Real Estate Right

Episode 16: Zali Reynolds - Looking at Your Advertising Schedule

Zali Reynolds, from Shelter Real Estate, has come in again to talk to us about what we should be looking for on our sales advertising schedule.

 

When you sign up with an agent, they usually put a dollar figure in the box under the commission which is the maximum the agent is allowed to spend on advertising your property. That figure could be a figure off the top of their head with no care how they will spend that money, but most will likely give you an advertising schedule. We want to know what's worth being on the schedule, and what shouldn't be?

What's the highest amount of money you've seen spent on an advertising schedule?

1. What should you expect on an advertising schedule?

2. What are some of the things that can appear on an advertising schedule that should be questioned?

3. How much should we be spending on advertising?

4. Will I be expected to pay for the advertising upfront?

5. Is print advertising 'dead?'

6. If I decide to go 'off market', rather than spend money on advertising, will that reduce the net of buyers who could be interested in my property?

a) What would a good 'off market' strategy be if I'm on the fence about spending money on advertising?

7. Dee from Carnegie wants to know if she should expect her agent to cover the costs of her advertising?

a) What happens if they haven't sold my property within the exclusive authority period? Do I still have to pay for advertising?

8. I know as a copywriter, some owners think that the agent writes the ads, then they question what are they paying the agent for? The reality is most agents haven't got the English skills to write something succinctly and effective. Being objective, what do you think about agents vs a professional copywriter writing the ads?

9. Are agents still getting rebates from their suppliers for using their services for advertising?

a) what are the laws regarding this?

10. What are editorials?

a) What are the benefits?

b) Do we pay for them?

c) Are they guaranteed?

11. Should we be worried if our agent uses a supplier from overseas to provide them with advertising materials, like retouching photos, videography editing, floorplans, copywriting and brochures?

 https://shelterrealestate.com.au/articles/

Episode 15: Kate Yeowart - Owner's Corporations - What do they do?

Owner’s Corporations, or Body Corporations, as they were once known, are the key to managing land titles with multiple owners, such as units, apartments and sometimes whole housing estates. They set a standard of how well a shared property is maintained, and the reality is, there’s the good the bad and the ugly in both building maintenance and Owner’s Corporations. Today we are going to find out how to know if your Owner’s Corporation is doing the right thing by your block and what to do if they aren’t. 

A respected leader in the strata management sector, we welcome back again Kate Yeowart, the Director of Strata Equity Management. Kate has worked in all facets of real estate and as a law cler,k and she holds a degree in Political Science which she puts to good use in her business. Welcome Kate.

 

The reality is, Owner’s Corporation Managers are necessary to maintain order within a shared development. But they do get a bad wrap for various reasons. What is it Kate, that an owner’s corporation and what do they do?

If there is a defect to the common property, say a broken pipe that’s flooding the basement car park, how is that usually brought to the Owner’s Corporation’s attention?

Chris from Sunshine is looking at buying his first investment property. Because he won’t be living there, he wants to know what to look out for when buying a property, if the Owner’s Corporation is good or bad…how can you tell by just being at the property?

Hypothetically, say we have an 60s brick apartment block of 8 x 2 bedroom apartments, what can be the difference in Owner’s Corporation fees from lowest to highest that we would be expected to pay?

How involved should your Owner’s Corporation Manager be?

How often show we hear from our Owner’s Corporation Manager?

Nick from Ballarat is concerned about his noisy neighbour when he’s trying to study in the early hours of the morning. He thinks it maybe some religious music blaring, like at odd prayer times, should he report it to his Owner’s Corporation that there’s supposed to be an element of noise control between certain times of the day, or is that a matter for the police?

What happens if you want to change the Owner’s Corporation Manager?

What happens when different owners have different expectations for the common property?

How are insurance claims dealt with?

How does it work when there is an evan number of properties to make a decision on common matters?

What happens if someone misses a payment or is well behind in payments contributing to the management of the building? How is that dealt with?

Episode 14: Chris Samartzis - The New Pool and Spa Regulations

CEO of SPASA VIC, CHRIS SAMARTZIS JOINS US TO EXPLAIN IN DETAIL THE NEW POOL AND SPA REGULATIONS COMING TO VICTORIA ON 1ST JUNE 2020.

