{"id":7412,"date":"2016-03-18T00:05:27","date_gmt":"2016-03-17T13:05:27","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7412"},"modified":"2016-03-18T00:05:27","modified_gmt":"2016-03-17T13:05:27","slug":"property-sellers-beware-chines-buyers-get-a-big-bonus","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/property-sellers-beware-chines-buyers-get-a-big-bonus\/","title":{"rendered":"Property sellers beware + Chinese buyers get a BIG bonus"},"content":{"rendered":"

 
\nDid you know that investing interstate is something that few Australians do? No matter how much research you do, there is always the concern that the property you invest in won\u2019t perform. Add an interstate location to the mix \u2013 meaning you\u2019re not able to see, visit and drive by, can create enough \u2018fear of the unknown\u2019 to stop investors from taking any action at all. It leads many investors to only invest in their own backyard. How can you make sure you\u2019re not one of these who lose out? Michael Yardney<\/strong><\/a> helps with some solid suggestions.
\nRob Balanda<\/strong> from MBA Lawyers sees many inexperienced developers come to grief over easements. They may sound innocuous but they can mean the difference between making money and not or even being able to develop the site. Rob talks about what you can and can\u2019t do with easements.
\nYou might have seen the ads on TV that promote a website that offers sellers the opportunity to get assistance to select the best agent to sell their property. Mixed with that is the inference that if you go with them you will get up to $100,000 over your reserve. The site is Open Agent. There a number of similar sites offering the same inducements. We look at those promises today, talk to an agent about them and ask the Open Agent CEO to respond.
\nChinese property buying power in Australia has surged over the last five years. Even though we are paying more for property, mainland Chinese are paying less \u2013 up to $70,000. Hear why as we talk to the chief of the biggest Chinese buyers website in the world.
\nWe talk to an interior designer who shares some do\u2019s and don\u2019ts if you are preparing to sell a property.
\nAlso hear that Chinese are not the only overseas buyers eyeing off Australian property and why Tim Lawless<\/strong> says lot sizes are reducing.
\n 
\nTranscripts:<\/strong><\/p>\n

Charles Pittar<\/h3>\n

Kevin:<\/b>\u00a0 Hi once again. Of course, despite rising property prices in most Australian capital cities, the Juwai.com Chinese purchasing power index for Australia shows that buyers holding yuan in the first quarter of 2016 have the equivalent of more than $70,000 (AUD) in increased purchasing power when buying an average priced Australian home, compared to four years ago. That\u2019s staggering information. Joining me to discuss that is the CEO for Juwai.com, Charles Pittar.
\nCharles, what impact is this having \u2013 that you\u2019re seeing \u2013 for the popularity of Australian property?
\nCharles:<\/b>\u00a0 Price is always important for a Chinese investor. Australia has been a very popular destination for a number of years, and now with a currency devaluation and the corresponding increase in purchasing power from the Chinese consumer, it essentially makes Australian property more affordable and more attractive.
\nKevin:\u00a0 <\/b>What sort of affordability levels are the average Chinese buyers looking at? What sort of purchasing power do they have, Charles?
\nCharles:\u00a0 <\/b>It\u2019s a good question. I think there is a tendency for people to assume that every Chinese buyer is looking for a multimillion dollar, very expensive property, but the reality is at Juwai, we\u2019re getting 2.5 million unique visitors to our site every month and on average, 70% of our visitors are looking between $500,000 (USD) and $1.5 million (USD).
\nObviously, that means 30% are looking for more, so luxury properties are still very appealing \u2013 there is demand there, clearly \u2013 but $500,000 to $1.5 million corresponds to 70% of our audience.
\nKevin:\u00a0 <\/b>What are you seeing through your website as to what makes a property popular for Chinese buyers? Is it the location?
\nCharles:\u00a0 <\/b>Over the years that we\u2019ve been in operation, we\u2019ve found that there are four main motivations as to why people come to us. The first motivation is investment, and clearly as the Australian dollar devalues, that becomes more attractive.
\nLifestyle is very important. Outbound travel from China internationally is at record highs, and clearly, we get a lot of visitors to Australia. As they visit destinations and fall in love with them, they want to buy in that location, so lifestyle is very key.
\nI think that education is probably the one that Australians are still getting their head around. Education is now Australia\u2019s second largest export, second only \u2013 obviously \u2013 to resources. It\u2019s larger than tourism. As Chinese parents are sending their children to Australia, they need somewhere safe and clean near a university where their child is going to be studying, and so looking for a property \u2013 whether it\u2019s a new home or even rental accommodation of a sufficient standard \u2013 is a really key motivator
\nThe fourth one is immigration. Around the world, there are a number of countries now that have residency status coupled in with an investment. Australia has that to a certain extent, as well, so immigration is really the fourth motivation.
\nInvestment, luxury, education, and immigration are the reasons why our Chinese consumers come to us.
\nKevin:\u00a0 <\/b>Let\u2019s have a look at a few of the areas that you\u2019ve probably detected on your site are the most popular areas in terms of where they\u2019re searching. Do you have any statistics to tell us about or any suburbs in particular?
