{"id":14850,"date":"2017-11-24T01:00:26","date_gmt":"2017-11-23T14:00:26","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14850"},"modified":"2017-11-24T01:00:26","modified_gmt":"2017-11-23T14:00:26","slug":"can-you-rely-on-property-reports-using-parents-equity-and-fractional-equity-to-get-a-property-what-is-blockchain","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/can-you-rely-on-property-reports-using-parents-equity-and-fractional-equity-to-get-a-property-what-is-blockchain\/","title":{"rendered":"Can you rely on property reports? + Using parents equity and fractional equity to get a property + What is Blockchain?"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>The best reports to get<\/li>\n<li>Avoiding a \u2018bidding war\u2019 at your next auction<\/li>\n<li>LMI and the benefits<\/li>\n<li>The accuracy of property reports<\/li>\n<li>How and why auction is growing in popularity<\/li>\n<li>The way to retire in your 30\u2019s and live off your portfolio<\/li>\n<li>Parents equity<\/li>\n<li>Fractional equity<\/li>\n<li>Does Blockchain raise concern about cyber security?<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>Semi-retired and living off property &#8211;\u00a0Bryan Loughnan<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Sometimes some of the best lessons we can learn in life are lessons from the journeys of others. It certainly saves us a lot of angst and a lot of pain along the way. I\u2019m going to tell you about a success story now.<br \/>\nA young couple in their mid-30s, already well on their way to becoming semi-retired because of some very smart investments. They worked with a buyer\u2019s agent by the name of Bryan Loughnan. Bryan is from Propertyology.<br \/>\nGood day, Bryan. How are you doing?<br \/>\n<strong>Bryan:<\/strong> \u00a0\u00a0Hi, Kevin. Well. Thanks for having me.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good, mate. Thank you for sharing this story with us. Tell us a little bit about this couple.<br \/>\n<strong>Bryan:<\/strong>\u00a0 So, Jess and Belinda are a young couple. They came to us about two and a half years ago now. Both of them earned properties in their own right prior to getting together. And now they\u2019re looking to continue their investment journey.<br \/>\nThey had a lot of capacity \u2013 probably the ability to buy a $700,000 or $800,000 property given the equity they had and some cash flow that they had from other properties \u2013 but understood the importance of minimizing risk as they were growing a portfolio and reached out to us to get some of our experience and help them invest.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Tell us about the journey that you took them on, because I think when they came to you they already had some property in their portfolio.<br \/>\n<strong>Bryan:<\/strong>\u00a0 Yes, absolutely. They came to us and said they probably had the capacity to buy a property up to $700,000 or $800,000 but they weren\u2019t keen to buy one property; they wanted to make money.<br \/>\nAs investors, we all want to make money, but we need to understand that minimizing risk in that journey is important as well. Key for us in minimizing risk is in diversification. Whether you are a share investor or a property investor, you should be looking to diversify.<br \/>\nThey came to us. They had two properties. Since then, we\u2019ve actually helped them buy two other properties, so rather than buying one property in one location for $700,000, they split that down the middle and they managed to secure two really good properties in two completely different locations.<br \/>\n<strong>Kevin:<\/strong>\u00a0 How were you able to help them? Obviously, it was sitting down with them and analyzing with them on where they need to go.<br \/>\n<strong>Bryan:<\/strong>\u00a0 So, a little bit about what\u2019s the existing portfolio? That was important. So, where are their existing properties, and what are the industries that drive the economy in those particular locations? So, understanding that one of their properties was on the Sunshine Coast, so very tourism-dominated, and the other one was on the north coast of New South Wales. Already very different locations, but helping them to continue to build their portfolio into yet another state, another completely different location, and a really exciting location for them.<br \/>\n<strong>Kevin:<\/strong>\u00a0 What are some of the lessons that you would tell aspiring young investors from the experience that you picked up with this couple? What are some of the lessons that they can learn from?<br \/>\n<strong>Bryan:<\/strong>\u00a0 Jess and Belinda are extremely great savers, and I know that not everyone in their late 20s and early 30s can be fantastic savers; everyone has to enjoy life. But they really worked hard and understood that by putting that money away early, they were really going to be able to set themselves up for their future, continuing to diversify their portfolio, and build a portfolio that wasn\u2019t just based on one property or one asset class.<br \/>\nThey\u2019re now in their mid-30s. They call themselves semi-retired. They\u2019re two years traveling around Australia at the moment, and they\u2019re only in their mid-30s.