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327 | Winning A HOT Property Market (Part 3) – The Step-By-Step Process!

By in Hot Market Tips, Podcast

The final part of our mini-series: “The Step-By-Step Process To Win In A HOT Property Market” has landed!

Just in case you missed it…

LAST TWO WEEKS ON THE PROPERTY COUCH..

  • Episode 326 was all about The SEARCH for the property and The DUE-DILIGENCE around the search and the finance (lending) for that property!
  • Episode 325 was about GETTING STARTED! Nailing the brief, how to get your FINANCE ready,

 

And this week is all about…..

MAKING AN IRRESISTABLE OFFER!

Doesn’t matter if it’s an offer prior to auction, post auction or even a ZOOM auction…

We’ll be sharing practical, real-life and tested tips and tactics on setting your offer limit, the tone of voice to use, replies to common agent feedback, body language and more!

And of course…. What happens after the offer gets accepted?! If you think that you’ve signed on the dotted line and that’s it, you couldn’t be more wrong.

It’s not over until the keys to the property are in your hands and you can officially walk in without being considered a “trespasser” ….

We’ll be unpacking the mistakes, the last minute paperwork, the forgotten things and the follow-ups that a diligent buyer needs to do after signing the contract because let’s face it…. You’ve done so well to secure a property, you DO NOT want to stuff up the final leg.

 

Free Stuff Mentioned…

  • (AUDIOBOOK) The Armchair Guide to Property Investing now available on Audible & other audiobook platforms! And you can also get it at a discount here.
  • Real Estate Agent Series – Listen here

 

Here’s What We Cover…

  • 9:42 – The FOUR overarching themes to be in a position of making an offer in this seller’s market
  • 10:31 – One thing that you DO NOT WANT TO COMPROMISE ON at all to get the property
  • 13:43 – In a HOT Market, you may need to make THIS decision before you even inspect the property. But are you in the right headspace to do that?
  • 15:47 – The due diligence that you can do on the property BEFORE the open day
  • 16:49 – How quick should you really go if the property is the one?
  • 18:34 – If 6 months comparables are considered “old data” in this market… how do you even set a price or work out your offer/stretch?
  • 19:05 – The three price levels that you need to know when buying a property
  • 22:10 – What questions can you ask a competing (but friendly) agent who lost that listing?
  • 23:50 – Two professionals in your A-Team that needs to be on standby before you go to an open
  • 25:00 – Critical, Important and Nice-To-Haves in a contract – Which ones are worth taking a risk for?
  • 32:13 – Offer Prior to Auction – How to get one and be ready for it?
  • 32:30 – Boardroom auction – Is it still common these days and what’s the mystery behind it?
  • 36:13 – The real boss during an auction and what role you want to play to make sure you are in their favour?
  • 37:34 – Zoom Auction – Getting the art of body language right! (Yes, even if it’s online!)
  • 40:54 – Ben’s real-life story of losing the auction but still winning the property!
  • 43:23 – Making an Informal vs Formal Offer in current market prices
  • 43:51 – Top 3 questions to ask a RE Agent during an inspection to show that you’re in the game
  • 44:50 – The NUMBER ONE question to ask yourself when it comes to setting a price..
  • 45:47 – Your script to the real estate agent >> “I’m not asking what they’re offering, of course you’re not going to disclose that to me. But ultimately what I am saying here are two things. One, if you ______”
  • 48:32 – The CONDITIONS that you should include in a seller’s market to give you an added advantage 😉
  • 50:15 – The Competitive Tension of NOT being Conservative vs Legitimate.
  • 50:50 – Having THIS productive conversation with your broker and how to explain the nature of a hot market to them
  • 52:26 – The exact questions you should ask your investment savvy broker and understanding the pros and cons of the different buying ranges
  • 54:53 – When is it alright for you to jump up the risk spectrum?
  • 56:55 – THIS is not an escape clause. Don’t dance with the devil thinking you can use it.
  • 58:09 – Tips on taking away the vendor’s pain
  • 1:00:57 – Settlement – how to make sure it does not fall over?
  • 1:00:57 – Bryce’s (or rather Adit’s) Apple Lifehack!
  • 1:08:23 – Ben’s What’s Making Property News on times when the Property Market went “crazy”

 

 

177 | Get Rid of Settlement Headaches Once and For All – Chat with Lisa Dowie

By in Podcast

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No one wants their most expensive decision to be fumbled, delayed or up-in-the-air come D-day… so today, folks, we’re giving you the settlement solutions BEFORE you need them!

