{"id":7586,"date":"2016-04-08T01:00:16","date_gmt":"2016-04-07T15:00:16","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7586"},"modified":"2016-04-08T01:00:16","modified_gmt":"2016-04-07T15:00:16","slug":"the-red-flags-that-will-turn-buyers-off-what-buyers-will-pay-extra-to-have-in-a-property-the-pros-and-cons-of-a-no-reserve-auction","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-red-flags-that-will-turn-buyers-off-what-buyers-will-pay-extra-to-have-in-a-property-the-pros-and-cons-of-a-no-reserve-auction\/","title":{"rendered":"The red flags that will turn buyers off + What buyers will pay extra to have in a property + The pros and cons of a \u2018no reserve\u2019 auction."},"content":{"rendered":"<ul>\n<li>What makes a property a lemon?<\/li>\n<li>9 big money mistakes we make<\/li>\n<li>Are you paying a &#8216;learning tax&#8217; when you don&#8217;t have to?<\/li>\n<li>The no reserve auction that was anything but no reserve<\/li>\n<\/ul>\n<p>Here is what is on this weeks show&#8230;..<br \/>\nWhat makes a property a lemon?\u00a0 What turns buyers off might be a clue so <strong>Jennifer Duke<\/strong> lists the top 10.<br \/>\nTo balance that, Bessie Hassan from Finder.com lists the top 5 features buyers will pay extra to have in a property.\u00a0\u00a0 She also reveals the 9 big money mistakes Australian\u2019s make and property is right up there.\u00a0 In fact you might be surprised to hear how much is lost on average.<br \/>\nYou can\u2019t beat getting your feet on the ground and seeing the area you plan to invest in.\u00a0 The temptation is high, because of the internet, to believe that you can assess a good property without travelling to see it.\u00a0\u00a0 But travelling there is not always possible.\u00a0 <a href=\"http:\/\/realestatetalk.com.au\/featured-channel\/michael-yardney\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Michal Yardney<\/strong><\/a> this week speaks about what he calls a \u2018learning tax\u2019 that may apply if you believe you can invest from a distance.<br \/>\nThere are countless budgeting mistakes made by investors all over the world but they can be summarized as underestimating expenses, overestimating income and failing to plan for unexpected costs.\u00a0 But there are long-term errors investors can make in their existing financial plan and <strong>Helen Collier-Kogtevs<\/strong> reveals what they are.<br \/>\nIn Brisbane recently a no reserve auction caused an enormous amount of interest when it didn\u2019t sell despite some solid bidding.\u00a0 Surely a no reserve auction means that the property must be sold even if the highest bid is $1. So what happened and what are the pros and cons of a no reserve auction.<br \/>\nAffordability when it comes to property is one of the most searched terms.\u00a0 So we have challenged Brisbane expert <strong>Shannon Davis<\/strong> to identify the most affordable suburbs in that part of Australia.<br \/>\n<strong>Transcripts:<\/strong><b><br \/>\n<\/b><br \/>\n<strong>Bessie Hassan &#8211;\u00a0<\/strong><br \/>\n<b>Kevin:\u00a0 <\/b>Almost half of Australians, around 47%, have admitted to making a costly money mistake. Not surprisingly, divorce is right up there, so too is making a mistake on an investment property or a property purchase. Joining me to discuss this is consumer advocate from Finder.com.au, Bessie Hassan.<br \/>\nBessie, not surprisingly, divorce comes up at number one. That\u2019s pretty sad, really.<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>That\u2019s correct. An estimated 1.36 million people have been affected by divorce and do cite this as the costliest financial mistake of their life. But interestingly, this is closely followed by losing money on a property investment. That also has affected almost 1.3 million Australians.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Yes, I guess if we can look at it, we can associate the heart with both of these things. The heart is in the divorce and the marriage, but then I think a lot of investors make a mistake with a property by buying it from the heart as opposed to the head. They don\u2019t make a good business decision.<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>I completely agree with you there, Kevin. I do think emotion comes into it all too often unfortunately for owner-occupiers and investors alike. Buying with your heart and not your head can lead to these mistakes down the track.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Yes, when you make a mistake with property, too, another interesting aspect out of your research was the average loss was just over $100,000. That\u2019s a lot to lose on one property, isn\u2019t it?<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>It absolutely is, particularly in a thriving property market as it is now. You buy a property with that view that you will make a huge capital gain, so anyone losing money, particularly of that amount \u2013 over $100,000 \u2013 should really be doing their research to ensure that this doesn\u2019t happen again or at all.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Let\u2019s help with a bit of that research, because there was another interesting story that I noticed came out of Finder.com.au, and that was the property wish list, the top five home features that buyers will pay extra for. What are those, Bessie?<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>That\u2019s right. We\u2019ve surveyed more than 1000 people nationally, and coming up at the top of the wish list was actually air conditioning. Aussies would tell us that this is the most desirable property feature, and that was followed closely by covered, off-street parking.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>That doesn\u2019t surprise me. What were the other three, by the way? You mentioned air conditioning and off-street parking.<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>In third place, we had a garden, fourth place was solar panels, and then rounding out the top five was an outdoor entertaining area, so a deck or a pergola is very highly stated among property buyers, as well.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Yes, we have quite often talked about swimming pools, and they came in I noticed at number seven, but there are quite a few investors who will actually buy a property with a swimming pool and then fill it in, because of the costs of maintaining those pools.<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>Yes, that\u2019s an interesting point, and there is very much a perception out there that a home that has a swimming pool is the dream home. It is very often viewed as that most desirable trait or feature. However, our research tells us it\u2019s not the case, and I think you\u2019re bang on right there, Kevin. The upkeep of keeping a pool can get so expensive. It\u2019s not just the installation but it\u2019s the maintenance. People tell me when something goes wrong, it\u2019s very expensive to repair, so while it might seem well and good in theory, there\u2019s a lot more to it. You need to do your research and factor in those extra costs.