08 Aug 2024 Podcast: Guest – House Hunting Hacks with Buyers Advocate Emily Wallace
In this episode, Evelyn sits down with Emily Wallace, Director and Head Buyers Advocate at Wallace Advocates, to explore her deep expertise in Melbourne’s property market, focusing on the Northern and Bayside corridors.
Listen and subscribe now on Apple Podcasts or Spotify
Emily offers a comprehensive guide for first-time home buyers, sharing crucial tips on what to look for during property inspections, how to engage effectively with real estate agents, and strategies for negotiating the best deal.
We dive into the specifics of navigating the buying process from start to finish, providing practical advice that will help first-time buyers confidently secure their ideal property.
Whether you’re new to the market or seeking to refine your approach, Emily’s insights are invaluable for making informed and strategic property decisions.
Connect with Emily:
Instagram: @emily_wallace_ba
Website: https://wallaceadvocates.com.au/
Find out your next step in property finance:
You Have My Interest is brought to you by Everlend, a mortgage and finance broking firm built for the purpose of educating and empowering you to make informed financial decisions tailored to your wealth goals. Find out more and book in your free initial consultation at
https://www.everlend.com.au/
There’s plenty more great content to come … so make sure you subscribe now on Apple Podcasts or Spotify so you don’t miss a thing.
You Have My Interest is brought to you by Everlend, a mortgage and finance broking firm built for the purpose of educating and empowering you to make informed financial decisions tailored to your wealth goals. Find out more and book in your free initial consultation at https://www.everlend.com.au/
Get in touch:
Find out more about You Have My Interest at everlend.com.au/podcast and connect with us at podcast@everlend.com.au
You Have My Interest provides information and educational content relating to mortgages, finance and property. You Have My Interest‘s content is general in nature and does not take into account the individual financial, legal or tax needs or objectives of its audience members.
It is not intended as a substitute for professional advice. Listeners should seek out a licensed professional to discuss their individual financial, legal and tax requirements.
If you need mortgage or finance advice tailored to your own personal situation, contact Everlend today for a free consultation. Everlend are authorised credit representatives of Loan Market Pty Ltd, Australian Credit Licence number 390222.
Podcast produced with Apiro
Please find a Podcast summary below with the interview highlights:
Introduction
- The podcast, hosted by Evelyn, features Emily Wallace, a Melbourne-based buyer’s advocate specialising in first-home buyers and family home purchases.
- Key topics include understanding buyer’s advocacy, the buying process, navigating auctions, and advice for first-time buyers.
What Does a Buyer’s Advocate Do?
- A buyer’s advocate represents the buyer in property transactions, offering expertise, market insights, and negotiation support.
- Advocates educate clients about the property market, ensuring buyers make informed decisions.
- Payment models include a fixed fee or a percentage of the purchase price, with Emily preferring fixed fees to avoid conflicts of interest.
Advantages of Using a Buyer’s Advocate
- Access to Off-Market Properties: Advocates leverage agent networks and strategies (e.g., social media, targeted searches) to access properties not listed online.
- Negotiation Expertise: Advocates can identify realistic pricing and manage complex negotiations.
- Time and Effort Savings: Advocates handle the extensive legwork of property searching and evaluation.
Key Topics for Buyers
- Off-Market vs. Pre-Market Properties
- Off-Market: Properties not listed for sale publicly.
- Pre-Market: Properties that will soon go public but are available for private offers beforehand.
- Advantage: Reduced competition and potentially less stress than auctions.
- Inspection Tips
- Look past staging and focus on structural and practical details (e.g., dampness, smells, space).
- Understand what fixtures and fittings are included in the sale.
- Conduct second inspections for a clearer perspective.
- Engaging Agents
- Be transparent but strategic with information shared.
- Understand the agent’s role to represent the vendor while respecting buyers.
Navigating Auctions
- Auctions are public events with live bidding. Buyers must understand terms like “on the market,” which signals the vendor is ready to sell.
- Key tips:
- Stand visible and be loud.
- Know your financial limit and have pre-approval.
- Engage a building and pest inspection before bidding.
- Highest bidder in a passed-in auction gets exclusive negotiation rights.
Advice for First-Time Buyers
- Research and Realism
- Research recent sales to gauge realistic pricing for desired areas.
- Manage expectations, especially regarding location vs. property size.
- Avoiding Common Mistakes
- Avoid letting stamp duty concessions (e.g., under $600,000 in Victoria) dictate purchasing decisions.
- Decide if the property is a long-term home or an investment; these goals often require different property types.
- Balancing Wishlists
- Differentiate between “must-haves” and “nice-to-haves.”
- Be willing to compromise on non-essential features like separate toilets or furniture considerations.
- Minimising External Influence
- Limit input from friends and family who may not understand current market realities.
- Focus on personal goals and what suits your lifestyle.
Emerging Suburbs for First-Time Buyers
- Emily highlighted up-and-coming areas like Glenroy, Coburg North, Dingley Village, and Bonbeach for their affordability, infrastructure investment, and family-friendly vibes.
Final Thoughts
- Emily advised buyers to carefully consider their purchase strategy, seek professional help, and approach the process with confidence and preparation.
- Contact Emily Wallace through Wallace Advocates for tailored support in property buying.