March 29, 2025 • 41 mins
Generation Z are almost twice as likely to sell a home without an agent compared to the national average.
45% of Gen Z-ers are open to buying with a friend or sibling.
They're entering the market differently - and it's working.
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talk SEDB.
Speaker 2 (00:20):
You like the gamble, you will lose, so tell please
you is to play? Like to say it? That's welcome
(00:41):
back to the One Roof Radio Show. Now that that
song a suspades my Motorhead. We like to make our
guests feel welcome because we have a new guest on
the show. I'm going to introduce you in just a moment.
We said what would you like because the thing, and
he goes, I'd like the spades my motorhead and he thought,
you probably can't play that? Can you?
Speaker 3 (00:55):
Oh?
Speaker 2 (00:55):
Yes, we can. Uh anyway, Welcome, This is the One
Roof Radio Show. And just before I introduce my guest,
We've got to explore the idea of well, there's some
interesting stats here. Will dig into that. Jen z are
almost twice as likely to sell a home without an
agent compared to the national average average. But the other
stat we want to dig in with you and you
can give us a call on eight hundred and eighty
(01:16):
ten eighty text nine two ninety two. Forty five percent
of this generation are open to buying with a friend
or sibling. I guess open to buying is one thing
to being open to it. Whether you buy do it,
actually do it, actually actually do it or not? Who knows.
But they are entering the market differently. It's working. So
we're going to explore what are the risks of co
ownership and what can the rest of the population learn
(01:37):
from this generation strategy? If anything, that might be a
dog So we want your cause on this because you
might not be part of that generation wanting to get
into the market and own with a friend or a
sibling or a cousin or an aunt or uncle or whatever.
But if you were getting into the market, would you
do it? And do you think this is a legit
smart way of getting into the market. So to discuss that,
(02:00):
we've got a new guest on the show and a show.
He is head of network at l J Hooker and
his name is come Campbell Danoon and he's with me. Now, Campbell,
how are you going?
Speaker 4 (02:09):
Going?
Speaker 2 (02:10):
Very well?
Speaker 5 (02:10):
Thank you?
Speaker 2 (02:11):
So tell me the song. Yeah, you are more than welcome.
Tell us what is head of network at l J Hooker?
Speaker 5 (02:18):
Pretty much exactly is the word say. I'm the head
of the network, so I'm the front I'm responsible for
growing the business, I'm responsible for getting people to join
and taking care of problems and increasing profitability, et cetera,
et cetera, et cetera.
Speaker 2 (02:31):
Okay, and how long you've been in the biz for.
Speaker 5 (02:34):
In real estate? Yeah, I think I'm heading up to
twenty eight years, but I'm Australian, so four or five
saying on, get it right, six seven of those years
we were in Australia.
Speaker 2 (02:43):
And then I thought you were going to say that
time had an exchange rate, different multiple exchange rate, it's
longer or something. Hey, firstly, let's dig into the stats.
And by the way, we'd love you to join us
on this. Have you considered getting into the real estate
market using a different model other than buying just you,
you and your partner? Would you go on with a
sibling or a friend? But the first that I was
(03:06):
curious about that gin Za almost twice as likely to
sell a home without an agent compared to the national average.
Speaker 5 (03:15):
Yeah, it's interesting. And let's not forget that gen Z
goes up to age twenty eight approximately something like that,
so they won't enlarge that. No, well, they wouldn't have
had a lot of experience with buying and selling real estate.
And I think when everybody considers, Okay, what's the fee structure?
How do we do this? They go, well, hang on,
you know, the internet's there. I'm savvy with this than
these portals. Why can't I do it myself? Cover that hard?
(03:38):
But I think I think they first realized that, no,
they need the nuances of somebody to expose their property
to the marketplace and to assist them. And yeah, there
is a price, but there is certainly value if you
get the right agent.
Speaker 2 (03:51):
Do we do we know what percentage of transactions in
general are done without a real estate agent.
Speaker 5 (03:56):
We used to sort of monitor it. It call them
private sales across the spectrum. But I can't, off the
top of my head give you a percentage, but it's
not high. And the funny thing is when the market's booming,
you tend to see more of that because it's just
put up a sign and the phone will ring, et cetera,
et cetera. But when things tighten up or it's a
more of a stable market, then people do tend to
fall back to traditional sales methods.
Speaker 2 (04:18):
I mean, why would you do it without one? I mean,
I'm going to ask you and you're gonna have to
argue against your own cause here. But why because obviously,
well here's why you shouldn't use an agent or us.
But what would the considerations be for doing without? Actually
I might have just realized I bought my house and
(04:39):
it was bought and sold without an agent.
Speaker 5 (04:40):
Yeah yeah, wow, okay, but you chip on, Yeah yeah,
thanks for that. Okay. So really, the number one reason
I think people give for not using an agency is cost.
It's avoiding paying your fee. And yep, the fee, depending
on the sale price, can be reasonably substantial. But at
the end of the day, there is a lot of
(05:01):
comfort with having somebody represent you in your best interest
at heart, and whilst you may know what's going on,
having people actually represents you, who know the nuances of
the marketplace, who deal with multiple bars, deal with other people,
know what's happening in the area. They're best advised to
advise you, to tell you exactly what's going on.
Speaker 2 (05:19):
Well they actually, While I'm on it, and by the way,
we'd love your cause on this as well, the new ways,
alternative ways of basically engaging the market, whether you buy
with a friend or not. But the other thing we
are exploring is that whole notion of would you use
an agent or not? And is it a good idea?
And I can actually argue why it is a bad idea.
I bought off my landlord, and look, he did an
(05:42):
altruistic deal. I think because he wanted to get rid
of the property. He wasn't really chasing top dollar and
he liked that. I said to him, look, we're not
buying it to do as an investment. I want to
buy it because my fiance is moving up, we want
to have kids, we want to make it a family home.
And he basically went to a lenared Con concert that
night and had an epiphany and said, yeah, let's do it.
(06:05):
He didn't do it through. He wasn't trying to avoid it.
I don't think he's trying to avoid a commission. I
think he thought, well, maybe i'll get a little bit
more for it. But he so I was lucky.
Speaker 5 (06:13):
Really, Yeah, And you don't know what you've been given
in those instances. You need actually a third party to
advise you. Okay, So we've got it off for coming in.
And if you're by yourself just dealing this, you've got
nobody really to run it past. So ring your mate,
and your mate's not going to talk you or you
know you're doing the smart thing whatever, but you don't
know what the price really is for your home unless
you get into some sort of competition, or at least
(06:35):
you can be satisfied that the price you've beat offered
relates really to the competition in the market at that time.
So yeah, they avoid a fee. But here's the other
thing that people don't realize about selling without an agent.
It actually limits your market of interest in your property.
And the reason is that buyers are savvy and Kiwis
would prefer, as do Australians I speak with authority across
(06:55):
the Dasman. They do like dealing with salespeople because they
like that distance between you and the seller. So there's
somebody in between who can represent a commercial offering and
a commercial ultimately a transaction the seller at the end
of the day, if they have a buyer dealing direct
with them, the buyer can feel uncomfortable. They don't like
(07:18):
talking directly to owners. Sometimes they just feel that okay,
it's a little bit personal. Gets this and that a
lot of people prefer to be somewhat behind the scene
and have an agent represent them.
Speaker 2 (07:28):
Actually, the other thing that's backed up by from just
my own experience, I was dreading the fact that I thought,
if he goes to a real estate agent, that's us
stuffed because I did make a cheeky offer. Yeah. So yeah, Look,
we'd love to hear from you, by the way, because
we're going to dig into this morning, especially also about
the way jen z are buying. But if you want
to join the conversation, we'd love to hear from you
(07:49):
as to the alternative ways of engaging in the property market,
whether it be buying with a friend or which we're
going to dig into in just a moment, or a relative,
but also buying and selling a home without an agent.
Have you done it? Because people have? I mean I've
done it. I bought I'm without an agent. But that
was a win for me. When for my family should
I say? But yeah, give us your calls on eight
(08:12):
hundred eighty eight. So let's get into that. Let's get
into that. We can take them to this a bit further.
But the question around forty percent of this generation open
to buying with a friend or a sibling. I mean,
I don't know how many are actually doing it, but
I would suggest that, of course, if it means getting
into the market. Whatever works, right, what do you reckon?