\nCharles:\u00a0 <\/b>I think it\u2019s interesting that over last year, we saw Queensland actually become the most popular state. Actually, it\u2019s jumped ahead of New South Wales for the first time. We found that to be a pretty interesting broad assessment of where the Chinese are looking.
\nClearly, Victoria, New South Wales, and Queensland are the three most popular states. We are seeing an increase in Western Australia \u2013 North Coogee, South Perth, and other locations that potentially have seen a decrease in home value evaluations as resources has come off. I think the Chinese are looking at those locations as a potential opportunity because clearly, everything\u2019s cyclical \u2013 resources will come back \u2013 so I think there\u2019s potentially some bargains to be had in those areas.
\nHome and land packages \u2013 either outside of Melbourne and certainly in Sydney and western Sydney \u2013 are very, very popular, which is probably connected with an education motivation. In New South Wales, it\u2019s not all about Mosman and Vaucluse. Obviously, they remain very popular. Waterloo, Collaroy, Port Macquarie and Bankstown are locations that we\u2019re seeing quite a bit of interest in, as well.
\nKevin:\u00a0 <\/b>You mentioned that Queensland for the first time, I guess, is outstripping New South Wales in terms of its popularity. Does that come down to affordability? Is New South Wales becoming less affordable for Chinese buyers?
\nCharles:\u00a0 <\/b>Look, <\/b>I think it is partly to do with affordability, but there\u2019s also just that Queensland is such a wonderful destination. Yes, for sure, I do think that low home prices are important. There\u2019s a lot of new construction going on in Queensland. While secondary property in Australia is obviously always popular to a certain extent, the Chinese do love to buy new homes and new apartments. The construction that\u2019s going on in Queensland, particularly on the Gold Coast and on the coastal areas, is really driving significant demand.
\nIt really comes down to lifestyle, as well. As I said, they travel to Queensland, they fall in love with certain locations, and they want to buy there as a holiday or a lifestyle destination.
\nKevin:\u00a0 <\/b>Charles, thank you once again for joining us today and giving us a bit of an insight into those Chinese buyers. Of course, we\u2019re very, very interested in anything they\u2019re doing. It\u2019s always good information. Thanks very much for your time.
\nCharles:\u00a0 <\/b>It\u2019s a pleasure, Kevin. Thank you.
\n <\/p>\n

Mark Dwyer<\/h3>\n

Kevin:<\/b>\u00a0 I want to read you a post that I read on Facebook regarding what I believe could be very misleading advertising. That\u2019s actually the way it\u2019s purported in this article, too. I\u2019m going to introduce the writer to you in just a moment.
\nMark Dwyer writes: \u201cI\u2019ve seen the same advertisement appear at least 20 or 30 times with the same subtext: Hear how Wendy sold for $100,000 above her reserve price with the agent recommended to her by, in this case, it was a company called Open Agent. You might have also seen the television ads that say exactly the same thing.
\n\u201cCuriously, the image always changes from one property to another, so they can\u2019t all possibly have belonged to Wendy. But it appears that they \u2013 that is, Open Agent \u2013 would like you to think so.
\n\u201cThe Wendy text clearly suggests that Open Agent recommended the agent. Yet, in the following text, it now reads \u2018Compare local agent sales and reviews, and see who is best. Sell faster and at the best price free and independent service.\u2019\u201d
\nThere are a number of those words in this post by Mark that have been treated with an asterisk. I\u2019ll give you an example of a few of them: best, sell, faster, best price, free, independent and service. He makes the point that these are onerous, and in his opinion, a real estate agent making these suggestions would be held accountable for this type of advertising.
\nMark Dwyer joins me. Good day, Mark.
\nMark:<\/b>\u00a0 Hi, Kevin. How are you?
\nKevin:<\/b>\u00a0 Good, mate. This is not something where we\u2019re picking just on one website because there are a number of websites like Open Agent, aren\u2019t there?
\nMark:<\/b>\u00a0 It\u2019s almost like an awakening commercially for a number of ventures where they\u2019ve realized that agents, for years, have paid each other in kind and reciprocated with referrals and paid each other 20% of the fee gained. They\u2019ve taken advantage of this, really. I can\u2019t think of any other way to say it.
\nThey\u2019re kind of taking advantage of agents by recognizing that there is an in for business and they\u2019re doing it under the pretense of referring people or trying to portray to the public that they\u2019re referring them, knowing them on the same sort of basis that agents know each other, for commercial gain.
\nKevin:<\/b>\u00a0 I think Troy makes a very good point. He responded to your post and said one of the things that they don\u2019t say is that they\u2019ll only then refer you to one or two agents who are prepared to pay them their referral fee. They\u2019re aiming for 20%, which is industry standard.
\nIt\u2019s a case of not necessarily referring them the best agent for the job \u2013 that is, for the seller \u2013 but only the best agent for the middle man \u2013 that is in this case, Open Agent. While they purport to give you a list of all of the top agents in an area, they\u2019ll only ever refer you to someone who commercially has said they\u2019ll pay them a referral fee.