And it’s a little bit like taking a peek into a future that’s just around the corner.

How do we know? Well, joining us today is Lisa Dowie, Chief Customer Officer at Property Exchange Australia Ltd (PEXA), Australia’s online settlement platform. No, she didn’t arrive by a hovercraft or drop in via teleportation, BUT, yes, she’s talking about the digital future in settlements that’s here (and in use) right now and WILL take over the simple A4 paper and pen in less time than you think.

Think digital signatures. Think e-Conveyancing. Think transfer of titles in minutes, not to and froing between your conveyancer, mortgage broker, lender and everyone else involved in making that property officially yours.

In a nutshell: the online property exchange network lets us lodge documents with Lands Registries and complete financial sentiments ELECTRONICALLY. Yep: PEXA is property transactions through the wonder waves of tech territory!

So we’ve got Lisa on to tell you the latest and greatest in property — like what specifics you need to know for a smoother settlement process, why buyers and sellers need to welcome the digital shift and, let’s be honest folks, WHEN all this is seriously going to rock the boat.

 

But before we tell you what you’ll get out of today’s knowledge-packed segment … we have a huge big announcement. Yep. Huge and Big.

WE’RE DOING A LIVE PODCAST IN MELBOURNE!!!!

Free Live Podcast in Melbourne — CLICK HERE to Find out More

It’s true, folks! Our tribe of listeners who came to our Sydney Live a couple of weeks ago enjoyed hearing us ramble on about property investing SO much we thought, hey, we’ve gotta be fair to our hometown of listeners!

Our Live Podcast in Melbourne is happening on Thursday, July 5th at 6:15 pm – 9.30pm. We’ve even dedicated time on the night to have a chat with you, hear your story and give you a high five before we give you some red hot property, finance and money management tips!

BOOK NOW to Reserve Your Seat – Limited Seats Available

 

Huge Big Announcement over and out! So, back to today’s show.

 

Here’s what you’ll learn:

… or last month in May, say?

  • What date can we expect ALL transactions to be in digital form?
  • Does title theft happen?
  • What’s the benefit for the vendor?
  • What’s the benefit for the purchaser?
  • Should you ask property professionals if they use PEXA? Why?
  • What’s the app, SettleMe?
  • What’s happening to land title reservations?
  • What else is new in the tech space?

 

174 | Stop! Don’t sign the contract until you’ve listened to THIS! – Chat about Strata, Body Corporates & Legal Stuff with Tim Graham

By in Podcast

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Folks, it’s a SERIOUS episode today… jam-packed with nothing but serious GOLD!! (Please no contract-signing until you’ve swallowed this stuff first.)

Why? Today we’ve got Tim Graham, Partner at HWL Ebsworth Lawyers, to discuss all things Real Estate Law … especially Strata!!

Strata? What do we mean? Think Off the Plan. Subdivision. Owner Corporate (Body Corporate). Townhouse. Apartment. Unit.

 

Yep. Tim practices exclusively in the areas of strata and subdivision law, Owners Corporation and dispute resolution with almost 20 years of experience! He’s the President of the Australian College of Community Association Lawyers (ACCAL), a Fellow of the College, named in Best Lawyers™ Australia for Real Property Law and has been recognised in Doyle’s Guide as a Leading Property and Real Estate Lawyer. He is also a Council Member of Strata Communities Australia. It’s enough to make your jaw drop, especially when you think about his know-how when it comes to domestic and commercial construction law, contractual advice and building defects claims, insurance reviews, repair & maintenance and Water Act cases in the VCAT and the Courts (and then some)!

Basically, Tim’s a heavy hitter who absolutely knows his stuff (Which’s exactly what you want from someone dealing with the “the fourth form of government”).

Quick heads up, folks: You might need to put this one back to 1 speed because there is some GOLDEN but TECHNICAL tips flying around. At the end of the day though, it’s crucial you know this stuff (why spend hundreds of thousands of dollars only to throw more money at a legal dispute?!)

 

Sensible disclaimer: Folks, the gold you’re about to hear is general advice only. So, please DON’T do anything rash, make sure you seek professional advice before making any legal or property investment decision!

 

Your dot point debrief….

 

We’ve also threw in a few Case Studies for Tim to comment on as well:

  • What can you do if someone’s having loud parties on your block?
  • Who’s responsible for cleaning the outside windows?
  • Can you erect a pergola in the backyard of my townhouse?
  • The visitor carpark is always empty, can I use it?
  • What if the complex has a pool and you don’t use it … do you still have to pay?

