Michael Yardney<\/strong><\/h3>\nKevin:<\/b>\u00a0 Here\u2019s some great advice from Michael Yardney, who wants to remind you to prepare for the worst while hoping for the best \u2013 in other words, maximize your upside while, at the same time, covering your downside.<\/p>\n
Is that like covering your backside, Michael?<\/p>\n
Michael:<\/b>\u00a0 Kevin, I guess what I\u2019m suggesting is that we have to design our property portfolio that can weather the inevitable storms that are going to come over the next years.<\/p>\n
Kevin:<\/b>\u00a0 It is a bit of a journey, isn\u2019t it, rather than a destination?<\/p>\n
Michael:<\/b>\u00a0 To build your wealth to get to financial freedom, for most investors, takes a minimum of 15 years, and for many, even longer. During that time, you\u2019re going to be working through a couple of property cycles, some high interest rate times, some low interest rate times, some times when the property market is flat.<\/p>\n
I guess the question is, how do you weather it? What do you do? How do you protect yourself?<\/p>\n
Kevin:<\/b>\u00a0 How do you prepare, Michael?<\/p>\n
Michael:<\/b>\u00a0 I guess it starts off with the correct asset selection. What I\u2019m suggesting is you have to have the properties that are strong \u2013 in other words, they keep growing in value \u2013 but also that are stable \u2013 they\u2019re not going to fluctuate in value as much \u2013 which means, I believe, you have to invest in the big capital cities because that\u2019s where they\u2019re underpinned by multiple pillars of economic support and have the sort of property that appeals to a wide demographic, particularly of owner occupiers, because they keep buying things as the market keeps moving up and down.<\/p>\n
Kevin:<\/b>\u00a0 How important is it to diversify your portfolio?<\/p>\n
Michael:<\/b>\u00a0 Kevin, it\u2019s important, as you build your portfolio, to protect yourself by having properties in various states, because each state is in a different stage of the cycle, and there will be some times when you\u2019re thankful that it\u2019s not in your home state because that\u2019s the area where property values will increase, and you can go back to the bank and revalue those while leaving others alone.<\/p>\n
Kevin:<\/b>\u00a0 I guess it\u2019s pretty important, too, Michael, when we\u2019re considering this, to think about where you stand financially \u2013 in other words, not overcommitting yourself.<\/p>\n
Michael:<\/b>\u00a0 During boom times, it\u2019s so easy to get carried away, borrow to the max, lower your loan-to-value ratios, not leave yourself with a buffer, and that\u2019s when people get caught short. It happens every stage near the end of the cycle, when people are trying to do one more deal or just get in before the end, and you never know when that\u2019s going to be, Kevin.<\/p>\n
I agree with you. Don\u2019t speculate, stick to tried and true strategies, and leave yourself with a bit of a financial buffer.<\/p>\n
Kevin:<\/b>\u00a0 Spend some time, too \u2013 I think, Michael, I\u2019ve read enough of what you\u2019ve written \u2013 making sure that you have that buffer and that you buy well.<\/p>\n
Michael:<\/b>\u00a0 You buy yourself not only a great property, but a financial buffer means you can buy yourself time. You can ride out the periods when you don\u2019t have to go back to the bank for a while and say, \u201cPlease, can you revalue my portfolio.\u201d You ride out the periods where the interest rates may go up or vacancies may be a bit longer, because those investors who can see themselves through from one period of the cycle to the next are the ones who are going to do well.<\/p>\n
Kevin, the other big benefit of the buffer is you\u2019re going to have some money available to hop into the market when the inevitable downturn occurs, and you\u2019ll be able to get what seems like a bargain at the time when other people aren\u2019t ready.<\/p>\n
Kevin:<\/b>\u00a0 I really enjoyed my time at the Wealth Retreat, Michael, on the Gold Coast recently, and one of the things that I learned from talking to the great number of people who are there is that they have a plan but they actually work on it. They\u2019re very, very proactive with their strategy.<\/p>\n