THERE HAVE BEEN 27 DEATHS IN PRIVATE POOLS AND SPAS SINCE 2000, WITH AT LEAST 20 OF THOSE DEATHS FROM POOLS THAT DIDN’T HAVE THE REQUIRED SAFETY BARRIER. 12 OF THEM WERE CHILDREN WHO DID NOT RESIDE AT THE PROPERTY, AND AT LEAST ONE, THE CHILD WAS NOT KNOWN TO THE OWNERS. NEW POOL AND SPA REGULATIONS HAVE HIT VICTORIA AND COME INTO EFFECT ON JUNE 1, 2020. THERE ARE A FEW THINGS WE NEED TO DO BEFORE THIS DEADLINE AND WE HAVE CHRIS SAMARTZIS FROM THE SWIMMING POOL AND SPA ASSOCIATION OF VICTORIA (OR SPASA VIC), HERE TODAY TO TELL US WHAT WE NEED TO DO.

CHRIS SAMARTZIS IS THE CEO OF SPASAVIC – THE SWIMMING POOL AND SPA ASSOCATION OF VICTORIA – THE PEAK BODY REPRESENTING POOL AND SPA BUILDERS, RETAILERS, SUPPLIERS AND ANY BUSINESS ASSOCIATED WITH THE POOL AND SPA INDUSTRY – WELCOME CHRIS.

• WHAT IS THE PURPOSE OF SPASA FOR VICTORIANS?
• WHAT ARE THE NEW POOL AND SPA REGULATIONS THAT WILL HIT OUR HOMES ON JUNE 1^ST, 2020?
• HOW DOES THAT EFFECT EXISTING POOL AND SPA OWNERS?
• HOW DOES IT EFFECT THOSE LOOKING TO PUT IN A NEW POOL OR SPA?
• DOES A BARRIER NEED TO BE INSTALLED WHILE BUILDING A NEW POOL OR SPA?
• CLINTON FROM CHELSEA WANTS TO KNOW IF HE HAS TO PUT UP A FENCE WHEN HE PUTS UP A BLOW UP POOL THAT HE BRINGS OUT EACH SUMMER? SOMETIMES HE LEAVES HIS BUNNINGS SHELL POOL OUT FOR HIS DOG TO STAY COOL ON HOT DAYS, DOES HE NEED A FENCE FOR THAT? WHAT ARE SOME OF THE KEY DATES POOL AND SPA OWNERS NEED TO BE AWARE OF TO BE COMPLIANT WITH THE NEW REGULATIONS?
• THE BIG QUESTION: HOW MUCH IS THIS GOING TO COST US?
• WILL IT EFFECT OUR RATES IN FUTURE YEARS, KNOWING THAT OUR POOL IS REGISTERED WITH THE COUNCIL?
• WHAT IS CONSIDERED A PROPER BARRIER? WALLS, POOL COVERS, TEMPORARY BARRIERS, DOORS, WINDOWS?
• SARAH FROM HASTINGS WANTS TO KNOW WHY AREN’T BARRIERS REQUIRED FOR OTHER TYPES OF WATER AREAS, LIKE PONDS, FOUNTAINS, DAMS, ETC, BUT ALSO PUBLIC WATERWAYS, ESPECIALLY IN SOME OF THE NEW ESTATES? AREN’T THEY JUST AS PROBLEMATIC FOR DROWNINGS?
• WHAT HAPPENS IF WE DECIDE TO FILL IN OUR POOL OR SELL OUR SPA, WHEN DO WE NEED TO TELL THE COUNCIL THAT THE POOL OR SPA IS NO LONGER AT THE PROPERTY?
• IS THERE ANYTHING WE SHOULD BE WARY OF, IN REGARDS TO POOL BUILDERS, TYPES OF BARRIERS, LANDSCAPING, ETC THAT COULD COMPROMISE THE POOL’S SAFETY?

Episode 13: Michelle & Dean Davis - Easter Preparation - DIY Renovating, Knowing Your Limits

 

Michelle and Dean Davis from property styling and maintenance company M+CO Property, explain to us about what we can do ourselves over the 4-day weekend, and what we should leave to the professionals. A great episode!