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Bryan, before I let you go, mate, obviously buyer\u2019s agents are becoming more and more accepted in the Australian property investment market. How should someone prepare themselves before they come to see you?<br \/>\n<strong>Bryan:<\/strong>\u00a0 The first thing I\u2019d say is pick up a phone and speak to a buyer\u2019s agent. Don\u2019t be afraid. Don\u2019t think you have to have everything ready to go at that time. Pick up the phone. At least open communications.<br \/>\nAt Propertyology, we\u2019re very strict on we need a pre-approval in place before we actually start the search for property. It\u2019s a hectic time buying a property, so making sure you have all your ducks in a line before you start is important. From a negotiation\u2019s perspective, it\u2019s really powerful for me as well.<br \/>\nI would certainly say, don\u2019t put it off. I encourage people to look. If they are looking to invest or are interested in their future, pick up the phone and give a buyer\u2019s agent a call.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good idea. Bryan Loughnan is a buyer\u2019s agent. He\u2019s with Propertyology. And we thank him for his time. Thanks Bryan. Talk to you again soon.<br \/>\n<strong>Bryan:<\/strong>\u00a0 Thanks Kevin.<\/p>\n<h2>Advice to help you get ahead &#8211;\u00a0Chris Gray<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>I have a question we\u2019ll answer now from Mark. Mark sent this in during the week: \u201cI\u2019m struggling to get a start at property investing. I\u2019ve been saving like mad, and I have $15,000 ready to go \u2013 not enough. I don\u2019t seem to be able to get ahead. My sister and her boyfriend are in a similar position. Together, we have $40,000 saved, or will have early next year. We want to buy something together. Any advice?\u201d<br \/>\nMark, probably tons of advice. I\u2019m going to turn to Chris Gray, who is a buyer\u2019s agent, also a host of <em>Your Property Empire<\/em> on Sky News Business every Monday at 9:00 from YourEmpire.com.au.<br \/>\nChris, thanks for joining me.<br \/>\n<strong>Chris:\u00a0 <\/strong>My pleasure. Thanks for having me.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Let\u2019s see if we can tackle this for Mark. What would be your advice?<br \/>\n<strong>Chris:\u00a0 <\/strong>It\u2019s tough for young people these days. You need such a large amount of money to get in. But on the positive side, it\u2019s so much easier now than I reckon it was 20 years ago, because we have so much education, the market is more sophisticated. So, if people are thinking it\u2019s tough, look, it was actually tougher before.<br \/>\nBut I have a few thoughts for him. One of the great things that I\u2019m a fan of is LMI, which stands for lender\u2019s mortgage insurance. Basically, what that means is if you want to borrow more than 80%, the banks are going to charge you a premium, like an insurance policy. It doesn\u2019t cover you, it actually covers them, but it basically means that you might be able to get away with a 5% deposit rather than the normal 20%.<br \/>\nNow, a classic bank or mortgage broker will say, \u201cNo, don\u2019t spend that because it could cost you another $10,000 or $20,000,\u201d but in my mind, if you can get into the market one or two years earlier, or you can buy yourself a $500,000 or $600,000 property rather than $200,000 or $300,000 property, sure, it might cost us $10,000 or $20,000 but you might make $30,000 or $40,000 off the back. So, I think it\u2019s not a false economy spending that; it\u2019s actually a really good economy.<br \/>\n<strong>Kevin:\u00a0 <\/strong>That\u2019s good advice, because that could be the difference between getting into the market and not getting in, Chris.<br \/>\n<strong>Chris:\u00a0 <\/strong>It is. It makes the biggest difference. We actually covered this at the Property Expo fairly recently, and it\u2019s not really the difference between maybe buying in at $500,000 now or at $600,000 in a few years\u2019 time, it\u2019s actually in 30 years\u2019 time when you\u2019ve had an extra couple of years and it\u2019s almost the $2 million then going to $3 million that makes a difference, not the $500,000 to $600,000.<br \/>\n<strong>Kevin:\u00a0 <\/strong>What a great piece of advice.<br \/>\n<strong>Chris:\u00a0 <\/strong>I think property investing is all about time in the market. So, as long as you can be in for 20 years rather than 15, that\u2019s where the money is rather than trying to time the ups and downs.<br \/>\n<strong>Kevin:\u00a0 <\/strong>What else would you say to Mark?<br \/>\n<strong>Chris:\u00a0 <\/strong>One of the other things \u2013 I think Joe Hockey said this and I don\u2019t think it went down well \u2013 is go and get another job, and even get four or five jobs. There are plenty of property experts out there who have done multiple jobs in their time. You don\u2019t have to do it for the rest of your life, but it\u2019s a bit of a sacrifice.