{"id":6416,"date":"2015-11-20T12:00:06","date_gmt":"2015-11-20T01:00:06","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=6416"},"modified":"2015-11-20T12:00:06","modified_gmt":"2015-11-20T01:00:06","slug":"women-look-differently-at-property-investment","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/women-look-differently-at-property-investment\/","title":{"rendered":"Women look differently at property investment"},"content":{"rendered":"

 
\nHave you ever wondered why the rich keep getting richer and the gap between the rich and the poor keeps widening? Michael Yardney<\/strong><\/a> addressees that topic in the show and tells us about his new book as well.
\nTax time can be confusing for many property investors, but getting sorted is simply a matter of following some basic rules and getting the right advice. I talk to Brad Beer<\/strong> <\/a>about that and he gives us 7 simple rules.
\nA few weeks ago I read an email I had received from Tiffany who suggested that we were neglecting the fairer sex and that we need some more female perspective in the show. So Tiffany joins me today and has an excellent suggestion and an invitation to join a special group \u2013 more about that later.
\nDid you know that 1 in 5 property transactions are currently delayed due to error? I didn\u2019t and what\u2019s more, these errors can cause delays of up to 1 year. There is a solution and we tell you about it today.
\nWe do know that when it comes to buying a property first impressions count. Well now we know how much it counts because Jodi Walker<\/strong> and her team at Secret Agent have revealed the results of a fascinating survey they have conducted and we will even be able to give you a link to the report (The Secret Agent Report November 2015 Symmetry<\/a>).
\nWe get answers to a number of your questions from Chan & Naylor\u2019s Ken Raiss<\/strong> to do with lines of credit, GST and Capital Gains tax on vacant land and transferring equity from a principal place of residence into a trust.
\n <\/p>\n

Transcripts:<\/h4>\n

Brad Beer<\/strong><\/a><\/h3>\n

Kevin:<\/b>\u00a0 We\u2019re always looking for ways to get the most out of our investment property. I\u2019m going to talk now to Brad Beer from BMT Tax Depreciation. That\u2019s always a great way to do it as we head toward Christmas, Brad, isn\u2019t it?
\nBrad:<\/b>\u00a0 Absolutely. We all need more money at Christmas, so yes.
\nKevin:<\/b>\u00a0 What are some of the ways that we actually get more money out?
\nBrad:<\/b>\u00a0 I still see people all the time people who haven\u2019t really got depreciation sorted out properly. There are a lot of things that you can claim on an investment properly, and most of them you have a receipt for. You pay your interest, you get information from the bank about the interest you\u2019ve paid, etc. Depreciation is one that often gets missed, because you don\u2019t see depreciation happening and you don\u2019t get a bill for it.
\nKevin:<\/b>\u00a0 I think one of the common mistakes I see, too, is that a lot of investors think that you can only get depreciation on a new property, but we know that\u2019s not right.
\nBrad:<\/b>\u00a0 Absolutely. A new property gets the most, and near new gets a lot, but the thing I like to say is you\u2019re never too old. An old property still gets depreciation. It doesn\u2019t get as much because the age does impact on some things, but it\u2019s always worth asking the question to see if on your particular property there may be any deductions there for you.
\nKevin:<\/b>\u00a0 With the advent of the Internet and a lot more people working from home, does that offer up other opportunities to claim depreciation from a home office, as well?
\nBrad:<\/b>\u00a0 Depreciation is claimable on any investment property, so any property that you rent out to tenants is an investment property, obviously. But when you operate a business from home, or even rent part of your home out, then part of your home is potentially becoming an investment property for the use of business. Therefore, a percentage of the depreciation that you would claim might be claimable in that situation.
\nIt\u2019s good to work out with your accountant the other expenses that may be able to be claimed then, but depreciation is also one of those that you can quite often get some claims from if you\u2019re using it for that purpose.