Michael:<\/b>\u00a0 They\u2019re thinking in advance, they\u2019re thinking ahead, and I guess that\u2019s what we\u2019re talking about in this little chat, Kevin. As you started off saying, look forward to the upside, but prepare for the downside, because I read <\/b>many years ago that King Solomon had inscribed in his ring the words \u201cThis too shall pass\u201d to remind him not to be too overconfident when things were flourishing and not to be too despondent when things were bad.<\/p>\n
Kevin:<\/b>\u00a0 I guess you have to concentrate on not being negative but understanding that tough times do come, Michael.<\/p>\n
Michael:<\/b>\u00a0 That\u2019s what Warren Buffett said: \u201cBe fearful when others are greedy and be greedy when others are fearful.\u201d The tough times are good times if you\u2019re prepared.<\/p>\n
Kevin:<\/b>\u00a0 Great talking to you. Michael Yardney, from Metropole Property Strategies.<\/p>\n
Thanks, mate.<\/p>\n
Michael:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n
<\/p>\n
Shannon Davis<\/h3>\n
Kevin<\/b>:\u00a0 You\u2019ve heard of the saying that you\u2019ll make money out of real estate when you buy, not necessarily when you sell. Well, it all comes down to your tactics as a buyer. How good are you at negotiation? I\u2019m going to talk to a man who does it for a living now \u2013 buyers agent, Shannon Davis, from Metropole Properties in Brisbane.<\/p>\n
Shannon, I\u2019m just keen to talk to you about some of the tactics you use or some of the negotiation tips you might give someone.<\/p>\n
Shannon<\/b>:\u00a0 I think the first thing is have your due diligence in hand because that leads to confidence. The more prepared you are and the research that you\u2019ve done, the more confident you\u2019ll be in negotiating with the other side.<\/p>\n
Kevin<\/b>:\u00a0 You can spend too much time, though, on that area, can\u2019t you?<\/p>\n
Shannon<\/b>:\u00a0 Oh, definitely. You don\u2019t want to get to a point where it\u2019s analysis paralysis. We definitely need to be prepared because that will lead to a better solution.<\/p>\n
Kevin<\/b>:\u00a0 Are there some strategic areas that you should always look into?<\/p>\n
Shannon<\/b>:\u00a0 Most importantly, comparable sales. I think one of the problems is people focus too much on the asking price, and they might try and shave some off. But if the price was set too high to begin with, you haven\u2019t really saved yourself any money.<\/p>\n
Do your own research on comparable sales and get some confidence about that because that\u2019s where you know the value of the market.<\/p>\n
Kevin<\/b>:\u00a0 Is it always about getting the lowest price?<\/p>\n
Shannon<\/b>:\u00a0 Not necessarily. I\u2019d rather get a wonderful property at a fair price, rather than a fair property at a wonderful price. What I mean by that is it\u2019s the opportunity to have something that\u2019s appreciating in your portfolio, so don\u2019t always be a bargain hunter and miss out all the time.<\/p>\n
Kevin<\/b>:\u00a0 Due diligence, that\u2019s the first one. What\u2019s the second one?<\/p>\n
Shannon<\/b>:\u00a0 I think being credit-ready is a massive advantage. The amount of times that our buyers get put to the top of the pile because they\u2019re pre-approved on finance is a huge thing.<\/p>\n
It\u2019s not always about money, but the conditions of the sale, the vendor motivation. Maybe they want to rent back. Maybe they want a short or a long settlement. The amount of times it comes down to not necessarily money, but more favorable conditions in the contract.<\/p>\n
Kevin<\/b>:\u00a0 I\u2019ve heard that a few times, too. It\u2019s not always about the amount of money you offer; it\u2019s the conditions that are on the contract.<\/p>\n
Shannon<\/b>:\u00a0 Yes, definitely. Have an ear for that and to make it more presentable for the other side.<\/p>\n
Kevin<\/b>:\u00a0 So, credit ready. What\u2019s the next one?<\/p>\n