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>It doesn\u2019t surprise me at all that air conditioning comes in at number one when you look around Australia, however I want to take another look at that. That\u2019s from an owner-occupier\u2019s point of view. We\u2019ve got air conditioning in our place and we wouldn\u2019t live without it to be quite frank, because in some parts of Australia the temperature can get up well into the mid-30s.<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>High 30s, yes, absolutely.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>But from an investor\u2019s point of view, I wonder if that would actually come up number one. If you asked purely investors whether they thought that would be something that would be desirable for them or whether it\u2019d go down to some of the other aspects you talked about, which was the back yard, those outdoor living features for tenants.<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>Yes, that\u2019s an interesting point, Kevin. This was survey owner-occupiers and buyers. We single out investors in particular. However, previous research done by Finder does view back yards and off-street parking as the two key features for investors. A lot of these things can be put in at a later date. So air conditioning, we had a dishwasher on the list as well as a built in barbecue. They can all be put in at a later date and command more money, however things like parking and a back yard, you\u2019ve either got it or you don\u2019t.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>That\u2019s right, and also with location to schools and shopping centers and so on makes it very important. In the earlier part of our conversation, we were talking about the mistakes that people make with property purchases. They don\u2019t do enough research, they don\u2019t think about the end user, and from an investor\u2019s point of view, they have to think about what the tenants want that makes it more rentable.<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>Definitely. In terms of renting, you absolutely do need to look at those key features and proximity to those key amenities: hospitals, schools, train stations, things like that. Again, remove emotion from the equation. If you\u2019re buying it with the view to live in one day, even then you do need to think of the costs and the rental potential in it.<br \/>\nSo if you are buying a property with a view to rent out, look for something with a bit of a back yard. As Aussies, we love to do our outdoor entertaining. We love barbecues, we love having people over, so anything with a deck or a pergola and a bit of a back yard will really go down well with investors and renters alike.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Great talking to you, Bessie Hassan. Bessie is a consumer advocate with Finder.com.au.<br \/>\nThanks Bessie, talk to you again soon.<b><\/b><br \/>\n<b>Bessie:\u00a0 <\/b>Thank you.<br \/>\n&nbsp;<br \/>\n<b>Justin Nickerson &#8211;<\/b><br \/>\n<b>Kevin:<\/b>\u00a0 Well, here\u2019s a horror story for you. You may or may not have heard about the no-reserve auction in Chelmer, which wasn\u2019t quite a no-reserve auction. Let\u2019s find out about the intricacies of this. I\u2019m going to talk now to Justin Nickerson. Justin is a director of Apollo Auctions.<br \/>\nJustin, thanks for your time. By the way, too, happy Easter.<br \/>\n<b>Justin:<\/b>\u00a0 Thank you very much, Kevin. Much appreciated. Likewise.<br \/>\n<b>Kevin<\/b>: First of all, tell me, a no-reserve auction, is it exactly what it says or it sounds like, and that is the house is going to be sold with absolutely no reserve?<br \/>\n<b>Justin<\/b>:\u00a0 Well, generally, yes is the short answer. Usually if it\u2019s been advertised as no reserve the owners are prepared to take a punt, so whatever the highest bid is on the day, that\u2019s the person who will end up owning the property.<br \/>\n<b>Kevin<\/b>:\u00a0 Have you ever done a no-reserve auction?<br \/>\n<b>Justin<\/b>: \u00a0I\u2019ve done two, Kevin. As a full-time auctioneer, I\u2019ve probably called a few thousand auctions in my lifetime and I\u2019ve only done two, and I haven\u2019t done any for a couple of years. It\u2019s very uncommon. Most sellers don\u2019t want to roll the dice and take that chance, but they do happen from time to time.<br \/>\n<b>Kevin<\/b>:\u00a0 The two that you\u2019ve done, tell me about them. Were they successful? In other words, what sort of price did they achieve?<br \/>\n<b>Justin<\/b>:\u00a0 One of them actually achieved what I\u2019d consider to be a premium in the market, really. One thing about no-reserve auctions generally is that they do attract a whole heap of buyers, and what we generally find with an auction \u2013 be it a no-reserve auction or a regular auction \u2013 the best auctions always have momentum.<br \/>\nWhat you tend to find at no-reserve auctions is that they do get a bit of momentum of their own and they take off, and sometimes they do go past what most people would deem as being a fair market value or a reasonable market value. One of the no-reserve auctions I did certainly did that, and it probably sold at a premium. The other one probably sold, I guess, at figure that\u2019s roughly around that market-value figure.<br \/>\n<b>Kevin<\/b>: I guess that\u2019s the proof of what an auction is all about, and that is creating that competition. When you create the competition, you put people in an environment where they may spend more than they ordinarily would just to compete.<br \/>\n<b>Justin<\/b>:\u00a0 Yes, exactly. We always say there are two things, two ingredients, you need from a seller\u2019s point of view to get the best price that\u2019s out in the market. One is you need an emotional buye \u2013 someone who loves the property \u2013 and the second one is you need to place them in a competitive environment. That\u2019s what auctions are built around. It\u2019s built around \u201cI want this home and I can look across the yard or across the living room and see someone else is trying to take this home from me,\u201d and that\u2019s when you generally get the best results and the most competitive behavior.<br \/>\n<b>Kevin<\/b>:\u00a0 You said you\u2019ve done two. One you mentioned that sold at what you thought might have been a premium. What about the other one?<br \/>\n<b>Justin<\/b>:\u00a0 It probably sold roughly around market value, maybe slightly on the lighter side. It didn\u2019t have the same amount of registered bidders, and it certainly didn\u2019t have the same amount of people there on the day. It still had that very, very, good number, but the other one was a bit of a frenzy, whereas this one was probably a little bit more reserved. But it did get to a point where it\u2019s probably equitable to market value, anyway.