\nMark:<\/b>\u00a0 This is where the onerous part comes in because the inference that they created is that they\u2019re referring people as a free service to a commercial service, and what they fail to disclose is that if the agents refuse to agree to their terms and conditions \u2013 in other words, sign up for them \u2013 then they\u2019ll be precluded from being referred.
\nOstensibly, what that then means is if I\u2019m getting a referral from an agent and the best agent in that area has decided not to participate in this particular service offered, then they\u2019re not referred. Again, I say how can they say that you\u2019re getting the best agent in the area if that agent decides not to participate?
\nKevin:<\/b>\u00a0 The other thing that I really take exception to is the style of advertising saying that because Wendy, in this case, took the advice and took on one of their agents, they actually got $100,000 over their reserve, which, really, is one of the things that in a lot of states around Australia, agents are being castigated for because they\u2019re being accused of low-balling.
\nMark:<\/b>\u00a0 Precisely. The thing that prompted this post on social media in the first place is that for all intents and purposes, these particular companies are operating outside of the very guidelines that estate agents would be required, whether it be by internal regulatory bodies like the institutes or, indeed, the regulators themselves in each state.
\nWe would just hit all sorts of trouble if we were making these claims. Yet, for want of a better way of saying it, these organizations are not licensed real estate agents, but they\u2019re behaving or operating as such and there is no regulation whatsoever as to what they do and say whereas the real estate agent would be absolutely, as you say, castigated.
\nKevin:<\/b>\u00a0 What reaction have you had from the various institutes around Australia about this issue?
\nMark:<\/b>\u00a0 Aside from social media, I did call upon them to make comment. Thus far, they haven\u2019t. They should. In the protection or the interests of the members themselves, they should be saying something because certainly, if this was actually happening between two members inside the institute, I would suggest here that they would be intervening almost immediately.
\nFor some bizarre reason, because these third-party referrers are operating not as real estate agents but just as standalone commercial ventures, they\u2019re getting away with it.
\nI think it\u2019s also important that we recognize exactly what they are. All they\u2019re really doing is bringing inquiry in, they\u2019re collating data, and they\u2019re just grabbing that data and seeing who is making sales in the area.
\nTheir first priority is making sure that that agent has signed on with them and agreed to pay the 20% referral. In the second instance, they\u2019re looking for the best, but they\u2019re not actually referring the<\/i> agent; they\u2019re referring several agents, three, four, five, or as many as it takes. For want of a better way of saying it, they\u2019re hedging their bets.
\nKevin:<\/b>\u00a0 Yes, leaving it up to the individual to make the decision, but they\u2019ll only ever recommend anyone who has agreed to pay them the 20% in this case.
\nThere are so many issues. We\u2019re out of time on this, unfortunately. Many, many issues. I want to canvas it. Have you had an experience with one of these organizations? Give us a call and let us know. We\u2019d love to have your feedback on it, too. You can do it through our website if you like. Kevin@RealEstateTalk.com.au<\/a> \u2013 that\u2019s the e-mail address \u2013 or just go to RealEstateTalk.com.au and give us some feedback. We\u2019d love to get your comments.
\nWe are going to actually canvas a number of these questions directly with one or two of these. I\u2019ve mentioned Open Agent. There is another one that\u2019s called Sell My Castle. Are there any others that you\u2019re aware of, Mark?
\nMark:<\/b>\u00a0 Rate My Agent is purporting to just, as its title suggests, rate agents, but they\u2019re eventually going to move into the same space. There are any number of companies now that are eyeing off an opportunity to cut into 20% of agents\u2019 fees.
\nKevin:<\/b>\u00a0 As a consumer, it certainly looks very attractive, but I think you really have to ask some questions about what sort of agent they are referring to you and how they are deciding that it\u2019s the best agent to suit you.
\nMark:<\/b>\u00a0 This is what is not understood. It is actually costing the consumer because the money that is being paid to these third-party referrers must come from somewhere, and it\u2019s originating from the consumer. You, as a consumer participating in this, are actually putting more pressure on the agent to charge you more money. That needs to be understood.
\nKevin:<\/b>\u00a0 Be aware. Question it, by all means. If you want to contact Mark or read a little bit more about this, just go to his Facebook page, Mark Dwyer Real Estate Sales Trainer.
\nMark, thanks for your time.
\nMark:<\/b>\u00a0 Thank you very much, Kevin.
\n <\/p>\n

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

Kevin:<\/b>\u00a0 Quite often in the show, we talk about the pros and cons of buying inter-state, buying almost without seeing the property. There are people who believe it\u2019s a good idea and other who don\u2019t think it\u2019s such a good idea. But, you know, there are some common mistakes that property investors make when they\u2019re buying inter-state, whether it\u2019s sight unseen or not.
\nLet\u2019s have a look at a few of those. Michael Yardney from Metropole Property Strategists joins me.
\nHi, Michael.
\nMichael:<\/b>\u00a0 Hello, Kevin.
