{"id":4491,"date":"2015-05-19T01:00:22","date_gmt":"2015-05-18T15:00:22","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4491"},"modified":"2015-05-19T01:00:22","modified_gmt":"2015-05-18T15:00:22","slug":"is-it-wise-to-buy-property-sight-unseen","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/is-it-wise-to-buy-property-sight-unseen\/","title":{"rendered":"Is it wise to buy a property sight unseen? Michael Yardney"},"content":{"rendered":"

 
\nSome people say that you can actually buy property sight unseen. Of course, with things like the Internet, it\u2019s made it very, very easy for us to get a lot of information right at our feet, so we can actually do as much due diligence as we need to do. But really, is it wise to buy sight unseen? In today’s show we talk with Michael Yardney<\/a><\/strong>, from\u00a0Metropole Property Strategists.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 From time to time, I have heard some people say that you can actually buy property sight unseen. Of course, with things like the Internet, it\u2019s made it very, very easy for us to get a lot of information right at our feet, so we can actually do as much due diligence as we need to do. But really, is it wise to buy sight unseen? You can have people on the ground for you, but I sometimes really like to see it myself.
\nMichael Yardney is from Metropole Property Strategists. Michael, I\u2019d just like your opinion on this. Is it something you would do?
\nMichael<\/b>:\u00a0 Kevin, I would never do that. Now, that doesn\u2019t mean that I would not buy something if I had somebody I trust looking after it for me. But I guess what I\u2019m saying is a bit different to what some people recommend.
\nI think buying a property sight unseen \u2013 which is touted as good advice because you take the emotions out \u2013 is really a recipe for disaster. Advocates of this strategy say, \u201cIt opens up your investment search to locations out of your backyard,\u201d and I accept the fact that you should be doing that, and as they say, \u201cIt takes the emotions out.\u201d
\nThe trouble is that properties vary so much. It\u2019s not like buying shares. Even from one side of the street to the other, prices can vary and properties can vary, so no, I wouldn\u2019t be buying sight unseen.
\nKevin<\/b>:\u00a0 Michael, You alerted to something there about having a trusted advisor on the ground. Is that a solution if it\u2019s just not practical for me to get there?
\nMichael<\/b>:\u00a0 Yes, it is, Kevin. Let me give you an example. I remember looking, a couple of years ago, at a property. I did my virtual tours on the Internet and I downloaded all the statistics to the area. I did the Street View because that\u2019s so easy now, and I looked at all the photos. But then when I actually got out to look at the property itself, right next door was an electrical substation \u2013 right physically next door. If you actually could look up in the air, which you couldn\u2019t on the virtual tours, there were high-tension power cables there, so definitely this devalued the property I was looking at.
\nSimilarly, I know properties in Sydney where if you\u2019re on the north side of the street, you have magnificent views of the city water, the harbor, and the bridge. If you\u2019re on the south side of the street, you have magnificent views of the houses on the north side of the street that have views of the harbor and the bridge. There\u2019s a 25% difference in price from one side of the street to the other, and that\u2019s why you need somebody with a level of perspective on the ground.
\nKevin<\/b>:\u00a0 What always troubles me, Michael, is that you and I talk all the time about the amount of education we put into selection of a property and educating ourselves, but I just don\u2019t know that I\u2019d be all that confident that the person I\u2019m trusting is as educated as me. Maybe I\u2019m a bit of a control freak. I don\u2019t know.
\nMichael<\/b>:\u00a0 So am I, Kevin. It is important to work out who you trust. That\u2019s why at Metropole, for example, we have our own team of area experts, and even in Melbourne, we have four buyer\u2019s agents \u2013 in Sydney, four, and in Brisbane, three \u2013 because they don\u2019t even know the whole of Melbourne.
\nYou need somebody who has a level of perspective, and, Kevin, that\u2019s something that you can\u2019t put in a spreadsheet and you can\u2019t download from the Internet. Somebody who can walk down that street and know what the history has been, know what the school zonings are, understand what else is coming up in the market in the future years, and why one property is more attractive to owner occupiers and tenants from the other.
\nKevin<\/b>:\u00a0 Would that apply also if I\u2019m working with a buyer\u2019s agent, Michael, that I shouldn\u2019t just blindly follow what the buyer\u2019s agent says?
\nMichael<\/b>:\u00a0 The buyer\u2019s agent has to be an area expert and most of them are. Many of them are experienced estate agents who\u2019ve now gone to help buyers, and that\u2019s fine. What I\u2019m finding uncomfortable at the moment is 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.
\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.
\nKevin<\/b>:\u00a0 Always good talking to you. Michael Yardney from Metropole Property Strategists.
\nThanks for your time, mate.
\nMichael<\/b>:\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Some people say that you can actually buy property sight unseen. Of course, with things like the Internet, it\u2019s made it very, very easy for us to get a lot of information right at our feet, so we can actually do as much due…<\/p>\n","protected":false},"author":176692471,"featured_media":4493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-4491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nIs it wise to buy a property sight unseen? 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