{"id":21594,"date":"2018-06-29T01:00:02","date_gmt":"2018-06-28T15:00:02","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21594"},"modified":"2018-06-29T01:00:02","modified_gmt":"2018-06-28T15:00:02","slug":"where-have-all-the-investors-gone-would-you-buy-blind-power-negotiation","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/where-have-all-the-investors-gone-would-you-buy-blind-power-negotiation\/","title":{"rendered":"Where have all the investors gone? + Would you buy blind? + Power negotiation"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>DIY home improvement design<\/li>\n<li>Negotiation strategies that work<\/li>\n<li>Why people trust Rich with all their savings<\/li>\n<li>The reasons why investors are not buying<\/li>\n<li>The tax money people leave on the table<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>Negotiate like a pro &#8211;\u00a0Cate Bakos<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 I want to talk about a subject now that\u2019s near and dear to my heart, and that is something that professionals in the real estate industry are practicing all the time, and that is the power of negotiation, your ability to negotiate. Don\u2019t always leave it up to your agent or your buyer\u2019s agent to do it. This is something that you, as a buyer and\/or a seller, need to understand and maybe practice a bit.<\/p>\n<p>Joining me to talk about this, someone who does this professionally, Cate Bakos, who is a buyer\u2019s agent out of Melbourne.<\/p>\n<p>Good day, Cate. How are you doing?<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Hi, Kevin. I\u2019m well, thanks.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Let\u2019s have a look at some of the less confrontational ways of negotiating if you have to do it hard. I\u2019ve asked Cate to put together a list for me. She\u2019s done that and given us four, which I want to talk to you about.<\/p>\n<p>The first one you say: blaming the cash flow requirement on the price offered, Cate.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Yes, it can sometimes be a gentle way\u2026 Obviously, it\u2019s not adversarial. You can say to an agent that you\u2019d love to buy the property but the price tag that\u2019s on the property is not working for you because of the cash flow that you require.<\/p>\n<p>Particularly if you do feel the price is a bit too high, you can wind it back and demonstrate the going rental yield in the area for that kind of dwelling being a mismatch for this particular property.<\/p>\n<p>It\u2019s a really easy way of saying it\u2019s priced too high or the price tag is not going to work for me, and it takes the focus off arguing about the price. You can blame the yield, and that\u2019s an easy argument for an agent to have with a vendor without getting them off side.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Professional buyers and investors should be looking at it in that way anyway, as treating it like a business, Cate.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 They absolutely should. Sometimes if the price tag is too high and the yield just won\u2019t work, the property won\u2019t sell to an investor. They may get lucky and have a home-buyer who falls in love with the property, or if it\u2019s an investment type property in an area that\u2019s booming because of investment activity, that the vendor will eventually meet the market.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I love the next one you gave me: playing good cop\/bad cop with a partner. How often do you see this happening? Is there a stereotype of who\u2019s going to take the hard role?<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Yes, it happens all the time. Sometimes I use that when I\u2019m talking to an agent about a property and I\u2019m genuine about it. I\u2019ll often say \u201cLook, the husband is not so keen. He\u2019s just not all that interested. He\u2019s not saying no, but he\u2019s the one who we need to get across the line.<\/p>\n<p>\u201cThe wife is really keen. She\u2019s really happy with the price. But it\u2019s not going to happen. They\u2019re not going to agree to it, so what can you give me to go back to the husband and wife with so that he feels he\u2019s having a little bit of a win and she\u2019s not losing grasp on getting the property of her dreams.\u201d<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes. And a couple on their own who may not have the benefit of having a buyer\u2019s agent can play the same\u2026 I was going to say \u201cgame,\u201d but it\u2019s not a game. Have the same rules.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Yes, absolutely. Sometimes I\u2019ve seen it work really effectively when if it\u2019s the husband who\u2019s saying no, he might say to the agent, \u201cLook, I\u2019m just not there. My wife loves it, but you\u2019ll need to convince me. This is where I think value sits, for these reasons.\u201d<\/p>\n<p>Or she could go to the agent and say, \u201cWhat can you do to help me talk to my husband about where value really sits? How could we have this negotiation because I love the property but he\u2019s still saying he\u2019s not there at that level?