{"id":21659,"date":"2018-07-06T01:00:39","date_gmt":"2018-07-05T15:00:39","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21659"},"modified":"2018-07-06T01:00:39","modified_gmt":"2018-07-05T15:00:39","slug":"portfolio-tracking-made-easy-the-best-book-i-nearly-didnt-read-buying-in-a-sellers-market","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/portfolio-tracking-made-easy-the-best-book-i-nearly-didnt-read-buying-in-a-sellers-market\/","title":{"rendered":"Portfolio tracking made easy + \u201cThe best book I nearly didn\u2019t read\u201d + Buying in a seller\u2019s market"},"content":{"rendered":"<p><strong><em><u>Highlights from this week:<\/u><\/em><\/strong><\/p>\n<ul>\n<li>Easily track the performance of your portfolio<\/li>\n<li>Negotiating in a rising market when sellers have the power<\/li>\n<li>\u201cThe best book I nearly didn\u2019t read\u201d \u2013 Richard Pan<\/li>\n<li>The property world is more than Sydney and Melbourne<\/li>\n<li>Remote auction bidding is now for anyone<\/li>\n<\/ul>\n<p><strong>Transcripts:\u00a0<\/strong><\/p>\n<h2>Strategy for negotiating in a seller&#8217;s market &#8211;\u00a0Simon Pressley<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>There are some markets around Australia, and they vary from time to time, but they\u2019re always there. There\u2019s always some market where when you\u2019re negotiating, when you\u2019re buying a property, you may end up having to pay more than the asking price. That\u2019s definitely a rising market. Now, in this market, it is happening, and it is happening in various markets in different places around Australia. This is an experience that buyer\u2019s agents have all the time when they\u2019re negotiating.<\/p>\n<p>Simon Pressley from Propertyology was talking to me recently \u2013 and he\u2019s going to join me in just a moment \u2013 telling me about some experiences where this is happening all the time.<\/p>\n<p>Good day, Simon. How are you doing?<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Good, Kevin. An interesting topic, negotiating.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>It is. It\u2019s one that\u2019s difficult. I know you guys do it all the time, but people who buy and sell property only once or twice in their lifetime find it hard to understand why you would actually have to pay more than the asking price.<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Yes. And admittedly, it\u2019s not that common, but it depends on the individual market that you\u2019re transacting in and where that market is in its cycle at the time. In a general sense, Kevin, the typical property somewhere in Australia will be listed at price X, and the eventual sale price, give or take, might end up being 3% below the list price.<\/p>\n<p>That\u2019s typically what happens in a normal market, and I think for a majority of DIY buyers when they see a property listed for sale \u2013 let\u2019s say the list price is $500,000 on Domain or RealEstate.com \u2013 before the negotiation winds up too much, that person who\u2019s interested in it might expect it to land under $500,000, maybe $480,000 or $490,000, something like that.<\/p>\n<p>I understand why people think that, but there are times\u2026 And we\u2019re transacting in a market at the moment where we\u2019re seeing a typical property listed at $400,000 and selling for $440,000 or one sold for $450,000. That\u2019s a massive markup on what it was listed at.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Indeed. There\u2019s no doubt that there is a skill to negotiating. What do you see as the qualities someone requires?<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Some of us have negotiating skills that we use in our daily role. I\u2019m not talking property people: a lot of sales roles for example, a lot of business owners.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Bringing up kids.<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Great example, Kevin. And that is a skill, the ability to negotiate. But what makes a really skilled negotiator is when those skills are used for a particular purpose. So, someone who has skills in selling apples or oranges or widgets or whatever, what they don\u2019t have is the property-specific skill of negotiating.<\/p>\n<p>It\u2019s having knowledge, that\u2019s what our buyer\u2019s agents find the most important quality to have \u2013 knowledge about that individual market, knowledge about that property, knowledge about the vendor\u2019s circumstance. Just being armed with as much information as possible.<\/p>\n<p>Knowing something like the vendor\u2019s circumstances can be useful, because for there to be a transaction to actually materialize, both parties need to feel like they\u2019ve had a win. For the buyers, the win is ultimately the price, but while the vendor, sure they probably want the highest price, but there might be some other circumstances in their personal life that can be used in that negotiation as well.<\/p>\n<p>But there are other tactics as well. The pregnant pause, sometimes deadly silence after we\u2019ve made an offer on a property, and whilst we\u2019re itching and we really want to wind it up, sometimes the best tactic that our buyer\u2019s agents might use is to deliberately ignore that agent and let them feel like we\u2019re not interested. And then when we see their number come up on our phone two days later, we know before even answering that phone we have a really good chance there. Different tactics.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Talking about negotiating, Donald Trump, president of the United States, has always said that he\u2019s one of the world\u2019s best negotiators. Yet if you look at his negotiation style, it\u2019s all about hardball, it\u2019s all about bullying. Is that what it\u2019s all about? Is negotiation all about hardball?<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Not at all. There are times when hardball is the way to play, but what we can see is the market movement, and that varies from location to location that we\u2019re investing in, the agent we\u2019re dealing with, and as I said earlier, the vendor\u2019s circumstances.<\/p>\n<p>Different agents will use different tactics, so as a skilled buyer\u2019s agent, there\u2019s no point in us just having the one tactic and trying to hardball everything.