{"id":5925,"date":"2015-10-02T12:00:09","date_gmt":"2015-10-02T02:00:09","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5925"},"modified":"2015-10-02T12:00:09","modified_gmt":"2015-10-02T02:00:09","slug":"secret-power-of-persuasion-why-you-should-invest-in-south-east-queensland-under-quoting-crackdown-the-management-of-units-should-i-employ-a-property-manager-plus-more","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/secret-power-of-persuasion-why-you-should-invest-in-south-east-queensland-under-quoting-crackdown-the-management-of-units-should-i-employ-a-property-manager-plus-more\/","title":{"rendered":"Secret Power of Persuasion | Why you should invest in South East Queensland | Under-quoting Crackdown | The management of units | Should I employ a property manager? | Plus more"},"content":{"rendered":"

 
\nA high-profile industry figure has called for an end to undocumented selling activity, which many agents believe is rife in their local market.\u00a0John Cunningham<\/strong> says not having an agency agreement not only jeopardises potential commission for the agent, but puts vendors and agencies at risk since they\u2019re unwittingly part of the issue.
\nWhen buying a property, or any other big-ticket item, we usually want to buy it at the best price possible, while the vendor wants to sell it for the highest price they can achieve. Good negotiators have developed the art of being able to influence others to see things their way. They know how to get others to do things they want to get done. Michael Yardney<\/strong> <\/a>shares with us the Secret Power of Persuasion \u2013 the six universal principles of influence.
\nGavin McPherson<\/strong> from Oasis Properties tells us why he and his colleagues are focused on investing in South East Queensland.
\nWe catch up with the person who has been named as the top property manger in Queensland. We ask her what we should be looking at when considering employing a property manager.
\nWe know that apartments are growing in popularity but did you know that in a little under 20 years over half of Sydney\u2019s population will be living in units. With so much close quarters living there are going to be a growing number of disputes.\u00a0Michael Teys<\/strong> has written a book on what strata laws will be like in the future and how they will impact how we live in this environment. We discuss that with him.
\n\u201cPitch it low and watch it go\u201d is a saying in real estate used by agents to entice interest from buyers. In the November issue of Australian Property Investor magazine you can read an article called \u201cUnder quoting crackdown\u201d that gives a detailed description about how big the problem really is and what you can do to protect yourself.\u00a0Miriam Sankuhler<\/strong> is a buyer’s agent and director of Property Mavens and she joins us to talk about how wide spread the problem really is.
\n <\/p>\n