<br \/>\n<b>Kevin<\/b>:\u00a0 Not a bad result, is it? Two auctions, one getting a premium price and the other one selling at fair market value. You\u2019d have to say the reason there probably aren\u2019t more no-reserve auctions is because, as you hinted at the start, sellers are just not willing to roll the dice.<br \/>\n<b>Justin<\/b>:\u00a0 Yes. It\u2019s a huge risk. I think every seller wants to get the best possible price, but they also want to mitigate as much risk as they can. Putting your property out there at the mercy of the buyers on the day without a safety net \u2013 which is your reserve price in essence \u2013 is probably not a feeling that sits well with most owners. I think that\u2019s the reason we don\u2019t do more of them. They\u2019re great fun for us as auctioneers. The marketing agents generally have a pretty good time, as well. But from the seller\u2019s point of view, it can be an incredibly stressful environment for them.<br \/>\n<b>Kevin<\/b>:\u00a0 The Office of Fair Trading are looking into that auction that I mentioned at the start, the one in Chelmer. Despite the bidding reaching $640,000 the property was passed in. From what you\u2019re telling me and from what I know, that shouldn\u2019t have happened. The property should have been knocked down for $640,000, shouldn\u2019t it?<br \/>\n<b>Justin<\/b>:\u00a0 The short answer is yes. The long answer is\u2026 Look, obviously, the Office of Fair Trading do their enquiries, and I wasn\u2019t at the auction. I only know whatever everyone else knows, which is what the articles that have appeared there have said.<br \/>\nOne of the key terms and conditions in the Conditions of Auction here in Queensland is that the property is offered subject to a reserve price and the seller\u2019s approval. That plays a really significant role in this case here, where if you read that to the essence of the law, it\u2019s offered subject to a reserve price \u2013 which is not in play \u2013 but it\u2019s also offered subject to the seller\u2019s approval.<br \/>\nNow, if the seller hasn\u2019t granted approval to sell the property at $640,000, by the absolute wording of the legislation, you can\u2019t sell the property. I understand the agent, the auctioneer, the principal, and the seller were all the same person, which blurs the lines, as well. But in that case there, that\u2019s the protection I guess you\u2019ve got under the terms and conditions of auction.<br \/>\nWhat we see, I guess, on most weekends and anyone who\u2019d been to an auction will know there\u2019s always someone in the crowd who yells out \u201cAre we on the market?\u201d question. As an auctioneer, it\u2019s actually not a question you can answer because of the fact that even if you are past that reserve price, without seeking the seller\u2019s approval, legally by the absolute lettering of those terms and conditions, you can\u2019t put the property on the market without that permission, anyway.<br \/>\n<b>Kevin<\/b>:\u00a0 I\u2019ve quite often seen properties knocked down where they owner hasn\u2019t been referred to because the reserve has been met and exceeded. Are you saying that that could even be challenged once the auctioneer knocks it down?<br \/>\n<b>Justin<\/b>:\u00a0 I\u2019m saying best practice, Kevin, under the terms and conditions of auction is that they should always confer with the seller for their instructions, because again, the wording is very, very, clear. It\u2019s offered subject to reserve price <i>and<\/i> the seller\u2019s approval. It\u2019s not \u201c<i>or<\/i> the seller\u2019s approval\u201d; it\u2019s \u201c<i>and<\/i> the seller\u2019s approval,\u201d meaning if you don\u2019t have both of those things prior to selling a property, if the seller did get upset for whatever reason or they felt they were pressured or whatever it may be on the day, potentially you open yourself up and you could be challenged there.<br \/>\n<b>Kevin<\/b>:\u00a0 Not wanting to split hairs here, but if we go back to those terms and conditions subject to a reserve, surely if it\u2019s a no-reserve auction wouldn\u2019t the reserve be $0?<br \/>\n<b>Justin<\/b>:\u00a0 Yes, that\u2019s correct. There is a difference between not having a reserve and having a reserve that\u2019s basically $0. In essence, if w don\u2019t have a signed reserve form, we can\u2019t start the auction, because the seller hasn\u2019t set a reserve. If it is a no-reserve auction, then generally that reserve should be written as $0.<br \/>\nBut again, I don\u2019t think that takes away the fact that the second part of that is pretty clear in that you need to seek the seller\u2019s approval prior to selling the property. But again, like a no-reserve auction, that line becomes incredibly blurred and you get a scenario like happened on the weekend where it\u2019s left up to greater legal minds than mine and everyone else\u2019s is to decide what is appropriate and what should have happened in that case.<br \/>\n<b>Kevin<\/b>:\u00a0 Still on that auction in Chelmer, a number of people are concerned and expressing some concern about the fact that they didn\u2019t know that the principal of the office who actually also was the auctioneer was the owner of the property, and that wasn\u2019t disclosed until later. Does the selling agent have to disclose that they are also the owner of the property. Is there a requirement for them to do that?<br \/>\n<b>Justin:<\/b> \u00a0There\u2019s not a legal requirement, no. Again, a lot of this stuff, Kevin, as you know is a legal requirement and then a moral requirement. I always think it\u2019s in your best interests to disclose it. If you\u2019re as transparent as you can be with the buyer throughout this process, I think it ends up having a better result and a better relationship at the end. They don\u2019t need to disclose that. If they\u2019re buying the property, there certainly needs to be disclosure made there, but on the selleing side, that doesn\u2019t have to legally take place. But again, if you come back to what is the best thing to do, I think the best thing to do in most cases is definitely to declare it.<br \/>\n<b>Kevin<\/b>:\u00a0 Justin Nickerson, a director of Apollo Auctions, a professional auctioneer does it all the time, and he knows what he\u2019s talking about.<br \/>\nJustin, thanks for your time.<br \/>\n<b>Justin<\/b>:\u00a0 My pleasure. Thank you, Kevin.<br \/>\n&nbsp;<br \/>\n<b><a href=\"http:\/\/realestatetalk.com.au\/featured-channel\/michael-yardney\/\" target=\"_blank\" rel=\"noopener noreferrer\">Michael Yardney<\/a> &#8211;\u00a0<\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Wow, haven\u2019t we seen a spectacular growth in the Sydney market? I guess to a lesser extent Melbourne, as well, and Brisbane is now on the horizon of people tipping that that\u2019s going to have a fairly good 2016\u20112017. The temptation is great if you don\u2019t live in those cap cities to actually invest there, to make sure you\u2019re on that bandwagon, as well.