Speaker 5 (08:33):
Well, this has been around since the beginning of time, effectively,
And I bought my first house a long, long, long
time ago, and I was and while surprise, point were
completely different, it was a different country. I still looked
at the price of houth. I thought, my god, this
is outrageous real estate's I've valued and we're talking the
late eighties here. So I got into a position where
(08:57):
the only way I could move ahead was and I
ad met I think for the first time publicly. I
borrowed some money off Dad, and Dad came to the
party and he wrote me a small check. But I
really respected him for it. Not at the time. I
was actually quite angry. But he charged my interest and
(09:17):
it was years later that I thought, no, that was
actually quite a good lesson. So what he did, I
can't recall the bank rate, but it was probably eight
or nine percent, and he came in at six or
seven percent. And he had a little little book and
he wrote when I paid in the interest outstanding, had
his calculator, and it was kind of.
Speaker 2 (09:32):
Cool because I think, actually he did you have favored,
didn't he? Because he made you still appreciate what a
loan was, and I mean he wanted to help you.
He wanted you to get in. He wasn't charging quite
the commercial interest rate, but it's acknowledging that he could
have done something. I don't know if your dad was
a squillionaire or not, in which case you might be
really annoyed with him. But it is an interesting lesson,
(09:54):
isn't it for parents, because that is one of the
models people used. Did he take an interest in the property.
Speaker 5 (09:59):
No, he didn't. It was interesting because I was newly
married and we moved in, and I always used to
joke with Mom or like, I guess he's not going
to throw me out on the street if I default,
and Mum would go, yes, I'll make sure he doesn't.
But yeah, he would remind me at times that if
I was perhaps going to be late or I was
later on a couple offications because you know, it's dad,
(10:20):
and I was paying fortnightly by memory, and sometimes I
get in it on the Tuesday instead of the Sunday
or whatever it was.
Speaker 2 (10:27):
So actually, when you look back on it, imagine it
did it create tension for you?
Speaker 5 (10:33):
Honestly didn't. But I was always aware of it I
started treating dad, and those weekly get togethers at the
family home at my parents' place is also, Hey, the
bank managers here have I paid good? Everything should be cool.
But if there was something not quite right or I
was late, he'd tell me, and he'd tell me in
front of Mum, in front of my wife.
Speaker 2 (10:56):
Actually, there's something I quite like about it, because the
vibe you're giving when you talk about it is that,
you know, sounds like you actually had a pretty good
relationship with you.
Speaker 5 (11:05):
Yeah, it's very good.
Speaker 2 (11:06):
And so it wasn't some imposing patriarchal figure who was
ruling with a right of iron. He was just look, look,
you know, this is how the world works. And you
couldn't argue with him, could you.
Speaker 5 (11:17):
Well, you should never talk about politics religion. But he
was very Presbyterian, let's just say that. And you had
a very much a rule book, and this is how
it was. And I learned a lot of life, more
so than business or finance.
Speaker 2 (11:28):
God, I want to dig into this feather because if
you were doing the same thing, if you were helping
a friend or a relative. I'm a friends are different
of course, because well, they say blood is thick of
the water, but we sometimes find that that's not the case.
But what would you do as a as a parent
for instance.
Speaker 5 (11:44):
Well, I am I've got two daughters in Australia and
I financially support them from time to time. There's mid
twenties et cetera, et cetera, and they haven't bought a
house yet and Melbourne prices are quite high. And I'm
really really nervous about getting that phone call because you know,
I'm getting to an age, Oh what's next in life?
And then oh, oh no money, This isn't good. Yeah,
(12:05):
this is putting my lifestyle back. But look at the
end of the day, yes, you do help your children,
and I guess myself. Make's wife will be in a
position to support. Whether I would charge them interest, I
don't know if that's palatable at the moment over there.
I don't know if Make's wife would be too thrilled
with that.
Speaker 2 (12:20):
Oh oh okay, yeah, that's slightly complicated. Yeah, because sometimes
I have heard where parents have helped their kids out
and they have charged them interest, but then later on
they've actually been putting that interest into an account and
they give a right a surprise, but it gets the
child the child, they're not children. It gets the well
(12:40):
the son or daughter, I guess it gets them on
that pattern of respecting what that looks like.
Speaker 5 (12:45):
Well, I looking back, I think it was twenty eight
or twenty nine. You know, it wasn't as early as
a lot of people buy property here. So yeah, I
was definitely an adult. And okay, so when marriages and things,
they'd sometimes work, they sometimes don't. But no, Dad didn't
put a cave. It didn't have a registered interest on
the title, but it was very much it was an agreement.
(13:09):
What I find interesting about this whole conversation, though, Tim,
is that when we talk about our buying a house
together with friends, and I look back to what I
was like in my twenties, and we would say, you
and I we have a joint friend, and it could
be him, and it could be a couple of others.
Speaker 2 (13:24):
Yes we do. We do have someone who was quite
a successful auctionnaire.
Speaker 5 (13:28):
Yeah, yes, yes, you ask anybody, including him, But he
was very much like if we bought a house we
lived together, and say there was three of us in
our twenties, I mean one of us was always going
to be unemployed. It was time.
Speaker 2 (13:42):
It's doomed.
Speaker 5 (13:42):
It's doomed. And okay, maybe young adults are more mature
than we were in Australia in the eighties. But one
of us was going to go to Europe, one of
us was going to have an issue, one of us
was going to be unemployed. So that adds a level
of complexity to the whole thing, and that's that's when
we get into trouble.
Speaker 2 (14:00):
Hey, look, we'd love to hear from you. Eight hundred
and eighty ten eighty. We're going to go to some
calls now. And there are a couple of angles this
alternative engagement in the market. One is whether you'd use
an agent or not, but also buying and buying a
property or selling a property. Well, of course probably the
buying is the issue with a friend or a relative
or a child or whatever. And what rules would you
(14:22):
apply to it? Would you be charitable? Would you charge
some interest or maybe not market not maybe not the
commercial rate of interest? How would you structure it? Is
it a good idea? Eight hundred and eighty ten eighty
Gabriel Gooday Chord chi Hy.
Speaker 3 (14:37):
So I just bought my first home yep out in
the hut and what I did was what people can
do as you can ever, what they call a buyer's agent.
Oh yep, So I had a good friend and former
(14:59):
colleague who worked for the same real estate firm that
was also the listing agent. And as long as that
real estate agent weeks for the same firm, that person
connects your buyers agent free of charge, for free to
the buyer, of course, because it is the listing agent
that clips the ticket. Still, but they go on and
(15:21):
may negotiate on behalf of the buyer with the listing agent.
And so you've got a bit of an advocate. So
what listing agents will They usually say, oh no, we
here for both parties. But at the end of the day,
they're actually contracted to the vendor or the seller, so
they act to need best interests.
Speaker 2 (15:41):
That is an interesting one because I'm going to throw
it over to Campbell, but I'm thinking that the buyer's
agent Campbell and the seller's agent coming from the same
firm is inherently rope. But get into it.
Speaker 5 (15:54):
Thanks Okay, Gabriel, thanks for that story. Okay, if you
are actually a buyer's agent, you should be getting paid
by the buyer to service their financial real estate interests
that that's the bottom line. But to be fair to
Gabriel and everybody that the term is thrown about the industry,
I'll look after somebody. I've got a friend called Tim,
(16:16):
and yeah, I'll help you take you to the open
homes and show you around and give you a bit
of background the house or contracts or whatever. And that's fine,
so we can confuse the or muddy the water is there.
But technically speaking, no, you you if you have a
salesperson represent your financial interests in dealing with a vendor,
then yes, you have a buyer's agent, and legally they
need to have a contractual relationship with you under the Act.
Speaker 2 (16:40):
And I don't know how, I mean you couldn't. Could
you have a buyer's agent who was with the same
firm as the sellers? I mean that's it's you have
the what do they call those walls?
Speaker 4 (16:52):
You know?
Speaker 2 (16:52):
I mean there's a very politically and correct expression for
the war, which is that's I'll say what it is.
It's I think don't think they use the expression now.
It's called a Chinese wall. It's when you put a
wall up where one side of the business doesn't have
any inter action with another side.