<\/p>\n<p>The Ray Whites and LJ Hookers of the world for example, some of them advertise properties differently to others. Some might be what\u2019s called a lowball lister: they\u2019ll advertise a property that they expect to sell for $500,000 but they\u2019ll list it for $470,000. So when a buyer sees that, they think they\u2019re going to get a bargain, but really, they\u2019re trying to get a Dutch auction.<\/p>\n<p>Now, a DIY buyer won\u2019t know that that agent uses that tactic, but a skilled buyer\u2019s agent will know different agents use different tactics, and we need to adapt our negotiation style for the unique circumstances for that particular property.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>How much does emotion influence negotiations?<\/p>\n<p><strong>Simon:\u00a0 <\/strong>It influences emotions a lot, especially if you are negotiating for yourself, if you are the purchaser. Plenty of people will try to kid themselves and say \u201cNo, I won\u2019t let my emotion get in the way.\u201d Let me tell you, when you\u2019re in the heat of the battle and all sorts of information is being thrown at you from the agent representing the seller, emotions will get in the way.<\/p>\n<p>A buyer\u2019s agent has not only had a lot of training at keeping emotions in check, but because they\u2019re representing the buyer and they aren\u2019t the buyer, they have a much greater ability of not allowing emotions to get in the way and paying more than what they need to or saying something that might adversely upset the agent and crash that negotiation.<\/p>\n<p>It does play a role. A lot of DIY buyers end up paying more than what they need to for a property.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Because of their lack of skill at negotiating or understanding what the ground rules are?<\/p>\n<p><strong>Simon:\u00a0 <\/strong>A lack of skill, emotions getting in the way, not having the breadth of knowledge about that property or that market that someone who\u2019s transacting in it everyday for a living will have. At the end of the day, as human beings none of us know what we don\u2019t know. But when someone is doing something all day every day, they\u2019re going to know a lot more than someone who does it occasionally.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>I gather from the conversation you and I had, both in this interview and off air, that you\u2019ve obviously paid over the list price on some occasions.<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Yes. And I know that this is teasing listeners \u2013 this isn\u2019t my attention \u2013 but there\u2019s a market, not a capital city location, a really strong regional market that we are really enjoying getting as many investors in as we can. I feel this market has just commenced its growth cycle, but a 20% pace is what it\u2019s moving at.<\/p>\n<p>Now, if you think about what our capital cities are doing at the moment, people won\u2019t believe it. But it\u2019s unfolding before our very eyes, and pretty much every property that meets our selection criteria in this particular location, if it\u2019s listed at $400,000 or $420,000 or whatever, we\u2019re missing out on 50% of the properties that we\u2019d want to buy, and then when we go back and talk to that agent a week or two later and find out what it actually sold for, it\u2019s selling for $20,000, $30,000, $40,000, sometimes $50,000 over the list price.<\/p>\n<p>So, our skills as a negotiator representing a buyer in a market like that are different to the skills we\u2019d use within a flat market. In a really rising market like this, we expect more often than not to pay above list price, but we still have to help our buyer work out what\u2019s a good decision and when do we pull up stumps?<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>When you\u2019re going in for a negotiation like that, do you have several prices that you prep your client with? In other words, you\u2019ll say \u201cThe asking price on this is $450,000, but we may end up having to go to $470,000 or something to secure it.\u201d In other words, so you\u2019re prepared and they are prepared as well?<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Yes, that\u2019s right. What we do is we arm our buyer with as much evidence as we can. We say \u201cHere\u2019s the property, this is what its list price is, here are some comparable properties, this is what they have sold for,\u201d but then the hard thing when a market is moving so hot as this, you actually need to build in a little bit of \u201cThis is what it would have sold for last month, and this is what we\u2019re happy paying now.\u201d<\/p>\n<p>No one wants to pay any more than they need to, Kevin, but the thing is when you\u2019ve identified a market that\u2019s at the very early stages of a growth cycle and the pace has picked up in a very short period of time, you want to get into that market as quickly as you can. So, if we get too conservative \u2013 \u201cNo, we won\u2019t pay that\u201d \u2013 and someone else eventually buys it for $10,000 more than us, and we continue and repeat that process for the next two months\u2026<\/p>\n<p><strong>Kevin:\u00a0 \u2026<\/strong>You\u2019re chasing your growing market.<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Absolutely. We would have been better off buying that first property and paying that $10,000 extra and getting in. So, it\u2019s a fine balance.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>A really good example of that would be Hobart. I know that\u2019s one market that you\u2019ve picked well ahead of anyone else, and there are still people saying \u201cGet into Hobart, get into Hobart.\u201d I don\u2019t know whether you\u2019re still buying there, but the time to buy there was two years ago when you were talking about it.<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Yes. We stopped buying there mid-2016. That doesn\u2019t mean that buying there today would be a bad decision; it\u2019s just that we got in when that market was flat, not like the market that I\u2019m talking about now. So, our clients benefited from 100% of the growth cycle.<\/p>\n<p>Buying there now, we don\u2019t know when the cycle will end. I don\u2019t think it\u2019s going to end in the next 6 or 12 months, but we\u2019re probably in the second half of the growth cycle.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>That doesn\u2019t really matter, does it? If you bought two years ago, you\u2019re enjoying the growth now for as long as it goes. That\u2019s the benefit of it.