Getting your hands dirty with painting, gardening, cleaning and down-right perfecting your home to save some dollars is all part of the process of getting your home ready for sale. But when should we realise, we don’t know what we’re doing and should leave it to the professionals?

As Easter is here, today’s episode is about all the DIY renovating we can do over the 4 day weekend, and planning ahead if we need to get the professionals in.

Husband and wife team Michelle and Dean Davis, founders of M+Co Property, a bayside-based property styling and maintenance company are in today to talk to us about DIY renovating over the Easter period. M+Co Property services the Bayside corridor, and have been around since 2016. Michelle is an experienced stylist and Dean, a qualified Electrican and registered builder. Together they M+Co Property – a one-stop, pre-sale property presentation service, providing furniture hire, professional styling, trade and renovation services, as well as interior design. Welcome Dean and Michelle.

Dean and Michelle, how did you come up with the idea of M+Co Property?1. As Easter is a 4-day weekend, what would you suggest be the best things to attend to over the 4 days?
2. What would be most people’s limits or what would be acceptable to do when it comes to DIY renovating?
a) painting?
B) landscaping?
C) plumbing?
D) electrical?
E) tiling or grouting?
F) putting in new appliances, ceiling fans, ovens, etc?
G) flooring – timber floors, carpet?
H) adding a new deck?
I) hanging doors, new door furniture?
3. At what stage should we be contacting a property styling company or maintenance trades?
A) what would be a typical way to plan ahead towards the first open for inspection?

5. What type of work would you need a certificate of compliance, and would they need to be presented in your Section 32 contract when selling your home?

6. If you need to get things in a hurry but the jobs are too small, you usually hear about trades who will fit you in when they are ready. What type of services are out there for sellers to find something to do the small stuff? Ensuring it’s don’t professionally?
a. Are there any services that we should be wary of?
b. What’s the standard time frame you work with? From getting the phone call to get a quote, to getting everything finished?
7. What areas of your home should you really invest your money in?
a. Is there anything that you feel isn’t worth spending the time or money on?
8. What are some of the benefits of getting your home professionally styled?
9. Do you have any stories about people who have tried to DIY and failed where you had to fix it all up?

Special Offer: Register your interest with M+Co Property to do one of their free workshops on home presentation. Contact M+Co Property at www.mcoproperty.com.au or 9555 7485

Episode 12: Kate Yeowart - Knowing The Different Types of Property Titles

Kate Yeowart from Strata Equity Management comes on the show today to talk to us about the different titles property can have, how an owner's corporation is involved and knowing what you need to be responsible for.

Owning a property doesn’t necessarily mean that you have the right to do what you want with it. Sometimes you need to get Owner’s Corporation agreement to change anything externally, sometimes it’s just not allowed based on the title. Knowing what type of title you are buying before you buy can make it all a lot easier to accept what is possible and what isn’t. Today we want to know how to decipher what title is what, and we have REIV member, and the director of strata equity management in to tell us all about it.

Intro:

A respected leader in the Strata Management industry, Kate Yeowart is the director of Strata Equity Management. Kate has worked in all facets of real estate, has been a law clerk and been in credit management, so she knows all the different sides of strata management. Kate holds a degree in political science, which she puts good use in her business. A credit to the industry, welcome Kate.

Grant: Kate, why did you choose strata management over all other sectors in real estate?

1. What are the types of titles you could expect on an apartment or unit block?
A) Can you describe the differences between them?
B) Where would you find out what type of title the property has?
2. What would be considered the best title to have?
3. Would I have to pay stamp duty on a company share title?
4. Which suburbs would you expect to see a company share title?
5. What about a house that might be on a battle-axe block – that is, a shared driveway between the neighbouring properties? What would we need to consider when buying a house with a battle-axe block?
6. What should we be looking out for with subdivided blocks?
7. Sarah from Prahran is buying her first home and is looking at an apartment close to where she is renting. She saw an Owner’s Corporation fee on the Section 32. What does an Owner’s Corporation do for that fee?
a. What do they also do with that fee?
b. How much of that fee goes to paying for someone to run the owner’s corporation?
8. Who is responsible for insurance excess in an owner’s corporation?

