{"id":13606,"date":"2017-08-27T01:00:29","date_gmt":"2017-08-26T15:00:29","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13606"},"modified":"2017-08-27T01:00:29","modified_gmt":"2017-08-26T15:00:29","slug":"overcoming-analysis-paralysis-cate-bakos","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/overcoming-analysis-paralysis-cate-bakos\/","title":{"rendered":"Overcoming analysis paralysis – Cate Bakos"},"content":{"rendered":"

This week we ask buyers agent Cate Bakos<\/strong> if she would tell us a few of the sites she looks at or where she goes to get her property data. There is so much data. Sometimes we can go into paralysis by analysis, just analyzing too much stuff.
\nTranscript :\u00a0<\/strong>
\nKevin:<\/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.
\nCate, lovely to have you on the show, and welcome. Nice to be talking to you again.
\nCate:<\/strong>\u00a0 Great to back, Kevin. Thanks for asking for me.
\nKevin:<\/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.
\nCate:<\/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.
\nKevin:<\/strong>\u00a0 Yes, so where do you start?
\nCate:<\/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.
\nKevin:<\/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.
\nCate:<\/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.
\nKevin:<\/strong>\u00a0 What are some of the other sites that you go to, to get a little bit more detailed information, Cate?
\nCate:<\/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.
\nKevin:<\/strong>\u00a0 Yes. Some of the others?
\nCate:<\/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.
\nKevin:<\/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?
\nCate:<\/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.
\nKevin:<\/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?
\nCate:<\/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.
\nKevin:<\/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.
\nCate:<\/strong>\u00a0 Absolutely, it\u2019s a very clever site indeed.
\nKevin:<\/strong>\u00a0 Can I just ask you about CMAs, competitive market analysis. These can be very heavily manipulated, can\u2019t they?
\nCate:<\/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.
\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.
\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.
\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.
\nKevin:<\/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.
\nCate:<\/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.
\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.
\nKevin:<\/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?
\nCate:<\/strong>\u00a0 That\u2019s right. Thank you, Kevin.
\nKevin:<\/strong>\u00a0 Too easy. Okay. Good on you, Cate. Lovely talking to you. We\u2019ll catch up again soon.
\nCate:<\/strong>\u00a0 Thanks so much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

This week we ask buyers agent Cate Bakos if she would tell us a few of the sites she looks at or where she goes to get her property data. There is so much data. Sometimes we can go into paralysis by analysis, just analyzing…<\/p>\n","protected":false},"author":176692471,"featured_media":14748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,36,22,25],"tags":[101],"class_list":["post-13606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nOvercoming analysis paralysis - Cate Bakos - 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\/overcoming-analysis-paralysis-cate-bakos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Overcoming analysis paralysis - Cate Bakos - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"This week we ask buyers agent Cate Bakos if she would tell us a few of the sites she looks at or where she goes to get her property data. 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