<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Absolutely. The time to get into a market, Kevin, is before the growth cycle really ramps up. No one can tell us how long a growth cycle is going to last for, but typically, from start to finish, it\u2019s two years to\u2026 We saw Sydney and Melbourne last about four and a half years. That\u2019s probably longer than what a growth cycle normally lasts.<\/p>\n<p>But you don\u2019t want to be buying two years into a growth cycle, I don\u2019t think, and when we\u2019re spoilt for choice in a country as big as Australia, there will be markets at any given time, I can promise you, where the growth cycle hasn\u2019t started yet.<\/p>\n<p>That\u2019s our strategy: get in while it\u2019s flat, or in this particular case, we started a couple of months ago when it was flat and it\u2019s just starting to heat up now. It might have three years of good growth ahead of us, so we want to get as many people in as we can right at this early stage.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Good talking to you, mate. And if you want to find out a little bit more, just go to Propertyology.com.au. Simon Pressley has been my guest. Thanks, Simon, talk to you again soon.<\/p>\n<p><strong>Simon:\u00a0 <\/strong>Thanks, Kevin.<\/p>\n<h2>The best book I nearly didn&#8217;t pick up and why &#8211;\u00a0Richard Pan<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>In 2004, when Richard Pan held a position at a major bank in Sydney, he believed that according to traditional standards, he was living the dream. Richard started out following the traditional path of work, save, retire, then one of the world\u2019s most famous business books changed his life. Richard joins us to tell us that story.<\/p>\n<p>Richard, thank you for your time, and welcome to the show.<\/p>\n<p><strong>Richard:\u00a0 <\/strong>Thank you for having me.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Richard, what was that book?<\/p>\n<p><strong>Richard:\u00a0 <\/strong>It was <em>Rich Dad Poor Dad<\/em> by Robert Kiyosaki.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Richard\u2019s story of success is the current success story in the edition of <em>Your Investment Property<\/em> that is out now. In the article, you say \u201cIf I had known that it was a personal finance type of book, then I wouldn\u2019t have touched it in a million years.\u201d Why is that, and what changed as you were reading it?<\/p>\n<p><strong>Richard:\u00a0 <\/strong>I was growing up in a family with no businesspeople, no investors, so everyone was working as an employee, so because of that. And one piece of advice I was getting since I was very young was to study hard, get into a good school so that you can find a good job and work hard and save for retirement. That\u2019s it.<\/p>\n<p>So, I didn\u2019t know that there\u2019s an alternative plan. This is a classic example of I don\u2019t know what I don\u2019t know. So, while I was reading that book, what actually changed was I started to see the new possibilities. I started to ask myself \u201cWow, that\u2019s really cool.\u201d We\u2019re talking about the passive incomes you can generate from a property portfolio. \u201cCan I really do that legally in Australia?\u201d That\u2019s the question I started to ask.<\/p>\n<p>In his book, he was talking about facing the same challenge, and his poor dad would say \u201cI cannot afford it,\u201d and at the same time, his rich dad would say, \u201cHow can I afford it?\u201d So, the second one obviously opened up possibilities. That\u2019s basically what I was feeling by reading that book. I feel there\u2019s something out there that\u2019s for me. I just have to work out a plan to get it.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Richard, what reaction did you get from your family when you read the book and then decided there was another way?<\/p>\n<p><strong>Richard:\u00a0 <\/strong>The great thing was at the time I was just living with my wife, the two of us in Australia. I was originally f rom China, so at the time, both my parents and my grandparents were still living in China. So I didn\u2019t really talk to them about \u201cI found this book,\u201d or anything like that. No, I just found this thing quite interesting and I started the journey all by myself, without really talking to them about what I\u2019d read.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, very wise. Talking about your journey, can you describe the beginning? Like you\u2019ve put the book down, now you know there\u2019s another way; how did you begin?<\/p>\n<p><strong>Richard:\u00a0 <\/strong>At that time, my wife and I didn\u2019t have any money. Both of us had just started out with an entry level job. I think I was making about $34,000 a year and my wife was making a similar amount. We were saving for a deposit, and obviously, that will take some time.<\/p>\n<p>At the same time, I decided the most important thing for me at that point of time was to educate myself, so I started reading more books \u2013 personal finance or property investing in particular. And while saving the deposit, I started going to open inspections in the suburb where I was living and the nearby suburbs.<\/p>\n<p>I still remember I felt so nervous. I went to some of the open inspections and literally didn\u2019t ask any questions. And then sometimes, I asked one or two questions and I could feel my heart was really beating there.<\/p>\n<p>I thought \u201cYou know what? I just want to have a feeling what it feels like talking to the real estate agents and asking those questions.\u201d But everyone has to start somewhere, so that\u2019s basically what I\u2019ve done.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>I think you\u2019ve described that feeling of starting out on a property journey quite well, how difficult it can be. Your portfolio, as we can see in <em>Your Investment Property<\/em> magazine, is not spread too geographically. All the properties are in New South Wales. Do you find it difficult with different state regulations to invest outside of the state that you live in?<\/p>\n<p><strong>Richard:\u00a0 <\/strong>Personally, that was a small part of it. It\u2019s not really the main reason. I can think of two main reasons. As a matter of fact, we built a portfolio in the city of Sydney, and the reason for that was, number one, I am a big believer of being a suburb expert.<\/p>\n<p>I think that\u2019s actually one of the most important factors to being a successful property investor, because when you become a suburb expert, you will know the price. If you came across a listing, you would know if that\u2019s a bargain price. And that way, you actually have the skill and knowledge to identify to identify an opportunity like this, you can take action very quickly.