\nKevin:<\/b>\u00a0 Another thing I wonder, too, is that quite often we buy properties in different times of the year. Do we have to wait for a full year to claim depreciation?
\nBrad:<\/b>\u00a0 No. Settling some time in the middle of June and you may only have a couple of weeks of time that\u2019s available to rent but, even if it hasn\u2019t actually been rented, as long as it\u2019s for the purposes of rental and available to rent, that depreciation still applies.
\nThe rules mean that some of these things are actually quite high claims in the first year, because it\u2019s the same whether you\u2019ve owned it for a couple of weeks or the whole year. It\u2019s always good to make sure if you are settling just before the end of the financial year, your partial year is there.
\nThe other thing is if you do live in the property and then decide to move out of it for a period of time, you don\u2019t always move on the 30th<\/sup> of June, do you? So there should be some depreciation available on that partial year that it\u2019s rented out \u2013 absolutely.
\nKevin:<\/b>\u00a0 Something you touched on earlier in our chat was making sure you get some good professional advice. I have seen where classifying a plant or equipment asset incorrectly can actually negatively impact your deductions.
\nBrad:<\/b>\u00a0 Absolutely. The correct advice is to have your accountant work out the whole of your claims in relation to your investment property. We specialists work in depreciation only and really identifying those items and costing them up properly so we\u2019re not in trouble with the ATO, and also making sure we identify those items so you get to claim them quicker. We know what the items are. We know how to cost them properly for the purposes of depreciation, so you get the most deductions out of that property.
\nKevin:<\/b>\u00a0 Are all quantity surveyors the same?
\nBrad:<\/b>\u00a0 A traditional quantity <\/b>surveyor measures and estimates construction costs of buildings. Effectively, we\u2019re brick counters. We count bricks and tell you how much they should cost. Depreciation is a specialist part of quantity surveying. You need to be the quantity surveyor to estimate the construction costs, but then you need a separate set of tax-related depreciation-related skills to make sure you\u2019re getting the most out of those properties.
\nWe all know how to estimate construction costs, but [4:22 inaudible]<\/b> especially to work with the accountant properly and value things up for the purposes of getting all the deductions out of the properties.
\nKevin:<\/b>\u00a0 It\u2019s always good talking to you Brad Beer. Brad, of course, from BMT Tax Depreciation, one of our supporters. You can get all the links you need to contact those guys through our website, RealEstateTalk.com.au.
\nBrad, thanks for your time.
\nBrad:<\/b>\u00a0 Thanks, Kevin. Great to chat, as always.
\n <\/p>\n

Ken Raiss<\/h3>\n

Kevin<\/b>:\u00a0 A very interesting question in the show that we\u2019re going to answer now for Brad. Brad, thank you very much for your question. Brad\u2019s question is:
\n\u201cI have a finance-related question specifically about the intricacies of lines of credit. All of the articles I find say that you should get a line of credit, but none really drill down any deeper into the intricacies of using one.
\n\u201cI understand that you would use your line of credit for investing costs such as a deposit on a new property or the levies or rates for a property. My uncertainty is whether I am then able to climb the interest charged on the line of credit.
\n\u201cTo make it more complicated\u201d \u2013 thanks for doing that, Brad \u2013 \u201cwhat if you were to pay your investment loans off using this line of credit? Surely then you couldn\u2019t claim the interest on your line of credit as well as your investment mortgage because that would be double-dipping, right?\u201d
\nWell, let\u2019s get an answer for you, Brad, because joining is Ken Raiss, our expert in all of these matters from Chan & Naylor.
\nGood day, Ken.
\nKen<\/b>:\u00a0 Hi, Kevin, and hi, listeners.
\nKevin<\/b>:\u00a0 Just answering Brad\u2019s question there, would you like to dive in and give us a bit more information, too, about lines of credit?
\nKen<\/b>:\u00a0 Okay. Lines of credit or an equity loan \u2013 different people call it different things \u2013 that\u2019s when you go to your bank and actually ask to borrow against that equity that you have built up in your property. The equity is that difference between the market value and the debt.
