{"id":9310,"date":"2016-09-18T01:00:01","date_gmt":"2016-09-17T15:00:01","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9310"},"modified":"2016-09-18T01:00:01","modified_gmt":"2016-09-17T15:00:01","slug":"group-threatens-the-status-quo","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/group-threatens-the-status-quo\/","title":{"rendered":"Group threatens the status quo – Tim Godden"},"content":{"rendered":"

 
\nWe talk to Tim Godden<\/strong> from Seekology about why he would offer to work for no fee in helping buyers secure a suitable property. Just what is the business model and how is it going to work?
\n <\/p>\n

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

Kevin:<\/b>\u00a0 The term game-changer is quite often bandied around in the real estate industry, a lot of it lately because there are some changes occurring in how agents work. This one is particularly interesting because it came across my desk a couple of weeks ago. It\u2019s about a new business called Seekology. It\u2019s an organization that will help investors and owner-occupiers find the ideal property.
\nI won\u2019t spend too much time doing any more explanation other than that, but I want to introduce my guest, Tim Godden. Tim is the national director for Seekology, and he joins me.
\nTim, thanks for your time.
\nTim:<\/b>\u00a0 No problem Thanks very much, Kevin.
\nKevin:<\/b>\u00a0 When I received your first release, it told me that you were operating in an environment where you were not going to take a fee for investors; in fact, you were going to be achieving your income by taking a referral fee from agents. But that has since changed, I understand.
\nTim:<\/b>\u00a0 We have revisited that pricing model or the structure of the business in that reference and we did that because when we launched we found\u2026 As you said we initially said that we were going to receive a fee from the person selling the property. We revisited that because we found that there was firstly a bit <\/b>of skepticism around that and that is because there are people obviously within the industry that do receive a fee and perhaps give advice based on the fee they\u2019re receiving rather than what\u2019s in the best interest of the buyer. We didn\u2019t want to get confused with that.
\nWhat we actually have changed it to be is the fact that we are a free service for property investors \u2013 a free buyer\u2019s agent service for property investors \u2013 but we do charge for people that are looking for a property to live in.
\nThere\u2019s a number of reasons why we charge for owner-occupiers, and that comes a lot down to the fact that it\u2019s very much an emotional decision; from a buyer\u2019s agent\u2019s point of view, it\u2019s not such a matter of the facts and figures. For an investor, obviously, there\u2019s a lot of research that goes into it, but it does come down to the facts and the figures rather than an emotional attachment to a property.
\nBecause of the interest that we received initially, we found that we were able to run the business successfully with the income that we were receiving from owner-occupiers or people looking for their own property, and then it enables us to help clients find an investment property.
\nAnd when we do service those clients and they are extremely happy with their purchase and the end result and the capital gains they received from those purchases, they\u2019ll obviously tell their friends and family and we then develop clients for life. That allows us then to possibly assist them when they do want to buy a property to live in.
\nKevin:<\/b>\u00a0 One of the reasons, Tim, I was skeptical of these types of services \u2013 and we\u2019ve seen a number of them come across our desk. They all talk about being a disruption to the industry. One in particular is a company called Open Agent. We\u2019ve mentioned them before on the show and they are a company who purport to help a seller find the best agent when really it\u2019s only an agent who will pay them a commission. This is one of the problems that I have, and that\u2019s why I\u2019m pleased to hear what you say is that you\u2019ve moved away from that model.
\nThat\u2019s quite an adventurous move, Tim, because that\u2019s actually going to impact your income if you\u2019re not charging a fee for helping an investor find a property.
\nTim:<\/b>\u00a0 That\u2019s right. We do a few things differently to other buyer\u2019s agents, as well. Our employees are not commission based whereas a lot of other buyer\u2019s agents are. That then allows us obviously to generate more income from the owner-occupier property. That is a change compared to other buyer\u2019s agents.
\nBut we are also a part of a group that is called Australian Properties International, which is basically a one-stop shop for anybody looking to buy a property. They have other departments that we can refer clients to, be it finance or investment coaching, or partners that are accountants and advisors. So there are other options.
\nWe are going to create clients for life so that they will revisit us when they do want to purchase a property. That\u2019s our intent, and that\u2019s where we\u2019re coming from. But in saying that, when we\u2019re working for an investor it\u2019s very much research based and we\u2019re specialty in that regard, as well. It\u2019s not simply just a side avenue to build our client database or anything; we certainly know what we\u2019re doing in that regard, as well.
