{"id":13978,"date":"2017-09-19T01:00:56","date_gmt":"2017-09-18T15:00:56","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13978"},"modified":"2017-09-19T01:00:56","modified_gmt":"2017-09-18T15:00:56","slug":"dont-focus-just-on-price-miriam-sandkuhler","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/dont-focus-just-on-price-miriam-sandkuhler\/","title":{"rendered":"Don&#039;t focus just on price &#8211; Miriam Sandkuhler"},"content":{"rendered":"<p>Buyers Agent <strong>Miriam Sandkuhler<\/strong> says that property investing is not all about price.\u00a0 She says it is the last thing you should consider.<br \/>\nTranscript :<br \/>\n<strong>Kevin:\u00a0 <\/strong>\u00a0We hear lots of great advice about what properties you should buy. Is it all about location? The saying about you only make money when you buy property, not when you sell it. What about \u201cBuying property is not all about price?\u201d That\u2019s what we\u2019re going to talk about now with Miriam Sandkuhler who\u2019s a buyer\u2019s agent with Property Mavens.<br \/>\nGood day, Miriam. Nice to talk to you again.<br \/>\n<strong>Miriam:\u00a0 <\/strong>Hi, Kevin. Nice to talk to you, too.<br \/>\n<strong>Kevin:\u00a0 <\/strong>If buying property is not about price, then what is it about?<br \/>\n<strong>Miriam:\u00a0 <\/strong>Price is obviously a factor, but that kind of comes in at the end. That\u2019s one of the last things that we would consider when buying a property. There are a number of things buyers or investors want addressed all the way through.<br \/>\nThey want to make sure that they have a plan in place. They need to be clear on whether they\u2019re investing for capital growth or whether they\u2019re investing for cash flow, and what that property needs to do for them. So, they have to have their budget resolved as well at that time when they\u2019re putting that plan together.<br \/>\nThey need to understand their own personal risk profile and make sure that it matches the property type that they\u2019re looking at and the risk associated with that property type. We know things like buying off the plan is very high risk compared to buying an established property, because obviously it\u2019s a concept and there are many reasons that it can fall over.<br \/>\nObviously, it\u2019s about getting the right experts engaged at the right times. So, that\u2019s your building and pest inspectors, your conveyancers. I speak to conveyancers a lot of the time and they hate it when someone rings them after they\u2019d bought a property at auction and says, \u201cCan you have a look at the contract for us?\u201d Because then it\u2019s too late. But it happens a shockingly regular amount of time.<br \/>\nThey want to make sure that\u2026 Again going back to the experts, the right expert at the right time can help them maximize their return and certainly help them minimize the risks. So, there\u2019s a reason to bring them on board.<br \/>\nAnd the thing that also leads into determining price ultimately is doing the right research. That includes looking at the right growth drivers and considering multiple growth drivers, not just one such as population growth. I need to be clear here that searching on the Internet and having a look on RealEstate.com is not research; that\u2019s called searching. There is a distinction.<br \/>\nAlso, just be a little bit wary of free advice. Often, free advice is sales advice that\u2019s been disguised with a bit of smoke and mirrors and it\u2019s not necessarily to the benefit of the investor.<br \/>\nThen all of that together will take them down to the point of the negotiation part of it, and that\u2019s where things like recent sales evidence will help them form a picture of what the price of that property will be.<br \/>\nSo really, all of those steps need to happen to get to that point ultimately where they decide what price they\u2019re going to pay for it.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Let\u2019s unpack a little bit of that, because there\u2019s some tremendous advice inside there. You mentioned about research and looking on RealEstate.com.au and Domain. And I agree with you: it\u2019s not research; that\u2019s just searching.<br \/>\nAre you a believer in getting your feet on the ground, or would you actually consider buying a property with a team and doing it remotely?<br \/>\n<strong>Miriam:\u00a0 <\/strong>No, I\u2019d never not view a property. There are so many things that hide and don\u2019t show, and my experience in buying real estate is that photos can make the property look amazing and when you get there in reality it\u2019s not that good. Or sometimes they can under-represent the property. It can look crappy online, but when you get there it\u2019s actually a lot better.<br \/>\nSo, there\u2019s a massive risk in doing that. And in all reality, come on, if you\u2019re spending hundreds of thousands of dollars, don\u2019t tell me you can\u2019t afford $200 or $300 or $400 to go check it out and see what it looks like. I just think that\u2019s a really foolish way to go. I\u2019d never do that.<br \/>\n<strong>Kevin:\u00a0 <\/strong>And building the team, you mentioned getting the right team members in at the right time. That\u2019s all part of that planning process, because really what it comes down to, Miriam \u2013 and you just laid out for us a beautiful plan \u2013 is you have to have a plan or a strategy. You can\u2019t just wake up one morning and decide you want to buy an investment property.<br \/>\n<strong>Miriam:\u00a0 <\/strong>That\u2019s right. Often if some prospective clients ring me, I ask them, \u201cAre you investing for capital growth or cashflow?\u201d and they sit there and go, \u201cI want both.\u201d But that\u2019s sitting on the fence, and it\u2019s not a clear strategy in terms of how many properties they need to buy, what their timeframes are, how much equity they need to achieve, what income does it have to deliver for them? It\u2019s more complex than that.<br \/>\nAnd typically, people who are accustomed to buying property because they\u2019ve been listening to selling agents for decades over-simplify the process and dumb it down and spread myths like \u201cAll properties double every seven years and everyone gets rich out of property,\u201d and it\u2019s just not true.<br \/>\nIt\u2019s really a case of understanding it\u2019s far more complex and there are lots more steps involved in the process to actually buy well. And it\u2019s actually much easier to get it wrong than it is to get it right.<br \/>\n<strong>Kevin:\u00a0 <\/strong>That\u2019s a great saying, too, and it\u2019s very true: much easier to get it wrong than it is to get it right.<br \/>\nMiriam Sandkuhler from PropertyMavens.com.au always makes a lot of sense. Thank you for your time, Miriam.<br \/>\n<strong>Miriam:\u00a0 <\/strong>You\u2019re very welcome, Kevin. Thank you.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buyers Agent Miriam Sandkuhler says that property investing is not all about price.\u00a0 She says it is the last thing you should consider. Transcript : Kevin:\u00a0 \u00a0We hear lots of great advice about what properties you should buy. Is it all about location? The saying&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":12187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,36,22,25,27],"tags":[101],"class_list":["post-13978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Don&#039;t focus just on price - Miriam Sandkuhler - 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\/dont-focus-just-on-price-miriam-sandkuhler\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don&#039;t focus just on price - Miriam Sandkuhler - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Buyers Agent Miriam Sandkuhler says that property investing is not all about price.\u00a0 She says it is the last thing you should consider. 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