\nA lot of our clients use that line of credit for two principal reasons. The first, as you were saying, Brad, is to have that amount of money available to pay deposits if they want to buy a property or to pay any of the ongoing expenses of owning that property if their cash flow isn\u2019t enough. If you\u2019re using it for investment purposes, such as the deposit or the costs, then the interest is deductible. The tax office looks at the purpose of the loan. If you borrowed the money for investment, then it\u2019s deductible.
\nThe other reason people use a line of credit is what I\u2019ll term a buffer. A buffer, again, is a line of funds available to you in case something goes wrong with that property and you can\u2019t fund the repayments. You could lose your job, interest rates go up, the tenant <\/b>leaves, etc. Again, in all those instances, the interest would be tax-deductible because the purpose for investment.
\nThe second part of your question is very interesting, which was, \u201cCan I pay off the debt using the line of credit, and is that money tax deductible?\u201d In simple terms, the answer is actually yes because what you\u2019re doing is substituting your original bank loan \u2013 because you\u2019re paying off debt. That would have been a loan from a bank. You\u2019re now paying off that bank debt and substituting it with the debt from that line of credit.
\nIt\u2019s the same as if you would have refinanced and gone to a different bank. Because you\u2019re using it for investment purposes, the interest on that would be tax-deductible.
\nKevin<\/b>:\u00a0 That\u2019s certainly good news. I\u2019m sure Brad\u2019s going to be pleased to hear that, Ken. Well done. It\u2019s a great question, and what we\u2019re going to do, Ken, is give Brad a 12-month subscription to Australian Property Investor<\/i> magazine for that question. It\u2019s outstanding.
\nKen<\/b>:\u00a0 A very good question.
\nKevin<\/b>:\u00a0 Hey Brad, we\u2019ll be in touch with you. We\u2019ll get your mailing address and we\u2019ll make sure that you get the next in the series of Australian Property Investor<\/i> magazine. We give one or two of those away every week for our questions. I think we\u2019ve given two away this week, but you can join in the fun, too, and who knows? We might choose you as one of those as well. Just send your questions in through the website or directly to me, Kevin@RealEstateTalk.com.au.
\nBy the way, too, if you are already a subscriber to Australian Property Investor<\/i> magazine, we\u2019ll extend your existing subscription by a further 12 months at no charge. So there you go. Go to it.
\nKen, I want to thank you because you\u2019re always available for us. We really do appreciate it. You give us some great advice, and our advice to you is to always make sure that you deal with Chan & Naylor.
\nKen, thanks for your time.
\nKen<\/b>:\u00a0 Thank you, Kevin, and thank you, listeners.
\n <\/p>\n

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

Kevin:<\/b>\u00a0 It\u2019s a fascinating study, you know. When you look at the rich around the world, they just keep getting richer. Is there anything really wrong with that? Why does it happen?
\nMichael Yardney<\/span><\/a><\/span> is from Metropole Property Strategists<\/a>.\u00a0<\/span><\/span>Michael, have you been looking at this? Why is it so?
\nMichael:<\/b>\u00a0 Kevin, I\u2019ve been studying this \u2013 I guess \u2013 for the last 25 years and more intently over the last 10 years as I\u2019ve mentored over 2000 very successful entrepreneurs, business people, and property investors.
\nI\u2019ve noticed that it actually has nothing to do with their background or education; it has a lot to do with their habits, the way they think about money, they way they act about money, and what they do.
\nHaving studied it for a long time, I\u2019ve actually put it all together in my latest book, \u201cThe Guide to Getting Rich.\u201d<\/span><\/a><\/span><\/em> <\/i>
\nThe good news is that the majority of wealthy people in Australia actually didn\u2019t start off that way. They weren\u2019t born with a silver spoon in their mouth. I think most people can become wealthy in this country.
\nKevin:<\/b>\u00a0 I suppose that would be interesting, then, to have a look at what you would see as the common traits, Michael?