Shannon<\/b>:\u00a0 Be prepared to walk away. I think if we get too emotional about a property, then that\u2019s when you\u2019re going to lead to mistakes. It\u2019s no good buying a property and being so excited and so emotional about it that you\u2019ve given the first five years capital growth to the other side.<\/p>\n
Always, it\u2019s disappointing, but be prepared to walk away. Often, when you do walk away, that\u2019s when you\u2019ll re engage the other side anyway.<\/p>\n
Kevin<\/b>:\u00a0 I guess it\u2019s the old story, isn\u2019t it, that there\u2019s always another property?<\/p>\n
Shannon<\/b>:\u00a0 Exactly. I think it\u2019s misconceived that the seller has all the power. They want a sale and they want our money, and we have to be prepared to walk away if at all possible.<\/p>\n
Kevin<\/b>:\u00a0 I guess, too, as part of that, you have to show that you\u2019re not too anxious all the time and not responding so quickly, Shannon.<\/p>\n
Shannon<\/b>:\u00a0 There can be, again, that misconception of the seller having all the power, so we\u2019re rushing back and we\u2019re meeting their deadlines. Sometimes push back a little bit. The fact that they\u2019re talking about another offer and things like that, it might be real, it may not be real, so you need to push back a little bit because we have a lot of power as the buyer.<\/p>\n
Kevin<\/b>:\u00a0 So don\u2019t respond to that, but always remember that there is another property if you miss out anyway.<\/p>\n
Shannon<\/b>:\u00a0 Yes, definitely. There are always good opportunities in all sorts of markets. We can\u2019t be too anxious to pounce.<\/p>\n
Kevin<\/b>:\u00a0 I guess the bottom line here, if we were to sum it up in one word, is take the high ground and make sure you stay there in the negotiations.<\/p>\n
Shannon<\/b>:\u00a0 Control what we can control \u2013 what we\u2019re doing, not what they\u2019re doing. If we miss out, we miss out. If we walk away, we walk away.<\/p>\n
Kevin<\/b>:\u00a0 Shannon Davis is from Metropole Properties in Brisbane. Shannon, thanks for your time.<\/p>\n
Shannon<\/b>:\u00a0 No worries, Kevin. Any time.<\/p>\n
<\/p>\n
Greville Pabst<\/h3>\n
Kevin<\/b>:\u00a0 Whether or not there is an oversupply of stock around Australia, particularly in the Melbourne market, which we have been hearing a lot \u2013 a lot of concern expressed about the number of units on the way through under construction or on the planning stages in Melbourne and also in Sydney.<\/p>\n
Greville Pabst from WBP Property Group, who has joined us on the show on a number of occasions, isn\u2019t that concerned. He sells out of the Melbourne market. I\u2019m interested to get his take on this, too.<\/p>\n
Greville, thanks for your time.<\/p>\n
Greville<\/b>:\u00a0 Thanks, Kevin.<\/p>\n
Kevin<\/b>:\u00a0 Now, let\u2019s have a look at the number of units coming through. You don\u2019t think that\u2019s a problem in terms of oversupply and what it may do to the market?<\/p>\n
Greville<\/b>:\u00a0 Look, Kevin. I\u2019d argue that Australia has not got an oversupply of apartments. I think it\u2019s more of a cultural change and difference that has some people concerned.<\/p>\n
If we look at Melbourne and Sydney, they\u2019re now global cities, and if we compare Melbourne, for example, only about less than 10% of all dwelling stocks in Melbourne is apartments and units. Now if we compare that to New York, or London, or Hong Kong, up to 40% of all property in those cities are apartments, so I really think that in the major cities in Australia, we do still have some way to go.<\/p>\n
Kevin<\/b>:\u00a0 It\u2019s a bit of a cultural change, this move to apartment-style living, which \u2013 you\u2019re quite right is \u2013 in New York is fairly well ingrained. But in Australia, we still like to have that patch of dirt. We still like to have that bit of land that we can call home. That\u2019s led us to probably less apartments and more homes, Greville.<\/p>\n
Greville<\/b>:\u00a0 That\u2019s right. But there is a gravitation to the big village. Everybody now wants to live close to those inner-city areas of the capital cities, like Melbourne, Sydney, or Brisbane. That\u2019s because lifestyle is now the big driver \u2013 it\u2019s like a magnet \u2013 so accommodation needs to change to meet that demand.<\/p>\n
