Melbourne buyer\u2019s agents<\/a> flying up to Brisbane, seeing 25 properties in a day, putting an offer on three and thinking they know the market.<\/p>\nSure. I think there are a lot of very proficient, very experienced buyer\u2019s agents, but get somebody who has on-the-ground knowledge, and in my mind, somebody who\u2019s a property investor themselves, Kevin.<\/p>\n
Kevin<\/b>:\u00a0 Always good talking to you. Michael Yardney from Metropole Property Strategists.<\/p>\n
Thanks for your time, mate.<\/p>\n
Michael<\/b>:\u00a0 My pleasure, Kevin.<\/p>\n
<\/p>\n
Mark Armstrong<\/h3>\n
Kevin<\/b>:\u00a0 There is a new website I want to tell you about, too. It\u2019s not so new \u2013 it\u2019s been around for a while \u2013 but boy is it getting some publicity. It\u2019s called RateMyAgent.com.au, and one of the men behind that is Mark Armstrong, who joins me as my guest.<\/p>\n
Good day, Mark.<\/p>\n
Mark<\/b>:\u00a0 Good day, Kevin.<\/p>\n
Kevin<\/b>:\u00a0 You must be delighted with the way Rate My Agent is working. How does it work for the consumer?<\/p>\n
Mark<\/b>:\u00a0 What Rate My Agent does is it allows consumers to search every suburb in the country and find out which agents are selling the most property, by total sales value or by the number of properties sold, and then they\u2019re able to read consumer reviews, consumer feedback about the agent\u2019s performance.<\/p>\n
It\u2019s a completely independent website. So far, we have around about 27,000 or 28,000 reviews that have been posted on the website, and we\u2019re getting around about 1200 new reviews posted every week. It\u2019s a great resource.<\/p>\n
Kevin<\/b>:\u00a0 Yes. Of course, it is. One of the key things, of course, in selling or buying property is your review of the agent. It\u2019s a great tool. It\u2019s called Rate My Agent. Check it out for yourself.<\/p>\n
Mark, I\u2019m keen, with your insight as to what\u2019s going on in the industry, if maybe you could give us a few tips for new property investors, people who are wanting to get into this market and not missing out on it while it\u2019s going so well.<\/p>\n
Mark<\/b>:\u00a0 Yes. I think the biggest mistake a lot of investors make is they hear about a whole lot of different investment strategies in the marketplace and they just try to pick a strategy. They also often get quite confused about which strategy, whether it\u2019s positively geared or negatively geared, or whether they should develop, value add, or a whole range of strategies.<\/p>\n
But the advice that we always give investors is to say, \u201cLook. Let\u2019s just take your eyes off the market for a couple of minutes and let\u2019s focus on you. Let\u2019s focus on the individual. Let\u2019s focus on how old you are, let\u2019s have a look at your family situation, let\u2019s have a look at your cash flow and how your cash flow is going to look into the future, let\u2019s look at what you\u2019re trying to achieve, let\u2019s look at your risk profile, and let\u2019s develop the strategy around your individual requirements, not the other way around.\u201d<\/p>\n
I think a lot of people get sold strategies, but we\u2019re more about helping people work out what strategy is right for them.<\/p>\n
Kevin<\/b>:\u00a0 I think some people get confused between strategies and outcomes, too \u2013 like negative gearing and positive gearing; they\u2019re outcomes of an investment strategy. To have a strategy, you\u2019ve got to have all of those pieces in place, which is what you\u2019re talking about, Mark.<\/p>\n
Mark<\/b>:\u00a0 Absolutely, and I\u2019ve spoken to many people over the years whose strategy has been \u201cI want to buy ten properties.\u201d<\/p>\n
I say, \u201cWhy do you want to buy ten properties?\u201d If one property makes you as much money as ten, do you want to make money or do you want to buy property?<\/p>\n
Kevin<\/b>:\u00a0 Yes.<\/p>\n
Mark<\/b>:\u00a0 Invariably, they come back and say, \u201cWell, actually no. We want to make money,\u201d and I say, \u201cThe number of properties has got nothing to do with it.\u201d The idea is we want to attain financial security, or buy a home, or whatever the case may be.<\/p>\n
Kevin<\/b>:\u00a0 Yes. What are some of the other tips you might have for people wanting to start out, Mark?<\/p>\n
Mark<\/b>:\u00a0 I think the next one is once they\u2019ve developed their strategy, they then need to really lay the foundation. They need to look at the structure they\u2019re going to use, taking into consideration tax benefits, taking into consideration financing options, looking at trusts or company structures, or personal name or partnership.<\/p>\n