<br \/>\nMichael Yardney joins because I\u2019m curious to know where can you go wrong with investing interstate? What should we be aware of before we jump in, boots and all?<b><\/b><br \/>\n<b>Michael:\u00a0 <\/b>Thanks Kevin, I agree with you that a lot of people are tempted to invest interstate, and I think they should \u2013 not as much to time the market, but maybe to give themselves a bit of diversification in the property portfolios.<br \/>\nBut Kevin, there\u2019s a whole range of other people who just are too scared not investing in their own back yard. They want to see their properties, they want to feel their properties, they want to drive past it, and that\u2019s one of the first mistakes: actually not investing interstate and only investing in your home town if it\u2019s not the right place to invest in.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Yes. It\u2019s really a double-edged sword here, isn\u2019t it? You shouldn\u2019t not invest in your own back yard, but that shouldn\u2019t be the only investment strategy you have.<b><\/b><br \/>\n<b>Michael:\u00a0 <\/b>Exactly. Open your horizons and your opportunities elsewhere. But then as you said, that opens up a whole potential bag of worms. There are some traps people have fallen into by investing interstate. One of the big ones is they buy off the plan.<br \/>\nToo many of the new off-the-plan properties, particularly in the Melbourne and Sidney CBD are being marketed to interstate investors, and while they look really pretty in the ads and the brochures and the models, there is no scarcity value in these properties. There is no supply pressure to underpin property price growth, and these properties in general are dominated by property investors who are often speculating rather than owner-occupiers who are going to underpin the demand.<br \/>\nOne of the other big mistakes is buying off the plan and then usually end up paying a premium for it anyway.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>I call it low-hanging fruit, because that\u2019s the easy thing to do if you\u2019re going to buy interstate, to buy off the Internet. You\u2019ll always be drawn into those off-the-plan type schemes.<b><\/b><br \/>\n<b>Michael:\u00a0 <\/b>That\u2019s right. Another one is buying new house and land packages in those master planned communities, those new estates. They may look like they have all the bells and whistles, people consider they have a reasonable land component, but again, the problem is in these outer suburban areas there\u2019s a minimum amount of scarcity because there\u2019s another new estate, there are other new homes around the corner, and the demographics of those areas tend to be young families who are price- and interest-rate-sensitive, so this also is going to minimize your rental growth and capital growth.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>One of the other problems I see, Michael, is this temptation to buy sight unseen. It\u2019s very easy now with so much information on the Internet to think you won\u2019t even have to travel there. Do you hold that theory?<b><\/b><br \/>\n<b>Michael:\u00a0 <\/b>Kevin, I agree with you, you should never buy sight unseen. There was a bit of publicity recently in the papers and on TV about a house being sold in Sydney that had a huge water tank behind it \u2013 three or four stories high \u2013 but because of the angle of the photos \u2013 they didn\u2019t Photoshop them, but because of the angles of the photos taken \u2013 you just couldn\u2019t see it.<br \/>\nI\u2019ve heard horror stories of people who bought sight unseen, thinking their investment probably had incredible views \u2013 it did, but maybe only from the laundry \u2013 or who didn\u2019t realize there were large power lines that dominated the streetscape because they relied on the agent\u2019s photos.<br \/>\nThe moral of the story is don\u2019t risk purchasing sight unseen unless you\u2019ve got a trusted representative such as a local \u2013 not an interstate \u2013 buyer\u2019s agent or somebody on your side reviewing the property on your behalf. You don\u2019t have to see it as long as one of your team sees it.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>That raises an interesting point, if I could ask you about that. You mentioned there are buyer\u2019s agents. You said not an out of town buyer\u2019s agent or somebody who flies in, has a look around, does your homework for you, but you\u2019re talking about someone who lives in the area and knows the area.<b><\/b><br \/>\n<b>Michael:\u00a0 <\/b>Of course, I have a bias towards it, because my team are buyer\u2019s agents, but there are lots of great professionals in every state doing this, so my recommendation would be to use a local professional who knows the market, who knows why one side of a street is better than the other, which properties are in school zones.<br \/>\nOne of the problems I\u2019m seeing currently is people are flying in and flying out. They don\u2019t have the perspective, they don\u2019t have the depth of experience that one needs to understand what makes a great investment property in a particular location and what doesn\u2019t.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>On that point, I guess you have to be careful when you\u2019re dealing with these experts that you\u2019re not dealing with marketers. How can you tell that you\u2019re falling into that trap?<b><\/b><br \/>\n<b>Michael:\u00a0 <\/b>I\u2019m not suggesting that all property marketers are trying to scam you. There are a fair few rogue operators out there who add a significant premium to the property\u2019s sell price to account for their commission.<br \/>\nI guess it\u2019s important to know if you are dealing with somebody interstate, who are they working for? Are they being paid a fee by the person that they\u2019re representing, the seller, the vendor, the developer, or by you? The only person who is likely to make a decent profit out of that transaction, though, isn\u2019t the investor.<br \/>\nI\u2019d be paying your faith in somebody to represent you if you\u2019re buying interstate, otherwise you\u2019re going to pay a huge fee in a different way. I call it a learning fee. I call it a stupid tax by making the mistake some investors make buying interstate.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>I suppose you could always tell if you go to someone who may be a marketer and they have already some stock that they want to sell you as opposed to finding out what is actually going to fit your portfolio.<b><\/b><br \/>\n<b>Michael:\u00a0 <\/b>Definitely. If you\u2019re going to get somebody to help you, to be on your side, what they have to do is work out where you are, where you want to head, what your risk profile is, what your timeframes are. They can\u2019t just open a drawer and pull out a brochure with something that they have on their list to sell. You want somebody on your side who is independent.