\nKevin:<\/b>\u00a0 I know you\u2019ve been looking at this and you\u2019re always giving advice on it. Let\u2019s quickly run through your thoughts on buying inter-state.
\nMichael:<\/b>\u00a0 First of all, I think it\u2019s a good idea to consider investing outside your backyard because we know that different property markets around Australia are at different stages of their own cycle.
\nI think one of the things that holds a lot of investors back is not buying inter-state, so it\u2019s definitely something to be considered. But then again, a lot of those who do buy inter-state make some common mistakes we\u2019ve found, so maybe today is a good time to alert people to these.
\nKevin:<\/b>\u00a0 One of the big pluses of buying in your own backyard is that you know the area. That\u2019s probably why a lot of people do it, Michael.
\nMichael:<\/b>\u00a0 It\u2019s in your comfort zone. You\u2019re right.
\nKevin:<\/b>\u00a0 Exactly. Let\u2019s have a look at a couple of the issues if you are buying inter-state and things you should be aware of. What\u2019s the first one?
\nMichael:<\/b>\u00a0 I think one of the traps people fall into is buying off the plan. They\u2019re buying inter-state and maybe they can\u2019t afford in their local state at the moment, so they\u2019re putting a smallish deposit down and hoping that the property market is going to pick up. Also, they feel a bit more comfortable because they couldn\u2019t really even see the property anyway. It\u2019s not built, so they don\u2019t feel that bad buying something sight unseen.
\nI think we\u2019ve discussed before the tsunami of problems that are going to occur with people buying off the plan with finance problems, with completion, problems with levels of finish. One of the big mistakes to avoid is don\u2019t buy off the plan.
\nKevin:<\/b>\u00a0 You do end up paying a premium in a lot of cases, as well, Michael, don\u2019t you?
\nMichael:<\/b>\u00a0 Rather than the discount you\u2019d expect for the uncertainty of completion of standards, of finishes, of how the market is going to be, or what interest rates are going to be \u2013 you should be getting a discount for all the uncertainty \u2013 you\u2019re right, Kevin, people are paying a premium.
\nKevin:<\/b>\u00a0 In a similar vein, I guess, buying in master plan communities, house\/land packages, traditionally, you have to go into some of those outer suburban areas?
\nMichael:<\/b>\u00a0 A lot of people buy inter-state because the entry level is cheaper and they think, \u201cFor my X amount of dollars, I can buy a house and some land\u201d \u2013 a landed property as some people call it \u2013 rather than the apartment that they may only be able to get in the more expensive capital cities of Melbourne and Sydney.
\nThe trouble is that while that may seem like a nice idea \u2013 getting something new with some land \u2013 these outer suburban segments of the market have historically under-performed, and they\u2019re likely to continue to do so in the future because of the typical demographic of people who buy there. Young families who are price- and interest-rate-sensitive are likely to continue to do so, so they don\u2019t make good investments.
\nKevin:<\/b>\u00a0 In the introduction, I mentioned about buying sight unseen, and I guess that\u2019s always a temptation if you\u2019re going to be buying inter-state, as well. Is it such a good idea?
\nMichael:<\/b>\u00a0 Just recently there has been publicity in the current affairs programs about a property that were sold with photos where this huge water tank behind it wasn\u2019t shown. Yes, despite the concept of you can have all of the photos, the videos, and the walk-throughs, it\u2019s interesting how you can actually hide unsightly features using a good camera and exploiting the right camera angles. I\u2019m not even suggesting Photoshopping.
\nI\u2019ve heard horror stories of people who bought sight unseen thinking the investment property had an incredible view \u2013 and it actually did if you were looking out of the laundry or somewhere like that \u2013 or they didn\u2019t realize that there were power lines that dominated the streetscape because they relied on the agent\u2019s photos only.
\nThe moral of the story is don\u2019t risk purchasing sight unseen unless you have a trusted representative such as a local, not an inter-state buyer\u2019s agent, somebody local who knows what is going on.
\nKevin:<\/b>\u00a0 One of the other temptations in buying inter-state is that you would actually buy from a marketer, that is someone who will come to your area and tell you about properties in other areas.
\nMichael:<\/b>\u00a0 You\u2019re right. I\u2019m not saying all property marketers are trying to scam you, but there are a fair few rogues out there who add a significant premium to the property sale price that basically accounts for their commission. There is only one person likely to make a decent profit out of this transaction, and it\u2019s not the investor. There are far safer, easier, smarter ways to invest in property than this.
\nKevin:<\/b>\u00a0 Remember the days of the white shoe brigade on the Gold Coast?
\nMichael:<\/b>\u00a0 Yes, they were and unfortunately, they got a bad reputation \u2013 white shoes, gold chains, and selling properties in a two-tiered way, something that the locals wouldn\u2019t or couldn\u2019t afford to pay for, but making it sound good to inter-state clients because the price point is lower, so people thought, \u201cOh, it must be a bargain.\u201d
\nKevin:<\/b>\u00a0 To sum it up, Michael, if you\u2019re going to be looking at any kind of an investment, you really need to make sure that it aligns with your own goals and investment strategies and do your homework.
