developer as the vendor, we can just upload an Excel spreadsheet and say \u201cThis is the property we are selling. These are the people who are buying those lots. These are their solicitors. These are the prices,\u201d and it just pre-generates hundreds of workspaces.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I would imagine, just listening to what you are saying here, that the bottleneck probably is not with the consumer. Would it be more with real estate agents, with other lawyers who are resisting this type of move? Is that fair comment, Claire?<br \/>\n<strong>Claire:<\/strong>\u00a0 It is a fair comment. We\u2019ve been actively educating fellow practitioners and different agents, whether they are project agents or just day-to-day suburban moms-and-dads sort of sales, and a lot of them have not even heard of PEXA. So, there are some who are ahead of the game, there are some who are\u2026 Especially with practitioners, I know of at least a dozen practitioners who have retired because they don\u2019t want to learn a new trick.<br \/>\n<strong>Kevin:<\/strong>\u00a0 You\u2019re on record as claiming that the legal profession is slow to embrace new technology. I guess this is a classic example. Why is that, do you think? Are they scared about this?<br \/>\n<strong>Claire:<\/strong>\u00a0 Well, the government keeps on putting more risk on the legal profession. So, things like we now have to verify the identity, so if a purchaser is not who they say they are and they\u2019re committing fraud or forgery, those sort of things are put back on the legal profession. There\u2019s also the foreign capital gains withholding tax. There\u2019s a whole heap of things that are making conveyancing a lot more difficult.<br \/>\nI\u2019m not sure whether the government sort of said \u201cOh well, if PEXA is going to be limited to conveyancers and property lawyers, let\u2019s get them to do all our tax collecting and information checking,\u201d because the job has got a whole lot harder in the past year, and people are not charging a lot more for hours more work.<br \/>\n<strong>Kevin:<\/strong>\u00a0 And therein lies the problem, doesn\u2019t it? A lot of these conveyances were done by conveyancers, not necessarily lawyers, and that is why they were able to keep those fees so low. So, if it is all of a sudden, becoming a lot more technical and you guys have to collect taxes, is there is a likelihood that settlements and conveyancing is going to become more expensive?<br \/>\n<strong>Claire:<\/strong>\u00a0 I doubt it is.<br \/>\n<strong>Kevin:<\/strong>\u00a0 You don\u2019t think so?<br \/>\n<strong>Claire:<\/strong>\u00a0 By doing it electronically, you are saving a lot of time.<br \/>\n<strong>Kevin:<\/strong>\u00a0 That could be the answer, yes.<br \/>\n<strong>Claire:<\/strong>\u00a0 There is a lot more transparency between the parties, you are not sitting on hold to the bank for hours trying to book in a settlement. I think it was reported that 25% of settlements fell over because of human error.<br \/>\n<strong>Kevin:<\/strong>\u00a0 That\u2019s right.<br \/>\n<strong>Claire:<\/strong>\u00a0 If these human errors are being eliminated before settlement even occurs, then you would think that the time saved is going to make things cheaper.<br \/>\n<strong>Kevin:<\/strong>\u00a0 State governments have mandated that electronic transactions need to be in place within the next two years. Is that realistic?<br \/>\n<strong>Claire:<\/strong>\u00a0 Yes. Western Australia is kicking it off. They\u2019re going to be the test guinea pig for the country, and New South Wales and Victoria will follow shortly after. Queensland had a form of electronic conveyancing for many years, so it wouldn\u2019t be too big of a change for them.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I hear all the time that people are concerned about online transactions and security and so on. Is that a concern? Is that something we need to be concerned about, online fraud?<br \/>\n<strong>Claire:<\/strong>\u00a0 With PEXA, it is overseen by the Reserve Bank of Australia, so if a hacker is going to hack the Reserve Bank of Australia\u2019s security, what chance do we have?<br \/>\n<strong>Kevin:<\/strong>\u00a0 None.<br \/>\n<strong>Claire:<\/strong>\u00a0 I\u2019m pretty sure the majority of people who have superannuation hold some shares in some company. I have said to people, \u201cHave you ever seen your share certificate? Have you ever held the paper document?\u201d Even people who own houses, it is like \u201cHave you actually held the paper document?