\u201d<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, very good thoughts. Another one: dual offers with differing terms. Is this with the one set of buyers maybe offering up different alternatives?<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Absolutely. Yes, it\u2019s a little bit of a bluff, but you have to be prepared to go through with it if they do choose the option that you prefer they didn\u2019t. In other words, if you think that the vendor wants a fast sale, you could make a sharper offer on a 30-day settlement term, and then you could also offer a price tag that\u2019s closer to their asking price on something like a 120- or a 150-day term, hoping that they see that you\u2019re trying to make their figure, but you need time to do that and they will favor the shorter term and the negotiation will move in your favor.<\/p>\n<p>It often goes to plan, but if you find that the vendor is more fixated on price and can find a way to play this to your longer term, you might have a yes on a higher figure on a longer settlement, and if that doesn\u2019t suit you, you should never have put it forward.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, good thought. And finally, just quickly, and this may relate to the first one we talked about: pleading budget constraint and being very positive and emotional about the property.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Yes. This one is really appealing to the vendor\u2019s emotions as well. A lot of vendors who love their home and are feeling quite emotional about the sale will get a lot of comfort from knowing that a buyer who purchases the property loves the home as much as they did.<\/p>\n<p>So, sometimes, particularly when it\u2019s the last thing that you\u2019ve got up your sleeve, if you have hit the rev-limiter on your budget, it\u2019s all you have left, and that is to try and play to the vendor\u2019s emotions and have them sell the home at a price that they might have been a bit reluctant to do so, on the back of how excited you could be about buying it.<\/p>\n<p>It doesn\u2019t always go to plan. It\u2019s not a very reliable tactic, but every now and then, it can pay off. I\u2019ve had situations where vendors have chosen a slightly lower offer over that of someone who might have been a developer or an investor who was unemotional about the property because the purchaser has been able to demonstrate to the vendor, via the agent or via me, how much they love the property.<\/p>\n<p>Sometimes it\u2019s just a really heartfelt, well-written letter that\u2019s passed on to the vendor. So, people need to think creatively when they really are hitting their budget and they absolutely love the home.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 See, this is the reason why it\u2019s great to deal with people like Cate Bakos. They are professionals. They know how to do this. They do it every single day.<\/p>\n<p>Cate Bakos is a buyer\u2019s agent out of Melbourne, and if you\u2019d like to use her services, all you\u2019ve got to do is Google her \u2013 you\u2019ll find her; she\u2019s very easy \u2013 Cate Bakos. I don\u2019t mean easy; I mean you\u2019re easy to find.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Thank you, Kevin. That\u2019s really lovely of you.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Good on you, Cate Bakos. And thanks, Cate. We\u2019ll talk to you again soon.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Wonderful.<\/p>\n<h2>Where have all the investors gone? &#8211;\u00a0Shannon Davis<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>Recent RBA figures and the impact of APRA, I guess, is showing us that investors are starting to pull back a little bit. Which markets are they pulling out of, and why is this happening? What are the long-term ramifications of this? Shannon Davis from Image Property joins me.<\/p>\n<p>I know you watch this carefully, Shannon. What are the figures telling you?<\/p>\n<p><strong>Shannon:\u00a0 <\/strong>I think the APRA regulations tightening up has had market effects. Also, some of the banks chose to restrict foreign buying, as well, perhaps 16 to 18 months ago, and that has come into play, as well. But typically, Kevin, in any property cycle where there\u2019s been strong capital growth \u2013 like the two biggest cities of our country, Sidney and Melbourne \u2013 over time, what happens is yields are coming down percentage-wise, and therefore the investor has to top up more and more of a gap or have a bigger deposit to make it viable.<\/p>\n<p>So, over time, just as an effect of its capital growth, you\u2019ll see investors jump out of the market where they no longer see value on a yield basis, perhaps yields hitting 2% rather than a more typical 4%, and they will need bigger deposits or a bigger gap to fund those mortgages, and it will become of less and less appeal.<\/p>\n<p>When you see investors jump back in is when there have been idle prices for a long time or perhaps even prices drop, and those yields percentage-wise are increasing and they get to a more chunky 4% or 5%, you\u2019ll see investors try and jump into that market.