\nMichael:<\/b>\u00a0 It does, Kevin. One last mistake people are making is actually buying advice from out-of-town advisors. We, with officers in three states of Australia, see some inter-state buyer\u2019s agents who fly up, see a few properties, make an offer, and fly out again.
\nThey don\u2019t have the perspective. They don\u2019t have the depth of experience that you need to understand what makes a good investment property in a particular location, why one side of the street is worth more than the other or one particular street is worth considerably more than the next one. You really need to rely on on-the-ground experience to ensure you minimize your risks.
\nI agree with you, Kevin. Buying inter-state can be a savvy, financially rewarding way of growing your portfolio, but you have to make sure it fits in with your long-term strategy.
\nKevin:<\/b>\u00a0 Absolutely. Always good advice, as usual. Michael Yardney<\/a> from Metropole Property Strategists<\/a>.
\nThanks for your time, Michael.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.
\n <\/p>\n

Naomi Findlay<\/h3>\n

Kevin:<\/b>\u00a0 I guess one of the most asked questions of me is what do we do when we want to sell our place? What works? What doesn\u2019t work? Let\u2019s tap into that. Naomi Findlay is from Silk Home Staging and Styling and knows a lot about what it takes to sell a property.
\nGood day, Naomi.
\nNaomi:<\/b>\u00a0 Good day, Kevin. How are you?
\nKevin:\u00a0 <\/b>Good. It is one of the most asked questions. What are your dos and don\u2019ts if someone wants to sell their place and get the most for it?
\nNaomi:\u00a0 <\/b>I think my number one do is make sure that you meet the market\u2019s expectations. I think that\u2019s an absolute first and essential thing that you need to do when you\u2019re thinking about putting your property on the market. You need to do some research. You need to do some due diligence about where your property fits in the market and what the market\u2019s currently expecting from your property in that price range and in that location.
\nKevin:\u00a0 <\/b>That\u2019s pretty important, isn\u2019t it? I\u2019ve seen it happen so many times. If you\u2019re asking $1 million dollars for a property, and it only has a couple of bedrooms, you\u2019re just never going to make it. It just won\u2019t happen.
\nNaomi:\u00a0 <\/b>Absolutely. And it works both ways, Kevin. A lot of people feel that sometimes they over-meet the market. They invest too much in making their home award-winning or luxury, and the market in that area is not actually after that.
\nIt\u2019s about just making sure that you\u2019re meeting the market\u2019s expectations, with a little bit of a buffer zone on either side. That way, you\u2019re not either, one, over-capitalizing or, two, missing the mark and \u2013 as you\u2019re saying \u2013 asking $1 million dollars for a two-bedroom property, for example, when there\u2019s a four-bedroom property that\u2019s potentially a great comparison next door for the same price.
\nKevin:\u00a0 <\/b>That\u2019s a big one. What else do you have?
\nNaomi:\u00a0 <\/b>This one\u2019s an old one but I can\u2019t stress this enough. Having your property maintained and repaired is a huge, huge one. It\u2019s a huge do. There\u2019s some great evidence around to say that 90% of buyers will actually pay above and beyond to have a property where they don\u2019t need to go in and fix other people\u2019s lack of maintenance. A poorly maintained property isn\u2019t really a renovator. It\u2019s more fixing up what other people haven\u2019t had an opportunity to attend to.
\nMake sure that your property is well-maintained and in good repair. Making sure that the downpipes aren\u2019t rusted, making sure the decks are oiled, making sure that the grout\u2019s cleaned, those sorts of things are essential to making sure that you leverage your value <\/b>in the property.
\nKevin:\u00a0 <\/b>Get someone in who can help you with that, too. Quite often, we live with something and we make allowances for it and say, \u201cIt all looks fine to me,\u201d but then someone who comes in and has never seen it is going to pick up on those things \u2013 dirty grout and stuff like that.
\nNaomi:\u00a0 <\/b>Absolutely. A deck doesn\u2019t become in bad shape overnight; it becomes in bad shape over the course of a year or two years. Grout doesn\u2019t become discolored overnight. When we\u2019re living in the house, it\u2019s not that we\u2019re dirty or that we don\u2019t care; it\u2019s that we don\u2019t actually see it, and you need those fresh eyes.
\nBringing someone to help you identify that, and also \u2013 as you said \u2013 bringing someone in to help get on top of that. There are so many people who specialize in domestic services nowadays that if you don\u2019t have time, for a very small investment, you can absolutely take care of those things.
\nKevin:\u00a0 <\/b>Yes, getting your property market-ready is a big one. What other tips do you have for us, Naomi?
\nNaomi:\u00a0 <\/b>This one is, again, based on numbers. I\u2019m sounding like a bit of a numbers geek here. The evidence shows us that the biggest turnoff in a property is a dark property or a property that smells. Ensuring that you have adequate light in your spaces, and ensuring that if you have pets, or if you cook lots of curry, or if you are a smoker, that you get on top of those odors.