Of course, the concern is about the supply, and there needs to be a balance. Developers want to create smaller living spaces and get as many apartments onto a site as they possibly can because that maximizes profit. But if you\u2019re an investor, you know that if the apartment is too small, you know that the land is what appreciates and buildings, especially new ones depreciate. It\u2019s important to have a balance in terms of the size.<\/p>\n
Kevin<\/b>:\u00a0 Listening to what you said earlier about how in Australia, we don\u2019t have an oversupply, generally, across Australia, that could be the case. But I think if you look market to market, there could be some concerns. We\u2019ve seen this in some markets.<\/p>\n
Let\u2019s take, for instance, the Gold Coast, where probably eight to ten years ago, we had a huge number of units coming through \u2013 so much so that developers stopped building. The market went into a slight decline, but we\u2019re now finding that we need that stock to come back on.<\/p>\n
It really does change from market to market and time to time, Greville.<\/p>\n
Greville<\/b>:\u00a0 Yes, it does. As you suggest, markets do tend to self-correct. But I\u2019m concerned not so much about supply; I\u2019m more concerned about the quality of the apartment and the design of the apartment. They\u2019re the things that worry me more than supply.<\/p>\n
I think if the quality and design are there, they\u2019re more attractive to both investors and to owner occupiers. But if they\u2019re too small and they\u2019re cheap and nasty, then they\u2019re going to appeal to a much narrower market.<\/p>\n
Kevin<\/b>:\u00a0 Though, the style of unit in Sydney and Melbourne needs to be different from that in New York, do you think?<\/p>\n
Greville<\/b>:\u00a0 I just think that there\u2019s a tendency on the developers\u2019 part to create smaller living spaces, and there\u2019s a motive for that in terms of maximizing profit and getting as many apartments onto the site as possible.<\/p>\n
But I think we have to understand who\u2019s buying these apartments. Size does matter to owner-occupiers, particularly to downsizers, who really are a big player in this market. Downsizers are, of course, used to space. They\u2019ve sold down their place out in the suburbs, kids have left the nest, and so they\u2019re used to size. They want to have a reasonable size apartment when they do make that move.<\/p>\n
Kevin<\/b>:\u00a0 Greville, thanks very much for your time. Greville Pabst there from WBP Property Group. Thanks, mate.<\/p>\n
Greville<\/b>:\u00a0 Thanks, Kevin. Cheers.<\/p>\n
<\/p>\n
Clare Blake<\/h3>\n
Kevin<\/b>:\u00a0 I want to play you a portion of an interview that I heard Clare Blake from 4BC do just recently where she spoke to a young person who was struggling to get into the market. Her name is Nicole Haddow, and she talks about what she had to do to do just that. There are some great lessons in this. That\u2019s why I wanted to share it with you.<\/p>\n
Here\u2019s what she had to say to Claire.<\/p>\n
Clare<\/b>:\u00a0 You decided that you couldn\u2019t really get the job you needed to get the house, so you made a few changes to how you live?<\/p>\n
Nicole<\/b>:\u00a0 Absolutely. I have a great job, but I had to do a couple of extra things to get myself over the line.<\/p>\n
Clare<\/b>:\u00a0 You say that you have a great job. Now according to Joe\u2019s philosophy, you should be able to afford a house.<\/p>\n
Nicole<\/b>:\u00a0 Look, I think you need to be earning an incredible amount of money to comfortably live as a home owner these days, particularly if you\u2019re single.<\/p>\n
Clare<\/b>:\u00a0 If you go off sick for a while, if you have problems\u2026 But now you\u2019re talking about Melbourne, aren\u2019t you? You\u2019re talking about the Bayside suburbs, a little bit south of the city.<\/p>\n
Nicole<\/b>:\u00a0 Yes. I\u2019m out of Bayside, Mordialloc.<\/p>\n
Clare<\/b>:\u00a0 Beautiful. On the water, fantastic.<\/p>\n
Nicole<\/b>:\u00a0 It\u2019s a lovely spot.<\/p>\n
Clare<\/b>:\u00a0 It is. It is a fair way from town. Do you work in the city?<\/p>\n