<br \/>\nIf you want to get that property, sure, do another two or three jobs. It\u2019s not going to be great \u2013 you\u2019re going to have to miss out on drinking down at the pub with your mates \u2013 but in the years to come, then it\u2019s going to be worth it.<br \/>\nMy story is I worked twice as hard in my 20s to 30s, and then pretty much from my 30s and 40s on, I\u2019ve had a pretty relaxed life because I sacrificed so much in the early days.<br \/>\nSome other great ones: parents\u2019 equity. I got a parental guarantee when I was a lot younger. It\u2019s not a handout; it\u2019s them really just guaranteeing that you can make the higher mortgage repayments and having it as a backup. That doesn\u2019t even cost you or your parents any money.<br \/>\nThen the other thing is to look for other co-workers. He already said he could maybe join a partnership with his sister and boyfriend; they haven\u2019t got too much money, but they have a bit. But maybe there are some other people you work with who have maybe got a big deposit but maybe they haven\u2019t got an income, or they haven\u2019t got an ability to go and search for the property and do all the renovations or something.<br \/>\nJoint ventures is all about looking at what you have and then seeing what you\u2019re missing, and trying to find someone who has the opposite \u2013 that they have what you want but they haven\u2019t got the opportunity to maybe go look at the properties.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, so doing it as a bit of a team. What are some of the cautions with joining in with someone like that, Chris?<br \/>\n<strong>Chris:\u00a0 <\/strong>I\u2019m always a fan of \u201cIf you can do it 100% yourself, do it yourself.\u201d Don\u2019t do a joint venture on purpose, because then you\u2019re reliant on someone else and they can let you down. So, when you are going to do one \u2013 I still think it\u2019s better to have half a property than no property \u2013 look for the worst case situation and then work out what you do in that. And the worst-case scenario is you\u2019re not speaking to the other person, you\u2019re the other side of the world.<br \/>\nWhen I did one of these, I said, \u201cOkay, let\u2019s assume that if we\u2019re not getting on after seven years \u2013 i.e. one property cycle \u2013 we sell the property. This is how we split the revenue and the capital gains and things like that.\u201d<br \/>\n<strong>Kevin:\u00a0 <\/strong>So you set up an exit strategy right at the start.<br \/>\n<strong>Chris:\u00a0 <\/strong>Exactly. Even if it\u2019s with mom and dad or with brother and sister, you always do it. You always look at the worst-case scenario.<br \/>\nAnd then probably the final one, which is a fairly new thing in Australia, is fractional ownership. There are two or three companies that are doing it. There\u2019s DomaCom, BRICKX, and there\u2019s a new one, Covestor, coming out.<br \/>\nThese are basically platforms, and their philosophy is say you only have $50,000 and you want to buy in Australia; you\u2019re going to have to buy hundreds if not thousands of kilometers from the capital cities. So, rather than have a dump way out in the middle of nowhere, why not buy 10% of a $500,000 property, or 5% of a $1 million blue-chip property?<br \/>\nThe downside of this is no real leverage in it at the moment, so your $50,000 only gets you $50,000 worth of the property, but there might be some leverage later on.<br \/>\nI\u2019m a big fan of this. Maybe some people have maybe $50,000 or $100,000 in super, they\u2019re not really into the share market; I\u2019d rather have 10% of a Bondi $1 million unit than maybe a $100,000 worth of shares.<br \/>\n<strong>Kevin:\u00a0 <\/strong>What were those companies that you mentioned with fractional ownership?<br \/>\n<strong>Chris:\u00a0 <\/strong>DomaCom, BRICKX, and there\u2019s a new one called Covestor. I think we\u2019ll see more and more of these coming out over time. One of their arguments is to say that if you had $1 million, you\u2019d never put $1 million into one share, so why would you put it into one property? Why not diversify it out a bit?<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, we\u2019ve spoken to BRICKX, and it is a bit like the stock market, isn\u2019t it? It makes a lot of sense.<br \/>\n<strong>Chris:\u00a0 <\/strong>Yes. And look, you still have to find the right properties on those portals. There\u2019s no guarantee that you\u2019re going to be able to sell your percentage straight away, because obviously, there are going to be some costs with that. So it\u2019s not a perfect scenario, but at least it\u2019s a stepping stone.<br \/>\nFor a lot of young people, you can\u2019t buy that ideal property in the best location when you\u2019re in your 20s. So, you just need to get into the market or save some money or get into some shares. Do something just to keep yourself moving ahead.<br \/>\n<strong>Kevin:\u00a0 <\/strong>And continue to save at the same time. I guess the bottom line here, Chris, the thing that I\u2019m hearing from you is that there are options. It\u2019s never been easy, but it\u2019s probably getting easier. And if you use things like lender\u2019s mortgage insurance, as you suggested, and continue to make those sacrifices, do it now while you\u2019re young.