<\/p>\n<p>I think Sydney and Melbourne are a victim of their own success, and you\u2019ll probably see less investors with that appetite for now in those two largest capital city markets of Australia.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>It seems to be impacting the Sydney market more so than the Melbourne market right now. Is that the reading you get?<\/p>\n<p><strong>Shannon:\u00a0 <\/strong>Yes. They probably started the party a bit sooner in Sydney than they did in Melbourne. A lot of the immigrants arrive to Sydney and don\u2019t move out of there, so it\u2019s our biggest international city. But yes, it probably started a little bit before Melbourne and hence has come off a little bit sooner, as well.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>What are your thoughts on the projections that Melbourne is going to outstrip Sydney in terms of population growth?<\/p>\n<p><strong>Shannon:\u00a0 <\/strong>Not really my area of expertise, but there are always these types of predictions. I remember back in the heyday of the Queensland expansion that Queensland was going to replace Melbourne as the second biggest city. There are people who say Perth is going to replace Brisbane as the third biggest city.<\/p>\n<p>I have got a lot of doubts and assumptions on those things. I think they ebb and flow, but over time, they generally stay the same. I can\u2019t see any real move from the two big cities staying the way they are.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>They do grow in proportion, don\u2019t they? Some cities have their growth spurts and then they have a bit of a decline. What\u2019s your prediction or your thoughts on prices in the southern caps?<\/p>\n<p><strong>Shannon:\u00a0 <\/strong>I think they\u2019ve had a really good boom, and you can\u2019t last at double-digit growth every year, year in, year out. That would just have a huge inflationary knock-on effect and would actually end up in destruction of wealth rather than creation of wealth.<\/p>\n<p>Over a time, markets are led by fear and greed, and there\u2019s probably going to be more fear in those markets just now where prices have come off, and there are going to be people who are happy with the gains they\u2019d made and try to realize it. But there are fewer buyers on the ground just as they were, and I think some of the other suburbs and states that haven\u2019t had as remarkable rise are doing better right now.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Where do you think the smart investment money is going now? What are you suggesting to people?<\/p>\n<p><strong>Shannon:\u00a0 <\/strong>I don\u2019t know what to tell them too much. Take a long view of your investments, and over time, you\u2019ll get it right. If you try and pick the market too much\u2026 But I think in the short term, Kevin, in one or two years, the leading cap cities will be Brisbane, Adelaide, and Hobart.<\/p>\n<p>There are headwinds for all those capital cities as well, but they\u2019re probably going to lead the way right now.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Good talking to you. Shannon Davis from Image Property. They have offices in Brisbane and in Melbourne. Shannon, thanks for your time.<\/p>\n<p><strong>Shannon:\u00a0 <\/strong>Thanks, Kevin.<\/p>\n<h2>The tax money people leave on the table &#8211;\u00a0Brad Beer<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 As the end of the financial year fast approaches \u2013 only a matter of days away, in fact \u2013 it\u2019s important for property investors to ensure they organize all of their paperwork to meet with their accountant to complete their annual income tax return.<\/p>\n<p>Now one document that owners of an income-producing property will need that they sometimes are unaware of is a tax depreciation schedule. I\u2019m speaking now to Brad Beer from BMT Tax Depreciation \u2013 he\u2019s the Chief Executive Officer there \u2013 about depreciation deduction for investors.<\/p>\n<p>What are they eligible for, Brad?<\/p>\n<p><strong>Brad:<\/strong>\u00a0 Depreciation claims are something that relate to the building getting older and wearing out, and the tax office says because of that decline in value and those things, it allows us to claim a tax deduction for this wear and tear. What they\u2019re eligible for, at the end of the day, is some more tax back.<\/p>\n<p>Investors are buying into properties in order to make money in the future \u2013 really, wealth \u2013 and they make that through growth and they also make that through the cash flow over time. Depreciation is one of those things that just adds a fair bit to the cash flow in order to help you hold that property on the way through.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 A lot of investors I\u2019ve spoken to actually assume that their accountant is simply going to take care of that. Is that a problem?