\nMichael:<\/b>\u00a0 The common traits of successful investors, business people, entrepreneurs, rich people are they think in a particular way. It\u2019s interesting, and I don\u2019t want to sound arrogant, but after having spent so much time studying people, I think after sitting down and spending five or ten minutes with somebody, I can actually come to a conclusion about how wealthy they are, or are going to be, because of the way they think, which leads them to act in different ways.
\nKevin, the other thing is they have habits \u2013 what I\u2019d call \u201csuccess habits\u201d \u2013 that separate rich people from the average people. In Australia, one of the big things that separates rich from wealthy people is also property.
\nIn fact, all around the world, the wealthy invest in real estate.
\nKevin:<\/b>\u00a0 It would be very handy for us to know what we can learn from that, Michael. What can we learn?
\nMichael:<\/b>\u00a0 You can learn that if you don\u2019t change, nothing else in the world is going to change. But if you change, your life and your wealth can change. I believe if you took all the money in the world and distributed it evenly, within five or seven years, it would be back in the same proportions again. I bet you\u2019ve heard that, Kevin?
\nKevin:<\/b>\u00a0 I have, and there\u2019s another interesting point that you and I have talked about off-air on many occasions, and that is that I think really clever people, people who become rich, are very good at working out where they can best spend their time.
\nMichael:<\/b>\u00a0 That\u2019s right, Kevin.
\nBut what they\u2019ve also learned is to get mentors and models to change their thinking.
\nFor most of us, we\u2019re taught by what I\u2019d call \u201cunwealthy\u201d people \u2013 in other words, our parents, teachers, or friends, who aren\u2019t wealthy.
\nDo you think the conversation around James Packer\u2019s kitchen table was different to the table when you and I grew up? Those people have a head start, but you can start hanging around other people. You can start doing things differently.
\nKevin, when I learned this concept of modeling other people, and understanding how they think, what they do to become the way they are \u2013 whether it\u2019s with regard to health, fitness, business, or wealth \u2013 then you can actually fast-track things. It\u2019s arrogant to think you can start from scratch and learn how to do it yourself, Kevin.
\nKevin:<\/b>\u00a0 If it were easy everyone would be doing it. Another thing I\u2019m fascinated with, Michael, is that gap between the rich and the poor. I know it\u2019s a terrible term, but is that getting wider?
\nMichael:<\/b>\u00a0 I understand your concept of poor. Fortunately in Australia we\u2019re the wealthiest country in the world, so our poor are still richer than the rich in many other countries. Kevin, we also know that true wealth has nothing to do with how much money you have or how many properties you have.
\nBut if we\u2019re allowed to talk about money for a moment, in Australia, the gap is getting wider. The rich are getting richer, and it\u2019s happened even more so post the Global Financial Crisis all around the world. Fortunately in Australia, the gap between the rich and the poor is smaller than any other OECD country.
\nMy thoughts are if you want to change your financial circumstances, you actually have to hang around the right people, learn the habits of the rich, and change some ways of thinking. We\u2019ve been taught that money doesn\u2019t grow on trees and rich people are greedy.
\nThe habits of successful people are that they learn, they educate themselves, they have different ways of thinking, they spend time looking after their personal health, they spend time on good relationships. They invest in themselves first, and then the rest seems to happen, Kevin.
\nKevin:<\/b>\u00a0 Excellent. I suppose a good place to start if you\u2019re interested in reading a little bit more about this is to get a copy of Michael\u2019s latest book, \u201cThe Guide to Getting Rich.\u201d<\/i><\/span><\/a>
\nHow do we get that, Michael?
\nMichael:<\/b>\u00a0 There\u2019s the website \u00a0GuideToGettingRich.com,<\/span><\/em><\/a> which is a really good place to start. It\u2019s really the byproduct of my study over the last 10 years of the 2000 people I\u2019ve mentored to see what the differences are.