\nThat\u2019s not something that you get rid of overnight, so you need to identify early on that you\u2019re going to go to market and be honest with yourself about your home. Spend some serious time making sure that you have adequate light in spaces and that they\u2019re odor free, because it is absolutely number one and two in the top turnoff list for buyers when they\u2019re looking at properties.
\nKevin:\u00a0 <\/b>If you\u2019re looking at selling your property, Naomi, I need to ask you about staging, too. Does it work, and how do we go about doing that?
\nNaomi:\u00a0 <\/b>You know what? <\/b>It absolutely works. There are some great statistics around the return on investment that you can get when you\u2019re staging a property. Staging a property is all about showing people how to live in the space.
\nWith many of the smaller studios or apartments or even our big, open-plan spaces, only 10% of people can visualize what to do in a space with furniture. So you want to make sure that you demonstrate that for the potential buyer. In the 6 to 12 minutes that they\u2019re looking at your property during an open inspection, you need to make sure that they can easily identify how they would live in that space. That just lets them connect to it really well.
\nKevin:\u00a0 <\/b>Naomi, thanks for your time. If you want to contact Naomi, just go to her website, NaomiFindlay.com.
\nNaomi:\u00a0 <\/b>Just .com.
\nKevin:\u00a0 <\/b>Just .com. Naomi \u201cJust dot-com,\u201d thank you for being with us.
\nNaomi:\u00a0 <\/b>Thanks so much, Kevin. Talk to you soon.
\n <\/p>\n

Rob Balanda<\/h3>\n

Kevin:<\/b>\u00a0 A couple of weeks ago, we had a chat to Rob Balanda from MBA Lawyers about some of the legal things you should be considering prior to becoming a developer or moving into developing a site.
\nRob, there are a couple of other considerations, too. One in particular is easements. Let\u2019s talk that one through.
\nRob:<\/b>\u00a0 They seem pretty innocuous, but they\u2019re what lawyers call a classic defect in title. When I see easement, I mean the right to use a property without taking something from it. For example, a right of way or a drainage easement to the local council or an easement to the energy authorities. They\u2019re classics. The big thing about them is you cannot build over them.
\nSecondly, they often seriously affect the value of the property. I\u2019ve seen even humble drainage easements running around the boundary in the setback area, which you can\u2019t build over anyway, Kevin. I\u2019ve seen valuers value a property down 10% to 15% because of the existence of that easement. If you buy a property, you must do proper searches and check out the existence of any easements. The thing is you buy it subject to the easements.
\nThings to check are, how wide is the easement? If it\u2019s a right of way, for example, is it gated off? Do you have the right to gate it off? Does anyone have the right to lock it up? Who repairs it? I was looking at one recently where a battle-axe block, a rural property, had a 500-meter concrete easement leading to this property. That was really important. Could anyone gate it off or lock it? Who repaired it when it needed repair? Even concrete drives need repairing eventually.
\nEasements are a really big thing, and if there are any doubts, you should add a clause to the contract\u2026 You would expect me to say this, Kevin.
\nKevin:\u00a0 <\/b>I would.
\nRob:\u00a0 \u2026<\/b>Add a clause to the contract making the deal subject to you checking that out.
\nKevin:\u00a0 <\/b>I know there\u2019s another thing that we\u2019ve discussed in the past, too, and that is getting access to the site to do some of the work that you\u2019re talking about.
\nRob:\u00a0 <\/b>Yes. If you\u2019re going to redevelop the site, time is money. It\u2019s really crucial that from the date that you settle, you\u2019re in a position to proceed immediately \u2013 you\u2019re out of the blocks \u2013 because run-ons and time delays can be very expensive.
\nInclude a little clause in the contract \u2013 sellers never object to this, Kevin \u2013 that says you are allowed reasonable access at a reasonable time to go onto the property to do surveys and checks and anything you need so that come settlement, you\u2019re out of the blocks.
\nKevin:\u00a0 <\/b>Would you need to quantify that, Rob? Would you need to say how many times you need to have access?
\nRob:\u00a0 <\/b>That\u2019s a good point, Kevin. Sometimes you need to tweak the clause. Sellers might be a bit anxious. They might push back and say, \u201cThat means you can come in at any time, any day.\u201d You might say something like \u201cAccess hours will be Monday to Friday only, 9:00 to 5:00, and the buyer will have a maximum of six accesses during the term of this contract.\u201d Something like that.
\nKevin:\u00a0 <\/b>It\u2019s a funny thing with negotiations. There\u2019s always a way around it if you just become specific. That could be an objection easily overcome.
\nRob:\u00a0 <\/b>Easily, but you have to be flexible. As an investor\/developer, you have to understand you have to bounce back. Unless you educate yourself about these things, they might seem pretty trite, but they\u2019re not really. As I\u2019ve said to you before, it\u2019s the micro-skills in life that are most important, rather than the macro-skills. Knowing things like that if you\u2019re a developer can save you a lot of money and a lot of pain.
\nKevin:\u00a0 <\/b>What\u2019s another one of the considerations, Rob?