<\/p>\n<p><strong>Brad:<\/strong>\u00a0 These depreciation claims are related to a construction cost of the building and some of the values of items in the building, and often, people just think \u201cAll of my tax stuff is done by my accountant.\u201d<\/p>\n<p>We\u2019re a quantity surveyor and the tax office accepts our cost estimates for the purpose of depreciation because quantity surveyors traditionally, actually, estimate construction costs of buildings. I can count the bricks off a set of plans for you and tell you how much it should cost to build it.<\/p>\n<p>So, we actually work alongside the accountant and provide one of the numbers that goes into your tax return, which is a depreciation number. It\u2019s actually built up of the cost of the building and the value of a bunch of items in the building that come down and work out an actual number, which is one of all the numbers that the accountant puts in their tax return to come up with a tax claim at the end of the year.<\/p>\n<p>So, we actually provide something to the accountants. Most of the jobs that we do are actually referred by accounts because the accountant knows they actually shouldn\u2019t do these cost estimates and they say \u201cGet something from the quantity surveyor\u201d and they\u2019ll give us the numbers to help maximize your deductions, and therefore, your cash flow.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 That\u2019s a question that every investor should ask their accountant: where is the tax depreciation schedule coming from? And maybe even suggest they get it from you.<\/p>\n<p><strong>Brad:<\/strong>\u00a0 Absolutely. It\u2019s really easy. We have calculators online that are free to use. You can go in and put some details about your property, or talk to us about it, and we can give you an idea of how much you should be claiming.<\/p>\n<p>Your accountant may be claiming something, maybe they didn\u2019t bother, maybe they are doing it already, but it\u2019s always good to ask your accountant whether you\u2019re getting all your deductions, and depreciation is just one of those.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Is this time of year, approaching the end of the financial year, a time when investors should be looking at what appreciation they can claim? Is this the right time?<\/p>\n<p><strong>Brad:<\/strong>\u00a0 Yes, and the reason I say that\u2026 The important time, really, is you need to make this deduction when you\u2019re doing a tax return. But if you\u2019re going to do a tax return in July or August and you\u2019re going to buy a depreciation schedule for that, if you buy or order and pay for it before the 30<sup>th<\/sup> of June, that bill becomes deductible in that year instead of the following year.<\/p>\n<p>The other thing is before you do another tax return, if you\u2019ve already owned this property and you haven\u2019t been claiming everything that you can claim, you can actually go back and amend two years of your tax return and get some of this money back from the past.<\/p>\n<p>So, before you do another tax return, let\u2019s see if you can get something out of the previous two years or however long that is. If you\u2019ve owned it for five years, you still only get to go back two years. But let\u2019s see if there\u2019s something there and before you lose another year of the potential claims, sort it out before you get off to that accountant.<\/p>\n<p>Talk to them first, of course. We work alongside them. But pre-30, June, that bill is deductible in this year instead of next year.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 This question probably could be \u201cHow long is a piece of string?\u201d but on average, how much depreciation can an investor claim?<\/p>\n<p><strong>Brad:<\/strong>\u00a0 We actually have pretty good data on these sorts of things, so it\u2019s not necessarily a piece of string. In the last financial year, because this one is not quite finished, the average deduction out of our reports in the first full financial year that they had a claim for was just under $10,000.<\/p>\n<p>Now, that is a fairly substantial amount, and we did about 70,000 reports last year, so it\u2019s not based on five reports \u2013 it\u2019s based on a lot \u2013 and that\u2019s the average number.<\/p>\n<p>With the Budget changes that have happened this year, obviously, we haven\u2019t got quite the full year of data, but we\u2019ll have that soon. That will be slightly less in this financial year than it was in the previous one where those stats actually come from, but still quite substantial deductions available, absolutely.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 What about timing for taking advantage of tax depreciation? Is this too late, or should we be doing it much sooner than this?<\/p>\n<p><strong>Brad:<\/strong>\u00a0 It depends. If you bought a property in this financial year, then what you have to do is make sure you get it done pre-30, June, really just so that bill is claimable, and also just making sure that it\u2019s ready for the accountant who makes those deductions.