02 Mar 2023 Podcast: Guest – How to Win at Auction with Award Winning Auctioneer Andy Reid
Auctions have become increasingly popular for property sellers, so it is essential for buyers to get equipped with strategies for success. But it is easier said than done – auctions are high pressure and intimidating, especially for those who lack experience. So to help you navigate the tricky world of auctions, we’ve brought in auctioneer Andy Reid.
Andy was named Australian Auctioneer Of The Year 2022 by Real Estate Business, and is one of only 18 Master Auctioneers at the REIV. Andy is a master at inspiring action, with plenty of insights for buyers and sellers alike.
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So where is Australian property heading, and what does it mean for homeowners and investors?
To unpack the detail, Evelyn and Maddie talk to Eliza Owen, Head Of Australian Research at CoreLogic and one of Australia’s top property analysts.
Don’t miss this insightful chat.
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.
Find out your next step in property finance:
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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.
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Podcast produced with Apiro
Please find a Podcast summary below with the interview highlights:
Hosts: Evelyn and Maddie
Guest: Emily Wallace (Independent Buyers Advocate)
Episode Highlights
Introduction
- Emily Wallace, a Melbourne-based buyers advocate, specialises in first-home buyers and family homes.
- She is the co-host of My Millennial Property podcast and has developed a course for first-home buyers.
- Unlike many advocates, Emily focuses solely on owner-occupied properties, not investments.
The Role of a Buyers Advocate
- Responsibilities:
- Inspect properties, research, negotiate deals, and liaise with stakeholders.
- Source off-market and pre-market properties.
- Daily Activities:
- Include property inspections, driving to appointments, and creating educational content on social media.
Key Advice for First-Home Buyers
- Set Realistic Expectations:
- Avoid falling for properties outside your budget.
- Focus on what’s achievable within your financial constraints.
- Understand the Market:
- Analyse sold data from the past three months for realistic valuations.
- Define Goals Clearly:
- Clarify whether the purchase is for long-term living or future investment.
- Avoid chasing incentives (like stamp duty concessions) if they don’t align with long-term goals.
Engaging a Buyers Advocate
- Why Use One?
- Advocates save time and energy, sourcing properties and negotiating on behalf of clients.
- They provide access to off-market opportunities and expert market insights.
- Qualifying an Advocate:
- Look for area specialists with strong relationships with local agents.
- Speak to real estate agents to verify an advocate’s reputation.
Off-Market Properties
- Definition:
- Properties sold privately without public listings.
- Benefits:
- Less competition and no marketing costs for sellers.
- Advocates can secure these properties through agent networks.
- Challenges:
- Buyers must ensure they don’t overpay without competitive pricing data.
Adding Value to Properties
- Simple Upgrades:
- Paint, flooring, light fixtures, and basic landscaping can enhance value without high costs.
- Avoid Overcapitalising:
- Major renovations (e.g., kitchens and bathrooms) may not provide a worthwhile return.
Tips for Open Home Inspections
- Aspect and Light: Evaluate natural light and property orientation.
- Sights, Sounds, and Smells: Be wary of masking tactics like loud music or scented candles.
- Access and Practicality: Check ease of access, especially for apartments.
- Renovation Quality: Look beyond styling; inspect for subpar workmanship.
- Visit at Different Times: Observe traffic, noise, and other environmental factors.
Final Tip from Emily
- Be Selective About Advice:
- Avoid relying solely on opinions from family or friends with outdated or irrelevant property experience.
- Engage professionals for current, market-relevant advice.
This episode provided actionable insights for navigating the property market, emphasising the value of professional advice and realistic goal-setting.