\u201d It doesn\u2019t actually make much difference to the consumer. We\u2019ve been living in a digital economy for many years now.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, we have just got to get used to it. Okay, great talking to you. Claire Martin is a property lawyer. She works with Kreisson.<br \/>\nThank you very much. Congratulations on your ground-breaking work. Keep it up, Claire.<br \/>\n<strong>Claire:<\/strong>\u00a0 Thank you very much.<br \/>\n&nbsp;<\/p>\n<h2>Where is the property cycle right now? &#8211; Damian Collins<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Look, we all know that there is a property cycle, but let\u2019s try to get a bit of a handle on what makes the cycle, where are we at, does it change, and what impacts it? To answer some of my questions about this, Damian Collins joins me from Momentum Wealth in Western Australia. You can catch them at their website, MomemtumWealth.com.au.<br \/>\nDamian, thank you very much for your time.<br \/>\n<strong>Damian:<\/strong>\u00a0 Glad to be here, Kevin.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Demystify this thing for me, the property cycle. What\u2019s a cycle in period of time?<br \/>\n<strong>Damian:<\/strong>\u00a0 Kevin, the property cycle is generally over a longer period of time \u2013 anywhere from 5 to 12 years \u2013 and during that cycle, you will have periods of time where property demand is outstripping supply and then you will have periods also where supply is outstripping demand.<br \/>\nOne of the big important things with property is it takes so long for a product to come to market. If you want to provide more properties, developers bring them to market. By the time they get them through planning systems and so forth, it\u2019s a couple of years, and that\u2019s why you can have then, periods \u2013 like Sydney and Melbourne, particularly in the last couple of years \u2013 of seeing a shortage of stock and that has caused their prices to go up. Conversely, in Perth particularly, but to a lesser extent Brisbane, we\u2019ve seen an oversupply in the mining era. That has caused too much supply, and that has caused their prices to stagnate or even decline.<br \/>\n<strong>Kevin:<\/strong>\u00a0 There is no one property cycle. We\u2019re all at different stages in different parts of the country, aren\u2019t we?<br \/>\n<strong>Damian:<\/strong>\u00a0 Definitely. You would suggest that Melbourne and Sydney, if you look at the old economic clock or the circular clock, they\u2019re towards their peak of their cycle, if not at the peak, and Brisbane and Perth \u2013 and particularly Perth \u2013 are at the bottom. Brisbane really hasn\u2019t done much in this last cycle, so I think that has still got some legs.<br \/>\nBut also, Kevin, interestingly, even different types of property within a market can have different cycles. In Perth at the moment, some sectors are running very strongly; other sectors are running very softly. In Brisbane, we\u2019ve certainly got oversupply issues with apartments but general houses are still going okay.<br \/>\nYes, there\u2019s not one property cycle across the country, and even in a particular city, there are different cycles within the property market as well.<br \/>\n<strong>Kevin:<\/strong>\u00a0 When you are looking at investing for the people who work with you, is the cycle one of the things that you look carefully at and try to pick where a market is and where it is likely to go?<br \/>\n<strong>Damian:<\/strong>\u00a0 Definitely. Look, when you\u2019re investing in property, generally, for our clients and most people out there, for passive investment, you\u2019re looking generally at a ten-year time frame. So, the first point is to go down to what are the best locations that are likely to out-perform over a ten-year period? We have a number of cities, four major cities in Australia, that have the demographics, the population growth, the industries to sustain long-term property price growth.<br \/>\nBut then, from there, you start to look at where are they in the stage of their cycle? For Sydney and Melbourne for the last 18 months to two years, they have been getting towards the top. Who knows exactly when that is going to finish. Obviously, Brisbane has gone up a little bit, and Perth has actually come back a little bit over that last 12 months. So, you do certainly look at that.<br \/>\nI guess it still comes down to investors\u2019 confidence. A lot of investors still like to stick with their home city. And if you have got a ten-year horizon and investing in Sydney, Melbourne, Brisbane, or Perth, I think you are going to do pretty well, but it is nice to get that free kick of a nice 15-plus percent upswing if you get in early enough in the cycle in that particular city.