Nicole<\/b>:\u00a0 I do. I work in Richmond, which is just a couple of Ks out of the CBD.<\/p>\n
Clare<\/b>:\u00a0 Tell us how you did it.<\/p>\n
Nicole<\/b>:\u00a0 Well, I moved home with my parents just before I turned 30. I did what I would refer to as a power save, so I gave up a lot of my social life and put away almost everything I earned.<\/p>\n
Clare<\/b>:\u00a0 Good practice for paying that mortgage off.<\/p>\n
Nicole<\/b>:\u00a0 It certainly was. It was really difficult because I have a really active social life, so I had to learn to say no to things.<\/p>\n
Clare<\/b>:\u00a0 Well, that\u2019s one. What else did you do?<\/p>\n
Nicole<\/b>:\u00a0 I guess I had the luxury of being a journalist. I was still writing freelance features and generating an income while also working full time in digital media, so effectively doing two jobs for a while there. I wouldn\u2019t advise that everyone go and get a second job, but having a double income does help.<\/p>\n
I also looked in areas where there wasn\u2019t an auction market, so places where you could still buy privately, which made a huge difference, because I found that auction prices were just making it impossible. You have to be a little bit careful.<\/p>\n
I was also looking in January when not everybody is looking. I guess when people are selling at that time, you might be able to get something a little bit more affordable.<\/p>\n
It was really just about looking in an area that maybe not everybody was thinking about. Not all of my friends were prepared to move 25 Ks out of town. I\u2019m a long way from my family and friends, and initially, that was really difficult and I was quite isolated, but it gets easier.<\/p>\n
Clare<\/b>:\u00a0 The other thing that I know you mentioned in your article is that you bought with your head, not your heart, and that\u2019s something that\u2019s really difficult and encapsulated in your last response.<\/p>\n
Nicole<\/b>:\u00a0 It is. I\u2019ve grown to love where I live. For me, it was an investment. I live in it at the moment, but if in time I want to rent it out and move closer to the city and make my lifestyle a little bit easier, that\u2019s something that I might consider. But it was an investment first. It was not a glamorous decision, but it was one that I felt I had to make.<\/p>\n
Clare<\/b>:\u00a0 Is the feedback from the people who know that area making you feel comfortable that you will get some capital growth out of that over the next ten years or so?<\/p>\n
Nicole<\/b>:\u00a0 I think so. Even in the last year, some really great caf\u00e9s have opened nearby. I\u2019m really close to the beach. There\u2019s a train station, good schools. I believe I\u2019ve bought in a great area, and there are lots of young people doing what I\u2019ve done. They can\u2019t get in closer to town, so they\u2019re coming to join me.<\/p>\n
Clare<\/b>:\u00a0 Thanks for the tips. I hope that it helps some other people.<\/p>\n
Nicole<\/b>:\u00a0 My pleasure.<\/p>\n
Kevin<\/b>:\u00a0 Yes, some very good lessons there.<\/p>\n
Michael Yardney joins me. Michael, I know you\u2019ve heard that interview. Some really great messages there from Nicole, aren\u2019t there?<\/p>\n
Michael<\/b>:\u00a0 There are, and some great inspiration, Kevin.<\/p>\n
Kevin<\/b>:\u00a0 Yes. Let\u2019s have a look at a few things. Michael, what message would you give your kids about what\u2019s holding them back from getting into the market?<\/p>\n
Michael<\/b>:\u00a0 Well, clearly rising prices are one of the factors, and sure, they\u2019re rising faster than wages for many people, so having a good job is important. But the other is having good money habits. Most Australians have got poor money habits. They spend more than they earn.<\/p>\n
One of the rules that I\u2019ve been trying to teach my kids is to spend less than you earn, to save some money, to invest it, keep reinvesting until you get a nest egg, a big enough deposit to start buying a property, Kevin.<\/p>\n
Kevin<\/b>:\u00a0 Of course, the temptations are great, Michael, aren\u2019t they, with credit cards? You can just go to any store really and get credit. It\u2019s so easy to get.<\/p>\n
