{"id":4496,"date":"2015-05-20T01:00:35","date_gmt":"2015-05-19T15:00:35","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4496"},"modified":"2015-05-20T01:00:35","modified_gmt":"2015-05-19T15:00:35","slug":"make-your-property-plan","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/make-your-property-plan\/","title":{"rendered":"Make your property plan &#8211; Mark Armstrong"},"content":{"rendered":"<p>&nbsp;<br \/>\nIn today&#8217;s show\u00a0<b>Mark Armstrong<\/b>, from\u00a0RateMyAgent.com.au,\u00a0gives 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.\u00a0Kevin talks to\u00a0Mark<strong> <\/strong>about strategy.<br \/>\n&nbsp;<\/p>\n<h4>Transcript:<\/h4>\n<p><b>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.<br \/>\nGood day, Mark.<br \/>\n<b>Mark<\/b>:\u00a0 Good day, Kevin.<br \/>\n<b>Kevin<\/b>:\u00a0 You must be delighted with the way Rate My Agent is working. How does it work for the consumer?<br \/>\n<b>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.<br \/>\nIt\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.<br \/>\n<b>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.<br \/>\nMark, 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.<br \/>\n<b>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.<br \/>\nBut 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<br \/>\nI think a lot of people get sold strategies, but we\u2019re more about helping people work out what strategy is right for them.<br \/>\n<b>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.<br \/>\n<b>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<br \/>\nI 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?<br \/>\n<b>Kevin<\/b>:\u00a0 Yes.<br \/>\n<b>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.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. What are some of the other tips you might have for people wanting to start out, Mark?<br \/>\n<b>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.<br \/>\nA 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<br \/>\nFor 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.<br \/>\nLaying that foundation and giving very serious thought to how that strategy works and the best foundation for it is a really good next step.<br \/>\n<b>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.<br \/>\n<b>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.<br \/>\nI 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.<br \/>\n<b>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.<br \/>\nMark, once again, thanks for your time, mate.<br \/>\n<b>Mark<\/b>:\u00a0 Pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; In today&#8217;s show\u00a0Mark Armstrong, from\u00a0RateMyAgent.com.au,\u00a0gives 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.\u00a0Kevin talks to\u00a0Mark about strategy. &nbsp; Transcript: Kevin:\u00a0 There is a new&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":4498,"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-4496","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":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Make your property plan - Mark Armstrong - 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\/make-your-property-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Make your property plan - Mark Armstrong - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; 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