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, I guess you wouldn\u2019t be terribly concerned about the cycle if you were really in the market \u2013 not trying to time the market necessarily but just spending time in the market, Damian?<br \/>\n<strong>Damian:<\/strong>\u00a0 That\u2019s right, Kevin. I\u2019ve seen a lot more money lost by people trying to time the market than by buying at the wrong time, particularly again, in major cities. Obviously, a difference in regional areas where they can be far more volatile, but in major cities, I\u2019ve seen people hold out and go \u201cOh no. I will wait for it to drop.\u201d Well, property doesn\u2019t often drop, and when it does drop, residential in the major cities doesn\u2019t generally drop a substantial amount. I have seen people wait and wait, and they end up often doing nothing, and they miss out potentially 30% or 40% growth over a cycle.<br \/>\nCertainly, everyone wants to buy at exactly the bottom of the cycle and sell exactly at the top. It\u2019s just realistically not likely to happen, and the best thing to do is when you\u2019re ready and comfortable, as long as you have a long-term horizon and do your research, look carefully and get into the market.<br \/>\n<strong>Kevin:<\/strong>\u00a0 You have mentioned earlier in our chat that supply and demand is a big indicator. Is that, in fact, one of the major indicators about what\u2019s going to happen on that clock?<br \/>\n<strong>Damian:<\/strong>\u00a0 It definitely is. Your demand is driven by population growth. That is the big one, and that\u2019s one of the reasons why Melbourne is strong \u2013 their 100, 000+ population growth a year. Sydney is not far behind.<br \/>\nSo, you have population, but to get the population growth, you need strong industries. The mining cities did very well in the mining boom. Obviously, that has tapered off, but actually, the mining sector is starting to recover again, so we\u2019re starting to see marginal changes in population there.<br \/>\nSo, you need the population growth, the industries, but of course, as I said earlier, the developers start releasing more land or bringing more apartments to market, but because there is such a long time period, often by the time they\u2019ve built them, the cycle could have changed.<br \/>\nBut I think one of the big things is an intangible one. It\u2019s not just about number of houses and jobs; it\u2019s confidence. Sometimes you do see people, particularly when they\u2019re in that particular market, the confidence is perhaps over-optimistic or too pessimistic. It\u2019s very much human nature; we tend to look at most recent history. People in Sydney and Melbourne at the moment, probably think it is going to keep going up forever, and people in Perth have the negative mentality, \u201cOh, it\u2019s never going to go up again.\u201d<br \/>\nHistory shows it always recovers and always peaks again. It\u2019s been doing that for hundreds and hundreds of years, and it won\u2019t change because that\u2019s the nature of humans.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Always good talking to you. Damian Collins, from Momentum Wealth. Thanks for your time, Damian.<br \/>\n<strong>Damian:<\/strong>\u00a0 Pleasure, Kevin.<br \/>\n&nbsp;<\/p>\n<h2>Finding the best renovation suburbs &#8211; Kent Lardner<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Kent Lardner from View.com.au, joins me once again.<br \/>\nKent, I want to talk to you this time about renovations and renovation suburbs. What makes a good renovation suburb, or is there such a thing?<br \/>\n<strong>Kent:<\/strong>\u00a0 The call out for me is always know what your renovation costs are upfront, so you start with that and you get that out of the way. What we\u2019re finding statistically is a lot of the higher value \u2013 so you look at the higher median price suburbs \u2013 they\u2019re often the ones that are best to renovate if you can find the gem. The gem being a smaller house or an unrenovated property, because typically, these houses in the wealthier locations, they\u2019re significantly more expensive and a lot of people may not seek to want to live in something and renovate it.<br \/>\nIf you can find the smaller house or the unrenovated house in a lot of these more expensive areas, from a statistical perspective, they\u2019re the ones that uncover the greatest capital gain.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Would the same apply to units?