<\/p>\n<p>To do that, no book or seminars can replace the local knowledge you will have by going out to those open inspections, meeting with local real estate agents, and sometimes talking to local people. Because of that, we actually select suburbs in Sydney so that we can go to the open inspections and do what I plan to do. That\u2019s reason number one.<\/p>\n<p>The second reason was some of the property that we bought was during the time when Sydney was really booming. So, it\u2019s like I can get what I want in a market which increases very fast, and that makes sense for us to focus on Sydney at that point in time.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>What\u2019s been your best investment, Richard?<\/p>\n<p><strong>Richard:\u00a0 <\/strong>I would say that\u2019s probably my very last purchase. To begin with, we\u2019re quite happy about the price we negotiated. I believe that was about 7.5% off the vendor\u2019s original expected price; that\u2019s point number one. Number two is that in the calendar year of 2017, after we bought the property, the suburb actually increased in value by about 17.5%. And point number three, we actually did a bit of renovation ourselves, so I believe that the actual capital growth for this particular property should be more than the capital-driven growth.<\/p>\n<p>And also, at the same time, two new train stations are being built, a brand new primary school is being built, some commercial buildings, a retirement village, and other shopping facilities are also being built as we speak. Also, my property is inside the catchment area of the best primary public schools in Sydney. So, because of that, I still have a very positive view about the potential for this particular property.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>It\u2019s interesting that you\u2019ve highlighted your best investment as your most recent one, which means to me that you\u2019ve learned a bit along the way. Now, tapping into that, I have to ask you the next question about what\u2019s been the investment that taught you the best lesson \u2013 in other words, what you learned from \u2013 and what was that learning?<\/p>\n<p><strong>Richard:\u00a0 <\/strong>One thing I\u2019ve learned that I think is quite important to be a successful property investor is when you analyze a deal, it needs to be based on numbers only. And also, you need to have a plan to identify any potential risk, and then minimize the risk to a level where it is acceptable to you.<\/p>\n<p>At one stage of my life, I was actively looking at opportunities in mining towns in Queensland \u2013 that was actually in the middle of the mining boom \u2013 because the yields were just so great, close to 10%. But we fortunately asked three questions that changed our decision. The first question was what\u2019s the upside? The second question is what\u2019s the downside? And then the third one is can I live with the worst-case scenario?<\/p>\n<p>We thought a mining town, because it only has one major industry, the risk is probably too high even if we can get a pretty decent yield. So, because of that, we decided to walk away. That\u2019s something really fortunate for us that we didn\u2019t go ahead, because we all know what happened in the last 24 months.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>That is such a powerful lesson too. Richard, a final question. In the article in <em>Your Investment Property<\/em> magazine, you give us four property buying tips. Now, one of those is to know why they are selling. How does that help you, Richard?<\/p>\n<p><strong>Richard:\u00a0 <\/strong>I think in one sentence, if you know the reason they want to sell the property and then you actually customize your offer to meet their needs, you actually increase your chance for your offer to be accepted. That\u2019s why I always ask the questions when I talk to the real estate agent and then find out the story of why they are selling now and tailor my offer.<\/p>\n<p>A lot of people think buying property is all about the price \u2013 how much you\u2019re paying for it \u2013 and they actually ignore a very important fact that a lot of times, terms are also an important factor. Sometimes you cannot negotiate the price but you can negotiate the terms.<\/p>\n<p>You can maybe negotiate that you can access the property earlier if you plan to do a renovation. That\u2019s basically if you know the seller is already committed somewhere else, the property is vacant, and then if they\u2019re not flexible with the price, see if you can negotiate a longer settlement where you can access the property earlier so that you can start the renovation earlier.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, you certainly learned a lot along the way, Richard, that is for sure. You can read Richard\u2019s story in full \u2013 it\u2019s a success story \u2013 in the latest <em>Your Investment Property<\/em> magazine. He\u2019s been our guest on the show today.<\/p>\n<p>Thank you so much for your time, Richard, and all the success to you and your wife and your family in the future. Thank you.<\/p>\n<p><strong>Richard:\u00a0 <\/strong>Thank you very much, Kevin.<\/p>\n<h2>Easily track your portfolio daily &#8211;\u00a0David Hows<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>I want to talk in this interview about building your team. There\u2019s now a great way for you to be able to do that, to track what your portfolio is doing, and doing it online. We\u2019re seeing more and more of this happen, but I want to find out in particular about this product which is called Monefly. Now, we\u2019ve spoken to you about it before. The website is monefly.com and it\u2019s a great portal. The man behind this is David Hows. He joins me.<\/p>\n<p>David, thanks again for joining us.<\/p>\n<p><strong>David:\u00a0 <\/strong>Good morning, Kevin. How are you doing?<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Good, mate. Fine, thank you. Tell me about Monefly. How does it work?<\/p>\n<p><strong>David:\u00a0 <\/strong>Monefly is a website and app that both consumers and their advisors can use to make it easy to put all the financial information around a person or around a household or around their portfolio into one location and then make it easier for the consumer to then pick and choose who they want to share what with, to make it faster to manage their information online, and then there are finance applications, as well.