<\/p>\n<p>But if you do want to go back and do those back claims for the past, then doing it before they do another tax return means they\u2019ll be able to potentially adjust two previous tax returns and then make your claims for deductions in this year going forward and the future.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Good stuff. Brad Beer from BMT Tax Depreciation. Brad, thanks again for your time.<\/p>\n<p><strong>Brad:<\/strong>\u00a0 Always a pleasure. Thanks, Kevin.<\/p>\n<h2>Why people trust Rich with their savings &#8211;\u00a0Rich Harvey<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>I don\u2019t know about you, but I\u2019ve been watching <em>Buying Blind<\/em>. I wasn\u2019t quite sure if I\u2019d enjoy the show. It\u2019s on Channel 9, and Rich Harvey is going to be joining me in just a moment. Rich is a buyer\u2019s agent who we\u2019ve had on the show in the past, a very talented guy, and he\u2019s one of the stars in the series. He joins me.<\/p>\n<p>Good day, Rich. How are you doing?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Very good, Kevin. Really nice to chat with you again.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>I did say to you off air that I wasn\u2019t 100% sure I was going to enjoy it, but I watched an episode the other night and I really got into it. I thought it was quite refreshing. The reason I wasn\u2019t sure if I\u2019d like it is because the concept is a bit crazy, about buying blind, giving someone carte blanche to go out and spend your money.<\/p>\n<p><strong>Rich:\u00a0 <\/strong>It is a very scary concept, Kevin, and I appreciate your feedback. It\u2019s great to get that really positive feedback. In fact, a lot of people have said the same thing. They go \u201cOh, not another property show,\u201d but once they see it, they realize that it\u2019s actually a journey of people\u2019s lives.<\/p>\n<p>Yes, we have renovation and we\u2019re buying houses, but it\u2019s more about the couples on the show and just the struggles they\u2019ve had and how we have to solve their issues. That\u2019s what\u2019s really enjoyable. And every couple is different; every one has a different dilemma. But I have to say the concept is pretty out there.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Can I ask you this, though? We know in the land of television, they go for lots of drama and hype, and a lot of it is false. Please answer me honestly if you can, how much of what we see is real? Are we seeing a real thing here?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Absolutely, Kevin. It\u2019s 100% real. There\u2019s actually more drama off air, as well, to be honest. There\u2019s even more stress. It\u2019s no wonder I haven\u2019t any hair left.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>You didn\u2019t have much before you started, mate, let\u2019s be frank.<\/p>\n<p><strong>Rich:\u00a0 <\/strong>And Marshall makes a few jibes along the way as well. Look, it\u2019s absolutely real. The buyers have to sign over a power of attorney, which gives me the authority to buy the home without them seeing it, and then we renovate it and we reveal it.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Where do you get the people from?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>They did some sort of Facebook campaign, I believe. They advertised, and they got a number of takers, and they had to then whittle it down to just six couples.<\/p>\n<p>But it was an absolute privilege to be asked to be on the show. It\u2019s an honor to be on it. It is an amazing concept, and the point is that it was an amazing leap of faith for each of these couples.<\/p>\n<p>It was a lot of hesitation. I literally walk up to the front door and I\u2019ve never ever met these people before. They have a camera either side of the door, and that\u2019s literally the first time I meet them. I never meet them before that moment.<\/p>\n<p>I\u2019ve read their brief, I know a little bit about them on paper, but that\u2019s all there is. It\u2019s all real. It\u2019s real money, it\u2019s real drama and real life, absolutely.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Has anything gone wrong so far?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>There have been a few properties we missed out on, and that was really frustrating. And that gets shown in the series, certainly. I guess one of the biggest issues we have on this show is that they all have limited budgets and quite unrealistic expectations. And that\u2019s one of the things that we have to do.<\/p>\n<p>Particularly my job as a buyer\u2019s agent is to say to these buyers \u201cLook, I know you would love a five-bedroom home with a swimming pool, but you just can\u2019t have it. You don\u2019t have the money for it.\u201d<\/p>\n<p>I think Lis and Allie were the most realistic couple with the smallest budget, they\u2019re in the second episode. They were buying near the Dandenongs about an hour out from Melbourne, and they had actually trained their kids to sleep in one bedroom because they thought they were moving to a two-bedroom unit. They had a budget of $550,000, they managed to increase that to about $600,000, and then I was able to buy them the house, and they ended up with a three-bedroom house. And they were just a lovely couple, eternally grateful.