\nKevin:<\/b>\u00a0 We might put a link to that on our homepage at Real Estate Talk, Michael.
\nMichael:<\/b>\u00a0 That would be very kind, thank you Kevin.
\nKevin:<\/b>\u00a0 We\u2019ll do that. Just go have a look for it on the homepage, you\u2019ll find it there somewhere. I don\u2019t quite know where it\u2019s going to be. You\u2019ll find it by the time you get to this.
\nMichael Yardney<\/span><\/a>,<\/span> from Metropole Property Strategists<\/span><\/a> <\/span>and author of that new book, \u201cGuide to Getting Rich.<\/span><\/a>\u00a0Thank you for your time, Michael.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.
\n <\/p>\n

Peter Maloney<\/h3>\n

Kevin<\/b>:\u00a0 I was staggered to read the other day that one in five property transactions are currently delayed due to an error. In some cases, these errors can cause delays of up to one year, causing a lot of unnecessary stress to consumers trying to buy or sell a property.
\nProperty transactions are one of the last major financial transactions to become digital. Most rely on two agents meeting face-to-face to exchange checks and other important documents. However, it is expected that 85% of settlements will move online by 2019.
\nThis is all due to the introduction of some e-conveyancing software at Property Exchange Australia. Brisbane-based GlobalX Legal Solutions is a major sponsor of this. They\u2019re pretty much at the heart of the change. I\u2019m talking now to the Chief Executive for GlobalX Legal Solutions, Peter Maloney.
\nPeter, thank you very much for your time.
\nPeter<\/b>:\u00a0 Good morning, Kevin. Thanks for having us on.
\nKevin<\/b>:\u00a0 Peter, what does this actually mean to the industry? Firstly, let\u2019s go back. I mentioned that there are about one in five property transactions currently delayed, and we talked about worse-case scenario of up to a year. What\u2019s the average delay?
\nPeter<\/b>:\u00a0 That\u2019s right. A recent study conducted by PricewaterhouseCoopers and PEXA revealed that approximately one in five property transactions were delayed. There\u2019s a whole range of reasons for why property transactions are delayed. There could be errors in documentation, there could be insufficient settlement funds, or either of those parties just may not be ready to settle on the predetermined date and time.
\nKevin<\/b>:\u00a0 But what is the average delay? What are you experiencing?
\nPeter<\/b>:\u00a0 On our side, because we\u2019re obviously one of the largest property settlement agents in Australia, normally, most failed settlements are resolved within the following week.
\nKevin<\/b>:\u00a0 Does it vary state to state?
\nPeter<\/b>:\u00a0 No. That would be the standard across the entire country.
\nKevin<\/b>:\u00a0 Tell me about the costs associated with these changes in converting it all across to an e-transaction.
\nPeter<\/b>:\u00a0 The costs are largely in the transition from paper-based conveyancing through to electronic conveyancing. The costs are largely borne by the practitioner, not so much the consumer. The costs involved are around the transaction costs for lodgment of documents with the land registry and lodgment of documents that will enable financial settlement to take place.
\nFor the practitioners \u2013 it\u2019s quite open and public information \u2013 the cost of a property settlement on a single title transfer is $106.
\nKevin<\/b>:\u00a0 Is this being supported by the practitioners? Are they encouraging this?
\nPeter<\/b>:\u00a0 Undoubtedly so, Kevin. We\u2019ve just wrapped up a series of workshops all around the country. They were attended by somewhere between 150 to 200 people in every state. The practitioners have moved past the requirement for the sales spin or the cycle of what is PEXA, and they\u2019re now firmly into the educative stage. Approximately 15% of all practitioners are already signed on, and I think as of the last count last month, there\u2019s been about $2 billion of property transactions already flowing through the PEXA platform.
\nKevin<\/b>:\u00a0 The system is already working, so why will it take until 2019 to get it fully introduced?
