{"id":8521,"date":"2016-07-13T01:00:01","date_gmt":"2016-07-12T15:00:01","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8521"},"modified":"2016-07-13T01:00:01","modified_gmt":"2016-07-12T15:00:01","slug":"keeping-your-reno-on-track-patrick-bright","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/keeping-your-reno-on-track-patrick-bright\/","title":{"rendered":"Keeping your reno on track – Patrick Bright"},"content":{"rendered":"

 
\nAccording to real estate author and buyer\u2019s agent Patrick Bright<\/strong>, the easiest way to keep a renovation on track is to ensure all the tradespeople do their work in the right sequence. He has some tips on getting the sequence right in a way that may just save your thousands of dollars.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:\u00a0 <\/b>The easiest way to keep a renovation on track is to ensure that all the tradespeople do their work in the right sequence, but what is the right sequence? We\u2019re going to tap into that now and talk to Patrick Bright from EPS Property Searches, also the author of The Insider\u2019s Guide to Renovating for Profit<\/i>, and if anyone should know, he should know.
\nGood day, Patrick. How are you doing?
\nPatrick:\u00a0 <\/b>Good, thanks, Kevin. Nice to speak with you again.
\nKevin:\u00a0 <\/b>It\u2019s a bit of an art, isn\u2019t it? Many people see renovation as a quick way to make a dollar, but there are also a lot of ways you can go wrong if you get that sequence wrong.
\nPatrick:\u00a0 <\/b>Yes, and it costs you money if you don\u2019t get a number of things right. The sequence of tradespeople is always an important one, and something that I notice people\u2026 So when you\u2019re looking to do a renovation, it\u2019s a good thing to always ask the tradespeople how long they\u2019re going to take, ask them which trades do they follow, and ask them which trades follow them. That way, you\u2019re not going to have people going in over the top of each other or having to redo work or fix up work and have people come back.
\nKevin:\u00a0 <\/b>We\u2019re going to talk in our conversation with Patrick exactly how you take that information and use it, but let\u2019s just go over those questions once again. The first one was \u201cHow long will you take?\u201d
\nPatrick:\u00a0 <\/b>Yes.
\nKevin:\u00a0 <\/b>Second one was \u201cWhich trades do you follow?\u201d
\nPatrick:\u00a0 \u201c<\/b>Which trades do you follow?\u201d and then \u201cWhich trades follow you?\u201d
\nKevin:\u00a0 <\/b>And the only reason you\u2019re asking those questions\u2026 Good tradies would be able to answer that, wouldn\u2019t they? If they looked at your plans and they knew what you were going to do, they\u2019d say \u201cWell, we fit into this part here.\u201d Is that right?
\nPatrick:\u00a0 <\/b>Yes, correct. And some trades \u2013 like your plumbers or electricians, for instance \u2013 they might have to come in and put some pipework or some wiring in and then come back and finish off. There are some trades that will have multiple visits, but you need to know when they\u2019re coming. That way, they\u2019re not having to work over the top, or it makes their job easier.
\nIf all the walls are, say, sheeted out with Gyprock, and then you have the electrician coming on, then they actually have to chase wires through the wall. It can be done, but it just takes a lot more time, marks things up a little bit, and you\u2019re going to pay more money, and you\u2019re going to have to have them come back.
\nKevin:\u00a0 <\/b>So once you have all this information, then you put that into a spreadsheet and format the whole thing in terms of dates?
\nPatrick:\u00a0 <\/b>Yes, that\u2019s pretty much right. It\u2019s just using a simple old spreadsheet \u2013 nothing too complex \u2013 and then you just put the types of trades and the work that\u2019s being done in a logical order, and then put the dates so that you have an estimated timeframe. That way, you know how long they\u2019re likely to take, and that way, you\u2019re going to have people dovetailing in behind the other.
\nKevin:\u00a0 <\/b>Okay, so the first question was \u201cHow long you\u2019re going to take?\u201d You mentioned about a buffer, how much of a buffer should you allow around each person?
\nPatrick:\u00a0 <\/b>It depends on the trade. I allow 10% buffer, so if they\u2019re saying they\u2019re going to be a week\u2026 I\u2019d put at least one day in-between any trade unless they\u2019re less than a day\u2019s work, but if they\u2019re going to be a week or two, you might want to put in an extra couple of days as a buffer \u2013 but a, say, 10% or 20% rule of time. You have to allow for weather and things like that, as well, depending on the type of work that\u2019s being done.
\nKevin:\u00a0 <\/b>Yes, because those things can throw the whole sequence out, can\u2019t they? I suppose you have to advise the trades that \u201cWhile I\u2019m giving you some dates here, these dates need to be flexible, as well?\u201d
\nPatrick:\u00a0 <\/b>Exactly, yes. And you\u2019re better of having a few days\u2019 buffer and then ringing up the trades and say \u201cHey, look, the Gyprocker has just finished.\u201d You ring the tiler and say \u201cMate, do you want to come a bit earlier?\u201d Something like that is better than \u201cMate, I have to push you back a few days,\u201d because then that\u2019ll push everybody back, and they\u2019re usually running from job to job.