 

Pheww! What an episode, huh??

And a quick shout out to our previous guest, Nicole Faid, for sending the legendary Tim our way! (You can suss out her episode after: How to Avoid the 7 Costly Mistakes when Buying a Property – Chat with Nicole Faid)

 

P.S. Folks, don’t forget…
Send us your Money Hacks

Let us know if The Money SMARTS System has worked for you!
Tell us what SPENDING HABIT YOUR MOST STRUGGLING WITH

… basically, fill us in on what will help you most & we’ll include it in our new book 😉 [email protected]

 

 

166 | How to Avoid the 7 Common and Costly Settlement Mistakes when Buying a Property – Chat with Nicole Faid

By in Case Study, Podcast

Back by popular demand! We heard from today’s guest back on Episode 107, and joining us again is none other than Nicole Faid, Principal and Founder of Accord Conveyancing, who has handed out accurate legal advice for over 25 years of industry experience! Just a heads up — we covered her awesome back story in that episode, so if you want to hear it (and it’s well worth the listen), go back and check it out!

So — Conveyancing — let’s take the mystery out of it, folks! Because a lot of people out there don’t know what happens once the documents have been handed over to a Conveyancer, especially one like Nicole!

And we jump straight into it, folks! So get pumped for the 7 common & COSTLY mistakes you really DON’T want to make…

(If this episode doesn’t cement the fact that it’s crucial to get a contract review BEFORE you sign, very little will!)

 

So, let’s hear it. What exactly are you in for?

  • In a nutshell, what does a conveyancer do?
  • What is the most important document that underpins a contract?
  • How many people don’t get the amount of land they thought they would when purchasing a property?
  • What happens if the discrepancy of this land is less than 5%?
  • What REAL LIFE EXAMPLE happened in Brunswick? (And how much did this mistake cost the buyer?!)
  • Why shouldn’t you rely on your own interpretation of “wear and tear”?
  • Are “back to back settlements” a bad idea?
  • What happens with the conveyancing rules if you’re a borderless investor?
  • What is a “caveat”?
  • If you’re purchasing through a SMSF, what title requirements do you need to be aware of?
  • What can happen in the settlement period that will seriously shock you?
  • Why is it important to distinguish between major and minor issues with the settlement process?
  • When should you conduct a Building and Pest Inspection?
  • How does the art of negotiation fit into all this?
  • What is the best risk management?
  • What do you need to keep in mind with the final inspection?
  • What is the legal requirement about having a granny flat?!

… Yep, it’s a hairy and very serious episode folks, because the mistakes we talk about in this episode can be VERY EXPENSIVE!!

 

TODAY’S TEASER:

P.S Missed yesterday’s Facebook Live?

We answered a couple of questions on your lunchbreak (in 15 minutes)!

WATCH it here.

 

107 (Part 2) | Contract Reviews, Off The Plan and SMSF Purchases and more – Chat with Nicole Faid, Principal of Accord Conveyancing

By in Podcast

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We hope you enjoyed the first part of this two-part special guest week episode! In the second instalment of this episode with Nicole Faid; Bryce, Ben and Nicole all go into more detail concerning conveyancing, whilst focusing on some of the following areas:

  • Off the plan contracts: What to expect and be aware of
  • Possibility of getting your deposit back if you decide to pull out of the deal
  • Anecdotes with regards to purchasers and a vendors’ deal
  • Why is it important to get contract reviews and is it too late if the contract has already been signed?
  • A purchaser’s rights when buying a property and what the condition of the property should be like after the deal has been made
  • What is considered as an acceptable amount of compensation if there are faults to be repaired on the property?
  • The difference between joint tenants and tenants in common
  • What is spousal transfer and how it works?

 

And of course, there is so much more they talk about and in a lot more detail. With a lot more laughs, jokes and information for you all; make sure you don’t miss the second part of episode 107 and don’t forget to stay tuned for Bryce’s Life Hack and Ben’s “Did you Know…” segment.

 

If you like this podcast: “Contract Reviews, Off The Plan and SMSF Purchases and more – Chat with Nicole Faid, Principal of Accord Conveyancing”, don’t forget to rate us on our iTunes channel (The Property Couch Podcast) and our Facebook page. If you have any questions or ideas, feel free to drop us your thoughts here: http://tpcaustralia.wpengine.com/topics/

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