Speaker 5 (17:06):
But it's a thin wall or something. Yes, okay, so
let me just clarify this point. There's nothing wrong with
a company a franchise, for example, two agents agent, a salesperson,
a salesperson B and salesperson BE is dealing with buyers
and introduce them to many properties of the franchise. But
they're fiduciary duty there. Their contractual relationship is always with
(17:29):
the seller, it's not with the buyer. Okay. So there's
a protection under the Act for both bars and sellers.
But you need to be clear. Even if you're showing
buyers around properties and negotiating, you're negotiating on behalf of
the vendor, even though you're dealing with the prospective purchaser.
Does that sort of make sense?
Speaker 2 (17:48):
I think so it makes sense. Gabriel, what do you reckon?
Speaker 6 (17:54):
Oh?
Speaker 3 (17:54):
You will absolutely not get well from me. I'm thirty
two years old. So I described myself as a millennial,
not quite chin zy and a mission situation. It was
very good because the listing agent had too many listenings
in that real sales person one was unable to it
(18:15):
was difficult to get into the home. But having a
buyers agent there who had knew the vendors, was able
to get me in the doors exclusively loock around and
then seat of be the first because when you make
an offer, that's that's the first battle, was to actually
make put down an offer. So I was in the
front seat the whole the whole way through.
Speaker 2 (18:36):
Okay, and did you did you find a house that
you're happy with?
Speaker 3 (18:40):
Absolutely? Good? Absolutely?
Speaker 2 (18:42):
Why did you pay for it? By the way, what's
it of market? Are we and we're talking here roughly?
You don't have to tell us.
Speaker 3 (18:48):
You want it's probably in the live hundreds.
Speaker 2 (18:52):
Okay, yeah, good, Yeah, I got on you. Gabriel. I
appreciate your call. I do think that, I mean good
that he's happy with the deal. That does sound strange
though that I'm because I think it's just the way
Gabriel worded it.
Speaker 5 (19:07):
I don't think that salesperson was doing anything, no contraverting
any actor anything. It was just clearly a case of hope,
I'm showing you around and I'm not going to negotiate.
And it's made Gabriel's life easier, and that's fine. But yes,
we all work for the vendor. If we have a
contractual relationship with the seller.
Speaker 2 (19:24):
In fact, the problem would be if those words as
I mean, as you say, I think you're right Campbell,
that there's probably a bit of language that you don't
know how it's reported. But of course the real estate
agent wise, well, there's just a listening I can give
you the first look through implying that somehow you're not
going to have much competition for it. And I think
that it's worth pointing out to people that that did
not sound like he had an agent a buyer agent relationship.
Speaker 5 (19:47):
Correct.
Speaker 2 (19:48):
Yeah, he had just had an agent who was going
to work hard and find him a property that he
could show some interest in. Does that sound yep?
Speaker 5 (19:55):
I think that's exactly what the situation was.
Speaker 2 (19:57):
Hey, look, we love your calls on this and the
alternative ways of getting involved with the property market using
an agent but also buying and selling with friends. And
as I said, I've just only just realized that my
only transaction real estate wasn't with an agent. So yeah,
me twenty six past four, News Talk said Bo eight
hundred and eighty ten eighty. I can't set a yes.
(20:42):
Welcome back, News Talk, said B. I'm Tim Beverage, my guest.
This is one radio show My guest is Campbell. Darenoon
is a new guest on our show. He's the head
of network at l J. Hooker, and we're talking about
alternative ways of getting involved in the market. One is
do you use an agent? Is there an argument for
when you wouldn't? If you're buying great trying to put
the agent out of the picture, as I did, but
(21:03):
also buying and selling where friends and family? Have you
done it? And what rules would you apply? You've heard
from Campbell that when he bought his first house, he
got a bit of out from his dad and was
slightly scandalized that his dad charged him slightly less than
the commercial rate of interest. But I think, and I
think Campbell and I agree that maybe his dad actually
did him a favor.
Speaker 5 (21:23):
Yeah, he did, he did, And I look back fondly
upon that. I really do, and I tell people about
it because, as I said, when I first started talking
people now trying to get into the market, the prices
are totally different. Everything's different, but it's still the same angst.
I had that angst when I was twenty seven to
twenty eight. As people that age now, different price point
but same gap. How do I get the money.
Speaker 2 (21:43):
Now right, Okay, let's get into another call art.
Speaker 4 (21:46):
Hello five me timy you know I'm actually a real
estate agent yep. So quite an important point to be
put out there, really is if you're buying through a
private owner yep, that private owner, because they're not in trade,
(22:07):
there is no obligation on them to tell you anything
they know which could be detrimental to you as a buyer.
They don't have to tell you anything. It's up to
you as the buyer kb them tour. You've got to
do your own due diligence and check everything out. Whereas
there's a real estate agency that was listed with us.
If we know something, and when you've been in the
(22:27):
business a while, like I have so many years to remember,
you usually do find things out and we have an
obligation and it's serious. We must disclose it. Not only
to be fair with everybody, but it is a law
and it's got to be done. Recently, I recently listed
a property that I found out had no code complaints.
(22:53):
Now the vendors did not know. They only bought it
a couple of years ago through an agent, mind you,
and they were not told it had no code compliances Anyway,
cut along story. Sure, we found out it had not
to coding compliance. It takes took them three years to
get it. They've gone through hell and it's cost them
a lot of money. So dealing with an agent does
(23:14):
have protections if you're doing privately. There is no obligation
whatsoever for them to disclose anything. It's up to you
as by I can't lie.
Speaker 2 (23:22):
Of course, what if you said, are there any major
what if? What if? What would the law say if
the BIO said to a private seller, are there any
major issues with this property that I should knock out?
Speaker 4 (23:33):
If they just said, well, I'm not sure, I don't
think so. No, there is no obligation. They are not
in trade. We are in trade. Okay, that that is
the law. Yeah, yeah, I think for buying through an agent, I.
Speaker 5 (23:49):
Think Art's making some important points there. You're protected as
a buyer going to a through an agency because of
the really sad Agent's Act. And that's quite true, and
there's remedies and a process through that. But we must
keep in mind that the standard contract, assuming that's what's
been used in this case with Arts and any sort
of private sale. But if there's a standard contract of sale,
(24:11):
then there are warranties and representations as part of that
contract that the e ventor has to agree to, and
those has to disclose under the contract. So what happens
there is you might actually have something where an undisclosed work. Now, okay,
you've got a salesperson representing you and they're aware of it, fine,
they disclose it. If you have a salesperson working for
(24:31):
you and they're not aware of it, they may not know,
but you can actually take legal recourse through the courts
under that contract as well as thea if the salesperson.
Speaker 2 (24:43):
Absolutely imagine if we sucked out.
Speaker 5 (24:47):
From you moving on as agents.
Speaker 4 (24:51):
As agents, if you're finding out there's something wrong, it's
very easy. You go through the area the Illustrated Agents
Authority and it's very simple and no cost proceed to
hopefully get things right. Good. If you're a private person
trying to go through a contract them have been or
hasn't told you there's something wrong, it'll cost you a
(25:13):
year and disagree.
Speaker 2 (25:16):
It's good. It's good perspective. Thank you for that. Actually
there's it's funny. I'm about to disagree with myself in
a way, but not really because I bought without an
agent we all know what I mean is because I
would never generally look I wouldn't look for a property
and buy from someone I didn't know it privately. But
(25:37):
I'd lived in the house for We'd lived in the house,
my wife and I for for a couple of years,
and so we knew it back to front. We knew
where we you know, we knew everything. We knew the
condition of the roof and everything. And the only reason
is because we were living in it and we wanted
to make it our own. Whereas I'll be honest, there's
no way I've looked at when I've thought about investing
(25:58):
or something, and you see things that are private somebody's
not using an agent, I just view them with deep suspicion.
Speaker 5 (26:03):
Absolutely. But I think just one point, we need to
clear up the real estate agents actors, the onners on
the salespeople in the agency, right, not the vendor. So
it puts the onus on the salesperson and the agency
to investigate as much as they can under the law,
anything potential about the property that needs to be disclosed.
That's the subtle difference here. Okay, if you become a
(26:24):
cropper to use an old Australian expression. You still may
need to go through the courts to get a remedy
because you can only have a crack another Australian expression
with the salesperson through the act. Sorry, Tim, because they've
failed to disclose or under their duty should have in
reasonable endeavors discovered that fault. So we just could be
a bit careful there, But Art was quite right. It's
(26:46):
very much case. It's going to cost a lot of money,
no matter.