<br \/>\nEvery state has got a swag of good, professional buyer\u2019s agents who can represent you. It comes at a cost in some people\u2019s mind, but in my mind it\u2019s actually an investment, a form of piece of mind that stops you paying that learning fee.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Always good talking to you, <a href=\"http:\/\/realestatetalk.com.au\/featured-channel\/michael-yardney\/\" target=\"_blank\" rel=\"noopener noreferrer\">Michael Yardney<\/a> from <a href=\"http:\/\/metropole.com.au\/\" target=\"_blank\" rel=\"noopener noreferrer\">Metropole Property Strategists<\/a>. Thanks, Michael.<b><\/b><br \/>\n<b>Michael:\u00a0 <\/b>My pleasure, Kevin.<br \/>\n&nbsp;<br \/>\n<b>Helen Collier-Kogtevs &#8211;\u00a0<\/b><br \/>\n<b>Kevin:<\/b>\u00a0 My guest this time is Helen Collier-Kogtevs from RealWealthaAstralia.com.au.<br \/>\nYou wrote an interesting article that I wanted to talk to you about, Helen, and that was about the budgeting errors that investors should avoid or quite commonly make. What are those errors?<br \/>\n<b>Helen:<\/b>\u00a0 There are quite a few, Kevin. Firstly to start off with, it\u2019s preparing a budget without any real goals in mind. There\u2019s a lot of conversation around \u201cWe must be doing some budgeting, we must look after our pennies, we must save for the future,\u201d but there is no real structure or framework in place for people to actually implement.<br \/>\nWith that, sure, you can go online and you can download an app and do all that kind of thing, but people are like, \u201cYeah, yeah, I\u2019m doing a budget because I feel like I need to and I should be managing my pennies better,\u201d but they\u2019re not factoring in goals. What Is the purpose of it? What are you trying to achieve? What is the outcome? What is the desire you\u2019re wanting?<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. You make a very good point there, and that is what I call the \u201cwhy\u201d \u2013 \u201cWhy am I doing this? What is the outcome that I want?\u201d That\u2019s going to help you make that plan, Helen, isn\u2019t it?<br \/>\n<b>Helen<\/b>:\u00a0 Exactly right, Kevin.<br \/>\n<b>Kevin<\/b>:\u00a0 You mentioned there about budgeting, but probably budgeting without enough understanding about what the real costs are.<br \/>\n<b>Helen<\/b>:\u00a0 Yes. It\u2019s one of the areas people don\u2019t realize, and what I want to share from personal experience is that the very first property we ever bought\u2026 And I know this is a nincompoop thing to do, but you know what, Kevin, back in the days I had no idea what stamp duty was. So when calculating out a deposit, I thought, \u201cYes, we\u2019re going to engage a solicitor so we\u2019re going to need some money for that,\u201d but when it came to it, oh my gosh, we got this $15,000 bill for stamp duty, and I didn\u2019t realize that or I didn\u2019t anticipate that.<br \/>\nFor the newbie investors, understanding every cost is important. For those investors who have been in the market for a while and understand the basics, some of the costs they underestimate or don\u2019t even consider are things like trips to go and view the property \u2013 if you\u2019re going to jump on the plane if the property happens to be interstate, whether you get in the car and drive to view it \u2013 or what about the data reports that you might be buying? Some of those aren\u2019t cheap. It\u2019s those sorts of costs that people need to factor in and take into account<br \/>\n<b>Kevin<\/b>:\u00a0 When it comes to budgeting, too, especially for some new investors, I guess, they don\u2019t know what they don\u2019t know \u2013 all the more reason to cast that net wide and get some experts involved, isn\u2019t it?<br \/>\n<b>Helen<\/b>:\u00a0 Exactly right, Kevin. I never buy anything really without consulting my accountant and my finance broker first \u2013 even with something like buying a car. I\u2019m in the process of looking at buying a car; the first call I made was to the accountant to say, \u201cHow do I structure this? What\u2019s the best way as far as asset protection goes? What\u2019s the best structure for buying it? Do I put it under finance, or do I buy it with cash, etc?\u201d Then I went straight to my broker and said, \u201cLook, I want to buy this car. This is roughly how much I want to spend. What\u2019s the impact on my borrowing power for when I want to buy my next investment property?\u201d<br \/>\nConsulting the experts in all areas of your life when it comes to money really does make the difference between being able to get into that next deal and potentially not.<br \/>\n<b>Kevin<\/b>:\u00a0 The final point that you made, and it follows on from what you\u2019ve just been talking about there, Helen, is how we tend not to take some insurance, I guess, by way of a buffer. Explain to me about the buffer and how big should it be?<br \/>\n<b>Helen<\/b>:\u00a0 Great question, Kevin. With a buffer, it\u2019s that bucket of money that you keep aside that you don\u2019t touch. Now that bucket of money can be cash in a savings account, it could be equity in your home or in an offset or redraw account, but it\u2019s money you have access to that you keep aside for a rainy day.<br \/>\nA buffer is not the, \u201cHey, I\u2019ve been saving for a couple of months. I have $5000 in the bank and \u2013 oh, upsy-daisy \u2013 I want to go on a holiday, and I think I\u2019ll just take it out of that account.\u201d That\u2019s not a buffer. The buffer is something you just keep aside purely for your investing and to protect you should and if life gets in the way.<br \/>\nAn example of how much a buffer should be? Some investors say to me, \u201cHelen, $10,000 is plenty.\u201d That\u2019s okay if that\u2019s where their peace of mind is at and if $10,000 set aside gives them that sleep factor, great. But then there are other investors I\u2019ve spoken to who say to me, \u201cHelen, $10,000 doesn\u2019t cut it. It needs to be more. I want to take a more conservative approach.\u201d<br \/>\nI have got a rough calculation that I share with people and it goes like this. Annual expenses: you look at your total annual expenses for that property minus the rent, and whatever the balance is, you multiply it by 12 months.<br \/>\nFor example, if your expenses are $25,000 and the rent is $20,000, therefore you have a balance of $5000 and you multiply that out by 12 months and that gives you $60,000 as a buffer.<br \/>\nThen some investors will keep that $60,000 aside because that gives them the sleep factor.<br \/>\n<b>Kevin<\/b>:\u00a0 Gee, that\u2019s a really good formula there. I guess the other two points, too, that you make in your article are that a budget is flexible \u2013 you need to be adaptive \u2013 and also to redo your budget when you reach your goals.