\nPeter<\/b>:\u00a0 Look. It is transitional. It does require all parties to a property transfer to be a subscriber of the PEXA platform. That\u2019s not only the solicitor acting on behalf of both the buyer and the solicitor acting on behalf of the seller, but it also requires the financial institution \u2013 so the incoming mortgagee and the outgoing mortgagee \u2013 to be subscribers of PEXA at the same time.
\nLike anything, this process is a network effect. It requires the adaptation of the system across the broad network, and that\u2019s just going to take a couple of years for it to take effect.
\nKevin<\/b>:\u00a0 When this does come into full effect, will both the paper and electronic conveyancing still be available?
\nPeter<\/b>:\u00a0 Yes, they will. That\u2019s probably the most important thing for all buyers and sellers to know. The way property is settled in Australia will continue to have a hybrid offering of both manual settlements processes, which is in place today, and the electronic processes.
\nIt\u2019s important also that some of the property settlements that occur don\u2019t fit the electronic model, so there are some exclusions under the electronic model that won\u2019t take effect.
\nKevin<\/b>:\u00a0 What about verification and identity checks? I guess, as always, the difficulty when you go online with any of these things is that you\u2019re exposing yourself to a lot of unscrupulous people.
\nPeter<\/b>:\u00a0 That\u2019s right, Kevin. Verification of identity is new to the process of conducting a property transfer, but it is also one of the greatest safeguards in the process.
\nFor property transactions that are conducted electronically, the practitioner must verify the identity of the buyer or the seller, depending on which party they\u2019re operating on behalf of, and that complements the pre-existing rules that exist in Queensland around verification of identity from the mortgagee perspective.
\nAround the country, what all land registries have been committed to doing and have successfully rolled out is the alignment between the requirements of the electronic conveyancing platform, and they\u2019ve made that retrospective for the paper process.
\nSo for the consumer, as opposed to having a different process for electronic and a different process for paper based, there\u2019s simply now one process that will require the consumer to have their identity verified prior to being able to transact in the property or to be able to facilitate a transaction electronically.
\nKevin<\/b>:\u00a0 Well, certainly a step in the right direction. Peter, thanks for coming on and telling us about that, and all the best for the future. Peter Maloney from GlobalX Legal Solutions.
\nThanks for your time, Peter.
\nPeter<\/b>:\u00a0 Great. Thank you, Kevin.
\n <\/p>\n

Tiffany<\/h3>\n

Kevin<\/b>:\u00a0 I mentioned a couple of weeks ago that I\u2019d received an e-mail from Tiffany, who rightly so hauled me across the coals for not having enough women on the program. We\u2019ve actually taken steps to amend that, and I appreciate any feedback that anyone can tell us about how we can get the programs better.
\nTiffany joins me. Hi, Tiffany.
\nTiffany<\/b>:\u00a0 Hi, Kevin. How are you?
\nKevin<\/b>:\u00a0 Wonderful. Thank you for the prompt, too. We actually have a schedule now to make sure that we do get both sexes involved in the show going forward because I think as you rightly pointed out, women do have a different kind of focus, don\u2019t they?
\nTiffany<\/b>:\u00a0 They do. And I think a different way is thinking about investing. It\u2019s just the way that the brain is structured. I work in training, so I work a lot around psychology and understanding how people learn and how they implement activities. It is proven quite widely that women really do learn and actively take investments in different ways.
\nKevin<\/b>:\u00a0 Being a real estate agent, I know that women look at property purchases totally differently from men and their decision making process is also quite different. It\u2019s valuable input.
\nNow, you\u2019ve made a wonderful offer, which we\u2019re going to talk about in just a moment, but before we do, you mentioned in your e-mail that you work for a large financial institution and that they have a \u201cwomen in finance\u201d mentoring program. Tell me about that.
\nTiffany<\/b>:\u00a0 Yes. As I said, I work in training, and we really try to support professional development for women working in the organization. What we do is buddy them up with women who are in senior leadership roles to make sure that they have the support that they need to develop and grow professionally so that we\u2019re really supporting them to develop their career.