Episode 11: Miriam Sandkuhler - Understanding Underquoting, Statements of Information and Vendor Reserves

 

Miriam Sandkuhler, from Property Mavens, takes away the confusing about price ranges and quotes on property marketing, Statements of Information and what the vendor can do with their reserve. It's quite insightful. To be in the running for a copy of Miriam's book 'Property Prosperity', listen out for the codeword in the podcast and private message us on Facebook for your chance to win.

 

Sue: today we are talking about the serious business of quoting. You know those little price ranges, plus signs and comparable properties that became mandatory in 2017? Well there is still a lot of confusion out there about what is acceptable, so we want to get to the bottom of it. What do you want to know grant?
Grant: I want to know what the rules are. And why are there so many numbers flying around about the same property? Quotes, valuations, vendor reserves… they can be the same, but they can also be so different.
Sue: well let’s get to the bottom of it!

Intro:

Today we welcome Miriam Sandkuhler, the CEO and multi-award winning property advocate from property mavens to talk to us about quoting. She is the best-selling author of property prosperity, an accredited property investment advisor and sought after media commentator on the subject of all things property for major newspapers, national radio and television. Welcome Miriam.

Miriam, how did you get into the advocacy business?

1. What are the rules regarding price quoting in Victoria?
2. Sometimes when we are at properties doing copy and photos, there is a valuer doing his report, does a property usually get a sworn valuation prior to the property being advertised?
3. What is a sworn valuation? And how does it differ from a bank valuation or a market appraisal from an agent?
4. Karen from Essendon recently bought a property where the price range on the statement of information was a lot more than what was originally quoted. It turned out that the property had been on the market with another agent prior to this agent who had a more realistic price on it… how come the price range on the advertising and the price range that appears on the statement of information can be different?
5. What happens if a vendor changes their reserve on the auction day?
6. Recently Harry from Glen Waverley went to an auction where the vendor changed their reserve on auction day and the underbidder got really upset with the agent for underquoting, saying he would report him. Harry wants to know who was in the right? Would an agent be liable for underquoting if the vendor changes their reserve to a higher amount, even if they had advised their vendor that they would not get the higher amount?
7. How recent do the comparable properties sold on the statement of information have to be? And why is it sometimes left blank, is that allowed?
8. What happens if an agent gets an offer that is higher than the price range on the statement of information that doesn’t get accepted by the vendor?
9. How fair is that on the buyer?

Show Notes:

Link to a Consumer Affairs Fact Sheet regarding quoting. https://www.consumer.vic.gov.au/search-results?s=fact+sheet+on+underquoting

 

Competition Time

We have 2 copies of Miriam Sandkuhler’s book ‘Property Prosperity' to giveaway.

All you have to do is while your listening to Episode 11: Listen out for the ‘Codeword’ and private message us the answer for your chance to win.

 

 

Episode 10: Kim Steel - The AirBNB Revolution: How to Maximise Your Investment with Short Term Leases

 

Kim Steel from Property Mums is the ultimate AirBNB investor, making over 20% return on most of her properties. Listen in to hear some of the tricks of the trade and how you can maximise your investment dollar.

I’m really excited about this episode. Imagine investing in property and getting a massive 20% return each year. The key is finding the right property, setting it up right, and having the right people look after it for you. It’s all about getting it ‘Real Estate Eight’ – yes, it’s the perfect episode for us. Today, we have Kim Steel from Property Mums telling us exactly how to go about it.

Intro:

Kim Steel has been a property investor for 25 years. 12 years ago, she changed her tact, and changed her properties from long term leasing to short term leasing. She is the founder of Property Mums, a company that styles, mentors and manages some very busy AirBNBs in Melbourne, on the Mornington Peninsula and in Hepburn Springs. With some of her properties ranked the highest earners on AirBNB, welcome Kim.

Grant: Kim, what made you change your tact from long-term leasing to short-term leasing?