A lot of people neglect those sorts of things, but the foundation of a portfolio is really, really important, so we naturally take people to that next step and say, \u201cWell, now you\u2019ve got your strategy, the structure that that strategy will be built on may vary from a different strategy.\u201d<\/p>\n
For example, if you\u2019re looking at a positive cash flow strategy, a trust structure might be a better option because you can distribute the income through that structure. But if you\u2019re looking for a capital growth focus strategy, you might be better off buying in a personal name because you can get the negative gearing tax benefits.<\/p>\n
Laying that foundation and giving very serious thought to how that strategy works and the best foundation for it is a really good next step.<\/p>\n
Kevin<\/b>:\u00a0 Yes, that\u2019s been some good advice. I guess it comes down to being professional about this, putting it together like a business and taking out the emotion, understanding that it is a business.<\/p>\n
Mark<\/b>:\u00a0 Yes, absolutely. It\u2019s a plan. It\u2019s a property plan or a business plan. Whatever you want to call it, it\u2019s going through it in a very professional manner.<\/p>\n
I think the next tip is making sure that the strategy that you\u2019re trying to implement or you\u2019re going to implement not only works today but also works into the future. I think the biggest mistake that we see people make is they buy properties and the mistake they often make is not that they\u2019ve bought the wrong property, but they\u2019ve worked out that they actually can\u2019t afford to hold onto it \u2013 because their circumstances change, whether it\u2019s because they need to upgrade their family home, or whether they\u2019ve had another child, or whatever the case may be. Buying properties, in most cases, is a long-term strategy, so we need to look at how our lives are going to change down the track.<\/p>\n
Kevin<\/b>:\u00a0 Very good. Great talking to you Mark. Mark Armstrong. Check that website out, too. It\u2019s called RateMyAgent.com.au. It\u2019s a great tool if you\u2019re looking around to get the best agent.<\/p>\n
Mark, once again, thanks for your time, mate.<\/p>\n
Mark<\/b>:\u00a0 Pleasure, Kevin.<\/p>\n
<\/p>\n
Josh Masters<\/h3>\n
Kevin<\/b>:\u00a0 An old saying that I love to reflect on from time to time is that you\u2019ll make money out of real estate when you buy, not when you sell. That all comes down to being a good negotiator. Even if you are using an agent, you have to understand the negotiation tactics that are used and how you can use them to your own best advantage. A man who does this all the time, Josh Masters, is from BuySide.com.au. They are buyer\u2019s agents, so obviously, they do negotiation; that\u2019s part of the business.<\/p>\n
Josh, I wonder if you\u2019d give us some insider secrets here. What are some of the best ways to be a good negotiator?<\/p>\n
Josh<\/b>:\u00a0 That\u2019s an excellent question, Kevin. I probably do have to stress that the most power you\u2019ll have as a negotiator \u2013 especially as you\u2019re buying \u2013 is when you\u2019re in a buyer\u2019s market or a softer market. It is very difficult to do it in a seller\u2019s market.<\/p>\n
But when you\u2019re a buyer, and it is a softer market and there is some leniency on negotiations, there are a range of things that you can get into that a lot of people overlook but can be really valuable to the seller and also to you in terms of interest rate payments and the like.<\/p>\n
One of the things that can be available to you is decreasing the deposit. That is quite common these days. So, taking it from 10% down to 5%. Why that\u2019s an advantage is that it means that less of your money is locked up in someone else\u2019s bank account, essentially, so you can still have access to it, you can spend it on whatever you need to, and when settlement time does come, then you can obviously put in the remaining fee from the bank loan itself.<\/p>\n
Kevin<\/b>:\u00a0 That\u2019s a good point too. As long as you\u2019re covering <\/b>off on the agent\u2019s commission, because mainly what the agents are concerned about is having their commissions in that trust account.<\/p>\n