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>One of the things I do want to talk to you about is security, because I think that\u2019s something that most people nowadays are concerned about. We\u2019ve seen a few security scares. We\u2019ll come to that in just a minute.<\/p>\n<p>Can I just ask you though, from what you\u2019ve told me, does this actually replace the need for an accountant?<\/p>\n<p><strong>David:\u00a0 <\/strong>No, it doesn\u2019t replace the need for an accountant at all, but what we\u2019re seeing is a big trend towards putting data online. So whether it\u2019s an accountant or a mortgage broker or a financial planner or even your property manager, they can work with you in real time, already having the data instead of having to spend the time collecting the data to be able to get to a starting point.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>is this just for property?<\/p>\n<p><strong>David:\u00a0 <\/strong>No, it\u2019s for wealth across the board. So property shares, superfunds, any other assets you want to track, businesses, artwork if you want to, anything you\u2019d call an asset, a liability, income, or expenses.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>I mentioned security. We\u2019ve seen in recent times a lot of breaches of security with what we thought were secure platforms, like PEXA. Tell me about the security here. How is it built in, how secure is it? Because we\u2019re putting a lot of stuff online.<\/p>\n<p><strong>David:\u00a0 <\/strong>Yes, it\u2019s really critical for us, particularly given some of our partnerships. We\u2019ve partnered with Envestnet and Yodlee, which provides access to financial data globally through 15,000 different financial institutions, and then we\u2019ve also partnered here in Australia on credit score and credit data information.<\/p>\n<p>Both of those partners require us to have bank-level security to ensure the highest security standards are applied. And we\u2019ve had to go through some pretty rigorous testing over the last two and a half years as we were connecting consumers to banks, credit cards, loan accounts, and credit score information.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, there\u2019s no doubt that this is the future. We need to probably get used to the fact that we need to put this stuff online. Well, I want to ask you, what is the future? Where do you see it going? Is this about adding power to the individual?<\/p>\n<p><strong>David:\u00a0 <\/strong>Yes, absolutely. Our focus is on empowering the consumer by putting their information into a digital place that they can control, and then they can see the whole picture without having to go to advisors to have them tell them what the picture is, and then they can choose how to use the information, who they share with and what they do with it.<\/p>\n<p>But most importantly, it\u2019s about empowering the user to be able to transact more easily, whether it\u2019s investing or financing or real estate or whatever they do, because let\u2019s face it, it\u2019s a pretty archaic process where you have to fill in a 5- to 15-page mortgage application form and attach 30 or 40 or 50 attachments if you\u2019re self-employed Our vision is just in real time, all of the time, and secure, so that it\u2019s much easier to invest and to build a portfolio and to create and manage wealth.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Monefly.com is the website that you have to go to. We\u2019ll throw a few links into the commentary below this interview so that you can jump in and have a look at it for yourself.<\/p>\n<p>Team: you talked there about team. I guess we have to also face the reality, David, that when we give information to our accountant, they then put that into their own system, and we need to make sure that they have security over our information as well.<\/p>\n<p><strong>David:\u00a0 <\/strong>Yes, absolutely. You have to pick and choose your partners or your advisors based on the quality and security of the systems they use and how they protect your data, because we\u2019ve see recently some very large companies globally that have had data breaches. It\u2019s definitely a risk that has to be managed.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>You mention on your website about building your team. I think I saw a video on the home page there. This would be a good way of building your team. Who do you think you would want on that team?<\/p>\n<p>Let\u2019s look at property for a moment. The obvious ones may be your accountant, a tax expert. Who else could you put on that you would share this information with?<\/p>\n<p><strong>David:\u00a0 <\/strong>In my experience, your quantity surveyor who does your depreciation reports, your conveyancer and\/or your solicitor, your property manager, your mortgage broker, and your financial planner or advisor. We\u2019re seeing a lot of people who are probably investment coaches who want to help their clients having that relationship set up through Monefly \u2013 anybody you consider somebody who helps advise you or connect with you.<\/p>\n<p>And you can use the platform for just communicating and tracking your communication history, or you can start sharing some information, as well. It\u2019s completely up to you on an advisor or team member by team member basis.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>One of the other big advantages of Monefly.com that I haven\u2019t mentioned up to now is that you have a constant updating of the value of anyone\u2019s portfolio. How does that work, David?<\/p>\n<p><strong>David:\u00a0 <\/strong>The focus with Monefly is to connect you in real time, so we\u2019ve built a lot of connections and integrations and partnerships around data. It saves you having to go and capture information manually or pay for it somewhere else, and we make all that available in real time on Monefly.<\/p>\n<p>So, that means credit card, bank account, mortgage account data, share market data daily, superfund data daily, real estate data monthly, all updated so that instead of your accountant having to plug these things in, automatically you have that information at your fingertips rather than having to run the numbers or calculations to work it all out.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes. As I said earlier, it is all about empowering the individual. For investors, this is fabulous. You can bring it all together, you can see it on one dashboard. The other point I want to make too here is that this free.