<br \/>\n<strong>Chris:\u00a0 <\/strong>Exactly, because it doesn\u2019t get any easier. And when you\u2019re young, you want to go down the pub, you want to go traveling, you want to have the phones and the cars and all that kind of stuff, but there are lots of people who have sacrificed in their 20s and it really does set you up for later in life.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, it\u2019s finding likeminded people, too. I guess in a way Mark is a bit fortunate here because I think he said his sister and her boyfriend obviously have a similar mindset, so they\u2019d be the perfect people to do this with.<br \/>\n<strong>Chris:\u00a0 <\/strong>It is. And there\u2019s so much information out there, from the TV shows to these kinds of podcasts as well. Sure, it\u2019s still tough to go and get those extra jobs and get the money, but at least you have the knowledge now, whereas we didn\u2019t have that 20 years ago.<br \/>\n<strong>Kevin:\u00a0 <\/strong>All good, Chris. Just very quickly before I let you go, how are you feeling about the property market as we enter into 2018?<br \/>\n<strong>Chris:\u00a0 <\/strong>Again, it always depends on where you\u2019re invested, but the kind of things that I\u2019m after \u2013 which we\u2019ve talked about a lot, the blue chip, inner city, medium price thing \u2013 there are a lot less buyers in the market but there are still no properties there. So, we\u2019re still seeing that there are people queuing up for auction.<br \/>\nThere was one in Coogee the other day. Someone saw it almost sight unseen the day before and spent $200,000 over, and the property didn\u2019t even have parking. So, people are still uneducated, there\u2019s still massive demand, and so I think prices are going to be steady in that medium-price, inner city-type market. In other parts of Australia, it\u2019s very much dependent on the price point and exactly where it is.<br \/>\nBut I still think things are positive. We have low interest rates, there\u2019s still nots of demand, there\u2019s no blood in the streets, so I think things are still going good.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Chris, all the best for the festive season. I look forward to talking to you during 2018. You can catch Chris\u2019s great show, it\u2019s on Sky News Business every Monday at 9:00 pm. It\u2019s called <em>Your Property Empire<\/em>. Or you can contact him through his website, YourEmpire.com.au.<br \/>\nChris Gray, thank you for your time.<br \/>\n<strong>Chris:\u00a0 <\/strong>Many thanks.<\/p>\n<h2>What is Blockchain &#8211;\u00a0Graham Cook<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>It\u2019s certainly been a hotly debated topic within the finance world, but Australia\u2019s most respected experts and economists believe that Blockchain will be widely adopted in the near future. What is blockchain?<br \/>\nI have to admit to you that I know very little about this, and I\u2019m looking forward to finding out a little bit more, especially if it is going to impact us. And I want to know where it\u2019s going to fit in for consumers as well. To help me understand this, I\u2019m joined by Graham Cook, who is Insights Manager for Finder.com.<br \/>\nGraham, thanks for your time.<br \/>\n<strong>Graham:\u00a0 <\/strong>Good day, Kevin. How are you doing?<br \/>\n<strong>Kevin:\u00a0 <\/strong>Wonderful, mate. I have to confess, I do not understand much about Blockchain, so firstly, you might want to tell me what it is and how it works.<br \/>\n<strong>Graham:\u00a0 <\/strong>Blockchain basically is the system behind these cryptocurrencies you may have heard of, the likes of Bitcoin. There are other ones, but Bitcoin is the main one that people talk about. It\u2019s a currency people can exchange from one to the other to pay for goods and transactions.<br \/>\nThe system that backs it up is called Blockchain, and Blockchain is basically a way of sending assets securely from one person to another online. Before Blockchain came around, there was this thing called the double sending problem where when the records were stored in one place but consulted somewhere else, you could say you\u2019re sending money to one person, but that record could be altered to say you\u2019re sending money to somebody else, and it wasn\u2019t very secure.<br \/>\nBlockchain solves that problem by basically setting up a system where if you say, \u201cI\u2019m going to send Alice five Bitcoins,\u201d you announce that to the whole world at the same time, basically, and the agreement to send five Bitcoins to Alice is recorded simultaneously on millions of computers all across the world, and all the transactions are recorded continuously.<br \/>\nAnd then blocks of them, bunches of them are gathered together in these things called blocks, which are encoded, and each block is linked to the previous block in the chain. Basically, the Blockchain is the continuous record of every transaction that has happened between everybody in the Blockchain, all the way back to the very first block.