In Episode 29 of the Property Investing Journey series, Mike is joined once again by Cate Bakos, Buyer’s Agent, Qualified Property Investment Advisor, President of the Real Estate Buyer’s Agents Association of Australia, and Podcast Co-Host of The Property Planner, Buyer and Professor. Mike is so impressed by Cate’s knowledge and experience that this is her fourth time joining him in conversation. Links to previous episodes are in the notes below.
As a passionate property investor and dedicated advocate for property investors, Cate spends her days helping her clients find the right properties for their needs, assessing the market, negotiating and auction bidding, amongst many other property related matters.
One of the biggest challenges in the market, especially in the current climate, is navigating the price guide put forward by the vendor or their agent. How much can you rely on the guide when there are clearly conflicting interests? How accurate can the guide be when the market is moving as quickly as it has done in the past year? What are agents legally required to disclose and when?
Cate and Mike cover all of these questions and more in this episode. They also take a look at the banking apps that are on the market and consider how much credence can be put into these valuation tools. Cate emphasises how important it is for buyers to do their homework and be prepared to take the time to understand the market that they are purchasing in.
Whether you’re in the market for a property right now, have just bought or just thinking about it for the future, this is an episode you must listen to. Get the inside information from someone who lives and breathes property negotiation. You’ll be glad you did.
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Mike is joined once again by Cate Bakos, Buyer’s Agent, Qualified Property Investment Advisor, President of the Real Estate Buyer’s Agents Association of Australia, and Podcast Co-Host of The Property Planner, Buyer and Professor. As a passionate property investor and dedicated advocate for property investors, Cate spends her days helping her clients find the right properties for their needs, assessing the market, negotiating and auction bidding, amongst many other property related matters.
What we cover in this episode
- How to understand price guides
- The importance of homework
- The problems with State-based legislation
- The pros and cons of declaring the reserve price
- How useful are banking valuation apps?
- Comparative market analyses (CMAs)
- How to have the conversation with agents
- Cate’s tips for navigating the price guide
“It is a minefield and it’s one of the key reasons why buyer’s agents get opportunities to help people, because a lot of people can’t navigate this by themselves.“ Cate 2:26
“An agent that can manage both buyers and vendors fairly is a very good agent, and it can be done.” Cate 3:33
“Every vendor deserves the chance to change their reserve. It’s their prerogative, it’s their property. The market might be moving at pace or they might have a property that’s very, very hard to identify a fair price expectation and then all of a sudden there is a comparable sale that helps them underpin an expectation, but it has to be declared.“ Cate 8:43
“I do say to people that are out there doing it for themselves, go to as many auctions in the suburb as you can and look at similar sales, even if you don’t like the house, it’s not for you, if it could be a data point for you it’s a valuable exercise.“ Cate 13:58
“You’ve got to be ready to pull the trigger because not everything is an emotional sale that’s gone way over market that can’t be justified. Sometimes they sell for a good price, even in a hot market.“ Mike 15:14
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