<\/p>\n<p>How does that work? How do you monetize this, David? Because I have to say, we\u2019ve heard the saying that the only free cheese is in the trap.<\/p>\n<p><strong>David:\u00a0 <\/strong>That\u2019s a good analogy. In our case, our whole focus is on empowering consumers, and that can sound socially shallow, but it truly is. We see the value of providing to advisors to use Monefly to connect to their clients being huge in terms of the time it saves in gathering that information.<\/p>\n<p>We have advisors \u2013 who are mortgage brokers, financial planners, accountants, what have you \u2013 paying anywhere between $99 and $349 a month to be able to use Monefly professionally and invite all their clients. So, it\u2019s free to consumers on the basis of the advisors paying for it.<\/p>\n<p>We see the value in the information for the advisor is great as well, and we truly want a platform that consumers have no resistance to using it that really does help and empower them financially.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>And the feedback you\u2019re getting from the people you\u2019re inviting to come on to use this service, what feedback have you had? Have you had any pushback? What\u2019s acceptance like?<\/p>\n<p><strong>David:\u00a0 <\/strong>The <strong>[7:18 inaudible]<\/strong> has been fantastic. There are layers of people who come on. There are people who come on and they go \u201cThis is fantastic,\u201d and connect everything. There are others who come on and say \u201cWell, this looks interesting, but I don\u2019t know if I trust you with my bank information.\u201d So, you would start plugging properties in and shares, and all the things you\u2019re comfortable plugging in, and then when they get to know us, maybe a month or two later, they start activating mortgage accounts and credit card accounts and bank accounts because they want to see the extra information when they start to feel comfortable with the platform. It\u2019s all about horses for courses.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, a great point, I think, is that you can start and just progress as you become more comfortable with the site. The site once again is called Monefly.com. My guest has been David Hows from Monefly.<\/p>\n<p>David, congratulations on the service. Thank you very much. I look forward to seeing how it progresses in the years ahead. Thank you.<\/p>\n<p><strong>David:\u00a0 <\/strong>Thanks, Kevin.<\/p>\n<h2>Where to look outside Sydney and Melbourne &#8211;\u00a0Michael Beresford<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>Melbourne and Sydney are, of course, two major markets that we\u2019ve seen tremendous growth in in recent times, but as you\u2019re going to hear in this interview, there are a lot more markets in Australia than just Sydney and Melbourne. One of those markets is Brisbane. It\u2019s showing remarkable resilience and great growth right now. Joining me to talk about this, Michael Beresford. Michael is the director of investment services at OpenCorp.<\/p>\n<p>Michael, thanks again for your time.<\/p>\n<p><strong>Michael:\u00a0 <\/strong>You\u2019re welcome, Kevin. Good to be talking with you.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Thank you. Tell me about Brisbane, your view on where that\u2019s headed.<\/p>\n<p><strong>Michael:\u00a0 <\/strong>We see nothing but positive things regarding Brisbane. And when you boil it down to the basics, this property investment caper is not all that complex. There are a few key indicators that we need to look at.<\/p>\n<p>Starting right from the top, it\u2019s really supply and demand that drives these markets. Obviously, Sydney and Melbourne have seen the major benefit of the population growth and that growth cycle that happens, but when we look historically and when we look at the fundamentals, Brisbane is the next capital city that follows Melbourne and Sydney.<\/p>\n<p>The gap between Sydney\u2019s median house price and Brisbane\u2019s median house price has never been as big as what it is today in percentage terms. Net interstate migration has rapidly increased in the last 12 to 18 months into Brisbane, and when you consider the fact that the median household income in Brisbane and Melbourne is virtually identical, yet the median house price is close to $400,000 different, logic says that Brisbane has some catching up to do. And historically, when it does start to catch up, that catch up happens pretty quickly.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>What about stock? Is there sufficient stock to fuel that demand?<\/p>\n<p><strong>Michael:\u00a0 <\/strong>Yes. Over the course of the last three to four years, Brisbane went through large numbers of building approvals \u2013 more so in the apartment space, and that was limited to certain sections of Brisbane and reasonably close to the CBD and the principal activity centers around.<\/p>\n<p>But in the kind of areas that we\u2019re focusing in \u2013 middle ring growth areas \u2013 there are pockets of available select properties in the locations that we want to be in, but nowhere near the supply in terms of volume that we saw in Melbourne going back two and a half, three years ago when our clients were buying in here, and the vast majority of them have made 40% to 50% or more in that time.<\/p>\n<p>Yes, relatively speaking, the supply is still pretty constrained, especially in the housing part of the market as opposed to apartments, which is obviously where we focus on.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>What sort of growth potential do you see for Brisbane? Is it going to be anything like what\u2019s happened in Sydney or Melbourne in recent times?<\/p>\n<p><strong>Michael:\u00a0 <\/strong>If we all had the crystal ball, we\u2019d be a lot wealthier than we are. Look, I\u2019m very confident that over the next three to five years, Brisbane will be the next best-performing capital city for us to focus on. History tells us that, those key dynamics that I mentioned tell us that, and logic tells us that as well.<\/p>\n<p>If someone in Sydney can sell a median house for $1.2 million and buy something even nicer than what they\u2019ve got in Sydney in Brisbane for $650,000 and pocket close to $500,000 in cash, then a number of people\u2026 And we\u2019re seeing it already. Once we talk to clients about this, they\u2019re like \u201cOh, I know people who are doing that.