{"id":9645,"date":"2016-10-25T01:00:50","date_gmt":"2016-10-24T14:00:50","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9645"},"modified":"2016-10-25T01:00:50","modified_gmt":"2016-10-24T14:00:50","slug":"wear-out-the-shoe-leather-patrick-bright","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/wear-out-the-shoe-leather-patrick-bright\/","title":{"rendered":"Wear out the shoe leather – Patrick Bright"},"content":{"rendered":"

 
\nPatrick Bright<\/strong> has some thoughts on how tough it really is for first time buyers and he has some hard advice.
\n <\/p>\n

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

Kevin<\/b>:\u00a0 Patrick Bright joins me. Patrick is an author and also a buyer\u2019s agent with EPS Property Search. I want to talk to Patrick about first-home buyers, because there is a lot of complaining in the market at present about just how unaffordable it is for them. I want to find out if that\u2019s for real. I want to get his take on it, and also he has some great advice, too, on how you can become a property owner as a first-time buyer. He joins me.
\nGood day, Patrick, how are you going?
\nPatrick<\/b>:\u00a0 Good morning, Kevin.
\nKevin:\u00a0 <\/b>Good to be talking to you again, mate. Thank you very much. Patrick, as I said, is from EPS Property Search. Patrick, do you very often have to help first-time buyers get into a property?
\nPatrick:\u00a0 <\/b>Yes, these are part of the client base that we help. It\u2019s not the biggest chunk. You have to understand first-home buyers really only represent about 10% to 15% of the marketplace at any time, anyway, and that floats up a little bit. Obviously it fluctuates at different times when governments put incentives on the table, and then when things are taken away, obviously, that drops a little bit.
\nKevin:\u00a0 <\/b>I sometimes wonder, buying a property is a big decision, it\u2019s a big commitment. The fears around that for first-time buyers, what are they and how real are they, Patrick?
\nPatrick:\u00a0 <\/b>Well, first off, they\u2019re nervous. The number one thing, like anybody, and definitely first-time buyers as well, is buying something and overpaying. That\u2019s a big concern; people don\u2019t want to overpay.
\nKevin:\u00a0 <\/b>Is that their biggest concern?
\nPatrick:\u00a0 <\/b>I find that. A lot of people come to me saying, \u201cI don\u2019t want to overpay, I don\u2019t know how much to pay.\u201d Particularly, dealing with auctions, there\u2019s no price guidance or limited pricing information around that, so that frustrates people a lot. They just don\u2019t know where to start. They\u2019re fearful of being out-negotiated, and they should be, because they\u2019re going to be. You\u2019re not going to beat a seasoned professional.
\nKevin:\u00a0 <\/b>Overpaying being the biggest one, what can they do to overcome that? Obviously do some research, but where do they go to do that, Patrick?
\nPatrick:\u00a0 <\/b>Basically, shoe leather is what you have to work through, which is exactly what a buyer\u2019s agent does. Just do what we do. You have to go and inspect properties. You have to be educated \u2013 as you said, research. Inform yourself about the market. You can\u2019t just rely on data reports. For instance, you can\u2019t just go and buy one for $50 off the Net or get one handed to you and go, \u201cOh yeah, that works.\u201d
\nKevin:\u00a0 <\/b>Well, you can, but just how reliable are they?
\nPatrick:\u00a0 <\/b>Well, that\u2019s the thing. You can get that \u2013 you\u2019re right \u2013 but they\u2019re limited. They\u2019re \u201cname, rank, serial number.\u201d Those reports don\u2019t tell you the size of the block, or if it\u2019s a house, for instance, they don\u2019t tell you if the house is at the front or the back of the block. They\u2019ll tell you the size, but they don\u2019t know the shape of the block.
\nIs it slopey? Does it have an outlook? Is it private in the backyard. What\u2019s the floor plan like? Okay, it\u2019s four-bed, two-bath, but is it renovated, partly unrenovated, fully renovated? The room sizes, what are they like? What\u2019s the floor plan? Does it flow? Can you fix it?
\nThese things aren\u2019t available on those reports, so you have to be physically out there, looking at these properties, and understanding\u2026 In the same street, we see properties that are four-bed, two-bath in the same street with a 30% difference in value \u2013 because the different side of the street, different aspect, different natural light coming in, different shape of the block, different view and privacy. All these things factor in a little bit, but it adds up to a lot.