<br \/>\n<b>Helen<\/b>:\u00a0 Absolutely, Kevin. We call it \u201crinse and repeat.\u201d When you\u2019ve actually achieved the goal of, maybe you\u2019re purchasing that property a set time, then you have to redo your budget. You have to see what the impact that property is having on your disposable income and on your day-to-day cash flow or month-to-month cash flow.<br \/>\nIf it\u2019s drawing more money out of your budget, then you need to reassess so that you still have your buffer maintained and you still have your lifestyle, you\u2019re not living off baked beans while you\u2019re going through this journey of creating wealth through property.<br \/>\nYou\u2019re just taking stock. It\u2019s doing that constant stock-take once you\u2019ve achieved your goal and then resetting yourself, where you go, \u201cOkay, great. I\u2019ve bought that property. It\u2019s only costing me $50 a week. The budget can handle it. The buffer is in place. I still have $150 a week in savings. So I\u2019m ready to go now and do another deal.\u201d<br \/>\nTat way, when you\u2019re looking at purchasing the next property you are crunching the numbers, and you already have a really good idea as to what it\u2019s going to cost you and that your budget can sustain it.<br \/>\nThere are investors who sometimes go and buy that second property without reviewing the budget, and then they realize, \u201cOh, my gosh,\u201d after they\u2019ve done the deal that their budget is really tight and they\u2019re scrambling to find more cash flow.<br \/>\n<b>Kevin<\/b>:\u00a0 Helen Collier-Kogtevs, my guest from RealWealthAustralia.com.au.<br \/>\nHelen, it\u2019s always great talking to you. You make so much sense. Thank you very much for your time.<br \/>\n<b>Helen<\/b>:\u00a0 Thanks, Kevin.<br \/>\n&nbsp;<br \/>\n<b>Jennifer Duke &#8211;\u00a0<\/b><br \/>\n<b>Kevin:<\/b>\u00a0 When you\u2019re looking to buy a home there are probably many reasons why you would and many reasons why you wouldn\u2019t buy a particular property, but what are some of the red flags that agents have seen in the past that have turned buyers off? A very interesting article written following some research by Jennifer Duke from Domain.com.au who joins me.<br \/>\nHi Jennifer.<br \/>\n<b>Jennifer: \u00a0<\/b>Hey, how are you going?<br \/>\n<b>Kevin<\/b>:\u00a0 Good. Thank you very much for your time. I would imagine that structural issues would be right up there at the top, would they?<br \/>\n<b>Jennifer<\/b>:\u00a0 Yes, definitely. I think one of the top warning signs was wooden retaining walls, because it\u2019s one of those things that can be sort of tricky. With most warning signs, it\u2019s things that you see that look a little bit dodgy that should have you asking more questions. It\u2019s not necessarily a turn-off straight away, but you should definitely be researching into it a little bit more and maybe getting that building and pest inspection.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. As well as wooden retaining walls, I think retaining walls generally are a bit of a warning sign, especially if they\u2019re on the boundary because quite often sometimes, they could be either one side of the boundary or the other. The other thing I\u2019ve found too, Jennifer, with these retaining walls is who maintains it? Is it the person on the top side or is it the person on the bottom side?<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely. You don\u2019t want to be in a neighborhood dispute when you\u2019ve only just moved in.<br \/>\n<b>Kevin<\/b>:\u00a0 No, you don\u2019t. That\u2019s right. One of the other important things we talk about or tell sellers is to make sure you de-clutter. I can imagine buyers walking through a very cluttered home and not being able to get a feel for the home.<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely. I think that\u2019s one of those things that buyers need to be wary of, that they aren\u2019t distracted by the clutter that\u2019s in there, maybe the old-looking furniture, and that they give the property a proper chance. I think that for sellers, it is important that they maybe consider staging, taking out their really, really, personal items. But at the same time, it could be a good opportunity for a buyer to get in ahead of other purchasers who might not be able to keep their mind off the rubbish that\u2019s there and focus on their own furniture in the place.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. That\u2019s a very good point that you make. It could give you a buying opportunity or a buying advantage if you can look past that. I think any good agent\u2019s going to tell someone to make sure they de-clutter, but I\u2019ve seen many houses that aren\u2019t. And you\u2019re right; it can be a very big turn-off for buyers, as well.<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely. And it\u2019s hard, as well, because especially with functional rooms where you could get in quite a lot of furniture, some people over-cram them in to show that you can get in that furniture, and it does them a disservice.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes, exactly. Let\u2019s have a look at units for a moment. I know that sinking funds and levies and so on are always a somewhat contentious issue. You have to ask a lot of questions when you\u2019re buying a unit, don\u2019t you?<br \/>\n<b>Jennifer<\/b>:\u00a0 Absolutely. One of the main questions you should be asking is whether there\u2019s any money in the sinking fund. If there\u2019s no money in the sinking fund, that\u2019s definitely a warning sign. It means you need to be asking a few more questions. You basically want to know whether or not there\u2019s been any damage that they\u2019ve had to use the sinking fund for, or perhaps it\u2019s been mismanaged and there hasn\u2019t been any money collected in the first place. These are important things to look out for.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. While you can get these strata searches done, sometimes it doesn\u2019t hurt to roll your sleeves up and read through them yourself, because they\u2019ll only go back maybe one or two meetings. I\u2019ve had an experience particularly with rain inundation where it might not occur for even several years. We\u2019ve seen this in the Sydney market where houses that were flooded in some really bad rain that didn\u2019t reoccur for quite some years later and therefore it didn\u2019t come up in the minutes, so you really have to go back a fair way to have a look at these minutes.<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely. Most of them should be completely available to you. I think that if there aren\u2019t very good minutes in there, it\u2019s a sign that there is potentially some mismanagement happening.