Transcripts:<\/h4>\n

Gavin McPherson<\/h3>\n

Kevin:\u00a0<\/b> I\u2019m delighted to have back into the show Gavin McPherson. Gavin is the CEO for Oasis Property. They work all around Australia, but it\u2019s interesting to note that they\u2019re predominantly looking at the southeast corner of Queensland right now, and I\u2019m curious to know why.
\nHe joins me. Hi, Gavin.
\nGavin:\u00a0<\/b> Good day, Kevin. How are you?
\nKevin:\u00a0<\/b> Good, mate. Thank you for your time. I\u2019m very keen to talk to you about this. I don\u2019t want to talk hotspots, but why the particular focus on South East Queensland?
\nGavin:\u00a0<\/b> A really important\u2026 A bit \u201cwonkish\u201d point to make, but a very important point. Ever since 1988 \u2013 so you could say as long as Australia has been a global economy \u2013 Australians have always spent between 33% and 55% of their household incomes. Now, you\u2019re looking at those southern states, Sydney and Melbourne, we\u2019re there \u2013 54.6%, 55% \u2013 whether you want to argue over a decimal point or not, we are there. It\u2019s over.
\nNow, if you marry that with the fact 62% to 68% of people getting home loans at the moment, so they\u2019re the homebuyers we know of, they\u2019re investors, and investors are after only one thing \u2013 money. If they can\u2019t get that growth out of Sydney and Melbourne \u2013 which they are not going to get, in my opinion and in almost every person\u2019s opinion; they\u2019d be breaking new records if they did, put it that way \u2013 then they have to move somewhere else.
\nThen you have the discrepancy between Sydney markets and your southern markets. Now, as you move down that channel of 4.7 million people in greater Sydney, 4.4 in greater Melbourne, you\u2019re moving down to the markets like Gold Coast and Brisbane. You have up to a 65% discrepancy in house prices. But let\u2019s not forget us in Queensland. We only have a 12% loss in wages, so somebody has to close that gap.
\nIf there was deficiency in those southern Queensland markets insofar as the fundamentals, then I\u2019d have a problem. But there isn\u2019t a deficiency. Brisbane has great drivers. It actually is Australia\u2019s fastest growing capital city and is expected to be so until 2030. Gold Coast, again, has got its other drivers.
\nKevin:\u00a0<\/b> What\u2019s going to slow the market? Do you see it continuing to grow in Sydney and Melbourne, and is there an opportunity for Brisbane to play catch-up?
\nGavin:\u00a0<\/b> Yes, I do. There are two comments here. When I say I expect Sydney and Melbourne to stop that growth, I think it\u2019s happening already. I know my business operates anywhere up to 200 inspections a week, and I can tell you right now it\u2019s getting thin on the ground. Agents are getting away with high prices and, again, there are expectations there, and affordability is good because of interest rates, but I think that\u2019s temporary.
\nSecond to that also, let\u2019s not forget where Brisbane currently is at the moment in regards to its price discrepancies. I would say it\u2019s quite disingenuous to say that Brisbane hasn\u2019t already grown. Let\u2019s have a good look at just state one example. Give or take where you get your numbers from, Brisbane grew by about 7% last year \u2013 nice moderate growth, but nothing spectacular.
\nBut then again you go to somewhere like New Farm, I\u2019m seeing examples of 25% to 30% growth. I\u2019ve certainly got that, and certainly some of the market is worth participating in. But then you go out to Chirnside and get minus 2% growth last year.
\nI\u2019d suggest to you that absolutely there is growth but there are certain growth corridors, and there are some disingenuous comments out there at the moment that you can take a dartboard of Brisbane and throw a dart and you will make money. I think that\u2019s pretty incorrect at the moment. I think that you could have made that statement two years ago, but you have to be very careful.