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>The one I saw was where they had a really detailed list, they\u2019d studied it for years and years, and they knew exactly\u2026<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Yes, that was Mags and Tyson.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Full marks to them, they obviously were on an absolute journey. They saved a lot of money. When I watched it, I thought, wow, because they\u2019ve spent so much time getting ready for this, this means a lot to them. For them to give that up to you was a big leap.<\/p>\n<p><strong>Rich:\u00a0 <\/strong>You know what? Mags had been saving up since she was 14 years old. She was a very particular person, and also Tyson, very exacting in his requirements. They\u2019d actually ranked all of their 26 criteria in a multi-criteria analysis. And being an economist, I didn\u2019t mind looking at that, but what we had to actually do was break them down.<\/p>\n<p>One of the things we did that didn\u2019t make the edit was we actually got them to a point where I got Tyson to rip up the spreadsheet and tell us just the top five things that he wanted. Because at the end of the show, you see me with a piece of paper taped together.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>All torn up. Yes, that\u2019s right. I wondered why you tore it up, actually.<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Well, it wasn\u2019t me; it was actually Tyson. We actually got him to the point of understanding a realization. \u201cYou know what? I might have to give up all of my criteria just to get into the market for what I really want.\u201d But as it turned out, I got 24 of the 26 things anyway, and they were just over the moon.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>It must be really rewarding for you to go through that journey and then see the delight on their face. What\u2019s it like when you take the blindfold off? Do you think \u201cOh, god, I hope they like this?\u201d<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Well, the first thing is their pupils are dilated, so they can\u2019t see anything for about three seconds. But after they adjust to the light, they go \u201cOh, wow.\u201d And I\u2019m intently looking at their faces to go \u201cDid we do it?\u201d All three of us are standing there going \u201cGosh, I hope they like it. Otherwise, we\u2019re in big trouble.\u201d<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>What does happen if they don\u2019t like it? I think it was Mags who said, \u201cOh, well, if we\u2019re going to sell it, we sell it.\u201d Is that the only outcome for them?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Absolutely, there\u2019s no going back. The contracts are signed, it\u2019s in their name, the renovation work has been done, the money has been spent, so the only thing they can do is live with it, or if they don\u2019t like it, sell it. But we\u2019ve added value, so I think they\u2019d be able to sell it with a little bit more equity up their sleeves.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Do you plan to go back and revisit them after 6 or 12 months?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>I haven\u2019t planned to yet, but yes, we could certainly think about that if we need to. I know that the series producers went back a month after they had moved in just to touch base. I think that gets shown on air, just how they\u2019re tracking.<\/p>\n<p>But as far as I\u2019m aware, they\u2019re all absolutely loving their property. I got a few messages from them saying \u201cCouldn\u2019t have done it without you, absolutely love it, changed our lives.\u201d So, as you said, it\u2019s incredibly rewarding to help these people on their journey.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>It has to be great for your business, too. Rich\u2019s business, by the way, is PropertyBuyer.com.au. It has to be great for your business, Rich?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Absolutely. I hope it showcases exactly what a buyer\u2019s agent does. It\u2019s not the typical way we lead clients with a blindfold on, but it certainly showcases the steps we have to go through. And with this show, we have to decide the compromises for the clients, whereas normally, it\u2019s a discussion with a client along that journey of helping them to choose the right home.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>How many episodes in the series?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Six in total. We\u2019ve had three, and there are three to go.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>And is there another series planned?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>I don\u2019t know yet. I guess it depends on the ratings.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>And how are the ratings? How are they going?