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Wind the clock back a little bit, because I am struggling to keep up here. We\u2019re talking about things like cryptocurrency and Bitcoins. I have to tell you that I\u2019ve always seen that as almost like a bubble or a false thing or something that wasn\u2019t real. But I\u2019m hearing more and more about Bitcoins. Are they increasing in value? Are they risky?<br \/>\n<strong>Graham:\u00a0 <\/strong>Oh, massively. I had to write a blog piece here about six months ago about Bitcoin, and the commentary at the time was that Bitcoin has increased in five years from $10 or $12 per coin to about $2000 per coin at that time. Since I wrote that blog, it has now gone up. I think last week, it hit $10,000 per Bitcoin. So yes, the value is definitely increasing in that particular currency.<br \/>\nAnd the reason is the supply of Bitcoin is limited. It\u2019s not like a normal currency where a government can print more. So, there\u2019s a limited supply, and the value is going up. People are seeing it as an increasing way people are going to transact in the future.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Why is there control over the amount of Bitcoin there is? Who is behind it?<br \/>\n<strong>Graham:\u00a0 <\/strong>This is an interesting thing, because the Blockchain concept, the concept of a distributed record of transactions is just a concept, really, and there are multiple different Blockchains, multiple chains of records.<br \/>\nThe one behind Bitcoin was invented by a guy called Satoshi Nakamoto. We don\u2019t know who that person actually is; we just know the name. The theory is that he\u2019s a Japanese computer scientist or cryptologist, and that\u2019s the person who came up with the system and mined the first block.<br \/>\nFrom there, the Blockchain grew. More computers got on board recording and analyzing transactions to build the Blockchain, because if you become part of the Blockchain community, you get Bitcoins back. So, it\u2019s grown from there.<br \/>\nBut there\u2019s not just that one Blockchain; there are other ones as well. For example, there is one called Ethereum, which is a Blockchain designed not to monitor transaction of currencies but to monitor contracts and agreements. There is one, for example, being used in some third-world countries to monitor agreements for land titles and property.<br \/>\nSo, if I sell my house to David, for example, there\u2019s not just one printed record of that transaction; the transaction is recorded in a Blockchains, so everybody knows and has a permanent record that I sold the house to David. And if somebody comes and disputes that in future or if a dictator comes in, for example, and decides that all land now suddenly belongs to him, there\u2019s a record that everybody has that\u2019s unhackable that everybody agrees that David now owns that land.<br \/>\nSo, there are multiple applications beyond just finance.<br \/>\n<strong>Kevin:\u00a0 <\/strong>I guess as we get more and more online, it seems like all of this is going online, becoming totally paperless. Should we be concerned about cybersecurity?<br \/>\n<strong>Graham:\u00a0 <\/strong>The Blockchain will actually make the traditional cybersecurity whereby you\u2019re worried people are going to hack into your account and fraudulent transactions and stuff less likely, because the Blockchain is unhackable.<br \/>\nEssentially, if you want to go into a block, a record of transactions, and change it and say, \u201cDave didn\u2019t give me 5 Bitcoins; Dave gave me 5000 Bitcoins,\u201d you\u2019ll need to hack into that block not on one computer but on all the computers that it\u2019s recorded on \u2013 so millions of them \u2013 all at the same time, and you won\u2019t be able to get into it without also hacking into the previous block and the previous block. So, as it continues on, it becomes more secure. So, the Blockchain is secure.<br \/>\nWhat we will need to worry about ongoing, though, is more identity theft. Your Blockchain is just like your bank account in a way. If you have a name and an ID to log into it, if somebody can gather that information, they can theoretically get into your Bitcoin account, just as they can your bank account.<br \/>\nSo, identity theft is the real worry going forward. You really need to monitor your passwords, your Facebook passwords, your e-mail passwords, and such, and change them regularly to make sure nobody else can get into your account.<br \/>\n<strong>Kevin:\u00a0 <\/strong>As I understand it, Blockchain really isn\u2019t a business where you have a structure, someone owns it, someone is making money out of it. Blockchain is something that was invented, it\u2019s now publicly used, so it\u2019s more like a tool. Am I understanding that?<br \/>\n<strong>Graham:\u00a0 <\/strong>Yes, it\u2019s basically a distributed ledger of assets. That could be financial assets, that could be contracts, that could be paying people directly.