Speaker 2 (26:48):
And the other thing as well. It's one thing to
sell or buy with out an agent, but to do it,
to do a transaction without a lawyer would be a
whole other step as well. Because we did the true
whatever the real estate contract was, that's what we ended
up doing it on. Whereas a made of mine he
bought from he bought a student flat from his landlord,
and I still remember he made a really cheeky offer
(27:10):
and he was with landlord and he said, look, let's
just write it down and agree to it. And they
wrote it literally on a piece of paper, and the
landlord subsequently tried to back out and my mate was like, sorry,
you've got it signed, and I've got it. Because if
you've got a signed agreement. That's the starting.
Speaker 5 (27:29):
Well you need consideration, but as and a price.
Speaker 6 (27:32):
Yeah, and I.
Speaker 5 (27:33):
Promise to do something, and yes that's a contract. But
I guess from my point of view, I would never
I would never buy a property in New Zealand without
going through an agency.
Speaker 2 (27:42):
I just wouldn't even my situation.
Speaker 5 (27:49):
No, I look at it's different because you've lived in
the property, so you've got a bit of background. But
if I was looking to buy an investment property, a
family home or anything, I would always go through an agency.
They have access to information that can make my decision easier.
The legal aspect, as others have pointed out, is certainly there.
That's very important, and I do like the ability to
(28:11):
have somebody sort of representing me, even though I know
they're being paid by the seller.
Speaker 2 (28:16):
Absolutely eight hundred and eighty ten eighty. We're taking your cause.
In fact, I think we'll come back in just a moment.
Jack and Peter are next. It is twenty three minutes
to five news talks. He'd be surflowers. Well, my name Sen,
tucking myself for hours.
Speaker 1 (28:37):
See things you don't understand.
Speaker 2 (28:41):
I can take yourself. Y's welcome back to the one
roof radio show. I'm Tim Beverage. My guest is head
of network at l J Hockey. Is a new guest
on our show. His name's Campbell Dnoon. We're talking about
alternative ways of getting in the market and whether it
be buying with a friend or without an agent. And
let's take some more calls. I'm going to actually before
before we get into look at the end of the hour,
(29:03):
which is coming up soon. Also just going to get
Campbell's take on just how the real estate market's looking,
because I've got this idea that it's quite flat at
the moment, and what his predictions are. And predictions are a
great way to get people to embarrass themselves too. So anyway,
let's take a call from Jack.
Speaker 6 (29:19):
Hello, good a Tim, how are you good?
Speaker 2 (29:22):
Thanks?
Speaker 6 (29:24):
Hey, Look, I'll state my kind of bias up Brant
so you can get ready. But in Campbell, nice to
speak with you. Yeah on this words. But look, I
do struggle to see the value that real estate agents
bring to the table, particularly from a seller's point of view.
(29:46):
I do think they bring some value, absolutely, particularly if
you're your time poor and you need to take advantage
of those services. However, I fundamentally believe that. I guess
the renumeration, the incentive, whatever you want to call it,
the commission that we're paying out to real estate agents,
particularly in a massively over inflated market, is beyond the
(30:09):
value that they bring to it.
Speaker 2 (30:10):
A couple of hot takes there, actually, because you've also
brought in the market under the question Jack, Okay, sorry
you're going to I'll let you finish you your comment.
Speaker 6 (30:18):
Look, I'll just prefer I'll give you an example. Look,
do I think real estate agents work? Yeah? Absolutely. However
do I think they you know, if we went back
twenty years, well probably extuge petty years now, because the
market's been pretty over inflated for a long time, to
the to the nineties, those real estate agents selling a
(30:41):
property at one hundred and fifty or two hundred thousand
dollars in whatever part of the country it happens to
be work just as hard for that kind of two
to four percent commission as a real estate agent does
now working selling well.
Speaker 2 (30:56):
A million dollars.
Speaker 6 (30:58):
Yeah, average house price in Aukland about a million. It's
come back a little bit now, but you're talking about
a I can't do the you know, five grand commission
versus a thirty to forty thousand dollar commission. Yeah, and
I struggle to see the kind of inherent additional value
that they're bringing to it. Sure, okay, I'll.
Speaker 2 (31:21):
Just let I'll just let I'll keep you there, Jack,
I'll just put you on a whole for a second
so I can let Campbell just respond to that.
Speaker 5 (31:27):
Yeah, sure, sure, Look, thanks for the question, Jack. I
guess at the end of the day, a real estate
salesperson only gets paid when the vendor's happy with the price. Okay,
So we don't get paid until they're satisfied. And a
good salesperson will not only just get the best price
possible in that current market for a vendor, but they
should illustrate. They should demonstrate how much effort and time
(31:47):
has gone into that so the vendor can make the
right decision at that time. It's not enough sometimes to
have the money. You really a lot of our clients
or clients really want to be satisfied that the salesperson's
done as much as they can. If you're not, if
you're not happy, then you don't sell. There is no
obligation for you to continue with it. I accept that
there is a process of paying money for marketing perhaps
(32:09):
and having the inconvenience of having your home ready on weekends.
But I think that's the important thing. And Jack, when
it comes to the services of real estate agents, I
guess for any and I'm assuming you're unsatisfied or you're
not happy with what's happened, I could point to ten
or twenty that really are.
Speaker 2 (32:29):
I think that. I mean, I shouldn't necessarily fight in
your corner either, because I think we But what I
think through doing a property show, I've noticed that when
the market is rocking and rolling, it's easy to look
at the top agents who have built themselves into a
position where they are killing it because but they are
the tip of the iceberg. And I think people assume
(32:49):
that every real estate agent is just rocking and rolling
and making millions. But of course the market's been through
a very difficult time. I'm not sure if agents are
feeling as good about things as they might have. You know,
when things are booming, it's a bit of faminine flood sometimes,
doesn't it.
Speaker 5 (33:05):
Yeah, and look the compliance costs, everything's gone up.
Speaker 2 (33:07):
But I saw a stat.
Speaker 5 (33:09):
Look, the stat is old, but the average income of
a real estate salesperson at one time in New Zealand
recently was around sixty grand and you're working probably fifty
plus hours to achieve that sixty thousand dollars. So look,
there is that. But I am sympathetic to Jack's point
because I think we have to demonstrate value. One of
(33:31):
the aspects that I really like about being a well
being in the business myself is it when people make
an offer to our client, I just don't become a
curious service to the offer. I actually challenge the person
make the offer, and I make it very politely and
professionally my gid. I make it very clear that they
have to get fastest. That's Australia, I'm appropriate in my culture.
(33:52):
But the whole thing was, yeah, it was you have
to get past me because the vendor is going to say, Campbell,
what do you think should I take this? And I'm
not going to lie to my client. And if I
feel that there's more in the marketplace, so if you
can increase, you'll offer and I can go with more
confidence on your behalf and see when we get a deal.
Speaker 2 (34:09):
And I think that highlights the thing about trying to
find the right agent as well, which is actually we
could do a whole hour and finding the right agent.
We might have to get you back for that one.
He did Jack's Jack did throw another question, and they're
just an assumption about the market being still over inflated.
I have spoken to people who you know based on
our GDP and all that sort of thing, and you know,
(34:29):
we've had FOMO, we've had cheap on straits. Where is
the market sitting, do you think in terms of what
it's actually worth.
Speaker 5 (34:36):
Yeah, so this is the million dollar question, almost literally,
because I think that's the median house price at the
moment in Auckland and back the height of the market
was late twenty twenty one, and the height of the
market the medium house price was somewhere in the order
of one million, one hundred and twenty something for Auckland.
Now it's closer to a mediate drop below. It's I'm
(34:58):
optimistic about this year and I spoke to you of
Tim about this, and the reason is I think whilst
we can't control macro economic political events that's happening elsewhere
in the world, New Zealand's been through a pretty rough
time and we've got interest rates perhaps at the right level.
We've got optimism there. The job market seems to stabilize,
inflation really seems to be under control, and I think
(35:20):
now people are going, Okay, we want to buy, we
want to get in at the bottom of the market.
Could it get any know, this is probably.