Michael<\/b>:\u00a0 The store cards are a real trap because they say, \u201cI\u2019m not going to charge you interest or maybe not even repayments for two years.\u201d But then all of a sudden, you get lumped with very, very high interest rates. That\u2019s an issue, Kevin.<\/p>\n
I think the other one is to have a long-term goal, a long-term vision, which Nicole clearly had also. She was prepared to give up some things in the short term to reach her long-term goals. That happens with entrepreneurs, with business people, with property investors, and also with home owners. Some good lessons from her there.<\/p>\n
Kevin<\/b>:\u00a0 Yes. It\u2019s a great lesson, not just for young people, isn\u2019t it? It\u2019s for any age really.<\/p>\n
Michael<\/b>:\u00a0 That\u2019s right.<\/p>\n
Kevin<\/b>:\u00a0 What else, Michael?<\/p>\n
Michael<\/b>:\u00a0 I guess the other is to have realistic expectations. I think a lot of young people want the property it took their parents 40 years to be able to have in the areas, the suburbs where sometimes even their parents can\u2019t afford to buy, so start with realistic expectations.<\/p>\n
The other lesson, I think, is sometimes you may have to share with somebody \u2013 a brother or sister, a friend, or a parent \u2013 to get into the property market<\/a>. Having your parents on your side, either as business partners owning the property or guaranteeing the loans, is a way to get going, too, Kevin.<\/p>\nKevin<\/b>:\u00a0 What did you think about that idea of Nicole\u2019s there where she looked at a particular area where she felt maybe she could get a bargain?<\/p>\n
Michael<\/b>:\u00a0 Kevin, that comes back to what I said a few moments ago \u2013 that she didn\u2019t invest or buy in those areas of Melbourne that are the more expensive ones close to her work. She went out a bit further and had realistic expectations.<\/p>\n
Kevin<\/b>:\u00a0 Michael, you mentioned earlier about credit cards. What about credit history?<\/p>\n
Michael<\/b>:\u00a0 I think an important lesson to learn is you have to keep yourself a clean credit history. It\u2019s too easy to sometimes forget to pay a bill, have it default, and those stay on your name for quite some time.<\/p>\n
When you\u2019re going to get a loan, your credit history is checked through an organization called Veda Advantage. We all have a personal credit file, and if you\u2019ve had some black marks against it, that will work against you when you go for a loan.<\/p>\n
Kevin<\/b>:\u00a0 It would be worthwhile checking that credit file, Michael, would it?<\/p>\n
Michael<\/b>:\u00a0 It definitely is. You can go to MyCreditFile.com.au.<\/p>\n
Another lesson is not to have too many credit cards, and actually cut back your credit cards a bit if you\u2019re planning to buy a property. When the banks look at your serviceability, they take into account your assets, your income, and also your expenses, and they see a credit card limit \u2013 even if you\u2019re disciplined and don\u2019t use it \u2013 as a potential expense, and so cutting back your credit card limits or getting rid of a couple of extra cards that you may not need will make you more attractive to the banks.<\/p>\n
Kevin<\/b>:\u00a0 Some great advice there. I want to thank Nicole Haddow, Clare Blake, and also to 4BC for allowing us to use that earlier audio.<\/p>\n
Michael Yardney, to you, thank you once again.<\/p>\n
Michael<\/b>:\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"
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Sell your property on your own | Negotiation tips | Prepare for the worst | Our "World Cities" | Get a foot on the property ladder - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/sell-your-property-on-your-own-negotiation-tips-prepare-for-the-worst-our-world-cities-get-a-foot-on-the-property-ladder-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sell your property on your own | Negotiation tips | Prepare for the worst | Our "World Cities" | Get a foot on the property ladder - Realty Talk\" \/>\n<meta property=\"og:description\" content=\" Our success story this week is a story about taking control of the sale of your own property. 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