<br \/>\nOne of the other ways the Blockchain as a system is becoming useful is with these things called remittances. If you look at third-world countries and countries like India for example, more money is flowing into those countries from people who have left those countries to move overseas to \u2013 for want of a better word \u2013 richer countries or countries where they can earn more money, and they\u2019re sending money back to their family. More money flows into third world via these remittances than via all of government aid across the world.<br \/>\nAnd at the moment, the only asset these people have to send money home is money transfer agencies that you see in post and offices, banks. The problem with those is they\u2019re very expensive. They can charge 10% to send the money home. It could take five days to get there. Your family who\u2019s at home doesn\u2019t know when it\u2019s going to arrive.<br \/>\nThere\u2019s another Blockchain app called Abra that exists at the moment where people can send currencies to any country in the world. Say their parents don\u2019t have a computer. They can send to a dealer where the parents are. They can go collect the money from that person. It\u2019s instantaneous, and it charges about 2%. So, it\u2019s going to stop people being ripped off sending money overseas.<br \/>\nBlockchain is the concept of this ubiquitous record of transactions, which is unhackable.<br \/>\n<strong>Kevin:\u00a0 <\/strong>You mentioned about Bitcoin or it might have been Blockchain being used \u2013 I could be getting confused here \u2013 for property transactions or land transactions. Do you see a day when things like Bitcoins or cryptocurrency or whatever could be fully responsible for how we transact in property?<br \/>\n<strong>Graham:\u00a0 <\/strong>Yes, absolutely. Something governments are already trying to develop is changing the whole record of property ownership and property transactions into a Blockchain. So, every single property transaction \u2013 you give a property to someone and they sell it to somebody else \u2013 that whole chain of interaction is recorded, as is every other property sale and resale simultaneously. So, everybody knows that this house is owned by X person and nobody can disagree with it.<br \/>\nYes, there definitely is movement, especially in countries where previously, records wouldn\u2019t have been as well kept \u2013 some third-world countries, for example \u2013 to move all these property transactions to a Blockchain so that everybody can agree who owns what at any given point in time.<br \/>\n<strong>Kevin:\u00a0 <\/strong>I think I\u2019m beginning to understand, Graham, thank you. Maybe it\u2019s my age, I don\u2019t know, but I\u2019m struggling to keep up with what\u2019s happening with things like Blockchain. Thank you for giving us your time and that insight.<br \/>\nGraham Cook is the Insights Manager for Finder.com, probably one of the hardest jobs in Australia, having to understand things like this.<br \/>\nGraham, thank you so much for your time.<br \/>\n<strong>Graham:\u00a0 <\/strong>Thank you, Kevin. Cheers.<\/p>\n<h2>Avoiding bidding wars &#8211;\u00a0Justin Nickerson<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 I\u2019m joined now by Auctioneer of the Year for Australasia, the best auctioneer in Australia and New Zealand as judged by the various institutes, Justin Nickerson. I\u2019m keen to know from Justin about bidding wars, how do you avoid them, but more particularly, how successful are auctions nowadays? Are we finding more selling before the day of auction?<br \/>\n<strong>Justin:<\/strong>\u00a0 Yes, at the moment, we\u2019re actually finding it\u2019s a quite high percentage of things that sell prior. You generally find that in a changing market where the market is either going up or going down. That\u2019s when you sell a lot more prior. At the moment, we\u2019re experiencing a lot of situations where sellers don\u2019t really want to risk what\u2019s on the table prior to auction.<br \/>\n<strong>Kevin:<\/strong>\u00a0 When you say the sellers don\u2019t want a risk, in other words, they\u2019re not confident that those people would go to auction and bid?<br \/>\n<strong>Justin:<\/strong>\u00a0 I think they\u2019re not confident that their result will be improved on auction day. The agent\u2019s advice obviously plays a big part in this, but in a lot of cases, an agent is probably saying \u201cLook, we found our buyer. They\u2019re extending themselves to try to buy prior to auction. If we take them to auction and they feel that maybe the competition levels aren\u2019t there, they only way they\u2019ll go as backwards. They won\u2019t feel the confidence that they\u2019re going to auction and then get pushed by somebody else.\u201d<br \/>\n<strong>Kevin:<\/strong>\u00a0 This highlights for me a question, and you may not even want to answer this, but in terms of the skill of the agent, surely, a skilled auction agent would want to go to auction.<br \/>\n<strong>Justin:<\/strong>\u00a0 In most cases. Look, in the training we do, we say you never try to sell things prior, but it happens as a by-product from time to time. But generally, the really good agents will recognize in the last four to five days out from auction, if they only have one buyer or they have one buyer who might have cleared their way out from the rest of the buyers, they\u2019re probably a pretty good candidate that you might take that one and sell it prior.