<br \/>\n<strong>Kent:<\/strong>\u00a0 Units, for us, is a little bit more of a challenge, because obviously with houses, we can do what if analysis of plus one bathroom, plus one bedroom. With units, it\u2019s a lot harder obviously to do that.<br \/>\nTypically though, we\u2019re finding increasingly now, a lot of these well-placed older units are being renovated, and you can look at what they have been acquired for or what the unrenovated ones come on the market for, and compare those to the ones that have been renovated, and there\u2019s a lot of market activity in renovating older units in prime locations in and around the city.<br \/>\n<strong>Kevin:<\/strong>\u00a0 If you had a choice, would you prefer to renovate a house or a unit, and why?<br \/>\n<strong>Kent:<\/strong>\u00a0 That would depend on my use case: what\u2019s my objective? Is it for owner-occupied? Is it for a quick buck, or is it to keep long term? So, you\u2019d really have to identify what your scenario is.<br \/>\nI would almost say if the objective for me is to try and unleash the greatest capital value, there is no single formula; it\u2019s about finding <em>the<\/em> property. It\u2019s about <em>the<\/em> right property, at the right time, regardless of location.<br \/>\n<strong>Kevin:<\/strong>\u00a0 In a renovation project, are there areas that will generate a bigger bang for buck \u2013 as in a bedroom or a kitchen, or an additional bathroom?<br \/>\n<strong>Kent:<\/strong>\u00a0 Yes. We do a lot of this. We measure this and store these values in each location as a co-efficient. We mentioned that in an earlier episode. Typically, we store a price for every one-unit change in a bedroom, or a price per every one-unit change in a bathroom, and we look at these locations, and usually, as expected, the highest values are those wealthier suburbs where prices are higher. So, that is a given.<br \/>\nCertainly, those locations where I can find that one-bathroom property in an expensive location and add that bathroom, that\u2019s traditionally going to give me the greatest return for the extension. Absolutely.<br \/>\nBut then again, you can find other houses that are under-valued. What we traditionally do \u2013 and we\u2019ve been doing this a fair bit in recent months \u2013 is we\u2019ll find properties that have been listed for sale, and what we do, is we\u2019ll match up, through a matching algorithm, the three best comparable sales.<br \/>\nTypically, the algorithm will pull back properties based on time and distance and size, and we\u2019ll have three comparable sales that are served up and matched to a listed property. We\u2019ll take that listing price, we\u2019ll compare it to those three other properties, and if those three other properties are all higher in value than the listing price, we say this may be a bargain. What we do then is we list these down and we go and look at them, and we say, \u201cYeah.\u201d<br \/>\nTypically, what we have found is we\u2019re listing these down, we can produce hundreds of these each week, we go and look at them, and then what was this process is doing is, obviously, uncovering those renovators\u2019 dreams, and some of them, truly you can see, just be looking at a few tiles and a bit of a paint job, it truly, truly is an opportunity.<br \/>\n<strong>Kevin:<\/strong>\u00a0 How can we access these properties?<br \/>\n<strong>Kent:<\/strong>\u00a0 At the moment, we\u2019re just producing them bespoke, as a media article for a bit of fun. Obviously, in the coming months because we are getting such good feedback, we\u2019re looking at actually making it ongoing service and adding it as a product of View.<br \/>\n<strong>Kevin:<\/strong>\u00a0 We should make that available through Real Estate Talk, I think. That would be a great idea.<br \/>\n<strong>Kent:<\/strong>\u00a0 I think we can do one of those in the next week or two, Kevin.<br \/>\n<strong>Kevin:<\/strong>\u00a0 That should be fantastic. Hypothetical now, I\u2019m doing a renovation. I\u2019m thinking about adding an extra bedroom. Is there a tool that you could point me in the direction of that will indicate to me, if I add another bedroom to this property, what will it do to the value?<br \/>\n<strong>Kent:<\/strong>\u00a0 Visit View.com.au. There\u2019s a link there that says Property 360. From that, you can enter in your address and find your own property. We have a landing page for every house in the country, every address in the country. You can then look at that; it\u2019ll present a tool that allows you to change the bedroom count from, say, two to three or three to four, or change the bathroom count. And then once you make those changes, hit Submit, and that will serve up a new price estimate and also serve you up comparable sales.