\nRob:\u00a0 <\/b>More properties are being sold now with development approvals already open. Somebody decided a couple of years ago that this was a good idea. Now, the GFC has really hit and they don\u2019t want to proceed or can\u2019t proceed, I see people picking up properties now with DA approval.
\nA big thing about that is, make sure you have clauses in the contract that say that they guarantee that they have paid for all of the work to get that DA approval, especially the consultants, that they own the plans, and that they have copyright in any building plans or development plans, otherwise, they\u2019ll stay with the architect and the builder \u2013 people don\u2019t realize that \u2013 and that the benefit of all of that stuff, reports and plans and everything, gets assigned to you and the originals of all of the copies and evidence that they paid for it get delivered to you on settlement. That\u2019s very important, Kevin.
\nKevin:\u00a0 <\/b>Yes, very important. That can actually go in as a clause in the contract.
\nRob:\u00a0 <\/b>Yes. You\u2019d probably have a due diligence clause in the contract, as well, where you would have checked all of that stuff out. You check it all out that it\u2019s all valid and paid for, and then the seller has to give you the originals of all the stuff on settlement.
\nKevin:\u00a0 <\/b>Rob, I want to thank you for coming along and giving us so much sound advice.
\nRob:\u00a0 <\/b>Thank you, Kevin.
\n <\/p>\n

Marta Higuera<\/h3>\n

Kevin:<\/b>\u00a0 Earlier in the show, I played an interview that I had recorded with Mark Dwyer about a website called Open Agent, which is one of many of the websites that are popping up now \u2013 there are quite a few of them \u2013 that purport to work with sellers to help them find the best agent.
\nYou would have heard some of the concerns expressed by Mark. In fairness, we\u2019ve asked one of the CEOs from Open Agent, Marta Higuera, to join us to answer some of those questions. She joins me now.
\nMarta:<\/b>\u00a0 Good morning, Kevin. How are you?
\nKevin:<\/b>\u00a0 Very well, thank you. What are the qualifications of the people who are working in your site in terms of working with potential sellers to help them get the best price? Are they qualified agents?
\nMarta:<\/b>\u00a0 No, they are not qualified agents. We don\u2019t try to replace agents here. Open Agent was born to try to help the consumer. In some suburbs in Sydney, there will be hundreds of agents in a given location, and consumers are trying to figure out which ones are the best, which ones are just coming to the industry, what they have done and what their customers have to say.
\nWe try to provide that information to consumers, which we believe is in the best support of the industry and the best agents out there.
\nKevin:<\/b>\u00a0 On that point, you say that you\u2019ll help them get the best agent. How do you assess the best agent? From what I can see, it\u2019s purely on the number of sales they make. What other measures do you use?
\nMarta:<\/b>\u00a0 Last year, we helped more than 10,000 people find a real estate agent.
\nKevin:<\/b>\u00a0 That wasn\u2019t my question. What I asked you is how do you assess?
\nMarta:<\/b>\u00a0 I was trying to answer your question. By talking with these 10,000 people, we know what they think about their agents. There are 30,000 or 40,000 agents that those people have worked with and we\u2019re trying to gather the reviews. These people are telling us whether the agents are actually doing what they are telling them they are going to be doing, what kind of service they are getting on top of the sales data, which is not easily available for the average person on the street.
\nI think it\u2019s a combination of sales and also their past customers experiences. We work with the top 15% of agents in the country.
\nKevin:<\/b>\u00a0 Sorry, let me ask you a question about what you said just then. You\u2019re working with the top 15% of agents in Australia. Is that correct?
\nMarta:<\/b>\u00a0 Yes.
\nKevin:<\/b>\u00a0 Have all of these agents agreed to pay you their 20% referral fee?
\nMarta:<\/b>\u00a0 That\u2019s right. I know that was a concern, but referrals at 20% is industry standard.
\nKevin:<\/b>\u00a0 That\u2019s agent to agent. That is not agent to third-party site, though.
\nMarta:<\/b>\u00a0 The concern that Mark and you have, which is that agents refuse to work with us, that has not happened with those agents, because if you had worked with us\u2026 I encourage you\u2026
\nKevin:<\/b>\u00a0 That\u2019s not the feedback I\u2019m getting, Marta. I\u2019m getting feedback from agents who have said they wouldn\u2019t deal with you for that very reason.
\nMarta:<\/b>\u00a0 Kevin. Every single agent that does say no to us gets escalated to me because we want to work with the top agents.
\nKevin:<\/b>\u00a0 I\u2019m not questioning you about the relationship you have with the people who sell with you. What I am questioning is your assertion that you\u2019re putting people in touch with the best agents. What I\u2019m saying to you and what Mark is saying is that it\u2019s not necessarily the best agents; it\u2019s only the agents you\u2019ll refer to someone who have actually agreed to pay you a fee.
\nMarta:<\/b>\u00a0 What I\u2019m saying is that the best agents don\u2019t say no to our referral agreement, and when they do, we try to win them over. If they don\u2019t want to work with us and it\u2019s the best agent for that consumer, we still recommend them to that consumer.