<br \/>\nBut we\u2019ve always advocate that should never be your first port of call. Your first port of call should always be going through to auction day, but from time to time the right situation might pop up where you do sell them prior.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Under competition, that\u2019s when you get the opportunity to get a premium price or a price that you might not get under other circumstances. You lose that opportunity if you\u2019re going to negotiate with one buyer prior to auction, surely.<br \/>\n<strong>Justin:<\/strong>\u00a0 Absolutely. We always say the two ingredients you need to get the best price are an emotional buyer and competition, and you do lose competition. You might have perceived competition, but you don\u2019t have real competition if you don\u2019t go through to auction day.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Because quite often even with private trading, this is where there is no auction or tender involved, you could have competitive offers. That\u2019s when you see it\u2019s almost like a silent auction then, when you have two people competing against each other.<br \/>\n<strong>Justin:<\/strong>\u00a0 We had two yesterday, Kevin. We had registered bidders there who just wouldn\u2019t partake, multiple registered bidders who just didn\u2019t want to engage. Then you pass the property in, and straight away, they\u2019re behind closed doors and filling out their offers immediately after. It does become almost like an auction after the auction, but you lose that transparency as a buyer of actually seeing where your competition is at.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Also, the seller loses the opportunity to get an unconditional contract, because a sale under the hammer is cash unconditional \u2013 it must settle.<br \/>\n<strong>Justin:<\/strong>\u00a0 Yes, absolutely right. Although in some cases, post-auction offers can be cash unconditional. You just think for that buyer\u2019s perspective, if you just put your foot forward, you would have made a better chance to do it while the auction is ongoing, but they feel more comfortable going behind closed doors and filling out a bit of paper.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Was the outcome for the seller in that situation \u2013 don\u2019t talk figures \u2013 was the outcome acceptable? Did they actually achieve what they would have hoped for under bidding conditions?<br \/>\n<strong>Justin:<\/strong>\u00a0 Yes, if they had bid it, they would have bought it, maybe even a little bit less. Without going into figures, the reserve price that was set was actually less than the figure it sold for after in that multiple offer situation. Who knows how it would have unfolded if they actually had the courage?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Selling before auction, too, also opens the possibility that the buyers may want to put some conditions on the contract. That\u2019s always a difficult situation. The figure might be acceptable or even better than acceptable, yet it will have a condition with it. What do you do? Do you take the risk that it\u2019s going all the way through, or do you say no, that\u2019s not acceptable, we\u2019re going to go all the way to auction?<br \/>\n<strong>Justin:<\/strong>\u00a0 At the risk of sounding like I\u2019m sitting on the fence, it is very much a case-by-case basis, I think.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Of course, it is.<br \/>\n<strong>Justin:<\/strong>\u00a0 We always say, when you\u2019re negotiating with a buyer, you have to get the buyer to understand that there are two things in play. The first one is the price and the second one is actually the risk factor that goes into it. Sometimes you actually have to compensate the seller for the risk of property not going to auction or for the risk of the terms being not as favorable. That obviously feeds into things as well.<br \/>\n<strong>Kevin:<\/strong>\u00a0 When you do go to auction, how do you avoid a bidding war? Is that possible?<br \/>\n<strong>Justin:<\/strong>\u00a0 If it\u2019s a really desirable property, probably not, but I think a lot of buyers take a wait and see approach, which is the wrong approach, because on the day you want to be looking as confident and as comfortable as you can to intimidate the other buyers. If you can start bidding, even if you bid quickly, it just sends a message to the other buyers saying \u201cI\u2019m here to buy the property,\u201d which is how you want to present yourself.<br \/>\n<strong>Kevin:<\/strong>\u00a0 What should be the structure for someone who doesn\u2019t want to get caught up in that kind of situation?<br \/>\n<strong>Justin:<\/strong>\u00a0 Open up at a reasonable figure. The lower that open the auction, the more that you give confidence to the other people who might be there just to see what happens, whereas if you come in at a more aggressive level, then it certainly puts you in a better position to intimidate the rest of the buyers.