{"id":14357,"date":"2017-10-19T01:00:55","date_gmt":"2017-10-18T14:00:55","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14357"},"modified":"2017-10-19T01:00:55","modified_gmt":"2017-10-18T14:00:55","slug":"make-money-by-saying-no-miriam-sandkuhler","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/make-money-by-saying-no-miriam-sandkuhler\/","title":{"rendered":"Make money by saying no \u2013 Miriam Sandkuhler"},"content":{"rendered":"

You will make more money from the things you say \u2018no\u2019 to.\u00a0 An unusual statement but it applies to how buyers agents look at buying property.\u00a0 We can lean much from asking about the properties they reject and why.\u00a0 Buyers agent Miriam Sandkuhler answers that for us.
\nTranscript:<\/strong>
\nKevin:\u00a0 Someone once said to me that you\u2019ll make more money out of investing from the things that you say no to. That leads me to ask this question now of buyer\u2019s agent Miriam Sandkuhler from Property Mavens: the properties that a buyer\u2019s agent will reject, and why?
\nGood day, Miriam. How are you doing?
\nMiriam:<\/strong>\u00a0 I\u2019m good, Kevin. Thanks for having me on.
\nKevin:<\/strong>\u00a0 It\u2019s a great question, and I\u2019m sure you\u2019re going to be able to give us a wealth of information there. What sort of properties do you reject, and why?
\nMiriam:<\/strong>\u00a0 I use the term \u201ccompromise,\u201d so any properties that are compromised in any way that can have a detrimental effect to the property\u2019s capacity to resell down the track or to earn decent capital growth down the track.
\nFor example, there was a great property I was looking at for a client in Sunshine West recently. It ticked all the boxes except it was very close to high voltage power lines, and I know for a fact in dealing with a lot of sworn valuers, that they always suggest if you can stay 100 to 300 meters away from those power lines, it\u2019s better from a resale perspective and a capital growth perspective. In this instance, the property we rejected was within 65 meters of both power lines, so we walked away.
\nKevin:<\/strong>\u00a0 Yes, that would be a no-brainer, wouldn\u2019t it?
\nMiriam:<\/strong>\u00a0 Well, no, not really. In that situation, a competing buyer bought it for their client.
\nKevin:<\/strong>\u00a0 Well, there you go.
\nWhat are some of the other things that would knock properties out, Miriam?
\nMiriam:<\/strong>\u00a0 When I assess a property, you look at the whole property, not just the individual parts of it. I factor in things like the suburb, what the demand is like in that suburb of buyers, what the capital growth rates are like, vacancy rates, and so forth. They have to show specific returns to make it viable to invest, and if they\u2019re not what I need, then I don\u2019t bother.
\nProximity, so things like proximity to transport or employment or schools. Local amenities, that\u2019s really important, so depending on how far or how close they are to it.
\nSome suburbs can be really big. I know there\u2019s a suburb here in Melbourne called Reservoir. It\u2019s a substantially large suburb and there are some really great properties, but when you figure out why they cost so little comparatively to the ones that are closer to the shops and the train\u2026 If you want to go to a shop in that region, you have to hop in the car and drive to it. So, that\u2019s something to take into consideration.
\nThen you look at the street itself, what the streetscape is like, what the traffic is like, what the zoning on the street is like, what capacity there is for that street to be subdivided and developed and become denser down the track. That might be a reason to reject a property if there is a lot of risk around that, or it might actually be the reason to buy it if someone is looking for a development site.
\nThese are some examples of the things that you need to take into consideration to decide whether or not it ticks the boxes or if it doesn\u2019t and it\u2019s not good enough.
\nKevin:<\/strong>\u00a0 As a buyer\u2019s agent, when someone comes to you and says they want to buy an investment property, what are some of the questions you ask them, just so anyone who is interested can be a little bit more prepared?