\nI think people are being overcritical of Brisbane at the moment in some particular areas where they\u2019re overbuilt. But I think they\u2019re right in your Woolloongabbas, your West Ends, the Portside of Hamilton, Newstead, and South Bank. I think those areas will be overbuilt and investors should stay away. But the areas of high demand where they\u2019re really not letting any more stock out \u2013 Paddington, Auchenflower \u2013 I think those places will thrive.
\nKevin:\u00a0<\/b> Let\u2019s have a look at the differences between Gold Coast and Brisbane. It\u2019s easy to say South East Queensland, but there are two major markets there, even if you exclude the Sunshine Coast. Let\u2019s have a look at Gold Coast versus Brisbane.
\nGavin:\u00a0<\/b> Absolutely. First and foremost, you have some great commentary out there by Bernard Salt at the moment in talking about Brisbane especially and Gold Coast and those two being intertwined possibly by 2035 and definitely by 2050. I think people should expect that sort of growth corridor to occur over a meaningful period of timeframe.
\nBut let\u2019s deal with meaningful timeframes like we have to deal with as investors \u2013 three years, five years, seven years. Gold Coast right now, people have just gotten so used to the comment that Gold Coast is oversupplied with property \u2013 they\u2019ve been saying it so long \u2013 they\u2019ve actually gone the other way.
\nThe biggest proof in that pudding is vacancy rates. The areas that we\u2019re participating in \u2013 Main Beach, Mermaid Beach, Broadbeach, Surfers Paradise \u2013 those vacancy rates now are down. Even though they\u2019re actually at 1.8% across the board of Gold Coast, we\u2019re finding more like 1% in those areas, and that\u2019s a great symptom of undersupply.
\nNow, it\u2019s true to say that places like Jewel and the new buildings that are coming up in Broadbeach and the like, those things will provide more stock on the market. However, they\u2019re not going to be creating dwellings until about 2019 and 2020. There will be more of an undersupply, it will put more pressure on those vacancies, and I suggest also provide some really good yields. The problem with Gold Coast, it moves very quickly.
\nKevin:\u00a0<\/b> Do you think running up to the Commonwealth Games, things are going to tick along quite nicely on the Gold Coast? What will happen after the Games? Is that when we\u2019ll see that oversupply?
\nGavin:\u00a0<\/b> It\u2019s a really good question. It\u2019s a great question. I think it\u2019s a big coincidence that the date happens to coincide with what I think will tend to a peaking out of Gold Coast, but it is just a coincidence. It\u2019s like people saying that Sydney was stimulated by the Olympic Games. I think, again, it was just another collision of all the stars and a blue moon that it just so happened that Sydney thrived after the Olympic Games.
\nThe Commonwealth Games is a great line in the sand, so I think it fast-tracked a lot of infrastructure that was absolutely needed. I do know from the office of Tom Tate himself that they want a world-class city, and I know that all the energy is behind that.
\nSo barring unforeseen circumstances \u2013 like a different persuasion of local government \u2013 I think Gold Coast is probably going to attract a lot more upside volatility \u2013 meaning growth \u2013 in the short-term, and certainly outstripping Brisbane for the most part. That\u2019s not to say that Brisbane won\u2019t be a better bet by 2030, however.
\nKevin:\u00a0<\/b> Very good insights. Thank you so much for your time. Gavin McPherson, CEO for Oasis Property, and a good look there at the Gold Coast and Brisbane markets. I\u2019d like to get us back sometime, too, to talk about Sunshine Coast because we\u2019ve heard about a major oversupply of stock in that area for many years, so it would be good to get your take on that, too.
\nGavin, for the time being, thanks for your time.
\nGavin:\u00a0<\/b> My pleasure, Kevin. Thank you.
\n <\/p>\n