\u201d<\/p>\n<p>We\u2019re starting to see that progression happen already, but they\u2019ll only move on one proviso, and that\u2019s that there\u2019s a job for them to go to in Brisbane. And Brisbane has been very strong in the last 12 months in job creation. When you adjust the numbers for the size of the population in a capital city, it\u2019s by far and away number one, even exceeding Melbourne and Sydney.<\/p>\n<p>I think there\u2019s a bit of a changing of the guard. Obviously, the population growth has underpinned a really strong Sydney and Melbourne market performance over the last three to five years, hence why we see Brisbane doing the same moving forward.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Are there any pockets of Brisbane that you\u2019re favoring? North side, outside, south side?<\/p>\n<p><strong>Michael:\u00a0 <\/strong>The main areas that we are focusing on are within that Brisbane city council area as an immediate focus. Way too much data and complexity to get into in a short discussion, but it\u2019s safe to say that\u2019s really where the focus of the government spend and development is as a first step.<\/p>\n<p>It will obviously then spread throughout, and it\u2019s not to say that other pockets\u2026 Especially within the Redland area, the Morton Bay regional council as well are areas that we favor, but it all really comes down to where the governments are spending the money, and those are those major hubs that they\u2019re investing in.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>What about yourself? What are you doing in your own personal investment portfolio?<\/p>\n<p><strong>Michael:\u00a0 <\/strong>I do exactly the same, Kevin \u2013 as do the other guys and our employees as well \u2013 as what we talk to our clients about. Two of my last three acquisitions have been in Brisbane. The one before that was in Melbourne, and that\u2019s gone up about $160,000 in 18 months. Yes, it\u2019s exactly the recipe I\u2019ve been talking about that I apply to my own personal portfolio as well.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Let\u2019s take a wider view. What about Australia-wide, where do you se the property market headed?<\/p>\n<p><strong>Michael:\u00a0 <\/strong>I think obviously, Perth has been in a period of flatness \u2013 for lack of a better term \u2013 since 2011, really. So, that will be bound to come back. And while Perth is not all about mining, it is obviously a major factor within that capital city. That will come back in time, and we think obviously, Perth generally follows Brisbane, so that\u2019s one to keep an eye on.<\/p>\n<p>I definitely think that Sydney is, if not at the top, very close to the top. A lot of this doom and gloom \u2013 which really irritates me \u2013 is around how the Sydney market is in decline and the boom is ending and all that kind of thing. Let\u2019s keep these things in perspective. The Sydney market was up 75% since 2013, so if you had said to me back in 2013 that you could make 70% growth, I wouldn\u2019t be too fussed about it coming back by 5%. That\u2019s what happens with property markets: there are minor corrections and then it stabilizes.<\/p>\n<p>I guess the usual story: as long as you\u2019re taking a long-term approach to your investments and you\u2019re not buying speculatively, trying to make some money quickly at the top end of the market, as I say to clients, even if it takes 12 months for the Brisbane market in hindsight to start moving, it\u2019s far better to add another 12 months to that growth cycle and get in at the bottom than make a quick $50,000 or $60,000 at the top and then be sitting flat for the next seven to eight years.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Even the growth cycle in Brisbane is still fairly consistent. We\u2019re still getting annual growth of around 6%. That\u2019s not too bad if you\u2019re in a holding pattern and waiting for some sort of growth to come through.<\/p>\n<p><strong>Michael:\u00a0 <\/strong>You took the words out of my mouth. I was actually going to say one of the areas that we have been putting clients and ourselves into in Brisbane in the last 12 to 18 months has seen a 6% increase in the four-bedroom median house price in that suburb in the last 12 months. So yes, it\u2019s pretty spot on.<\/p>\n<p>Look, I guess there are always going to be headwinds and challenges, whether it be the lending environment, whether it be what Donald Trump is doing or what Asia is doing, or anything like that, but we\u2019re really passionate about helping people try to eliminate that white noise and take that long-term view.<\/p>\n<p>It\u2019s not whether you can pick a winner today or next week or time the market perfectly for six months\u2019 time. What we\u2019ve learned over 25 years of doing this investment caper is you have to be in the market, buy well, don\u2019t buy on emotion, follow a plan, make sure your holding cost is low, and the growth will happen over time, and time moves pretty fast. So, you\u2019ll look back on it 15 years ago and think \u201cWow, I remember buying that property for a lot less than what it\u2019s worth today.\u201d<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Thank you. I look forward to catching up again soon.<\/p>\n<p><strong>Michael:\u00a0 <\/strong>Good on you. Bye for now.<\/p>\n<h2>Bid securely online for an auction property &#8211;\u00a0Joel Smith<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>Gavl is the world\u2019s leading live-streaming and bidding platform for real estate auctions. To date, it streamed more than 6000 auctions, which have achieved 3.5 million views from 50 countries. But what if an auction that you want to bid on is not available online? Well, now property buyers can choose which residential or commercial auctions they would like to have live-streamed. Cofounder of Gavl, Joel Smith joins me.<\/p>\n<p>Joel, thanks for your time.<\/p>\n<p><strong>Joel:\u00a0 <\/strong>Good day, Kevin. Thanks for having me.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Firstly, let me just ask how it actually works. How does Gavl work?<\/p>\n<p><strong>Joel:\u00a0 <\/strong>Effectively, Gavl is a live communication platform that agents use during an auction to engage a greater audience than the 10 or 20 people who may turn up. We\u2019re not really re-inventing the wheel here. If you have a look at most industries around the world that transact, they give their customer three options. That\u2019s face-to-face, you either walk into a shop, you call them on the phone, or you get online and do your business.