1. What do you need to consider when organising a house or apartment for AirBNB?
a. Furniture
b. Utilities
c. Kitchenware
d. On-going supplies – dishwashing liquid, washing powder, shampoo, soap, toilet paper, etc
e. Gardening and external maintenance
f. Entertainment – dvds or subscription service, internet, sporting goods, etc
g. Pre and post guest cleaning
2. How much should you budget to get all the things to set up a furnished property for holiday accommodation?
3. What would you expect from a premium AirBNB vs a standard AirBNB?
4. Kristen from Moorabbin is wanting to start up an AirBNB in Inveloch, she was wondering if all AirBNBs provide breakfast (considering the name of the sharing platform)?
5. What sort of return should you expect from your AirBNB in its first year?
A)how about subsequent years? Should it be consistently increasing?
6. How often should you change the furnishings and décor?
7. You’re a company that provides a service for investors, what sort of percentage do companies like yours take to manage an AirBNB?
8. What do you do differently that makes it appealing to investors to use your services?
9. Do you trust the AirBNB or other holiday-stay software to get bookings and payments right?
10. What about insurance? Do AirBNB offer insurance?
11. Are you prepared to reveal your formula?
12. What would you expect to be different between a city based property and a rural or coastal based property?
13. What’s a super host and what difference can it make?
14. Some of the councils are now asking investors to inform the council about their short term leased properties, even if it is just a room to rent? Do you know why they are doing it?
a. Do you think that it’s an opportunity for them to add more to the rates?

Show Notes:

Kim Steel, from Property Mums, has an eBook called ‘How to Buy, Set Up, and Run Holiday Homes for Profit’. Go to https://www.propertymums.com.au/product/how-to-buy-set-up-and-run-holiday-houses-for-profit/ to grab your copy.

Episode 9: Nicole Jacobs - What Is A Buyer's Advocate?

 

Nicole Jacobs, from Nicole Jacobs Property, and regular on The Block, comes in to tell us about what a buyer's advocate does and how buyer's advocates can get you your dream property within your budget.

Today we are talking about buyer’s advocates. What is a buyer’s advocate and what do they do? What we would love to learn about in this episode is:
• What is a buyer’s advocate?
• How can they save us money?
• How do they get paid?

Intro:

Today we welcome onto Real Estate Right, one of our favourite property experts on Channel 9’s ‘The Block’, Nicole Jacobs. Director of Nicole Jacob’s Property, Nicole is a prestige property buyer’s advocate, and is here to explain to us about the wonderful world of buyer advocacy. Welcome Nicole.

Nicole, how did you get into the buyer’s advocacy business?

1. Explain what a buyer’s advocate does?
2. How do you help save buyers money?
3. What’s the typical client that uses a buyer’s advocate? What type of client should be using a buyer’s advocate to maximise their buying opportunities?
4. I’ve seen some buyer’s advocates do interesting things, like measuring the front garden, from the house to fence line. How detailed do you go into your reporting to prospective buyers?
5. Are you more about creating more valuable opportunities for a buyer or helping reduce the asking price?
6. Are there any particular resources, strategies or companies you use to help calculate what the asking price should be, or do you use your own valuing skills?
7. In the 2016 (or was it 2017? – two different articles say two different things) season of ‘the block’, you successfully bid on 3 of the 5 properties, how do you know which buyer your bidding on behalf, if you have 3 buyers? Does that happen at other auctions?
8. How are you paid? Commission? Flat rate? Or through the selling agent?
9. When you see a price range that seems a little far-fetched, but your client really wants the property (and has the money for the outrageous price), do you justify to the buyers, and the selling agent, why you would never pay that much for that property? Has it been successful in getting the buy?
10. You offer a prestige property service, are their buyer advocates for regular mum and dad investors or first home buyers?
11. Adam from Sunbury wants to know about buying an investment property closer to the city in suburbs he’s not sure about. He wants a property that has the ability to be renovated to increase its value at re-sale or maybe subdivided to build a second property? Would he be best to hire a buyer’s advocate? And do you go to the level of detail where you know the council regulations or would Adam need to do that research himself?
12. Who do you follow in the media in terms of getting your expert knowledge about the economy and real estate market predictions? And how often do they get it right?

Listen to how Nicole explains to us a completely different angle on what a buyer’s advocate does to ensure you buy the perfect home for you.

Special Listener Competition:

We have a copy of Nicole Jacobs book ‘Sold’ for one lucky winner. Like, Share and Comment on our competition facebook post on why you would love to get a copy of her book to be in the running to win.