<\/p>\n<p><strong>Rich:\u00a0 <\/strong>They\u2019re actually doing pretty well. It\u2019s in the top ten, so it\u2019s certainly up there. I think a lot of people, as you say, have a bit of property fatigue with some of the shows, but I think this one is refreshingly different and it has a more personalized story to it. And that\u2019s what I love. I love the fact that the couples had to give up control.<\/p>\n<p>Some of them were ready to sign over straight away, within five minutes, like Fotis and Jess, the first episode. It was so funny. He was just a lovely guy and he couldn\u2019t wait to sign the piece of paper. He goes \u201cLook, Rich, I\u2019m over it. I\u2019m ready to go.\u201d And others are like \u201cOh, gosh, it\u2019s a huge&#8230; Can you give me a think about it?\u201d and we have to wait half an hour for them to think about it before they put pen to paper. But the end result so far has been really positive.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Good talking to you, Rich Harvey. Rich is the star of the new show on Channel 9 called <em>Buying Blind<\/em>. Check it out for yourself. It is refreshingly different.<\/p>\n<p>Mate, well done, congratulations. I look forward to talking to you again soon.<\/p>\n<p><strong>Rich:\u00a0 <\/strong>Good on you, Kevin. Thanks again.<\/p>\n<h2>DIY home improvement design &#8211;\u00a0Vaughan Keenan<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 We\u2019re seeing a lot more people in the marketplace now wanting to improve rather than move, so when it comes to renovations, where can you go wrong, how to avoid the traps? I\u2019m talking in this segment to Vaughan Keenan. Vaughan is from Grace and Keenan and has an extensive experience at both renovation and decoration.<\/p>\n<p>Vaughan, welcome to the show and thanks for your time.<\/p>\n<p><strong>Vaughan<\/strong><strong>:<\/strong>\u00a0 No, thank you, Kevin. It\u2019s a pleasure to be here.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I could call you the decorator to the stars, couldn\u2019t I? Because you\u2019ve done some work with Deborah Hutton.<\/p>\n<p><strong>Vaughan:<\/strong>\u00a0 We have just recently, just helping her, basically, fix some of the pitfalls and traps that come up when you\u2019re renovating and also about it getting it right at the end of the day.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, very important. Where do you see renovators go wrong?<\/p>\n<p><strong>Vaughan:<\/strong>\u00a0 Basically, where most renovators go wrong, it\u2019s mainly about inexperience at the end of the day. They go to some of the experts \u2013 like architects and interior designers and also draftsman and bits and pieces from there \u2013 but they start their design on sometimes how they want it to look rather than how it needs to be to live in and how it needs to flow.<\/p>\n<p>Most architects, they want to design from the cutting-edge point of view as opposed to going, \u201cHow is this family going to live in the house?\u201d Also too, \u201cWho is going to buy it one day?\u201d because everyone moves at some point in their life. Whether that\u2019s a five-year period or a 50-year period, they do move on.<\/p>\n<p>So, the flow and how it\u2019s going to represent for the mass market is very important, and then you make the house pretty from there.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 You\u2019ve obviously had extensive experience in this and you\u2019re obviously very good at it because you\u2019re in great demand. How much value does it add to a property? If you listed a property for sale and you did a makeover on it, are you able to give us a bit of an idea as to how much value that would add to the property?<\/p>\n<p><strong>Vaughan:<\/strong>\u00a0 Basically, a makeover, nine times out of ten does add value but as long as they fix the floor plan. A lot of people go in and think \u201cWe\u2019ll give it a coat of paint. We\u2019ll pop a kitchen or bathroom in.\u201d But if they\u2019re actually putting all of that into a house where the floor plan doesn\u2019t work, it\u2019s not actually going to add that much value.<\/p>\n<p>So, if they fix the few pitfalls with the floor plan, then they start making it look what I call pretty and appealing to the mass market, they\u2019ll then make some money, which depending on cost\u2026 The old rule was whatever you spent on it, you would like to get that back plus the same again. So, if you spent $100,000, you\u2019d like to think the house is worth $200,000 more.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Is that always the case?<\/p>\n<p><strong>Vaughan<\/strong><strong>:<\/strong>\u00a0 Not always. Again, if they haven\u2019t fixed it properly or they haven\u2019t fixed some of the issues, because sometimes people think a \u201ctart up\u201d will fix it, but if you have structural issues or water problems or <strong>[2:47 inaudible]<\/strong> problems and you haven\u2019t fixed those, they normally rear their head at the end of the stage and then that affects the price.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 When it comes to renovation, do you find that many people make the mistake of renovating it to their own taste as opposed to renovating it for the taste of the people they want to target or market?