Speaker 2 (35:28):
Does feel a little bit like that money has got
a bit cheaper. I think my only look, as you know,
I'm not a big player in the market at all.
I own house, that's it, but I host there's a
show for a little while. But I do get the
feeling that the days of the you know, we really
had fomo, yes, and it was you know, we had
was driving a level of interest in the property market.
(35:48):
It was massive. I just wonder if we've slightly matured
that we're never going to peak fomo in the way
that we have before.
Speaker 5 (35:54):
Do you look like I hope we don't. And I'll
tell you because I was through that and I was
flabbagas at what was going on. And it's not my
job to tell the vendor not to take any more
money because people were quite readily wanting to give it.
But I wasn't entirely comfortable with what was happening in
New Zealand at that time. The median house price in
(36:15):
New Zealand was higher than Sydney's at one stage, So
I think there's a testament to what was going on here.
Speaker 2 (36:20):
Hey Jack, by the way, I know I said we
get you back, but we have run out of a time. Well,
I think hopefully we've answered a couple of your key points.
But look, you can call again anytime.
Speaker 3 (36:27):
Though.
Speaker 2 (36:27):
Next time we do the Property show it is eleven
and a half minutes to five News Talks.
Speaker 1 (36:31):
He'd be the one roof property of the week on
the Weekend Collective.
Speaker 2 (36:38):
And welcome back to the show. Yes, one roof property
of the Week is fascinating. My producer and I have
been having a bit of discussion about this. It's one
sixty five Snapper Rock Road. I don't know if you
say Schnapper, but Schnapper Rock Road in north Shore City.
It's five bedrooms, three bathrooms, nine car garage. The house
(37:01):
is three hundred and thirty four square meters. That's a
pretty nay, that's what it says, unless it's a type
from Tyre tyra off five car garage plus four car sheared. Okay,
so there we go. It's got land of two point
two thousand six hundred square meters and it's got as
I say, triple car gar it's got more than triple
(37:23):
gar garaging as we were suggested, separate office. It's got
a floodlit basketball court, a swimming pool year round outdoor entertaining,
a suspiciously large concrete powder at the front of the house.
It's on schnapper Rock Road, those Snapper Rock Road pet
friendly space. It's a big property. But here's the surprise.
People go and check it out. One sixty five snapper
Rock Road estimate. It's going to auction estimate two point
(37:47):
zero five million, two million.
Speaker 5 (37:49):
Where did you get the estimate from?
Speaker 2 (37:50):
From one roof one roof site? At which we have
to be nice about this is the name of our show.
But I mean it's it's an algorithmic base property price.
But it is on a main road. What do you
reckon any comments with auction?
Speaker 6 (38:05):
Yeah, I think it is.
Speaker 5 (38:06):
Yeah, so I definitely turn up to the auction. If
I was doing for a five bedroom home with heaps
of garage space and all the toys, it sounds like
a resort. I'd never want to leave. It just sounds fantastic,
Totally unsuited to me because I've only got myself. I
could run around the house and you know, live in
different parts, different part times of the week.
Speaker 2 (38:26):
But do you like looking around property still?
Speaker 5 (38:29):
Yeah, I do. It's sort of voyeuristic thing, which I'm
hoping you're not alluding to, but it's very much a
I do do take ideas sometimes. And you can see
some beautiful homes in New Zealand. You can see some
that perhaps need a bit of work, but there's a
history there that I appreciate.
Speaker 2 (38:47):
Yeah, I mean, I always say to people because we
have some quirky homes. We did have one old I
don't know how to describe. It was a bit of
a dump. It was just an old college. But it's
right situated surrounded by all the dressmark properties. But somebody's
obviously lived there until they've probably shuffled off. This mortal
call guessing and those are not necessarily fun to look through,
(39:08):
but it's just curious. But usually, I mean, some of
the properties we have, it's like having a holiday just
going and look at someone's interior day course, see how
they've staged the home, and absolutely.
Speaker 5 (39:17):
But a property envy, yeah, and you see things that
remind you of your own past. But you're very aware
you're walking through somebody else's life. That's the thing, So
there is a bit of respect. And I think again
coming back to salespeople and whatnot and using agencies these days,
very very good at that and keeping that under control.
Speaker 2 (39:35):
On the value side of things, obviously there are very
clever algorithms out there which work out and they know
what the basics are and what's sold and being bought
and sold on the air, and I think AI is
getting very smart. How do you how would someone who's
exploring the market and just working out what's going to
(39:55):
be in their price range treatylgorithmic sort of estimates.
Speaker 5 (39:59):
So this is where the younger generations might have a
bit of a challenge because I do believe whilst these
algorithms and the websit, it will produce a certain value.
The only way really to get to know and have
an idea of what you think you might pay for
it is to get out and walk the streets and
go to auctions and go to open homes, talk to salespeople,
talk to different agencies, get as much information. The great
(40:21):
thing is that you can get that information in the
modern ear so quickly than when I started because all
if I wanted to become an expert on two bedroom,
two bathroom apartments in a certain area of Singapore, I
guarantee you it would take me one hour to have
the market value inverted Commas down to about ninety percent
of accuracy. Why because I'd have access to sales et cetera.
(40:41):
It's that fine tuning that I can't get, and that's
when you need to go into it.
Speaker 2 (40:45):
Like I always like it in a way too, it's
the difference traind of zoom meeting versus meeting someone in
the fleesh. It's just that you just get a different
read on things, to see the reality the bricks and mortar.
And absolutely, yeah, Hey, great to talk to Campbell, can
you I can't believe that time has gone so quickly.
Speaker 5 (41:00):
I've had so much fun, good man.
Speaker 2 (41:03):
I'm relieved. We'd love to get you back again sometime,
and I like that of course he needs. We don't
need to push you towards where his businesses Campbell Anon
from al J. Hooker. I think you know wh where
to find it, guys, But thanks so much for your
Tom Campbell and TEMP look forward to it again. We'll
be back shortly with the Parents Squad. We're talking about, well,
a bit of a tangent, isn't it. We're talking about
(41:24):
birth plans on News Talk ZEDB. It is three and
a half minutes to five.
Speaker 1 (41:37):
For more from the Weekend Collective, listen live to News
Talk z EDB weekends from three pm, or follow the
podcast on iHeartRadio.
You're listening to the Weekend Collective podcast from News Talk SEDB.
Speaker 2 (00:20):
You like the gamble, you will lose, so tell please
you is to play? Like to say it? That's welcome
(00:41):
back to the One Roof Radio Show. Now that that
song a suspades my Motorhead. We like to make our
guests feel welcome because we have a new guest on
the show. I'm going to introduce you in just a moment.
We said what would you like because the thing, and
he goes, I'd like the spades my motorhead and he thought,
you probably can't play that? Can you?
Speaker 3 (00:55):
Oh?
Speaker 2 (00:55):
Yes, we can. Uh anyway, Welcome, This is the One
Roof Radio Show. And just before I introduce my guest,
We've got to explore the idea of well, there's some
interesting stats here. Will dig into that. Jen z are
almost twice as likely to sell a home without an
agent compared to the national average average. But the other
stat we want to dig in with you and you
can give us a call on eight hundred and eighty
(01:16):
ten eighty text nine two ninety two. Forty five percent
of this generation are open to buying with a friend
or sibling. I guess open to buying is one thing
to being open to it. Whether you buy do it,
actually do it, actually actually do it or not? Who knows.
But they are entering the market differently. It's working. So
we're going to explore what are the risks of co
ownership and what can the rest of the population learn
(01:37):
from this generation strategy? If anything, that might be a
dog So we want your cause on this because you
might not be part of that generation wanting to get
into the market and own with a friend or a
sibling or a cousin or an aunt or uncle or whatever.
But if you were getting into the market, would you
do it? And do you think this is a legit
smart way of getting into the market. So to discuss that,
(02:00):
we've got a new guest on the show and a show.
He is head of network at l J Hooker and
his name is come Campbell Danoon and he's with me. Now, Campbell,
how are you going?
Speaker 4 (02:09):
Going?
Speaker 2 (02:10):
Very well?
Speaker 5 (02:10):
Thank you?
Speaker 2 (02:11):
So tell me the song. Yeah, you are more than welcome.
Tell us what is head of network at l J Hooker?