<br \/>\nA lot of people get concerned about things that they don\u2019t need to be concerned about. There\u2019s that one point where you\u2019re doing thorough research and there\u2019s another point where you\u2019re doing so much and getting hung up on the tiny details.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. One of the other things, I guess, as you\u2019re looking back through those minutes of the meetings, is not to get too hung up on any high strata levies.<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely. The interesting thing is that \u201chigh\u201d is a relative term, and it depends how much you\u2019re willing to pay and what there is in each building. You might be looking at two different apartments and one of them might have a swimming pool and a gym and all of those sorts of amenities, and if you\u2019re not willing to pay for them, which is [<b>4:09 inaudible<\/b>] that has fewer amenities, and you should be willing to pay for what\u2019s coming with that building.<br \/>\nAt the same time, some high strata levies aren\u2019t necessarily comparable and you should be knowing exactly what you\u2019re paying for, where that money is going, and you should feel free to ask those questions.<br \/>\n<b>Kevin<\/b>:\u00a0 One of the other things to watch out for, as well, is the history. How focused should we be on that, Jennifer?<br \/>\n<b>Jennifer<\/b>:\u00a0 One thing that\u2019s very interesting with sales history is whether or not it\u2019s different to the local area. Once you\u2019ve done your research and perhaps you\u2019re looking in a tightly held enclave, if the one property you\u2019re considering is the one that hasn\u2019t been tightly held, you have to be asking why. Is it because the neighbor is a little bit dodgy? Maybe it\u2019s because there are other developments happening that people find out about or there\u2019s something wrong with that particular property. It\u2019s worth knowing whether or not it\u2019s common for that area, or if it\u2019s a red flag.<br \/>\n<b>Kevin<\/b>:\u00a0 A bad ad, of course, is something I always watch out for. Being in the industry I look for bad ads, bad photos. That shouldn\u2019t be a turn-off, though. It might actually be an opportunity.<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely. Everyone says that a bad advertisement doesn\u2019t do any favors for a property, but it does do favors for a buyer because it might turn off other people who think, \u201cOh, that looks like a dodgy front photo of the house,\u201d and the house might actually not look that bad. If you just do a drive past it might actually be perfect for you and you might get it at a discount.<br \/>\n<b>Kevin<\/b>:\u00a0 What about that vacant block next door? Goodness only knows what\u2019s going to happen there. You should really find out what <i>can<\/i> be done to the vacant block so that you don\u2019t run the risk of losing your view or even being overshadowed.<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely. A quick call to council does wonders. Sometimes you want to know why that block has been left vacant. Perhaps it\u2019s just a residential home that\u2019s going up next door, but it could be a huge apartment block, and you just need to find out whether or not that\u2019s happening and whether or not it\u2019s possible. Zoning is pretty crucial.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. A lot of things around a property can be rectified, of course, but bad street appeal does actually tell you a lot about a property, I think, doesn\u2019t it?<br \/>\n<b>Jennifer<\/b>:\u00a0 There\u2019s only so much you can really do about the front of a house. You can render, fix up the lawn, and stuff like that, but if it\u2019s just in a bad part of the street, if it just looks a certain way at a certain angle on the block, that\u2019s something you can\u2019t fix. And if it\u2019s something you can\u2019t fix, it\u2019s not something you can make money on later on and it\u2019s going to be a turn-off for future buyers.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. I\u2019ve actually seen people make a decision about a property from the car. In other words, if the street appeal is so bad, they won\u2019t even get out of the car to go and have a look at it. That could be holding back a lot of buyers.<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely. At the same time, while it\u2019s important to try and get an advantage over those other purchasers, they\u2019re the people who are going to be buying it off you in the future.<br \/>\n<b>Kevin<\/b>:\u00a0 Yes. Exactly. A bad feel: you can feel it when you walk into a place, can\u2019t you? You can get a vibe about it. We\u2019ve talked about de-cluttering and some, but this is a real thing. How real is it? Should we be concerned?<br \/>\n<b>Jennifer<\/b>:\u00a0 I think the buying sixth sense and the goosebumps you get when you walk into the place that you think is yours; a part of that is important. Obviously when you walk in, you want to have a feeling like \u201cThis is my home,\u201d but at the same time most of that is going to be made when you\u2019ve moved in, when you\u2019ve repainted, when you\u2019ve refurnished. Those things are fixable, and I think being turned off by a bad feel that isn\u2019t really based on anything concrete isn\u2019t necessarily a great idea.<br \/>\n<b>Kevin<\/b>:\u00a0 I think we have to remember here, Jennifer, that we bring the personality to the house. If it does have a bad feel about it, just think about what you can do to change the feel of that particular property.<br \/>\n<b>Jennifer<\/b>:\u00a0 Definitely.<br \/>\n<b>Kevin<\/b>:\u00a0 Jennifer Duke from Domain.com.au and some of the reasons why buyers might be turned off from a property.<br \/>\nJennifer, thanks for your time.<br \/>\n<b>Jennifer<\/b>:\u00a0 Thank you so much for having me.<br \/>\n&nbsp;<br \/>\n<b>Shannon Davis &#8211;\u00a0<\/b><br \/>\n<b>Kevin:\u00a0 <\/b>It\u2019s always an interesting conversation when we look at the most affordable suburbs or areas wherever you live \u2013 all around Australia, it does vary. That\u2019s one of the most common questions that are asked, because affordability is such a key issue nowadays. Joining me to have a look at this, Shannon Davis from Metropole Property Strategists in Brisbane.<br \/>\nNo doubt this is a question you\u2019re asked from time to time, too, but I want to take this in a different direction, Shannon. I know you\u2019re always looking at investment stock, and I want you to overlay that on what you believe homebuyers or homeowners may want when they\u2019re looking for an affordable suburb. I know it\u2019s a bit of a challenge for your. Good morning and welcome to the show.<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Good morning, Kevin. Thanks for having me.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Let\u2019s have a look at what you think are the most affordable, and for the sake of this exercise, if we can concentrate around that $400,000 mark, because I think that does represent great value and there are still a lot of areas around South East Queensland where you can achieve that sort of a property at that price, aren\u2019t there?