John Cunningham<\/h3>\n

Kevin:\u00a0<\/b> I want to bring you a story now that\u2019s prompted by some comments made by a very high-profile industry figure, John Cunningham, who is actually the managing director of Cunninghams Real Estate and also the Real Estate Institute of New South Wales deputy president.
\nJohn, welcome to the show, and thanks for your time.
\nJohn:\u00a0<\/b> Thanks, Kevin.
\nKevin:\u00a0<\/b> The comment that I\u2019m referring was breaching of the act, which is fairly common I understand in a tight market, and that\u2019s really an undocumented selling activity. What\u2019s your concern around this, and what\u2019s actually happening, John?
\nJohn:\u00a0<\/b> What\u2019s happening in a tight market, Kevin, is that agents tend to try to find ways around the legislation to get buyers into properties that aren\u2019t on the market yet. In doing so, they\u2019re creating an environment, I suppose, where you really have to know whether the best outcome is achieved, but at the same time they\u2019re breaching laws that then can lead to fines and can lead to poor consumer outcomes, as well. I think it\u2019s just a tip of the iceberg in many respects.
\nKevin:\u00a0<\/b> Can agents actually get away with selling a property and achieving a commission when they don\u2019t have a clear agency to sell?
\nJohn:\u00a0<\/b> In different states, that does vary. In New South Wales, for example, they must have an agency agreement to be entitled to commission and they must also have a contract to sale of land in place. It\u2019s illegal to actually offer a property for sale without that. That does vary from state to state and from type of property, such as rural properties and so on. However, what it does do is it does leave the door open for it to be abused further, and I think the more people who get away with it, the more it\u2019s going to happen.
\nKevin:\u00a0<\/b> I believe, too, from a contact that we\u2019ve had that Consumer Affairs in Victoria say that agents can legally show a property with the owner\u2019s consent. That\u2019s showing a property, but what about when you get to the point of contract? At that point, does there need to be a document between the seller and the agent in any state?
\nJohn:\u00a0<\/b> Yes, most definitely, in every state that requires a document to entitle the agent to commission. If they don\u2019t have that, they\u2019re not entitled to commission. They can\u2019t charge commission and nor would a court uphold any claim for commission. The variation in the states is, in Victoria, you don\u2019t need a contract for sale of land to offer property for sale, so any seller can show the property, but the agent is risking a fee if they don\u2019t have the right documentation.
\nKevin:\u00a0<\/b> Yes, we have seen in the past in really strong markets like we have now, where agents attempted to take on client listings, these are listings that aren\u2019t necessarily going to be publicized so that they can get their buyers through it. This is the sort of activity you\u2019re talking about, John?
\nJohn:\u00a0<\/b> Very much so, yes. In New South Wales it\u2019s just problematic because of that legislation, so what people are doing is they\u2019re bypassing the legislation. They might have an agency sign, for example, but they don\u2019t have the right documentation in place to legally show that property. In that instance, the breach of the act is creating an un-level playing field in the marketplace. Buyers aren\u2019t going to object and sellers aren\u2019t going to object, so long as they get the outcome that they desire, but from an industry point of view, it\u2019s a problem and it\u2019s quite common.
\nKevin:\u00a0<\/b> For buyers and sellers, it\u2019s actually quite a desirable situation. For a seller, they\u2019ll say, \u201cWe don\u2019t have to do any marketing,\u201d and for a buyer, \u201cWe\u2019re going to get ahead of the market and maybe secure something before it hits the market.\u201d
\nJohn:\u00a0<\/b> Absolutely.
\nKevin:\u00a0<\/b> What are the dangers here for buyers and sellers by engaging in this type of activity with an agent?
\nJohn:\u00a0<\/b> Primarily from a buyer\u2019s point of view, you\u2019re not necessarily dealing with a genuine seller. It\u2019s one of those speculative \u201cIf I get the price, I\u2019ll sell it.\u201d They could be looking at properties and getting quite excited about properties that are completely unrealistically priced and a very low-motivated seller.
\nIn that respect, it can be quite misleading, and in many cases, these things never come off because the seller\u2019s expectations are way too high and they haven\u2019t got the motivation to actually put the legal documentation in place, which does cost them money to do through lawyers or conveyancers. That in itself from the buyer\u2019s point of view can be very misleading and deceptive.
\nKevin:\u00a0<\/b> And, John, from a seller\u2019s point of view?
\nJohn:\u00a0<\/b> From a seller\u2019s point of view, I suppose they\u2019re actually engaging in an activity that does breach the act and the agent can be up for fines. There are potentially fines for sellers, as well, but there\u2019s never been enacted, primarily because it is a breach of the Property, Stock, and Business Agents Act. An agent can face some quite hefty fines in the event that they do go down that path.
\nFrom the seller\u2019s perspective, they probably have very little to lose in doing it. They\u2019re just dealing with an agent who\u2019s obviously bending the laws, and you\u2019re going to have to wonder what else they\u2019re going to bend along the way.
\nKevin:\u00a0<\/b> I do wonder, though, that any seller who would do that is probably not just going to do it with one agent. They may do it with several, and even though there\u2019s no documentation between them, that could then lead to a dispute over commission, which can become very messy.
\nJohn:\u00a0<\/b> Completely, Kevin. That\u2019s another byproduct of it, that you end up in a very messy situation \u2013 multiple buyers with different agents viewing the property. Then they might make a decision to appoint a single agent, but you have this raft of people behind who\u2019ve seen it who are all going to be potentially up for a double claim of commission.
\nIt\u2019s messy, and I think it\u2019s unprofessional. I think that\u2019s probably more the point. As an industry, we\u2019re trying to become more professional, and these sorts of activities just bring us down to the lowest common denominator, and the consumer suffers from that in the end.
\nWe have to uphold higher standards in our industry to be treated seriously. I think the majority of agents do, but those that don\u2019t, little things like this that they get away with, I think it\u2019s the tip of the iceberg. If we\u2019re going to be wanting to actually provide better consumer and customer experiences, we have to lift our game.
\nKevin:\u00a0<\/b> Always good talking to you, John Cunningham. Thank you so much for your time, John.
\nJohn:\u00a0<\/b> A pleasure, Kevin. Thank you.
\n <\/p>\n