\nParticularly in this market, I find \u2013 and have for years \u2013 good tradespeople really are busy, and they don\u2019t have a few spaced days to space things out for you, so you need to book them in and keep that schedule running.
\nKevin:\u00a0 <\/b>Yes, so once you\u2019ve made the dates, set them out on the spreadsheet, you then book all the tradies in in advance, rather than just ring them a couple of days out. How far out do you normally book them, or how far can you book them, Patrick?
\nPatrick:\u00a0 <\/b>Weeks, if not months sometimes. I run a lot of rental projects, I\u2019m doing a few a month, always on the go for clients who we\u2019re managing. Most people will take, for example, about 10 to 14 weeks to, say, renovate a two-bedroom apartment. That\u2019s completely gutting it, from start to finish. I\u2019ll do that in about six, maybe eight weeks tops, depending on weather and things. You can do a lot quicker by being efficient, and I will book those tradespeople in sometimes six, eight, ten weeks in advance.
\nKevin:\u00a0 <\/b>Once we have all this nailed down, from your experience, where do you see most amateur or first-time renovators go wrong?
\nPatrick:\u00a0 <\/b>From a renovation point of view, it\u2019s very, very common to either under- or over-capitalize. I\u2019d say 20% get it right, and you\u2019re probably looking at maybe 40% to 50% over-capitalize, and probably about 20% or 30% under-capitalize. That\u2019s simply because they\u2019ve gone too cheap, they\u2019ve not looked at the projects.
\nYou can under-capitalize by doing a cheaper kitchen or cheap tile fittings or cheap tapware, and it looks cheap because they\u2019re trying to renovate to a budget. You have to renovate to a standard, not a budget. Budgets are important to stick to, but set the budget in advance.
\nI find people who try to renovate to a budget because they pay too much for the property, they\u2019re looking at their margin and it\u2019s getting squeezed, so they start cutting costs on the items in the fitout, which ends up having a subpar job, and you won\u2019t get the value out of it. The tiles, the equipment, or the fixtures that you\u2019re putting in just won\u2019t stand the test of time and just won\u2019t look the part.
\nThen you have got the other side, which is what the majority of people do: they spend too much. They don\u2019t shop around. You can sometimes spend half as much on very similar look and feel and quality if you know where to look.
\nThat\u2019s something that comes generally with experience, so it is a good idea sometimes for people to outsource a project, but if you\u2019re going to make a bit of a hobby or a bit of a part time career from it, then you\u2019re going to have to learn on the road, learn from your mistakes, and you\u2019ll get better and better. But if it\u2019s a one-off that you\u2019re going to do here and there, then you\u2019re probably better to get an outside advice.
\nKevin:\u00a0 <\/b>Okay. The message or the bottom line here is after you\u2019ve firmed up on the price with the tradie, the three questions to ask are \u201cHow long will you take?\u201d \u201cWhich trades do you follow? and \u201cWhich trades follow you?\u201d then spreadsheet the whole thing. Just one other quick question before you go, Patrick. Fixed-price quoting, is that what you do?
\nPatrick:\u00a0 <\/b>Yes, when it\u2019s known. Like if you\u2019re digging a hole in the back yard, you don\u2019t know if you\u2019re going to strike rock. You\u2019re not going to get anyone to fixed-price quote that. However, I do get the fixed-price quotes from tradespeople, yes. I tell them \u201cLook, I want to know, I want it to be fixed, I need to stick to it,\u201d unless, of course, there\u2019s complete unknown. But you shouldn\u2019t have any trouble getting fixed-price quotes.
\nKevin:\u00a0 <\/b>Okay. Patrick Bright, and Patrick is from EPS Property Search and also the author of The Insider\u2019s Guide to Renovating for Profit<\/i>. Thanks for your time, Patrick, great talking to you, mate.
\nPatrick:\u00a0 <\/b>My pleasure. Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  According to real estate author and buyer\u2019s agent Patrick Bright, the easiest way to keep a renovation on track is to ensure all the tradespeople do their work in the right sequence. He has some tips on getting the sequence right in a way…<\/p>\n","protected":false},"author":176692471,"featured_media":8523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,21,25],"tags":[101],"class_list":["post-8521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-renovation-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nKeeping your reno on track - Patrick Bright - 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\/keeping-your-reno-on-track-patrick-bright\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keeping your reno on track - Patrick Bright - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  According to real estate author and buyer\u2019s agent Patrick Bright, the easiest way to keep a renovation on track is to ensure all the tradespeople do their work in the right sequence. 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