<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Yes, definitely. I would caution first-home owners not to overstretch themselves but also to try and buy the best piece of dirt they can, because some areas are affordable for long-term reasons, and it\u2019s going to be cheap in and cheap out. It\u2019s a dual concern: you want the best piece of dirt you can without overstretching yourself on a mortgage.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Okay, so what makes a good property? What are the indicators you look for? Is it things like employment?<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Yes, definitely. Capital growth is about population growth, wage growth, and job growth. Those areas that have lots of employment hubs there are going to be really in demand for homeowners, because they don\u2019t want a longer commute than about half an hour is what research shows.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Okay, let\u2019s have a look at a few suburbs, because we asked you to have a look around and give us your opinion. Let\u2019s have a look at a few Brisbane suburbs that you\u2019d choose. What would be on your list?<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>I\u2019ve tried to stick close wherever possible, just because there\u2019s more scarcity with the land, and I don\u2019t want an abundance of land out there, because those suburbs take a little while to settle, there\u2019s a lot more infilling to happen. I picked Tingalpa, there we can still buy under that $500,000 mark, and also Fairfield. There are some streets in Fairfield you want to watch out f or for flooding reasons, though, but apart from that, it\u2019s pretty close to the CBD and shows good value.<br \/>\nTwo favorites of mine are for schooling, getting closer to that 15k ring, at Ferny Grove and Ferny Hills. They have some good school institutions out there, which is popular with owner-occupiers, and also a train station suburb.<br \/>\nThen Chermside, as well, for houses and townhouses \u2013 not apartments right now; I think there\u2019s going to be a lot of oversupply there for now. Chermside will go on to be as Parramatta is to Sydney. When people can\u2019t afford the inner and middle rings anymore, it\u2019ll be those secondary hub suburbs \u2013 like your Chermsides, your Indooroopillies, your Carindales \u2013 that are in demand.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Okay. Let\u2019s have a look at some of the cheaper suburbs, or if we can pull down under a median price of $400,000 \u2013 areas like, say, Rockley and Gailes. How do you feel about Rockley?<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Rockley, apart from the CBD and the airport, is the biggest employer in Brisbane, so that has to do with jobs, and jobs is what people need to live around, so definitely a good pick.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>I notice in that area, too, just having a quick look at the Internet now, there are ten listings under $400,000. With a median of $390,000 and a median rent of $350, it doesn\u2019t offer a brilliant return, but it\u2019s certainly acceptable around 4.6%<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Yes, another one of those suburbs we\u2019ve got to watch out for some slight risk, as well.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Yes. What about Gailes? I mentioned that as another suburb that we were looking at. A median rent of $290 in there and a median house price of $260,000, offering about a 6.2% return. How would you feel about Gailes?<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Yes, definitely a good value. High yielding, which sometimes can be lower growth, but has good access and infrastructure existing already. Gailes would be a good pick if that\u2019s what you\u2019re looking for.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Let\u2019s go a little further out to, say, Bundamba, and I notice currently the median price in Bundamba is $290,000. We have about 41 listings on the market, and so far this year, 46 sales. The turnover is reasonably average, but the return there at 5.5% is not too bad. Median rent of $300 a week. How do you feel about that area?<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Yes, it\u2019s fast growing and Ipswich City Council is very conducive to growth, so it\u2019s an area with a bit of upside.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Yes. Eagleby: once again a median price of $277,000 and days on market on there is 90 days \u2013 stretching out a little bit, but still a reasonable return at around 6% with a median rent of $320 a week.<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Yes, a lot of improvement to the Eagleby area recently and new development that\u2019s come up. Good access to highways and everything there. I think investors could do worse. It\u2019s switching over to the Logan council there, but yes, very well priced.<b><\/b><br \/>\n<b>Kevin:\u00a0 <\/b>Thank you very much for your insight. My guest has been Shannon Davis from Metropole Property Strategists, and a quick look there at Shannon\u2019s picks: Tingalpa, Fairfield, Ferny Grove, Ferny Hills, and Chermside, and we also talked about Rockley, Gailes, Bundamba, and Eagleby.<br \/>\nMate, thank you so much for your time. We look forward to catching up again soon.<b><\/b><br \/>\n<b>Shannon:\u00a0 <\/b>Anytime, Kevin.<br \/>\n&nbsp;<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What makes a property a lemon? 9 big money mistakes we make Are you paying a &#8216;learning tax&#8217; when you don&#8217;t have to? The no reserve auction that was anything but no reserve Here is what is on this weeks show&#8230;.. What makes a property&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":4480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,24],"tags":[101],"class_list":["post-7586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-shows","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The red flags that will turn buyers off + What buyers will pay extra to have in a property + The pros and cons of a \u2018no reserve\u2019 auction. - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-red-flags-that-will-turn-buyers-off-what-buyers-will-pay-extra-to-have-in-a-property-the-pros-and-cons-of-a-no-reserve-auction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The red flags that will turn buyers off + What buyers will pay extra to have in a property + The pros and cons of a \u2018no reserve\u2019 auction. - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"What makes a property a lemon? 9 big money mistakes we make Are you paying a &#8216;learning tax&#8217; when you don&#8217;t have to? 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