 

 

Episode 8: Matthew Phillips - The Do's and Don't's in Signing a Building Contract

Matthew Phillips from Patterson Homes comes in to talk to us about what to expect from your building contact when building a new home.

A building contract is quite an involved document. It includes everything from time frames, payments required, materials used to build, appliances, tiles, driveways, landscaping, floorplans, fence lines, plumbing, lighting plans, this list goes on! Matthew Phillips is here again today to explain the do’s and don’ts of signing a builder’s contract.

Intro:

Matthew Phillips, Managing Director of Patterson Homes, has the eye for detail, the commitment to customers and the passion to build. He’s seen plenty of building contracts in his time and knows what works and what should be questioned. With 26 years experience in the building industry, Matthew is here to tell us how to get it right. Welcome Matthew!

1. What is a building contract?
a. What should we be looking for in a building contract?
2. What are some of the red flags we should be looking for when seeing a building contract for the first time?
3. What sort of building accreditations should we be looking for when we appoint a builder?
4. Is there a standard way of doing payments to your builder?
5. What energy efficient/star ratings should we be expecting in our new house?
a. Are regulations always changing?
6. What type of inclusions are considered standard?
a. What inclusions are no so standard?
b. What happens if we want to change the inclusions half way through the build?
7. Mark from Seaford wants to know what would be the standard time from signing the contract to getting the certificate of occupancy?
8. What’s some good advice to give people who want to build that can help the process of building a new home?

Show Notes:

Photos of the medical/childcare centre that turned into a big hole, damaging neighbouring properties as mentioned in Fun Facts. Credit: Clare Kermond of The Age for that story. 

 

 

Here is a link to a checklist of what is required in regards to getting building permits & insurance for Extensions and renovations costing more than $10,000.

https://www.consumer.vic.gov.au/housing/building-and-renovating/checklists/extensions-and-renovations-costing-more-than-10000

 

Special Listener Offer: Matthew Phillips is offering a free consultation and quote for someone who is wanting to build their dream home. To be in the running, you need to go to Facebook and Like, Share and Comment why you would love to win a free consultation.

Episode 7: Adam Docking - How to Read a Section 32

 

REIV Vice President and director of MJ Docking in Vermont, Adam Docking, joins us to talk to us about the Section 32 and why it's an important document.

Section 32s are the documents you sign when you purchase a property. They are best to be read by your legal representative to ensure you’re not buying something you don’t understand. Most people read it for what it tells you about the rates, water and other supplies… but there is so much more. We have Adam Docking, the Senior Vice-President of the REIV on today to tell us what we really should be looking out for.

Intro:

Adam is the Senior Vice-President of the Real Estate Institute of Victoria and the Director of MJ Docking & Associates with over 20 years experience in the real estate industry. The Vermont-based agency was founded by his father in 1983 and provides services in residential sales, commercial sales and property management. A member since 1994, Adam is an Associate of the Real Estate Institute, the current chair of the REIV’s auction chapter and is passionate about auctioneering.

1. What is a Section 32 and why is it an important document?
2. It’s a big document, so what should prospective purchasers look at when they go through the Section 32?
3. Usually people go through to check what costs are involved with running the property – water rates, council rates and maybe owner’s corporation frees, but what hidden costs could appear on a Section 32?
4. What re the main concerns that appear on a Section 32 that could make or break a sale?
5. What concerns should we have when it comes to the history of the land, for instance, it could be the site of an old tip or chemical factory, a flood plain or river bed, there could be provision for a freeway over the back fence, or huge trees that are affecting foundations… what section of the Section 32 should we be able to find if the land is good?
6. Should we be concern about its zoning? For both development and schools?
7. When looking at an apartment or unit, how important is it to go through the Owner’s Corporation minutes?
8. When buying a house with a pool or spa, what do we need to be concerned about?
9. What’s the strangest thing you’ve ever seen on a Section 32?

Special Listener Offer From Adam Docking from MJ Docking is offering 20% off his standard commission and advertising rates for anyone in the City of Whitehorse who is looking to list their property for sale, if they mention Real Estate Right to him. Contact Adam on 8877 7022 or docking.com.au