\nKevin<\/b>:\u00a0 Anything in self-development, we\u2019re really behind. The offer that you made was that you are willing to be a catalyst to maybe put some women together who might be interested in starting some kind of a group. I imagine it probably would be online or something like that, Tiffany?
\nTiffany<\/b>:\u00a0 Yes. I haven\u2019t actually started it up, but it\u2019s really just an idea at this particular point in time. I notice that there isn\u2019t really that support or mentoring for women in property investing. I have a huge passion for it, which is why I\u2019m such a fan of your show.
\nKevin<\/b>:\u00a0 Thank you.
\nTiffany<\/b>:\u00a0 I just thought if anyone is interested, then maybe we could get something started and actually connect women who have very little experience in property investing with women who do have that experience so that that they can have someone support them and hold their hand along the way.
\nKevin<\/b>:\u00a0 Well, maybe we can help facilitate that, too. I\u2019m not quite sure yet how we can do that. Why don\u2019t we just put the call out? If anyone is interested, they can either contact me directly through our website, or to you if you don\u2019t mind. What\u2019s your e-mail address, Tiffany?
\nTiffany<\/b>:\u00a0 Yes, absolutely. I\u2019m more than happy for people to contact me if they\u2019re interested, and we can talk about how this would happen. My e-mail address is TiffanyMuirhead@yahoo.com.au<\/a>.
\nKevin<\/b>:\u00a0 If you\u2019ve made a note of that, by all means contact Tiffany directly, or you can do it through me, and I\u2019ll just forward it straight on to you, and you can communicate directly with them.
\nThat\u2019ll be a nice way to go. We\u2019ll monitor this, and if there\u2019s a need for us to get together a special program where you might want to talk to a couple of investors, and we might make that broadly available, we\u2019d be very happy to do that, as well.
\nTiffany<\/b>:\u00a0 Thank you.
\nKevin<\/b>:\u00a0 There you go. That\u2019s TiffanyMuirhead@Yahoo.com.au<\/a>, or you can e-mail me directly. Just do it through the website, Kevin@RealEstateTalk.com.au<\/a>.
\nTiffany, great talking to you. Congratulations on what you\u2019re doing, too. I know that you\u2019ve just started your journey. You did Michael Yardney\u2019s course in Melbourne, didn\u2019t you?
\nTiffany<\/b>:\u00a0 I did. I was really impressed with Michael\u2019s course in Melbourne. I loved it, and it was a really great way to make some connections, meet some people, and learn a whole heap, as well.
\nKevin<\/b>:\u00a0 Yes. He\u2019s a good man, and he\u2019s a regular on our show, too. Tiffany, thank you so much for your time. I will be in touch with you, and we\u2019ll monitor this.
\nTiffany<\/b>:\u00a0 Wonderful.
\nKevin<\/b>:\u00a0 It\u2019s fantastic. Just contact me, and I\u2019ll pass it on. Thanks, Tiffany.
\nTiffany<\/b>:\u00a0 Thanks, Kevin. Thanks for having me on the show.
\n <\/p>\n

Jodi Walker<\/h3>\n

Kevin<\/b>:\u00a0 We do know that when it comes to buying a property, first impressions really do count. Is it all about beauty, general street appeal, and how tidy and well-kept the property looks? How good the property looks from the street, of course, isn\u2019t always an accurate reflection of what it\u2019s going to look like on the inside. In a recent report, Melbourne-based Secret Agent\u2019s Jodi Walker has had a look at what will influence a buyer to pay more, a fascinating study.
\nHi, Jodi. How are you?
\nJodi<\/b>:\u00a0 Good. Thanks, Kevin. How are you going?
\nKevin<\/b>:\u00a0 Wonderful. Well, you heard what I said there. How important is first impression to getting a premium price when you\u2019re selling a property?