<\/p>\n<h2>The reports you can rely on &#8211;\u00a0Kylie Davis<\/h2>\n<p><strong>Kevin:<\/strong> \u00a0\u00a0I was startled to see the other day that nearly one in every two buyers \u2013 that\u2019s 50% of buyers \u2013 looking for a new home these days are currently armed with a property report, and increasingly bank and mortgage brokers are providing their clients with property valuation data to help them get buyer-ready. You might have seen those ads on television where some of the major banks are actually advocating that you get these reports.<br \/>\nJust how reliable are they? It\u2019s a question I\u2019ve asked quite often. I\u2019m going to ask that question now of someone who should know and does know. Kylie Davis is the head of content and property services marketing at CoreLogic, and she also heads up the CoreLogic reports store.<br \/>\nHow accurate are these reports, because obviously as we just heard, about 50% of buyers are relying on them, Kylie?<br \/>\n<strong>Kylie:<\/strong>\u00a0 They\u2019re a great way to do research about the market and to be prepared for what you\u2019re about to go through as a property buyer. They are certainly more reliable than just asking friends or family what they think the market is doing, because they give you really deep-dive insights into the individual property and can provide you with some really valuable information.<br \/>\nThat said, they\u2019re not the price of the property when it comes to a sale situation, and the value in them is not cast in stone. It\u2019s based on algorithms that are extrapolating what a property is worth based on similar properties around it. And that data can change on a weekly basis as more sales and more information comes into the system.<br \/>\nThe best way to go about it is to definitely look at a report to make sure that your information is based in data and fact, not just enough opinion, and to use that report to back up or to question or put a contrast to what the real estate agent has told you, but then you have to assess what\u2019s happening in the sales situation.<br \/>\nIf you\u2019re the only buyer there, then yes, what you\u2019re seeing in the report is very probably a fair and reasonable price for that property, but if you\u2019re not the only buyer, if it is a lot of competition for that property, then the valuation you see in the report is probably a starting price as to where bidding is going to start.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s a pretty important point, I think, and that is that these reports should be treated as a guide; there are more definitive ways to work out what you are prepared to pay for it. And as a buyer, that\u2019s what value is; it\u2019s what a willing buyer is prepared to pay, Kylie.<br \/>\n<strong>Kylie:<\/strong>\u00a0 Yes. And I think that\u2019s why the auction systems is so popular in some states, because a property is worth what someone is prepared to pay for it, where the market is prepared to go, and an auction lets you see where the market sits really quickly.<br \/>\nWhere we see people getting disappointed with property reports is where they feel or believe that that report is the top amount that they should expect to pay. And that\u2019s not realistic. It really is a guide to help you understand \u201cCan I afford a property in this price range, or should I be looking at up or down at other properties higher or lower than what this is coming out?\u201d<br \/>\nIf you\u2019re turning up to an auction thinking \u201cIf it goes for this much, we\u2019re out,\u201d it\u2019s probably a little bit too high for where your budget is at.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I guess if a property sells for more than more than the report states, because there is a lot of interest and strong bidding, it doesn\u2019t necessarily mean that those people have paid too much for it or even that the agent lied; it\u2019s just that they\u2019re market forces. That\u2019s how it works, Kylie, isn\u2019t it?<br \/>\n<strong>Kylie:<\/strong>\u00a0 Absolutely. If you have competition for a property, then the value of the property will be the money that the person who has the most is prepared to pay for it. So, just because a report has been run on it, it doesn\u2019t mean that the price that\u2019s being quoted has been cast in stone, and it certainly doesn\u2019t mean that the agent had under quoted it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good points. Kylie Davis, head of content and property services marketing at CoreLogic. Kylie, thank you for your time. We\u2019ll catch you again soon.<br \/>\n<strong>Kylie:<\/strong>\u00a0 No worries. Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: The best reports to get Avoiding a \u2018bidding war\u2019 at your next auction LMI and the benefits The accuracy of property reports How and why auction is growing in popularity The way to retire in your 30\u2019s and live off your&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":14855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24],"tags":[101],"class_list":["post-14850","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 v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can you rely on property reports? 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