<\/p>\n<p>So, what we\u2019ve really given real estate is a way for them to be able to still run their traditional auction but now able to communicate and transact with buyers and sellers three ways \u2013 either face-to-face, turn up, on the phone, or online.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, because we\u2019re seeing auctions now being live-streamed as well, people are becoming more comfortable with the concept. The step to watching it to actually bidding on it, I guess, is another thing. Is there a cost to the service at all, Joel?<\/p>\n<p><strong>Joel:\u00a0 <\/strong>There is a cost. Technology is expensive, especially when you\u2019re building it from scratch. How we position this is it\u2019s a software that the agents can use, so effectively, there\u2019s a charge to the agent, which in most cases, they pass on to the vendor.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>In the event that someone bids at an auction and they become the successful bidder through Gavl, how binding is that on them?<\/p>\n<p><strong>Joel:\u00a0 <\/strong>\u00a0What we must remember is that Gavl is not running the auction. All we are is a communication portal. So, in the same way as if a buyer and a seller are speaking verbally on the phone, they\u2019re communicating through a digital platform. It\u2019s up to the agent and buyer to come to an arrangement of how they\u2019re going to bid and transact, and up to the state legislation.<\/p>\n<p>As you would see in many states, a number of buyers who are going to be offsite or remote, a lot of agents get them to sign waivers or authorities or proxies to be able to bid on their behalf, to sign contracts on their behalf. They even ask for deposit payments in advance.<\/p>\n<p>As I said, we\u2019re not re-inventing the wheel. There\u2019s a current best practice in place in a number of states in terms of dealing with remote buyers. We\u2019re effectively giving them a better tool to be able to engage and communicate.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, and I can understand how that would be better for them too, because we\u2019re quite used to seeing phone bidders. I guess in a way, that\u2019s exactly the same thing, isn\u2019t it? The agent, as you pointed out, takes responsibility for making sure that the contract is completed by the buyer.<\/p>\n<p><strong>Joel:\u00a0 <\/strong>100%. And this is no different. <strong>I<\/strong>n some way, the agents for 5, 10, 15 years have been taking a phone to digital product using voice technology. In Gavl, what we\u2019re doing now is giving that buyer and seller more tools to communicate, where the buyer can now visually see what\u2019s going on through the large screen, they have audio of the auction, they can see where their competition is at, they have full transparency on what\u2019s going on at the auction, and that\u2019s allowing that person on the other end of the line to make a fully informed decision on where that bid needs to be.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Have you got any evidence that exposing an auction to a wider audience, say through Gavl, in this way has achieved a sale that maybe you wouldn\u2019t have had otherwise?<\/p>\n<p><strong>Joel:\u00a0 <\/strong>We have. We have multiple cases. Gavl has been around for a good 12 months, but the bidding piece was only launched a few months ago, so it\u2019s only early days, but we have multiple examples where buyers would not have bid if they couldn\u2019t use the Gavl service for whatever reason.<\/p>\n<p>Life is busy, people \u2013 especially on weekends \u2013 are time poor, and they find it very hard to be in two places at one time, whether that\u2019s through weekend sports, holidays, ex-pat Aussies coming back from overseas. This platform gave them the confidence to be able to go to the auctions.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>At the outset, I said that there are 6000 auctions that have been streamed through Gavl. How many of those have actually sold to a bidder online?<\/p>\n<p><strong>Joel:\u00a0 <\/strong>As I said, the 6000 auctions is over 12 months\u2019 worth of live-streaming and engagement, but it was only in the last few months that bidding has been enabled. We\u2019ve had a couple of hundred registrations so far. There have been bidders on about 30 properties.<\/p>\n<p>And the exact number who have purchased, it\u2019s hard for me to gauge that data, because obviously the agents, this is a tool they use, so they keep a lot of that close to their chest. But we have heard of numerous times where they\u2019ve either purchased under the hammer or they\u2019ve been the highest bidder and negotiated thereafter.<\/p>\n<p>What it\u2019s done also is it created competition, and if they haven\u2019t been the end buyer, they\u2019ve been the under-bidder and pushed the price up.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>I guess the story here is if you can\u2019t get to an auction that you want to find out a little bit more about, you now have the ability to contact Gavl directly and request for that to happen.<\/p>\n<p><strong>Joel:\u00a0 <\/strong>Yes. We\u2019re currently running a little promotion just to demonstrate consumer demand where a consumer can engage with Gavl and request an auction. It gives them a chance to watch any auction, not just our current clients. And we\u2019re seeing a pretty good uptake from not only buyers but also vendors. It\u2019s really resonating with vendors, this service.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>If you\u2019d like to know a little bit more, go to the website, Gavl.com. Joel Smith has been my guest, Joel, thanks for your time.<\/p>\n<p><strong>Joel:\u00a0 <\/strong>Thanks for your time, Kevin. Cheers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: Easily track the performance of your portfolio Negotiating in a rising market when sellers have the power \u201cThe best book I nearly didn\u2019t read\u201d \u2013 Richard Pan The property world is more than Sydney and Melbourne Remote auction bidding is now&#8230;<\/p>\n","protected":false},"author":176692473,"featured_media":21766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24],"tags":[101],"class_list":["post-21659","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 v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Portfolio tracking made easy + \u201cThe best book I nearly didn\u2019t read\u201d + Buying in a seller\u2019s market - 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