Loretta Morgan<\/h3>\n

Kevin<\/b>:\u00a0 Earlier this year in the REIQ, the Real Estate Institute of Queensland Awards, the award for the REIQ Property Manager of the Year went to Loretta Morgan from Jam Property. Loretta joins me.
\nHi, Loretta. How are you?
\nLoretta<\/b>:\u00a0 Good. Thank you, Kevin. How are you?
\nKevin<\/b>:\u00a0 Good. Congratulations on the award. I know it must seem like a fair while ago, but you are the current person. I\u2019m keen to talk to you about what people should look for in a good property manager.
\nWhat\u2019s important to you? Let\u2019s walk through a few issues. We quite often hear about property management portfolios that are very big. What\u2019s important? Is it the size or is it the quality?
\nLoretta<\/b>:\u00a0 I think it\u2019s really important to look at the quality of the rent roll that you\u2019re managing, first and foremost.
\nKevin<\/b>:\u00a0 Okay, relate that then to an investor. How can they make their property part of that portfolio so that it is a quality property?
\nLoretta<\/b>:\u00a0 We\u2019re looking at the maintenance of the property. Is the property in good condition and is the landlord proactive in completing maintenance upon request? We want to look at the geographical location of the properties. Are they in a high demand area? What sort of rental returns are we getting on the property?
\nKevin<\/b>:\u00a0 These are all things, I guess for astute investors, if they\u2019re looking at picking up an investment property, they\u2019d have the same kinds of concerns, so they should be able to answer a lot of those questions for you, I\u2019d imagine.
\nLoretta<\/b>:\u00a0 Absolutely, they should.
\nKevin<\/b>:\u00a0 Loretta, one of the other frustrations I\u2019ve found in talking to investors is that the property manager will come in and make a presentation \u2013 it all sounds very fine \u2013 but over a period of time, there seems to be almost a shift in focus from it being about the investor to being about the tenant. How do you get that balance right, and how important is it for you?
\nLoretta<\/b>:\u00a0 I think it\u2019s really important to look at. It\u2019s always only ever about the investor and the investor\u2019s property, and the tenant tacks into that. What I\u2019m saying here is that we\u2019re engaged to look after the investor and the investment property.
\nWe\u2019re integral to the success of that property investor\u2019s journey, and it\u2019s really important that we\u2019re ensuring that we\u2019re giving the right information and the right education to the investor and looking after them, but also that our processes are in place and our education is in place for the tenant journey, so then that adds to a better success rate in their property investment journey.
\nKevin<\/b>:\u00a0 Okay. A couple of questions for you, then. What is it you think property investors look for in their property manager? What\u2019s important?
\nLoretta<\/b>:\u00a0 I think it\u2019s really important that the investor looks at \u2013 and what I find \u2013 is what is their level of understanding of the property investment journey or property investing, their experience in the industry, how long have they been, where are they adding value, where will they look after me and my property as opposed to the agent up the road, and so on?
\nKevin<\/b>:\u00a0 Quite often, it\u2019s a matter of us not really knowing the kinds of questions to ask or even if we do know, what answers we should expect. If I were to ask you now, why I should use you, then there are probably a ton of reasons that you\u2019d give me but I don\u2019t know how to drill down into those. What are some of the key questions that investors should be asking? And tell me about the answers they should expect to get.
\nLoretta<\/b>:\u00a0 I think that it\u2019s important for investors to be asking \u2013 and we have a list of 34 questions, actually, that we go through with our investors on what they should be asking their property managers \u2013 but some examples are: what is the turnover in tenants? How long is it taking you to lease properties? Where are your properties located? How many properties do you have on your portfolio? How many staff? Then they can look at staff to property ratios.
\nKevin<\/b>:\u00a0 These are all great questions. They\u2019re great questions that you know the answer to, Loretta. This is the point I\u2019m making. For a lot of investors, they don\u2019t know what to expect back. I could say to you, \u201cHow many staff have you got?\u201d and you could tell me six. That doesn\u2019t mean a thing to me. I need to understand how that relates to me appointing you as a property manager.
\nLoretta<\/b>:\u00a0 Absolutely. What we do there, Kevin, is we provide them with the answers to those questions and what they should be looking for as minimum standards across the board so that they\u2019re better informed, so that they can make better decisions when they\u2019re appointing a property manager.
\nKevin<\/b>:\u00a0 For anyone listening now who probably has a property that\u2019s maybe been vacant for a couple of weeks, what\u2019s an acceptable vacancy period \u2013 or is there such a thing?
\nLoretta<\/b>:\u00a0 We\u2019re experiencing a fantastic market up here at the moment and our vacancy rate is sitting at 1.45%, so essentially, we have very minimum vacancies. The average time on market can be zero to maybe even a couple of days, anywhere up to one week at most.
\nKevin<\/b>:\u00a0 Okay, that\u2019s the point I was making. I guess if my property has been vacant for any more than a week, I should be getting a bit twitchy about it?
\nLoretta<\/b>:\u00a0 Absolutely. Then you want to be asking your property manager, \u201cWhat are you going to do to get my property rented?\u201d
\nKevin<\/b>:\u00a0 What sort of feedback are you giving? The other thing I want to know about, too, is when a property is vacant, what are some of the things that will stop that vacancy? In other words, how can I turn it around? Is it all about price, or is it about the way the property appears? Can you give me bit of an insight there?
\nLoretta<\/b>:\u00a0 Absolutely. What you want to be looking for is presentation and position. What are the photos looking like? What sort of story are you telling in the description to prospective tenants? How readily available are you making the property for inspections? If you\u2019re setting open for inspection times, when are they? Are they to suit the target market, or are they to suit you, the property manager?
\nAs price is important, those other key factors have a huge impact. What else is on the market that the tenants are looking at? How does that compare to the product that you\u2019re presenting, and how do we have that discussion with our property owner?
\nKevin<\/b>:\u00a0 Earlier in our chat, Loretta, you mentioned that you have I think it was 34 questions that people should ask. How can we get a copy of that?
\nLoretta<\/b>:\u00a0 We can get a copy on my website of the 34 questions that you should be asking.
\nKevin<\/b>:\u00a0 All right. That\u2019s JamProperty.com.au if you want to know what those questions are. Of course, if you want the answers to those questions, I suggest that you certainly have a talk to Loretta and her team at Jam Property. Their website, again, is JamProperty.com.au. Pick up those questions for yourself.
\nLoretta, once again, congratulations on becoming the Property Manager of the Year \u2013 very proud of it as you must be.
\nLoretta<\/b>:\u00a0 Yes, I am. Thank you.
\nKevin<\/b>:\u00a0 Good on you, and we\u2019ll look forward to talking to you again soon.
\nLoretta<\/b>:\u00a0 Thanks so much, Kevin.
\n <\/p>\n