\nKevin:\u00a0 <\/b>One of the things that worries me a lot is, one of the major banks currently advertising an app that they have that purports that you can simply go in and just hold it up in front of the real estate agent and get an accurate price indication about a property. Now, I sometimes worry about those, for the very reasons you\u2019ve just outlined there \u2013 that it\u2019s a lot more complex than just having an app that just pumps up a figure.
\nPatrick:\u00a0 <\/b>Completely. Everybody, they\u2019re just meat. They\u2019re just meeting the need that people out there who want to know everything instantly, everything, and information.
\nKevin:\u00a0 <\/b>But they\u2019re not accurate. That\u2019s the thing that worries me.
\nPatrick:\u00a0 <\/b>They\u2019re not accurate at all. It\u2019s not accurate at all. There has even been plenty of research. Look at this: you get three or four sales agents coming in to assess your home, and they\u2019ll be 20% apart \u2013 and they\u2019ve looked at it.
\nKevin:\u00a0 <\/b>Yes, but you get valuers in, the same thing will happen.
\nPatrick:\u00a0 <\/b>Oh, plenty of times. I\u2019ve had valuers come in on a property\u2026 I actually to refinanced a couple of my properties recently, and I had a valuation on it, and I thought, \u201cThat\u2019s a big light. That\u2019s a bit mean on the valuation. I know the market.\u201d So, I went back to the bank, and said, \u201cLook, I want a new valuer to come out from a different firm.\u201d He came out and there was a 10% uplift variance in that valuation. And I went with the higher valuation; I was allowed to, which you are. And that was fair. I just thought the guy was being 10% light when he valued it, and I asked for another one.
\nThese professionals are doing it day in and day out. So, at the very least, at the very least, you have to be out there looking at dozens and dozens of properties, over weeks. You can see, easily, a dozen on a Saturday. If you commit to two months, eight weeks, not a long time, you\u2019ll get through the best part of a hundred properties. You\u2019ll be as informed as anybody about the value of the type and style of property that you\u2019re looking to buy. And this goes for not just first-time buyers, for everybody.
\nKevin:\u00a0 <\/b>For everyone, yes.
\nPatrick:\u00a0 <\/b>And, particularly if you\u2019re buying in a suburb or an area that you\u2019ve never lived in before because you\u2019ll discover things about it. Go on and have dinner there, go on and eat at the caf\u00e9s there.
\nAnother thing I say to people is \u201cWhat\u2019 the traffic like?\u201d if it\u2019s in an area where there\u2019s a bit of traffic. Particularly in Sydney, we have to factor that in. What I\u2019ve said to people is if you\u2019re not sure about an area, you need to drive there for a week, in the morning, as if you would be leaving for work, and do that route to work to know it. Or do the public transport. Do that, and even going home.
\nIf a property doesn\u2019t have parking on it, like you just mentioned before, that\u2019s a huge negative \u2013 no parking \u2013 and I understand why that\u2019s on the top of the list. People go, \u201cOh, it\u2019s okay.\u201d because we have three-bed, two-bath, terraces in Paddington that sell for $3 million, $4 million with no parking. So if people say parking is not an issue, I say, \u201cGo and park there when you would normally be trying to parking of an evening coming home, and see how happy you are.\u201d
\nKevin:\u00a0 <\/b>Mate, we\u2019re out of time, Patrick. Got to go, but, thank you very much, mate. Good talking to you.
\nPatrick:\u00a0 <\/b>Pleasure, as always.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Patrick Bright has some thoughts on how tough it really is for first time buyers and he has some hard advice.   Transcript: Kevin:\u00a0 Patrick Bright joins me. Patrick is an author and also a buyer\u2019s agent with EPS Property Search. I want to…<\/p>\n","protected":false},"author":176692471,"featured_media":9646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,17,25],"tags":[101],"class_list":["post-9645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nWear out the shoe leather - 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\/wear-out-the-shoe-leather-patrick-bright\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wear out the shoe leather - Patrick Bright - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Patrick Bright has some thoughts on how tough it really is for first time buyers and he has some hard advice.   Transcript: Kevin:\u00a0 Patrick Bright joins me. 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