\nJodi<\/b>:\u00a0 Our research shows that first impressions can have a positive impact on the price of your property, so I would say that they are very important. The fa\u00e7ade of a home is what attracts many people to step inside and take a closer look at the property in the first place. Serious buyers may also feel that interior renovations are easier to do than the external fa\u00e7ade itself, especially if it needs structural alterations to achieve beauty.
\nKevin<\/b>:\u00a0 Yes. Many people make a decision about whether they\u2019re going to inspect the house just from the street, don\u2019t they? I\u2019ve had buyers in the car who have just said, \u201cNo, I\u2019m just not even interested,\u201d and I\u2019ve had to encourage them to get inside.
\nJodi<\/b>:\u00a0 A lot of locals will be walking around and see a pretty house and say, \u201cOh okay, it\u2019s for sale. I\u2019m going to go have a look,\u201d and then once you\u2019re inside, maybe you\u2019re captured.
\nKevin<\/b>:\u00a0 Yes. One thing I noticed in the report, too, you talked a bit about symmetry. I think we\u2019ve all seen properties that have been very poorly renovated with additions that just don\u2019t fit the overall look of the property or even the era from when the property came. How important is that symmetry?
\nJodi<\/b>:\u00a0 Symmetry is important to an extent because our brains automatically detect this. As humans, we have a natural preference for things that are symmetrical. Research looking into the neurological response to beauty has found that while symmetry alone does not cause something to be beautiful, it is the most important element of an image that is used in determining aesthetic judgment.
\nIn our study looking at mainly period homes around inner-city Melbourne, Secret Agent, rated properties out of ten according to how beautiful the fa\u00e7ade was perceived to be, and symmetrical facades were more likely to be reported as beautiful than those that were not. This is consistent with the other behavioral and neurological studies that are discussed further throughout our report.
\nKevin<\/b>:\u00a0 Yes, I find it fascinating that you actually went to rate it. How is that rating done? Was it a very subjective view, or was there some system behind that?
\nJodi<\/b>:\u00a0 No, it was quite subjective. Basically, we rated it out of ten \u2013 everyone in the office \u2013 and it was just based on the fa\u00e7ade alone, how symmetrical it was and how beautiful it was.
\nKevin<\/b>:\u00a0 Your research was very, very detailed, and it\u2019s a great report. We\u2019re going to make it available on our website, too. There will be a link inside the text for the audio from this interview that\u2019ll take you straight to that report. Thanks for making it available, Jodi. It\u2019s a great resource.
\nYour research was very, very detailed. You looked at individual streets and properties in those streets to gain an understanding about how much more people will pay. What, overall, did you discover?
\nJodi<\/b>:\u00a0 Our research found that in the majority of streets, fa\u00e7ades that had a higher than average beauty rating also had a higher than average price per square meter when sold. The opposite was also true whereby streets with lower beauty scores had a lower than average sale price.
\nOf course, there were exceptions to the trend, with some streets having below-average beauty scores and higher than average sale prices. Other factors are likely to be contributing here. These could be things such as proximity to shops and lifestyle attractions and also the kinds of demographics wanting to live in the area.
\nKevin<\/b>:\u00a0 What I found really interesting \u2013 and I think a lot of agents really will, too \u2013 is that we\u2019ve always thought the size mattered, but in this case, it\u2019s more about the outward appearance and the style of the property, Jodi.
\nJodi<\/b>:\u00a0 Yes. The size has been accounted for in this study by using the price per square meter rather than just the price alone.
\nKevin<\/b>:\u00a0 Yes, fascinating. I think it\u2019s a great study. As I said, you can pick it up at our website. Jodi, congratulations on your work. Secret Agent, of course, producing some great reports over the year, and it\u2019s always our pleasure to tell you about them.
\nJodi Walker, thank you so much for your time.
\nJodi<\/b>:\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Have you ever wondered why the rich keep getting richer and the gap between the rich and the poor keeps widening? Michael Yardney addressees that topic in the show and tells us about his new book as well. 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