\nMiriam:<\/strong>\u00a0 It\u2019s firstly about what\u2019s your strategy? Are you investing for capital growth or for cash flow? I always like to get an idea of what\u2019s already in their portfolio, to see how balanced their portfolio. And, of course, it comes down to their income, their buying capacity, and if they\u2019re already financed and pre-approved.
\nI think one of the mistakes that most people make is they start searching the Internet and race down that path. One of the first things they really have to do is talk to a mortgage broker and find out exactly what they can borrow, because the way banks are changing their policies every five minutes at the moment, people who qualified one week suddenly don\u2019t qualify the next.
\nThat\u2019s a really important thing. If you\u2019re going to talk to a buyer\u2019s advocate, have that buying capacity in place and know what you can do.
\nKevin:<\/strong>\u00a0 Generally, what do you find in terms of a negotiation level? If you were looking to buy something around, say, $600,000, what price range, typically, would you be looking in, knowing that you could negotiate?
\nMiriam:<\/strong>\u00a0 In the market that I\u2019m in and the investment-grade property that I buy, often there is not a lot of room to negotiate because I\u2019m dealing with some high-demand, low-supply properties. Having said that, there are still skills that come into play and I manage, more often than not.
\nWhat\u2019s more important is to secure the investment-grade property at fair market value rather than trying to muck around to save a couple of dollars and lose out. That\u2019s something really important to consider.
\nIt really depends on the state that you\u2019re in and what the regulations are around price quoting. Certainly, in Victoria, we\u2019ve had legislation come in that now provides a framework under which quoting has to take place. But unfortunately, the sneaky agents who are out there, a number of them\u00a0[4:36 inaudible]<\/strong>. That effectively is still a way of under-quoting.
\nBut you know, it really depends. It\u2019s really case by case. The other thing, too, particularly here in Victoria, Consumer Affairs haven\u2019t particularly advertised it very well, so there are a lot of buyers out there still automatically just adding 10% or 20% to the top of a quote range, not realizing that legislation has come in, and then they\u2019re doing themselves out of locking in the property in the first place. So, there\u2019s still consistency in the marketing in Victoria around price quoting.
\nKevin:<\/strong>\u00a0 I guess at the end of the day, you have to listen to what the price range is, but you then have to make your own mind up as to what you think that property is really worth, Miriam, haven\u2019t you?
\nMiriam:<\/strong>\u00a0 That\u2019s exactly right. You always have to do your own research. In Victoria, we now have a statement of information, and where it gets tricky is that sometimes the comparables either aren\u2019t genuinely comparable or the date of the information is so out of date that properties have increased substantially in price in that time.
\nWhatever it is that the agents are providing, you still have to do your own due diligence, you still have to do your own research, you still have to understand how to assess the value of property and how to know what a genuinely comparable property is.
\nIf you just can\u2019t do all of that and you\u2019re missing out, understand that it\u2019s costing you anyway because being out of the market when it\u2019s escalating so rapidly will probably cost more than engaging a professional buyer\u2019s advocate.
\nI say to investors, if you want to give it a go yourself, great, do that, but draw a line in the sand and make a commitment that you give it a go for a certain amount of time. Then if after that time, you\u2019ve had no joy, get a professional to help you because you\u2019d be surprised how quickly we can get you an outcome.
\nKevin:<\/strong>\u00a0 Miriam Sandkuhler there from Property Mavens, PropertyMavens.com.au. Miriam, thanks again for your time.
\nMiriam:<\/strong>\u00a0 You\u2019re welcome. Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

You will make more money from the things you say \u2018no\u2019 to.\u00a0 An unusual statement but it applies to how buyers agents look at buying property.\u00a0 We can lean much from asking about the properties they reject and why.\u00a0 Buyers agent Miriam Sandkuhler answers that…<\/p>\n","protected":false},"author":176692471,"featured_media":14358,"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],"tags":[101],"class_list":["post-14357","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","tag-podcast"],"yoast_head":"\nMake money by saying no \u2013 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\/make-money-by-saying-no-miriam-sandkuhler\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Make money by saying no \u2013 Miriam Sandkuhler - 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