<br \/>\nFrom that, then you can cycle through and pick the best three matching sales that are based on either (a) the way the property is today or (b) the way you think the property will be after you renovate, and that gives a great idea of what the likely price will be.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Okay. That website again is View.com.au, and from there\u2026?<br \/>\n<strong>Kent:<\/strong>\u00a0 And follow the link to 360.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Thanks, Kent. We will talk again soon.<br \/>\n<strong>Kent:<\/strong>\u00a0 Thank you, Kevin.<br \/>\n&nbsp;<\/p>\n<h2>The rise, fall and rise of REMAX &#8211; Michael Davoren<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>Michael Davoren is with me in the studio. Michael is the managing director for RE\/MAX Australia and New Zealand.<br \/>\nTell us the history of RE\/MAX into Australia.<br \/>\n<strong>Michael:\u00a0 <\/strong>RE\/MAX generally is only a very, very new company in world terms as well. It\u2019s only been around for 44 years now, but in Australia, about 20 years. You know, you hear the football commentator say \u201cIt was a game of two halves.\u201d Well, RE\/MAX\u2019s story has been a game of three thirds, really.<br \/>\nWhen it first started, as you know with other companies, it really did take off. It took off immeasurably. It was very strong. A lot of the established agents joined. And then all of a sudden, whilst it was very fast growth, it was very quickly followed by the GFC, and that smashed it for a while.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Explain the business model for those who don\u2019t know.<br \/>\n<strong>Michael:\u00a0 <\/strong>The pure RE\/MAX model is a model where good agents are paid a very high split of the commission. They run their own businesses. We have what we call conjunctional agents now. We don\u2019t use the term because it\u2019s nothing like an independent contractor anymore. We have changed all of that. But it really is people owning and running their own businesses within businesses.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, the consumer generally wouldn\u2019t see the difference, but internally, the difference is quite massive, isn\u2019t it, because RE\/MAX gave agents the opportunity to truly run a business within a business for the first time.<br \/>\n<strong>Michael:\u00a0 <\/strong>Absolutely. And where a lot of the growth for RE\/MAX in Australia has come from as well is they\u2019ve grown businesses within businesses, and then eventually the right ones \u2013 and that would still be a small percentage of agents who are appropriate to \u2013 go out and have their own business.<br \/>\nThere has been some good growth, but the numbers did fall away after the GFC there for a while, and when we took over about five years ago, we had to turn that around, and we have turned that around. We\u2019ve now got good growth, but the models have changed.<br \/>\nThere\u2019s a lot more variation in the models now, not just one RE\/MAX model. There are all sorts of models. We have totally traditional offices out there. The bigger agencies now concentrating on conjunctional agents.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Interesting, too, because the introduction of RE\/MAX actually brought about a number of changes in existing operations. Some of the major franchise groups have diversified as well. They have similar models inside their model.<br \/>\nThe commissions for the consumer haven\u2019t changed, so therefore they don\u2019t perceive a difference. But as I was saying earlier, the difference internally is quite large. It gave good agents the opportunity to start to run their own business and earn more of the commission.<br \/>\n<strong>Michael:\u00a0 <\/strong>Yes. But it has also given them the opportunity to build their own brand, to create their own environment, to employ their own staff. There are a lot of advantages to it. The real estate industry has seen an increase in competition. I think the consumers have seen some benefit in that.<br \/>\nI think when the consumer is looking for \u2013 and this is a hard thing for them to do \u2013 the right agent, I don\u2019t think it should only be based around what the fee is. I think that it\u2019s really important that sometimes the cheapest agent can be the most expensive when it comes to ability to negotiate and the prices that are achieved.