<\/p>\n<p><strong>Vaughan<\/strong><strong>:<\/strong>\u00a0 Definitely. When people start adding bright colors to a house, carpets that are funny patterns, built-in cabinetry that no one else would want, often, that doesn\u2019t add any value. It\u2019s a little bit like spending money on C-Bus lighting, which is a computer-controlled lighting system. People think that\u2019s great for them, but it\u2019s not going to add any value.<\/p>\n<p>A little bit like solar panels and everything, because you would want to make sure that it\u2019s going to add value where sometimes those things don\u2019t add value to the people who don\u2019t want them.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Do you think, therefore, that if they\u2019re going to be looking at selling, people should make everything fairly neutral, or can you have splashes of color in different places?<\/p>\n<p><strong>Vaughan:<\/strong>\u00a0 You can do the odd feature wall because then, say, if I was selling it for somebody, I would say \u201cListen, if that feature wall offends you, you can paint it out.\u201d That\u2019s an easy fix. It\u2019s when you see online sometimes, sometimes people put in a kitchen that\u2019s bright red with black bench tops or something. That\u2019s an expensive fix if people don\u2019t like it.<\/p>\n<p>So, the fundamentally expensive things to change should all be very neutral.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 You talked earlier about solar panels and so on and technology. Is it worthwhile putting good technology into a property, or is that really designed for and over a certain value style property? Can you over-value with technology?<\/p>\n<p><strong>Vaughan:<\/strong>\u00a0 Definitely. And it also depends on your age group of person buying your property. We just sold a house in Ascot, and that sold in the mid-$4 million range. That property had intercom, it had security, and it had a normal lighting system and a home hub so that you could patch things through, but it didn\u2019t have any other technology. The people who purchased that house were in their 50s. They didn\u2019t want the technology because they actually find it hard to manage.<\/p>\n<p>You would think in a $4 million home, it should have all of that, but most people spending that sort of money, they\u2019re not in their 20s or early 30s. They\u2019re a slightly older crew where, say, a modern, new apartment, they normally put a bit of technology in there because the age bracket of the person is a little bit younger and they\u2019re used to technology.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, it raises a really interesting point, doesn\u2019t it, about if you\u2019re thinking about selling your property, maybe you should get an agent like you in to say \u201cWho do you think this is going to be targeted at and how should I prepare? What are the things people in this price range and this age group expecting in a property?\u201d<\/p>\n<p><strong>Vaughan:<\/strong>\u00a0 Definitely, and also, too, how it\u2019s staged and presented as far as furniture goes. If you\u2019re selling an apartment on the river at Newstead in one of the more expensive buildings where they\u2019re $2.5 million upwards, that furniture has to relate for down-sizers. They want comfort, they want ease, they want it to feel like something they would have at home. If you\u2019re selling a $600,000 apartment in Newstead to the younger crew, they want it all very modern and minimal and slick. Not so much about comfort; it\u2019s more about a look.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 So really think about the person who will be buying your property and then make it fit that demographic.<\/p>\n<p><strong>Vaughan<\/strong><strong>:<\/strong>\u00a0 Exactly. And keep it nice and broad. In some cases, there\u2019s a crossover, so you also have to style it and present it to suit both markets as well. So, definitely talk to agent who knows your area or knows your marketplace before you put it on the market on how you present it. Otherwise, you might present it and you have to re-present it again, and then you\u2019ve wasted money.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Thanks, Vaughan. Great advice. You can reach Vaughan and the team at Grace and Keenan, GraceAndKeenan.com.au. Thanks for your time, Vaughan.<\/p>\n<p><strong>Vaughan<\/strong><strong>:<\/strong>\u00a0 No problem at all. Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: DIY home improvement design Negotiation strategies that work Why people trust Rich with all their savings The reasons why investors are not buying The tax money people leave on the table Transcripts: Negotiate like a pro &#8211;\u00a0Cate Bakos Kevin:\u00a0 I want&#8230;<\/p>\n","protected":false},"author":176692473,"featured_media":21597,"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-21594","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 v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Where have all the investors gone? 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