\nKevin:<\/b>\u00a0 You will actually recommend an agent who won\u2019t\u2026
\nMarta:<\/b>\u00a0 We tell them, \u201cThat is a great agent.\u201d They tell me, \u201cI\u2019m talking with so-and-so in this suburb,\u201d and I say, \u201cThat\u2019s a great agent. Do you want a comparison or not? If you\u2019re happy with that agent, carry on.\u201d What consumers, though, are looking for here is the comparison. We would like that you guys get to know us. We are very little and we haven\u2019t been reaching out\u2026
\nKevin:<\/b>\u00a0 You\u2019re actually quite big, Marta.
\nMarta:<\/b>\u00a0 We are not [3:42 inaudible]<\/b>.
\nKevin:<\/b>\u00a0 I know you\u2019re not. I\u2019m trying to give you a fair go here, but I have to get through a few more questions.
\nIn your television ad, you feature someone who says she achieved $100,000 over her reserve price. I\u2019m not doubting that. That probably was her reserve price. It\u2019s more a reflection of the fact that it was a low reserve and not necessarily a good agent. Would you accept that?
\nMarta:<\/b>\u00a0 No, I don\u2019t. When she actually went out with a great agent and she got a great result, that is not necessarily just the agent. What we\u2019re trying to support here is that a great agent will get you more for your property compared with an agent who is not so good.
\nKevin:<\/b>\u00a0 We actually have an agent on the phone who has just called in. I wouldn\u2019t have a clue what he is going to say, but I\u2019m going to put him to air because he may have a question. I understand you want to use the name Phil, but it\u2019s not your right name. Is that right?
\nPhil:<\/b>\u00a0 Yes, Kevin. How are you today?
\nKevin:<\/b>\u00a0 Good, mate. You\u2019ll have to be quick. What\u2019s your point?
\nPhil:<\/b>\u00a0 One, the commission they\u2019re trying to charge is 20% plus GST. It\u2019s not 20%. The other thing is that on the terms and conditions that they give you, the client they\u2019re referring you to remains their client for 24 months.
\nIn other words, if you get put up against four or five agents \u2013 as you were saying, not necessarily the best agents but the ones who will comply with their terms and conditions \u2013 if that property doesn\u2019t get sold by the first agent and then one of your other agents in your agency picks up the listing, they\u2019ll still claim the 20% plus GST 24 months down the track.
\nKevin:<\/b>\u00a0 Marta, is that right?
\nMarta:<\/b>\u00a0 Yes, that\u2019s right.
\nKevin:<\/b>\u00a0 How can you do that?
\nMarta:<\/b>\u00a0 What\u2019s the problem?
\nKevin:<\/b>\u00a0 Let me ask you this question. An agent will sign someone up. They can only ever sign them up for a period in Queensland of 90 days. You\u2019re actually saying to that person that they are going to be your client for anything up to two years. Is that correct?
\nMarta:<\/b>\u00a0 That is correct because there are a lot of people who come to us every year\u2026
\nKevin:<\/b>\u00a0 But you\u2019re not agents. You are not agents, Marta.
\nMarta:<\/b>\u00a0 There are lots of people who come to us really early in the process. They are looking for a price and they are trying to meet the best agent. What we do is actually invest in following these people up for the agents, so when that 24-month clause is in there\u2026
\nKevin:<\/b>\u00a0 Follow it up for the agent or follow it up for you? Let\u2019s get real here.
\nMarta:<\/b>\u00a0 We follow it up for the agent and we follow up for us. We are working together with our agents to do this. That clause is in there to take away a listing for an agent who has not managed to sell a house.
\nWhat we try to do in that case is actually work with the agent to educate the vendor as to why that property has not sold, which is in the case of a good agent, not because the agent has not done a good work or because of something that is happening in the market.
\nThat is why the 24-month clause is in there. The other thing that we do is do the follow-up.
\nKevin:<\/b>\u00a0 I\u2019m not finished with this, Marta, because I believe you are in breach of the act. I believe you\u2019re actually asking someone to commit to you for two years. You\u2019re telling agents the same thing. Agents can\u2019t do that. You\u2019re not agents.
\nMarta:<\/b>\u00a0 How does that breach the act?
\nKevin:<\/b>\u00a0 You\u2019re getting a commitment out of someone for two years to work with you.
\nMarta:<\/b>\u00a0 I advertise on TV. I have a lot more regulatory bodies than any real estate agent.
\nKevin:<\/b>\u00a0 I will follow this up. I want to follow it through because I do believe you\u2019re in breach of the act.
\nI\u2019m going to leave it there, Marta. Thank you very much. We will follow it up with you during the week.
\nA somewhat fiery discussion there, but we\u2019d really appreciate your feedback on this. If you had an experience with one of these websites \u2013 whether it\u2019s favorable or unfavorable \u2013 we would like to hear about it. You can let us know your thoughts by contacting us through the website at RealEstateTalk.com.au. Just use the \u201cContact Us\u201d button and send us your message.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Did you know that investing interstate is something that few Australians do? No matter how much research you do, there is always the concern that the property you invest in won\u2019t perform. 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