Michael Yardney<\/a><\/h3>\n

Kevin:\u00a0 <\/b>Have you ever noticed how people who are successful in most walks of life usually have the gift of being really good negotiators? Call it negotiation, call it persuasion; there is an art to it. Michael Yardney has been looking at this, and he joins me.
\nHi, Michael.
\nMichael:\u00a0 <\/b>Hello, Kevin.
\nKevin:\u00a0 <\/b>What\u2019s behind being a good persuader?
\nMichael:\u00a0 <\/b>Kevin, we tend to read a bit about this win-win negotiation, but let\u2019s be honest, in many of our negotiations we want it to be a bit more than win-win.
\nWhen you\u2019re buying your next car, you\u2019d really like the negotiations to end up favoring you<\/i> rather than being evenhanded, and when you buy properties or other big-ticket items, usually you want to buy at the best price, while the vendor wants it at the highest price.
\nGood negotiators, Kevin, develop the art of being able to influence others to see their way. They know how to get things done. In fact, there have been quite a lot of studies about it, Kevin. Robert Cialdini many years ago wrote a book that is called \u201cThe Psychology of Persuasion,\u201d<\/i> and I\u2019ve learned a lot of lessons from it.
\nKevin:\u00a0 <\/b>Okay. Let\u2019s run through a few of those, Michael.
\nMichael:\u00a0 <\/b>What he did was, as a psychologist, work out how one can influence other people. The first rule, he said, is the rule of reciprocation. We\u2019re taught that we should repay other people for things that they do to us. That\u2019s only fair. Most of us don\u2019t want to think that we\u2019re an ingrate.
\nKevin, it reminds me of the old days. Remember when we used to go to the airports, the Hare Krishnas were there, and they gave you a little flower? And in return, they expected you to give some money, and people felt obliged, didn\u2019t they?
\nKevin:\u00a0 <\/b>Yes. It\u2019s the theory of give to get, isn\u2019t it?
\nMichael:\u00a0 <\/b>That\u2019s right. Put simply, whatever you give out in life, you tend to get back sooner or later. If you go through life looking for good in other people, helping others get what they need, you may not always get instant rewards, Kevin, but the principle of reciprocity \u2013 people reciprocating \u2013 will give it back somewhere down the line.
\nKevin:\u00a0 <\/b>Yes. Okay, what\u2019s number two?
\nMichael:\u00a0 <\/b>Robert Cialdini pointed out that we like social proof. We like noticing what other people are doing and doing things that we think are correct. Innately we want to be like other people, and we get comfort knowing that other people are doing what we\u2019re considering doing.
\nThe principle is often used by salespeople who give testimonials, saying, \u201cPeople just like you have done this.\u201d Most people feel at ease if they know others have already done this, so the <\/b>celebrity product endorsements, the footballers, the sporting people.
\nThis lesson from this, Kevin, is if we want to be good negotiators and persuaders, if you want somebody to do something for you, be sure to let them see that other people are already doing it or are willing to do it. Show them that others like them believe in the product or service that you\u2019re wanting to give.
\nKevin:\u00a0 <\/b>Michael, how important is it to speak to people in the terms of their own values?
\nMichael:\u00a0 <\/b>Kevin, I think people like to make a stand and then feel committed to doing it, so you should understand what people are wanting. When people tell their friends they\u2019re going to give up smoking or going to lose weight, it motivates them to keep going with their decisions.
\nWe tend to feel pressured to behave consistent with the choices we\u2019ve made. No one likes to admit they\u2019re wrong. So when you want to get somebody to do something, I\u2019d often suggest you actually get them to commit verbally to an action, because if you do that, the chances are going to go up that they\u2019re actually going to do it.
\nKevin:\u00a0 <\/b>I was wrong once, you know. I thought I made a mistake.
\nMichael:\u00a0 <\/b>But you were wrong.
\nKevin:\u00a0 <\/b>I was wrong. I was very wrong; made a mistake.
\nMichael, people like to do business with people they know and like, don\u2019t they?
\nMichael:\u00a0 <\/b>That\u2019s right, Kevin. People tend to like others who have got similar opinions to them, similar personal traits, backgrounds, or lifestyles. More people are going to say yes to you if they like you, and the more similar to them that you appear, the more likely they\u2019re going to like you.
\nThat\u2019s why it\u2019s important to build rapport with people when you\u2019re planning to negotiate. That\u2019s one of Robert Cialdini\u2019s principles, that you should be a likable person and do business with people you like.
\nKevin:\u00a0 <\/b>Michael, tell me about his principle of authority.
\nMichael:\u00a0 <\/b>I think most of us, Kevin, have been raised to respect authority. We tend to place importance on information given by authority figures \u2013 like doctors, like policemen, like professionals.
\nNow, of course sometimes people confuse symbols of authority \u2013 such as titles and appearance \u2013 with true substance, but this means you can use this principle to your advantage. You should look and act like an authority yourself, dress like people who are already in the position of authority that you seek, or you can <\/b>cite <\/b>authoritative sources. In other words, use other people\u2019s authority on your side to help get what you want when you negotiate.
\nKevin:\u00a0 <\/b>And to wrap the series up, Michael, scarcity. This is one I guess you have to be fairly careful about, and when you use it, and how you use it.
\nMichael:\u00a0 <\/b>You have to use it authentically, Kevin. All these things, you have to use authentically, and I\u2019ll explain that in a second. But the concept really is that we don\u2019t want to miss out on something that\u2019s special, that\u2019s unique, and that concept of scarcity will often drive us to action.
\nWe often think things are more valuable if they\u2019re scarce. Things that are hard to get seem more valuable than things that are easy to get. I guess that\u2019s why they often have limited-time offers, or \u201cclosing this weekend,\u201d or \u201climited edition.\u201d
\nKevin, Professor Cialdini\u2019s six weapons of influence are incredibly powerful, and if you combine them, you can make them work even better for you. The thing is, though, that these principles are ethic-less. They can be used to create a win-win outcome for you and for those who you negotiate with, or they can be used to dark purposes of influence. Obviously, I suggest that we only use these in the correct way to get the correct sort of outcomes in our negotiations.
\nKevin:\u00a0 <\/b>Indeed. Always good, Michael. Lovely talking to you. Thanks for your time.
\nMichael:\u00a0 <\/b>My pleasure, Kevin.
\nKevin:\u00a0 <\/b>You can read more about Michael, of course, at his blog site, PropertyUpdate.com.au.
\nThanks, Michael.
\nMichael:\u00a0 <\/b>My pleasure, Kevin.
\n <\/p>\n