<br \/>\nI think, overall, the industry has become far more professional than what it used to be, but I think that there has been some evolution, and I think that that\u2019s one of the things that\u2019s going to stand very strongly for the real estate industry as the different models come in, all that sort of stuff. I think that we have evolved as an industry.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Will there be a change in the models, do you think?<br \/>\n<strong>Michael:\u00a0 <\/strong>Yes. There will always be new models come in, but the traditional model will stead fast for I think a fair time to come. But it\u2019s very important that the real estate agent doesn\u2019t get so wrapped up in technology that they forget that it\u2019s a relationship business.<br \/>\nI can remember when I first started my real estate career many decades ago. I started with my father on the Gold Coast, and he used to make me walk with him to the post office every morning. It used to drive me crazy to be honest, because it used to take so long. But it was all about people wanting to talk to him and him wanting to talk to people.<br \/>\nThat has to come back into the real estate business. I think we got a bit carried away with who can build the biggest database. Yes, you have to have a good database, but you have to have people out there who really do know you, not just know of you.<br \/>\n<strong>Kevin:\u00a0 <\/strong>That\u2019s a great lesson, not only for real estate agents but for all businesses, because they talk about how big their database is, but how well are they interacting with that database?<br \/>\n<strong>Michael:\u00a0 <\/strong>Yes, and how many of the people on that database are actually advocates for them? As a topic of discussion, real estate is probably one of the most popular discussions. Even in a social atmosphere, people want to talk about real estate. And if people are talking about real estate, a good real estate agent is the one whose name has to pop up, and they\u2019re the ones who will really survive and thrive in the real estate business in the future.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, it\u2019s a very interesting topic, and I can imagine\u2026 I know we have a lot of agents who listen to this who hopefully are getting the message that so many agents have got good databases, they just don\u2019t know how to communicate with them, so they just simply push out their listings \u2013 \u201cThis is my latest listing,\u201d or \u201cHere are all my listings\u201d \u2013 thinking that that\u2019s actually what consumers want.<br \/>\nBut it\u2019s not. They actually need information. They need \u201cTell me how to get through this transaction when it\u2019s time for me to do it.\u201d<br \/>\n<strong>Michael:\u00a0 <\/strong>Yes, and it\u2019s the same with all sorts of stuff that real estate agents have been doing, be it door knocking, be it letterbox dropping. They have to understand that people will put their properties on the market when they\u2019re ready, not just because a real estate agent needs a listing.<br \/>\nIt\u2019s the communication that goes on right throughout that period of time until that time comes when they do want to think about selling, and that agent\u2019s name has to be the one that comes up in their thinking, in their discussions on who they\u2019re going to use.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes. This has been the big change, and you touched on it, that the move from the agent being transactional to being relationship and understanding that the houses are inanimate, they just stay there; it\u2019s the people who move in and out of those houses who are the real customers.<br \/>\n<strong>Michael:\u00a0 <\/strong>Absolutely, and a good agent\u2019s strengths are in the marketing of that. You have to be able to talk about the asset itself, but you have to be able to understand that the buyers who are there are eventually going to be sellers, and so the relationships have to start there and have to be genuine.<br \/>\nAnd the same with the sellers. We are appointed by the sellers. I\u2019ve met thousands of real estate agents over my years in real estate, and I think the vast majority of them genuinely do want to try and do the right thing by their sellers and buyers.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Absolutely. Michael, all the best. Michael of course from RE\/MAX. Thank you very much.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Highlights from this week: A buyers agent guide to the \u2018go to\u2019 internet sites for researching the market. Cate Bakos lists her favourites. E-settlements have been available in New South Wales since late 2014. 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