Josh<\/b>:\u00a0 Very true. Another things I would definitely look at is settlement terms. These are key. The settlement term for us is really important as an investment, especially coming up to periods like December or June\/July where we might be coming into a very soft tenant market. That means that there\u2019s not a lot of tenants around, especially around Christmas time \u2013 a terrible time to rent out.<\/p>\n
Usually we\u2019ll want to push that settlement time past that period into a period where tenants are really back in the market, like late January \u2013 a key time. Rather than going for your standard six weeks, you might push it out to 12 weeks. That can be quite a good little strategy to get hold of, as well.<\/p>\n
Kevin<\/b>:\u00a0 I like that one in particular. That\u2019s a good one. What else have you got?<\/p>\n
Josh<\/b>:\u00a0 One of the key ones that we like to use \u2013 it\u2019s often just one that we like to throw in there but it\u2019s really valuable to us \u2013 is early access to the apartment. What that means is that before settlement comes \u2013 let\u2019s say you have a six-week settlement \u2013 we might ask for two weeks early access. We get our property manager in there. We allow that property manager to show people through so that when we do come to settlement, we can have a tenant in there from day one.<\/p>\n
Kevin<\/b>:\u00a0 That\u2019s fantastic. I love that. Do you have to do anything special in the contract to allow you to have that early access?<\/p>\n
Josh<\/b>:\u00a0 It\u2019s always good to talk to the agent and get something in writing when you\u2019re dealing with the solicitor and trying to close the deal up. You don\u2019t want to have to rely on he said\/she said when you go back into the negotiation room. I always like to have a little bit of a clause in there, or even an e-mail, confirming from the solicitor that you can have early access prior to show clients through. Generally, if you\u2019re amenable with the sales agent, they will let you do it.<\/p>\n
Kevin<\/b>:\u00a0 Of course, you\u2019re always better off having it done properly \u2013 especially if you\u2019re a seller \u2013 because effectively, you\u2019re really giving possession prior to settlement.<\/p>\n
Josh<\/b>:\u00a0 I wouldn\u2019t go as far as saying possession. God, I hope not.<\/p>\n
Kevin<\/b>:\u00a0 Well, the moment you hand the keys over and allow access is effectively what you\u2019re really doing. Isn\u2019t it?<\/p>\n
Josh<\/b>:\u00a0 That\u2019s true. We always like to have the sales agent there, though. They will arrange it with the property manager, and again, that\u2019s why I say it\u2019s really good to be amenable with the sales agent, because they\u2019re taking their time out of their day and if they don\u2019t want to do it, they\u2019ll just say no.<\/p>\n
It is good, I guess from a personal perspective in the negotiation, to get on side with the agent. Don\u2019t make an enemy out of them. There\u2019s no point in burning bridges. You never know when you\u2019ll need to call on a favor from them in the future.<\/p>\n
Kevin<\/b>:\u00a0 That\u2019s very good advice, as we always expect from you, Josh. Josh Masters from BuySide.com.au.<\/p>\n
Great talking to you again, mate, and we\u2019ll catch you again real soon.<\/p>\n
Josh<\/b>:\u00a0 My pleasure, Kevin. Thanks for having me.<\/p>\n
<\/p>\n
Samantha Powers Part 2<\/h3>\n
Kevin:<\/b>\u00a0 Getting back to our conversation with Samantha Powers and the e-book that we\u2019re talking about \u2013 and you can get more information on the website, NewHomeContracts.com.au \u2013 we are helping you to make sure you choose the right builder if you\u2019re going to go into a building contract. Learn from the experiences of Samantha.<\/p>\n
Samantha, earlier in the show, you were giving us some tips on selecting a good builder. You\u2019ve given us one. What\u2019s the second one?<\/p>\n
Samantha:<\/b>\u00a0 Thanks, Kevin. Like I said, there are many tips that you can do, but I\u2019ll touch on another one at this point. The second is to make sure that the liquidated damages are sufficient for your contract.<\/p>\n
At this point in time, the standard default rate is about $250 a week, and liquidated damages is just the cost if the builder goes over the contracted time and everything. Now, $250 a week is not much if you are building, say, three townhouses or something like that. If you\u2019ve already drawn 80% of your construction loan, $250 a week is definitely not going to be anywhere near your actual costs.<\/p>\n