Miriam Sandkuhler<\/h3>\n

Kevin:\u00a0 <\/b>\u201cPitch it low, and watch it go.\u201d That\u2019s the saying that used to be used in real estate by agents to entice interest from buyers. I say it used to be used, and I certainly hope it was in the past.
\nIt\u2019s also called under-quoting, and there\u2019s been a lot of discussion about how to stop this practice by agents. In some states of Australia, state governments have introduced legislation to try to curb the problem. In Queensland, price ranging has been banned altogether for auctions so that agents are not able to provide price ranges to buyers, whereas in New South Wales and Victoria, the practice by agents has continued, thus frustrating the problem.
\nIn the November issue of Australian Property Investor<\/i> magazine you can read an article called Under-quoting Crackdown that gives a detailed description about how big the problem really is and what you can do to protect yourself.
\nMiriam Sandkuhler is a buyer\u2019s agent. She\u2019s also director of Property Mavens. She\u2019s quoted in the article in Australian Property Investor<\/i> magazine, and she joins us right now.
\nHi, Miriam.
\nMiriam:\u00a0 <\/b>Thank you, Kevin. Thank you for having me.
\nKevin:\u00a0 <\/b>Miriam, is this practice by agents of under-quoting getting worse?
\nMiriam:\u00a0 <\/b>I don\u2019t know if it\u2019s getting worse; I think it\u2019s just becoming more noted and more talked about. I think it\u2019s been pretty prevalent for a while, and in a heated market, there\u2019s a lot more media around it.
\nKevin:\u00a0 <\/b>Yes. Do you think that buyer\u2019s agents like yourself and even buyers are just getting fed up with the practice and maybe that\u2019s why it\u2019s getting more press?
\nMiriam:\u00a0 <\/b>Absolutely. Buyers are just simply not willing to trust estate agent prices anymore. Unfortunately, it\u2019s one of those things where transparency and trust go hand in hand. So while the real estate industry refuses to be transparent around pricing, then trust won\u2019t be forthcoming from consumers.
\nKevin:\u00a0 <\/b>You sometimes wonder whether there should be no price at all as opposed to a misleading price.
\nMiriam:\u00a0 <\/b>I think that\u2019s fraught with disaster, to be honest. I mean, having no price makes the assumption that the consumer should have an indication of what pricing should be.
\nIt\u2019s a little bit like selling a car and with the variety of different cars out there and the different ages of different cars, expecting the consumer to be able to figure out what a 1974 Holden Torana should be priced at versus a 1983 Commodore. It\u2019s just really unrealistic and unfair.
\nI think there needs to be pricing like everything that we buy in our society \u2013 there\u2019s a price on it. We just need transparency and honesty around that pricing.
\nKevin:\u00a0 <\/b>What\u2019s the worst example of under-quoting that you\u2019ve seen?
\nMiriam:\u00a0 <\/b>A recent example; I was looking at buying a property for a client in a bayside suburb called Albert Park. I\u2019d appraised the property at $2.4 million, and the agent started quoting it at $1.8 million. Over the course of the four-week campaign, eventually the top end of the quote was $2 to 2.2 million, and then I purchased the property for the client just over $2.6 million.
\nKevin:\u00a0 <\/b>Wow, that\u2019s amazing. That\u2019s a nightmare. Is it worse in some states than others, Miriam, as you\u2019re getting around looking at other states?
\nMiriam:\u00a0 <\/b>Certainly auctions are mostly prevalent in New South Wales and Victoria. There\u2019s a small amount of auctioning that goes on in WA, not a lot. Certainly the whole auction concept, I think, has fallen apart now in Queensland with the changes that they have done to pricing.
\nInterestingly enough, my understanding in Queensland \u2014 and correct me if I\u2019m wrong \u2014 is that now that people aren\u2019t allowed to quote prices, there have been more declared reserves being put forward instead, because they\u2019re not a price; they\u2019re actually a reserve. I\u2019ve heard a little bit of mention of that going on Queensland. But definitely the worst states would be Victoria and New South Wales.
\nKevin:\u00a0 <\/b>It\u2019s a bit of a vicious cycle, isn\u2019t it? I mean, buyers expect properties to be under-quoted, so an agent who does quote accurately, the buyers look at them and say, \u201cI\u2019m not going to pay X percent more than that.\u201d Because that\u2019s actually what they do. They calculate that. What is the solution, do you think?
\nMiriam:\u00a0 <\/b>Well, you\u2019re right in that there are agents who under-quote and there are agents who quote accurately. Unfortunately for consumers, the challenge that they have is that different agencies have their own internal unwritten policies as to whether or not they\u2019ll under-quote and to what rate, and then different agents within those agencies will under-quote differently as well. So there\u2019s no one solution of just add 10% or 20% to every property that you see, because certainly in some suburbs over others, the variance could be a 10% to 30% difference when it comes to auction day.
\nThe solution I come back to, I think there should be a declared reserve, the figure that the vendor is prepared to take on the day at auction. If they want to be greedy, they can by all means be greedy and put a ridiculous price out there, and over the course of the campaign, if that blows up in their face, they can reduce that price. But once they\u2019ve put that declared reserve out there over the course of the campaign, they can\u2019t continue to increase it.
\nKevin:\u00a0 <\/b>Looking at it from a buyer\u2019s perspective, what\u2019s the best way for a buyer to protect themselves from being sucked in by agents in this way?
\nMiriam:\u00a0 <\/b>A number of different ways. I think they need to research recent sales of like-for-like properties in the suburbs that they\u2019re looking at. If they\u2019re looking at a brick house on 200 square meters of land, then they want to try to find out what other brick houses have sold for recently that are also on 200 square meters of land, notwithstanding you have to compare one\u2019s renovated, one\u2019s not \u2013 that sort of scenario.
\nThe other thing is to ask the estate agents for sales evidence to support their quote range. \u201cCan you please give me recent sales to confirm why you\u2019re quoting the property at this price? You\u2019re the expert. Obviously, you base the quote range on something that you\u2019ve sold recently or that you know of.\u201d I think holding them to account in that respect.
\nThen attend auctions in the areas or the suburbs that you\u2019re looking at, just to see what the market\u2019s paying for particular property types, and again, allow a variance or variation for renovated versus unrenovated properties.
\nAnd by all means, finally, engage a buyer\u2019s agent to help you. As professionals, we can certainly save time, money, and stress by doing all the research and searching and negotiations with the clients. While people pay us a fee for service, certainly in a rising market, time is money, and often it can cost people a lot more money in a delay getting a purchase because the market\u2019s increased versus paying a professional to help you straight up.
\nKevin:\u00a0 <\/b>Yes. Good on you, Miriam. Miriam Sandkuhler is a buyer\u2019s agent and also director of Property Mavens.
\nMiriam, thank you so much for your time.
\nMiriam:\u00a0 <\/b>You\u2019re welcome, Kevin. Thank you.
\n <\/p>\n