Speaker 5 (02:18):
Pretty much exactly is the word say. I'm the head
of the network, so I'm the front I'm responsible for
growing the business, I'm responsible for getting people to join
and taking care of problems and increasing profitability, et cetera,
et cetera, et cetera.
Speaker 2 (02:31):
Okay, and how long you've been in the biz for.
Speaker 5 (02:34):
In real estate? Yeah, I think I'm heading up to
twenty eight years, but I'm Australian, so four or five
saying on, get it right, six seven of those years
we were in Australia.
Speaker 2 (02:43):
And then I thought you were going to say that
time had an exchange rate, different multiple exchange rate, it's
longer or something. Hey, firstly, let's dig into the stats.
And by the way, we'd love you to join us
on this. Have you considered getting into the real estate
market using a different model other than buying just you,
you and your partner? Would you go on with a
sibling or a friend? But the first that I was
(03:06):
curious about that gin Za almost twice as likely to
sell a home without an agent compared to the national average.
Speaker 5 (03:15):
Yeah, it's interesting. And let's not forget that gen Z
goes up to age twenty eight approximately something like that,
so they won't enlarge that. No, well, they wouldn't have
had a lot of experience with buying and selling real estate.
And I think when everybody considers, Okay, what's the fee structure?
How do we do this? They go, well, hang on,
you know, the internet's there. I'm savvy with this than
these portals. Why can't I do it myself? Cover that hard?
(03:38):
But I think I think they first realized that, no,
they need the nuances of somebody to expose their property
to the marketplace and to assist them. And yeah, there
is a price, but there is certainly value if you
get the right agent.
Speaker 2 (03:51):
Do we do we know what percentage of transactions in
general are done without a real estate agent.
Speaker 5 (03:56):
We used to sort of monitor it. It call them
private sales across the spectrum. But I can't, off the
top of my head give you a percentage, but it's
not high. And the funny thing is when the market's booming,
you tend to see more of that because it's just
put up a sign and the phone will ring, et cetera,
et cetera. But when things tighten up or it's a
more of a stable market, then people do tend to
fall back to traditional sales methods.
Speaker 2 (04:18):
I mean, why would you do it without one? I mean,
I'm going to ask you and you're gonna have to
argue against your own cause here. But why because obviously,
well here's why you shouldn't use an agent or us.
But what would the considerations be for doing without? Actually
I might have just realized I bought my house and
(04:39):
it was bought and sold without an agent.
Speaker 5 (04:40):
Yeah yeah, wow, okay, but you chip on, Yeah yeah,
thanks for that. Okay. So really, the number one reason
I think people give for not using an agency is cost.
It's avoiding paying your fee. And yep, the fee, depending
on the sale price, can be reasonably substantial. But at
the end of the day, there is a lot of
(05:01):
comfort with having somebody represent you in your best interest
at heart, and whilst you may know what's going on,
having people actually represents you, who know the nuances of
the marketplace, who deal with multiple bars, deal with other people,
know what's happening in the area. They're best advised to
advise you, to tell you exactly what's going on.
Speaker 2 (05:19):
Well they actually, While I'm on it, and by the way,
we'd love your cause on this as well, the new ways,
alternative ways of basically engaging the market, whether you buy
with a friend or not. But the other thing we
are exploring is that whole notion of would you use
an agent or not? And is it a good idea?
And I can actually argue why it is a bad idea.
I bought off my landlord, and look, he did an
(05:42):
altruistic deal. I think because he wanted to get rid
of the property. He wasn't really chasing top dollar and
he liked that. I said to him, look, we're not
buying it to do as an investment. I want to
buy it because my fiance is moving up, we want
to have kids, we want to make it a family home.
And he basically went to a lenared Con concert that
night and had an epiphany and said, yeah, let's do it.
(06:05):
He didn't do it through. He wasn't trying to avoid it.
I don't think he's trying to avoid a commission. I
think he thought, well, maybe i'll get a little bit
more for it. But he so I was lucky.
Speaker 5 (06:13):
Really, Yeah, And you don't know what you've been given
in those instances. You need actually a third party to
advise you. Okay, So we've got it off for coming in.
And if you're by yourself just dealing this, you've got
nobody really to run it past. So ring your mate,
and your mate's not going to talk you or you
know you're doing the smart thing whatever, but you don't
know what the price really is for your home unless
you get into some sort of competition, or at least
(06:35):
you can be satisfied that the price you've beat offered
relates really to the competition in the market at that time.
So yeah, they avoid a fee. But here's the other
thing that people don't realize about selling without an agent.
It actually limits your market of interest in your property.
And the reason is that buyers are savvy and Kiwis
would prefer, as do Australians I speak with authority across
(06:55):
the Dasman. They do like dealing with salespeople because they
like that distance between you and the seller. So there's
somebody in between who can represent a commercial offering and
a commercial ultimately a transaction the seller at the end
of the day, if they have a buyer dealing direct
with them, the buyer can feel uncomfortable. They don't like
(07:18):
talking directly to owners. Sometimes they just feel that okay,
it's a little bit personal. Gets this and that a
lot of people prefer to be somewhat behind the scene
and have an agent represent them.
Speaker 2 (07:28):
Actually, the other thing that's backed up by from just
my own experience, I was dreading the fact that I thought,
if he goes to a real estate agent, that's us
stuffed because I did make a cheeky offer. Yeah. So yeah, Look,
we'd love to hear from you, by the way, because
we're going to dig into this morning, especially also about
the way jen z are buying. But if you want
to join the conversation, we'd love to hear from you
(07:49):
as to the alternative ways of engaging in the property market,
whether it be buying with a friend or which we're
going to dig into in just a moment, or a relative,
but also buying and selling a home without an agent.
Have you done it? Because people have? I mean I've
done it. I bought I'm without an agent. But that
was a win for me. When for my family should
I say? But yeah, give us your calls on eight
(08:12):
hundred eighty eight. So let's get into that. Let's get
into that. We can take them to this a bit further.
But the question around forty percent of this generation open
to buying with a friend or a sibling. I mean,
I don't know how many are actually doing it, but
I would suggest that, of course, if it means getting
into the market. Whatever works, right, what do you reckon?
Speaker 5 (08:33):
Well, this has been around since the beginning of time, effectively,
And I bought my first house a long, long, long
time ago, and I was and while surprise, point were
completely different, it was a different country. I still looked
at the price of houth. I thought, my god, this
is outrageous real estate's I've valued and we're talking the
late eighties here. So I got into a position where
(08:57):
the only way I could move ahead was and I
ad met I think for the first time publicly. I
borrowed some money off Dad, and Dad came to the
party and he wrote me a small check. But I
really respected him for it. Not at the time. I
was actually quite angry. But he charged my interest and
(09:17):
it was years later that I thought, no, that was
actually quite a good lesson. So what he did, I
can't recall the bank rate, but it was probably eight
or nine percent, and he came in at six or
seven percent. And he had a little little book and
he wrote when I paid in the interest outstanding, had
his calculator, and it was kind of.
Speaker 2 (09:32):
Cool because I think, actually he did you have favored,
didn't he? Because he made you still appreciate what a
loan was, and I mean he wanted to help you.
He wanted you to get in. He wasn't charging quite
the commercial interest rate, but it's acknowledging that he could
have done something. I don't know if your dad was
a squillionaire or not, in which case you might be
really annoyed with him. But it is an interesting lesson,
(09:54):
isn't it for parents, because that is one of the
models people used. Did he take an interest in the property.
Speaker 5 (09:59):
No, he didn't. It was interesting because I was newly
married and we moved in, and I always used to
joke with Mom or like, I guess he's not going
to throw me out on the street if I default,
and Mum would go, yes, I'll make sure he doesn't.
But yeah, he would remind me at times that if
I was perhaps going to be late or I was
later on a couple offications because you know, it's dad,
(10:20):
and I was paying fortnightly by memory, and sometimes I
get in it on the Tuesday instead of the Sunday
or whatever it was.
Speaker 2 (10:27):
So actually, when you look back on it, imagine it
did it create tension for you?
Speaker 5 (10:33):
Honestly didn't. But I was always aware of it I
started treating dad, and those weekly get togethers at the
family home at my parents' place is also, Hey, the
bank managers here have I paid good? Everything should be cool.