Making sure that your liquidated damages are not zero and quite potentially quite possibly above $250 is another thing, because that deters them from dragging their heels and going over the contracted timeframe.<\/p>\n
Kevin:<\/b>\u00a0 Do contracts and standards vary much between the states?<\/p>\n
Samantha:<\/b>\u00a0 The contracts themselves don\u2019t. In each state, they rely on different kind of legislation, but the contracts themselves are just an agreement between two parties, so they can be changed depending on what the parties want.<\/p>\n
When it comes to the differences between states, there\u2019s different terminology. Victoria has a building survey that issues and occupancy permit whereas New South Wales, they call it something else and they get an occupancy certificate. It\u2019s more terminology differences, but in general contracts, it all comes down to the cost of the project. Over $500,000, you might require a different contract. Under $500,000, the same story.<\/p>\n
Each state has small differences, but ultimately you can protect yourself through implementing fairer terms in your contract.<\/p>\n
Kevin:<\/b>\u00a0 Is it as simple as making sure that there\u2019s some kind of performance within that contract, that it has to be done within a certain timeframe, and also, whether or not it should be done at a fixed price?<\/p>\n
Samantha:<\/b>\u00a0 A fixed price contract is never actually fixed because there\u2019s always the possibility that inclement weather could occur or that your bricks might not be available. Fixed contracts are desired but they\u2019re never really fixed. Yes, you can try that, but otherwise, you have to get a good builder who\u2019s going to give you a big overview of what could go wrong, and then it\u2019s not just about having that locked-in price; there are so many more things that you can also do.<\/p>\n
Kevin:<\/b>\u00a0 I know you cover that in some great detail inside the e-book, and it\u2019s called \u201cThe Essential Guide to Australian Domestic Building Contracts: Save Yourself Thousands.\u201d It\u2019s available through Samantha\u2019s website, which I mentioned earlier, and I\u2019ll do it again now: NewHomeContracts.com.au.<\/p>\n
Just in closing, Samantha, what\u2019s the best thing to do if a project does actually come off the rails?<\/p>\n
Samantha:<\/b>\u00a0 If a project comes off the rails, you need to seek advice from various sources. Each individual state has a place to go or people that you can consult with. For those in Victoria, it\u2019s the Building Commission \u2013 they\u2019ve renamed it now. You can go there. But they all have disclaimers that their advice is advice only and they\u2019re not bound by it legally.<\/p>\n
Don\u2019t go to your friends and family and ask them. If they have no clue about building and contracts, then you\u2019re going to get some great opinions, but\u2026<\/p>\n
If you decide that maybe the building work has not actually reached the stage and you refuse to give a payment, if you are actually in the wrong, then you are liable for costs in the end. You need to do your research, you need to really understand the terms and what your obligations are.<\/p>\n
Kevin:<\/b>\u00a0 It\u2019s all covered, as I said, in that book that\u2019s called \u201cThe Essential Guide to Australian Domestic Building Contracts.\u201d It\u2019s been written by Samantha Powers. It\u2019s available on the website NewHomeContracts.com.au. Samantha, we are out of time but thank you so much for sharing this experience with us. I know that it will have helped a lot of people.<\/p>\n
Finally, can I ask you, was there a happy outcome?<\/p>\n
Samantha:<\/b>\u00a0 Yes. I finished the house myself, I learned a great deal throughout, and I will do it again.<\/p>\n
Kevin:<\/b>\u00a0 Okay. That\u2019s great to hear. Samantha Powers. That website, again, is NewHomeContracts.com.au.<\/p>\n
Samantha, thanks for sharing your experience with us.<\/p>\n
Samantha:<\/b>\u00a0 Thank you for having me, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"
In today\u2019s show we get some first time buyers mistakes from Chris Gray and buyer negotiatiomn tips from Josh Masters. Also Michael Yardney explains why he thinks buying a property sight unseen is a recipe for disaster and then\u00a0Kevin talks to Mark Armstrong about…<\/p>\n","protected":false},"author":176692473,"featured_media":4470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[101],"class_list":["post-25210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shows","tag-podcast"],"yoast_head":"\n
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