\nKevin:<\/b>\u00a0 When it comes to owner-occupiers, you\u2019ll be helping them. What is the fee if I want you to find me a property that suits me and my family and I\u2019m going to move into it? What would be the cost of doing that?
\nTim:<\/b>\u00a0 It\u2019s 2% of the sale price of the property. We go through the whole process with the buyer, so obviously we go through a full brief. This is slightly different from when we work with investors because we are talking more about facts and figures with investors, but with an owner-occupier, we go through a full property brief with them.
\nWe have access to properties that are off market. I heard statistics only last week that in Sydney particularly, almost 20% of properties are sold prior to them even being advertised on the Internet. We\u2019ve been able to put together a team of people who have a wealth of knowledge and experience but more importantly have built those relationships within the real estate industry so that we can have access to those types of properties and do receive contacts from agents that do have properties when people want to sell them discretely or who don\u2019t want to go through the hassle of marketing the property and we can gain access to those.
\nThat helps owner-occupiers, but it also helps investors because obviously if a property is going to auction or a property is being marketed, there\u2019s going to be more competition in the marketplace for that property and more competition or more buyers who want the property. Particularly if they\u2019re looking to live in the property, it can obviously push the value of the property up beyond what an investor would be prepared to pay or what\u2019s in the best interest of the investor, really.
\nKevin:<\/b>\u00a0 What sort of research can someone expect, like an investor who comes to you and says \u201cI want to buy an investment property.\u201d You take them through the analysis and analyze what they can afford, what sort of property they should be looking at. What sort of tools do you use to do that, and how can I be sure that you\u2019re giving me the best possible advice, especially if it\u2019s free?
\nTim:<\/b>\u00a0 We\u2019re very transparent with what we do through the whole process. As you said, we sit down with the investor initially and we go through a strategy meeting, and that\u2019s basically asking them why they want to buy a property and what their desired outcome is. Often they may have already spoken to a financial advisor or somebody in that relation and they know what sort of property they want or they need.
\nThen we go through a property brief with them that specifies the type of property they want \u2013 its features, if they have any specific locations that they want. But often clients may not know the specific location; they simply may have a budget. They may need the property to be cash positive or they may just simply want the property to provide great capital growth over a long period of time. We can then obviously refer them to finance experts to assist with that.
\nThen we come down to our research side of things. We go through every point of research with the client so that they are understanding why we look at particular aspects \u2013 looking at things like, depending on budget, we prefer to buy in inner or middle ring suburbs around CBDs. We look at population growth.
\nEverything really, at the end of the day, comes down to basically the supply and demand of an area. So when we\u2019re looking at the supply and demand, we\u2019re looking at whether there\u2019s limited free space or limited areas for development in a particular area, whether there are a lot of properties that are very similar to the property that our client\u2019s looking for.
\nObviously, the buzz word is oversupply. If there are apartments \u2013 and we don\u2019t necessarily work with many apartments, but if there is a lot of one particular property in an area obviously that can affect the supply.
\nAlso when you\u2019re looking at demand, we have a look at areas and look at infrastructure and whether people will want to live there, whether there\u2019s planned infrastructure, whether there are neighboring suburbs that are having growth, whether there are employment options or whether there are going to be employment options and a variety of different employment options.
\nWe go through a whole lot of information with the investor and go through a whole lot of different categories \u2013 if you like \u2013 for us to consider and for them to understand so that they can be confident in the decision that they\u2019re making.
\nKevin:<\/b>\u00a0 It\u2019s a great topic. We are out of time unfortunately, Tim. I\u2019d love to be able to talk to you a little bit more, and I\u2019ll get you back into the show to do just that.
\nTim Godden has been my guest \u2013 national director of Seekology. Check it out for yourself. Tim, thanks for your time.
\nTim:<\/b>\u00a0 My pleasure.<\/b> Thanks very much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  We talk to Tim Godden from Seekology about why he would offer to work for no fee in helping buyers secure a suitable property. 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