But if there was something not quite right or I
was late, he'd tell me, and he'd tell me in
front of Mum, in front of my wife.
Speaker 2 (10:56):
Actually, there's something I quite like about it, because the
vibe you're giving when you talk about it is that,
you know, sounds like you actually had a pretty good
relationship with you.
Speaker 5 (11:05):
Yeah, it's very good.
Speaker 2 (11:06):
And so it wasn't some imposing patriarchal figure who was
ruling with a right of iron. He was just look, look,
you know, this is how the world works. And you
couldn't argue with him, could you.
Speaker 5 (11:17):
Well, you should never talk about politics religion. But he
was very Presbyterian, let's just say that. And you had
a very much a rule book, and this is how
it was. And I learned a lot of life, more
so than business or finance.
Speaker 2 (11:28):
God, I want to dig into this feather because if
you were doing the same thing, if you were helping
a friend or a relative. I'm a friends are different
of course, because well, they say blood is thick of
the water, but we sometimes find that that's not the case.
But what would you do as a as a parent
for instance.
Speaker 5 (11:44):
Well, I am I've got two daughters in Australia and
I financially support them from time to time. There's mid
twenties et cetera, et cetera, and they haven't bought a
house yet and Melbourne prices are quite high. And I'm
really really nervous about getting that phone call because you know,
I'm getting to an age, Oh what's next in life?
And then oh, oh no money, This isn't good. Yeah,
(12:05):
this is putting my lifestyle back. But look at the
end of the day, yes, you do help your children,
and I guess myself. Make's wife will be in a
position to support. Whether I would charge them interest, I
don't know if that's palatable at the moment over there.
I don't know if Make's wife would be too thrilled
with that.
Speaker 2 (12:20):
Oh oh okay, yeah, that's slightly complicated. Yeah, because sometimes
I have heard where parents have helped their kids out
and they have charged them interest, but then later on
they've actually been putting that interest into an account and
they give a right a surprise, but it gets the
child the child, they're not children. It gets the well
(12:40):
the son or daughter, I guess it gets them on
that pattern of respecting what that looks like.
Speaker 5 (12:45):
Well, I looking back, I think it was twenty eight
or twenty nine. You know, it wasn't as early as
a lot of people buy property here. So yeah, I
was definitely an adult. And okay, so when marriages and things,
they'd sometimes work, they sometimes don't. But no, Dad didn't
put a cave. It didn't have a registered interest on
the title, but it was very much it was an agreement.
(13:09):
What I find interesting about this whole conversation, though, Tim,
is that when we talk about our buying a house
together with friends, and I look back to what I
was like in my twenties, and we would say, you
and I we have a joint friend, and it could
be him, and it could be a couple of others.
Speaker 2 (13:24):
Yes we do. We do have someone who was quite
a successful auctionnaire.
Speaker 5 (13:28):
Yeah, yes, yes, you ask anybody, including him, But he
was very much like if we bought a house we
lived together, and say there was three of us in
our twenties, I mean one of us was always going
to be unemployed. It was time.
Speaker 2 (13:42):
It's doomed.
Speaker 5 (13:42):
It's doomed. And okay, maybe young adults are more mature
than we were in Australia in the eighties. But one
of us was going to go to Europe, one of
us was going to have an issue, one of us
was going to be unemployed. So that adds a level
of complexity to the whole thing, and that's that's when
we get into trouble.
Speaker 2 (14:00):
Hey, look, we'd love to hear from you. Eight hundred
and eighty ten eighty. We're going to go to some
calls now. And there are a couple of angles this
alternative engagement in the market. One is whether you'd use
an agent or not, but also buying and buying a
property or selling a property. Well, of course probably the
buying is the issue with a friend or a relative
or a child or whatever. And what rules would you
(14:22):
apply to it? Would you be charitable? Would you charge
some interest or maybe not market not maybe not the
commercial rate of interest? How would you structure it? Is
it a good idea? Eight hundred and eighty ten eighty
Gabriel Gooday Chord chi Hy.
Speaker 3 (14:37):
So I just bought my first home yep out in
the hut and what I did was what people can
do as you can ever, what they call a buyer's agent.
Oh yep, So I had a good friend and former
(14:59):
colleague who worked for the same real estate firm that
was also the listing agent. And as long as that
real estate agent weeks for the same firm, that person
connects your buyers agent free of charge, for free to
the buyer, of course, because it is the listing agent
that clips the ticket. Still, but they go on and
(15:21):
may negotiate on behalf of the buyer with the listing agent.
And so you've got a bit of an advocate. So
what listing agents will They usually say, oh no, we
here for both parties. But at the end of the day,
they're actually contracted to the vendor or the seller, so
they act to need best interests.
Speaker 2 (15:41):
That is an interesting one because I'm going to throw
it over to Campbell, but I'm thinking that the buyer's
agent Campbell and the seller's agent coming from the same
firm is inherently rope. But get into it.
Speaker 5 (15:54):
Thanks Okay, Gabriel, thanks for that story. Okay, if you
are actually a buyer's agent, you should be getting paid
by the buyer to service their financial real estate interests
that that's the bottom line. But to be fair to
Gabriel and everybody that the term is thrown about the industry,
I'll look after somebody. I've got a friend called Tim,
(16:16):
and yeah, I'll help you take you to the open
homes and show you around and give you a bit
of background the house or contracts or whatever. And that's fine,
so we can confuse the or muddy the water is there.
But technically speaking, no, you you if you have a
salesperson represent your financial interests in dealing with a vendor,
then yes, you have a buyer's agent, and legally they
need to have a contractual relationship with you under the Act.
Speaker 2 (16:40):
And I don't know how, I mean you couldn't. Could
you have a buyer's agent who was with the same
firm as the sellers? I mean that's it's you have
the what do they call those walls?
Speaker 4 (16:52):
You know?
Speaker 2 (16:52):
I mean there's a very politically and correct expression for
the war, which is that's I'll say what it is.
It's I think don't think they use the expression now.
It's called a Chinese wall. It's when you put a
wall up where one side of the business doesn't have
any inter action with another side.
Speaker 5 (17:06):
But it's a thin wall or something. Yes, okay, so
let me just clarify this point. There's nothing wrong with
a company a franchise, for example, two agents agent, a salesperson,
a salesperson B and salesperson BE is dealing with buyers
and introduce them to many properties of the franchise. But
they're fiduciary duty there. Their contractual relationship is always with
(17:29):
the seller, it's not with the buyer. Okay. So there's
a protection under the Act for both bars and sellers.
But you need to be clear. Even if you're showing
buyers around properties and negotiating, you're negotiating on behalf of
the vendor, even though you're dealing with the prospective purchaser.
Does that sort of make sense?
Speaker 2 (17:48):
I think so it makes sense. Gabriel, what do you reckon?
Speaker 6 (17:54):
Oh?
Speaker 3 (17:54):
You will absolutely not get well from me. I'm thirty
two years old. So I described myself as a millennial,
not quite chin zy and a mission situation. It was
very good because the listing agent had too many listenings
in that real sales person one was unable to it
(18:15):
was difficult to get into the home. But having a
buyers agent there who had knew the vendors, was able
to get me in the doors exclusively loock around and
then seat of be the first because when you make
an offer, that's that's the first battle, was to actually
make put down an offer. So I was in the
front seat the whole the whole way through.
Speaker 2 (18:36):
Okay, and did you did you find a house that
you're happy with?
Speaker 3 (18:40):
Absolutely? Good? Absolutely?
Speaker 2 (18:42):
Why did you pay for it? By the way, what's
it of market? Are we and we're talking here roughly?
You don't have to tell us.
Speaker 3 (18:48):
You want it's probably in the live hundreds.
Speaker 2 (18:52):
Okay, yeah, good, Yeah, I got on you. Gabriel. I
appreciate your call. I do think that, I mean good
that he's happy with the deal. That does sound strange
though that I'm because I think it's just the way
Gabriel worded it.
Speaker 5 (19:07):
I don't think that salesperson was doing anything, no contraverting
any actor anything. It was just clearly a case of hope,
I'm showing you around and I'm not going to negotiate.
And it's made Gabriel's life easier, and that's fine. But yes,
we all work for the vendor. If we have a
contractual relationship with the seller.