Michael Teys<\/h3>\n

Kevin<\/b>:\u00a0 Well, as we know, apartments are becoming more and more important on the landscape. They\u2019re the new houses of the future for a growing number of Australians. Housing affordability, aging, environmental issues, immigration, and shrinking household formation patterns are driving this shift. Apartments are now the dominant form of new housing in many of our capital cities, and in fact, in under 20 years, over half of Sydney\u2019s population will live in apartments. In other cities, the trend will be the same.
\nTherefore, I\u2019m fascinated to talk to you now about a new book that\u2019s just been launched called \u201cGrowing Up,\u201d written by our good friend, Michael Teys. Michael is a strata title lawyer and founder of Block Strata, and they manage strata title owners, corporations and body corporate.
\nMichael, welcome and congratulations on the book.
\nMichael<\/b>:\u00a0 Thank you very much, Kevin.
\nKevin<\/b>:\u00a0 I thought it\u2019d be handy just to talk about the management of units, and we know that that\u2019s through the strata system. Interested to read in the book that it was actually started about 50 years ago.
\nMichael<\/b>:\u00a0 Yes, the first strata title property was in Sydney in 1961. The buildings of that generation are now 50 years old and like all of us, Kevin, who are in our middle years, need a bit of love and attention.
\nKevin<\/b>:\u00a0 Yes, we do. Why was the strata system originally set up?
\nMichael<\/b>:\u00a0 It came about because banks wanted to lend money to people individually, but at that point in time, flats were held in a company title structure, so there was some difficulty of the bank having security over a person\u2019s right to occupy an apartment. They came up with this rather ingenious system of giving people a title deed to air space, and Australia was a pioneer of this. It\u2019s, of course, a concept that is now spread worldwide.
\nKevin<\/b>:\u00a0 Yes, I was going to ask you that, whether it is, in fact, something around the world. Interesting you mentioned there company-owned or company title. There are still a few blocks around\u2026 Well, I certainly know in Brisbane there are, but what about in other parts of Australia? Are there many?
\nMichael<\/b>:\u00a0 Yes. Look, there are about a thousand company title buildings in Sydney alone, so it\u2019s still a significant part of the market. In fact, my company is managing some of the company title buildings and people are generally quite happy in that arrangement. Although, of course, if you do convert them to strata title, there\u2019s a significant uplift in value.
\nKevin<\/b>:\u00a0 What is the basic difference between company-owned and strata titling?
\nMichael<\/b>:\u00a0 The powers of a company under the Corporations Act are far wider than the strata title legislation. Strata title legislation tends to respect the rights of the individual. It\u2019s actually quite difficult to get things done on a collective basis, which is one of the reasons why I wrote the book.
\nBut company title is run as a company. There\u2019s a board of directors, and they have rights to allow you to use the space in certain ways, so it can be quite subjective to the personalities of the people running the company, whereas a strata title, you have much more well defined rights and responsibilities.
\nKevin<\/b>:\u00a0 What goes into making up a successful strata management environment around a block?
\nMichael<\/b>:\u00a0 First and foremost, you need the willing participation of one or two strong, sensible people. In most buildings \u2013 it doesn\u2019t tend to matter whether it\u2019s a six pack or whether it\u2019s a much larger building \u2013 there are one or two people who become dominant. If you\u2019re lucky enough to be in a building where that person or persons are sensible and are there for the right reasons, then you\u2019re very lucky and your building is likely to be run well. If you\u2019re in a building where the dominant person is a megalomaniac\u2026
\nKevin<\/b>:\u00a0 A control freak.
\nMichael<\/b>:\u00a0 \u2026Or somebody who is lacking some fulfillment in other aspects of their lives, then you can be in real trouble.
\nKevin<\/b>:\u00a0 What\u2019s the difference then between a block that\u2019s predominantly owner-occupied as opposed to one where you have a predominance of tenants?
\nMichael<\/b>:\u00a0 A predominantly owner-occupied block is going to be full of people but are more concerned about the way their property is being managed. It can be a difficult block to manage because you\u2019ll get different personality attributes that will come to the surface, and managing strata is primarily about managing people.
\nProperty is property, but people are difficult, and in the strata title environment, some weird and wonderful things can happen. People who go quite sensibly about their work and their day become a little unhinged sometimes when they become involved in strata, so it is about managing people and getting the best out of people, getting people to realize that this is a community. It\u2019s a micro community, and if you like, it\u2019s the fourth level of government. It\u2019s the government that determines when and how we use the property that is immediately around us.
\nKevin<\/b>:\u00a0 Well, up until now of course, 50 years on, the strata system seems to be working very, very well all around Australia. What\u2019s it going to be like into the future? What are the challenges there for some of these committees? What are they going to be facing?
\nMichael<\/b>:\u00a0 The big challenge, of course, is ongoing repair and maintenance and the pressure that will come inevitably on the older blocks to be renewed, to be redeveloped or to be refurbished substantially.
\nRepair and maintenance is something that needs to be done on an ongoing basis. The natural inclination of investors is to spend when they have to, not when they should, and so I think the movement towards a more proactive repair and maintenance routine is important.
\nThere are some cultural issues that are arising in relation to the different attitudes to property and to property management as a consequence of overseas investment that are difficult at the moment, and those are the things strata management are battling with. That\u2019s a challenge for the future.
\nI think regenerating and renewing the landscape by putting together feasible plans for the redevelopment of the developed blocks and for the redevelopment of blocks that have been abused in the past, have not been properly cared for, and are now in need of a great upkeep.
\nKevin<\/b>:\u00a0 My guest has been Michael Teys. The book is called \u201cGrowing Up.\u201d It\u2019s a very thought-provoking and entertaining book about ownership of strata property and living in high-rise and high-density apartments and townhouses. If you find that you\u2019re in that situation and you want to get a bit of an understanding about how maybe you could be a lot happier in your living environment, the book is called \u201cGrowing Up\u201d \u2013 I suggest you get it \u2013 by Michael Teys.
\nMichael, thank you so much for your time.
\nMichael<\/b>:\u00a0 Thank you very much, Kevin.
\n 
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

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