Speaker 2 (19:24):
In fact, the problem would be if those words as
I mean, as you say, I think you're right Campbell,
that there's probably a bit of language that you don't
know how it's reported. But of course the real estate
agent wise, well, there's just a listening I can give
you the first look through implying that somehow you're not
going to have much competition for it. And I think
that it's worth pointing out to people that that did
not sound like he had an agent a buyer agent relationship.
Speaker 5 (19:47):
Correct.
Speaker 2 (19:48):
Yeah, he had just had an agent who was going
to work hard and find him a property that he
could show some interest in. Does that sound yep?
Speaker 5 (19:55):
I think that's exactly what the situation was.
Speaker 2 (19:57):
Hey, look, we love your calls on this and the
alternative ways of getting involved with the property market using
an agent but also buying and selling with friends. And
as I said, I've just only just realized that my
only transaction real estate wasn't with an agent. So yeah,
me twenty six past four, News Talk said Bo eight
hundred and eighty ten eighty. I can't set a yes.
(20:42):
Welcome back, News Talk, said B. I'm Tim Beverage, my guest.
This is one radio show My guest is Campbell. Darenoon
is a new guest on our show. He's the head
of network at l J. Hooker, and we're talking about
alternative ways of getting involved in the market. One is
do you use an agent? Is there an argument for
when you wouldn't? If you're buying great trying to put
the agent out of the picture, as I did, but
(21:03):
also buying and selling where friends and family? Have you
done it? And what rules would you apply? You've heard
from Campbell that when he bought his first house, he
got a bit of out from his dad and was
slightly scandalized that his dad charged him slightly less than
the commercial rate of interest. But I think, and I
think Campbell and I agree that maybe his dad actually
did him a favor.
Speaker 5 (21:23):
Yeah, he did, he did, And I look back fondly
upon that. I really do, and I tell people about
it because, as I said, when I first started talking
people now trying to get into the market, the prices
are totally different. Everything's different, but it's still the same angst.
I had that angst when I was twenty seven to
twenty eight. As people that age now, different price point
but same gap. How do I get the money.
Speaker 2 (21:43):
Now right, Okay, let's get into another call art.
Speaker 4 (21:46):
Hello five me timy you know I'm actually a real
estate agent yep. So quite an important point to be
put out there, really is if you're buying through a
private owner yep, that private owner, because they're not in trade,
(22:07):
there is no obligation on them to tell you anything
they know which could be detrimental to you as a buyer.
They don't have to tell you anything. It's up to
you as the buyer kb them tour. You've got to
do your own due diligence and check everything out. Whereas
there's a real estate agency that was listed with us.
If we know something, and when you've been in the
(22:27):
business a while, like I have so many years to remember,
you usually do find things out and we have an
obligation and it's serious. We must disclose it. Not only
to be fair with everybody, but it is a law
and it's got to be done. Recently, I recently listed
a property that I found out had no code complaints.
(22:53):
Now the vendors did not know. They only bought it
a couple of years ago through an agent, mind you,
and they were not told it had no code compliances Anyway,
cut along story. Sure, we found out it had not
to coding compliance. It takes took them three years to
get it. They've gone through hell and it's cost them
a lot of money. So dealing with an agent does
(23:14):
have protections if you're doing privately. There is no obligation
whatsoever for them to disclose anything. It's up to you
as by I can't lie.
Speaker 2 (23:22):
Of course, what if you said, are there any major
what if? What if? What would the law say if
the BIO said to a private seller, are there any
major issues with this property that I should knock out?
Speaker 4 (23:33):
If they just said, well, I'm not sure, I don't
think so. No, there is no obligation. They are not
in trade. We are in trade. Okay, that that is
the law. Yeah, yeah, I think for buying through an agent, I.
Speaker 5 (23:49):
Think Art's making some important points there. You're protected as
a buyer going to a through an agency because of
the really sad Agent's Act. And that's quite true, and
there's remedies and a process through that. But we must
keep in mind that the standard contract, assuming that's what's
been used in this case with Arts and any sort
of private sale. But if there's a standard contract of sale,
(24:11):
then there are warranties and representations as part of that
contract that the e ventor has to agree to, and
those has to disclose under the contract. So what happens
there is you might actually have something where an undisclosed work. Now, okay,
you've got a salesperson representing you and they're aware of it, fine,
they disclose it. If you have a salesperson working for
(24:31):
you and they're not aware of it, they may not know,
but you can actually take legal recourse through the courts
under that contract as well as thea if the salesperson.
Speaker 2 (24:43):
Absolutely imagine if we sucked out.
Speaker 5 (24:47):
From you moving on as agents.
Speaker 4 (24:51):
As agents, if you're finding out there's something wrong, it's
very easy. You go through the area the Illustrated Agents
Authority and it's very simple and no cost proceed to
hopefully get things right. Good. If you're a private person
trying to go through a contract them have been or
hasn't told you there's something wrong, it'll cost you a
(25:13):
year and disagree.
Speaker 2 (25:16):
It's good. It's good perspective. Thank you for that. Actually
there's it's funny. I'm about to disagree with myself in
a way, but not really because I bought without an
agent we all know what I mean is because I
would never generally look I wouldn't look for a property
and buy from someone I didn't know it privately. But
(25:37):
I'd lived in the house for We'd lived in the house,
my wife and I for for a couple of years,
and so we knew it back to front. We knew
where we you know, we knew everything. We knew the
condition of the roof and everything. And the only reason
is because we were living in it and we wanted
to make it our own. Whereas I'll be honest, there's
no way I've looked at when I've thought about investing
(25:58):
or something, and you see things that are private somebody's
not using an agent, I just view them with deep suspicion.
Speaker 5 (26:03):
Absolutely. But I think just one point, we need to
clear up the real estate agents actors, the onners on
the salespeople in the agency, right, not the vendor. So
it puts the onus on the salesperson and the agency
to investigate as much as they can under the law,
anything potential about the property that needs to be disclosed.
That's the subtle difference here. Okay, if you become a
(26:24):
cropper to use an old Australian expression. You still may
need to go through the courts to get a remedy
because you can only have a crack another Australian expression
with the salesperson through the act. Sorry, Tim, because they've
failed to disclose or under their duty should have in
reasonable endeavors discovered that fault. So we just could be
a bit careful there, But Art was quite right. It's
(26:46):
very much case. It's going to cost a lot of money,
no matter.
Speaker 2 (26:48):
And the other thing as well. It's one thing to
sell or buy with out an agent, but to do it,
to do a transaction without a lawyer would be a
whole other step as well. Because we did the true
whatever the real estate contract was, that's what we ended
up doing it on. Whereas a made of mine he
bought from he bought a student flat from his landlord,
and I still remember he made a really cheeky offer
(27:10):
and he was with landlord and he said, look, let's
just write it down and agree to it. And they
wrote it literally on a piece of paper, and the
landlord subsequently tried to back out and my mate was like, sorry,
you've got it signed, and I've got it. Because if
you've got a signed agreement. That's the starting.
Speaker 5 (27:29):
Well you need consideration, but as and a price.
Speaker 6 (27:32):
Yeah, and I.
Speaker 5 (27:33):
Promise to do something, and yes that's a contract. But
I guess from my point of view, I would never
I would never buy a property in New Zealand without
going through an agency.
Speaker 2 (27:42):
I just wouldn't even my situation.
Speaker 5 (27:49):
No, I look at it's different because you've lived in
the property, so you've got a bit of background. But
if I was looking to buy an investment property, a
family home or anything, I would always go through an agency.
They have access to information that can make my decision easier.
The legal aspect, as others have pointed out, is certainly there.
That's very important, and I do like the ability to
(28:11):
have somebody sort of representing me, even though I know
they're being paid by the seller.
Speaker 2 (28:16):
Absolutely eight hundred and eighty ten eighty. We're taking your cause.
In fact, I think we'll come back in just a moment.
Jack and Peter are next. It is twenty three minutes
to five news talks. He'd be surflowers. Well, my name Sen,
tucking myself for hours.
Speaker 1 (28:37):
See things you don't understand.
Speaker 2 (28:41):
I can take yourself. Y's welcome back to the one
roof radio show. I'm Tim Beverage. My guest is head
of network at l J Hockey. Is a new guest
on our show. His name's Campbell Dnoon. We're talking about
alternative ways of getting in the market and whether it
be buying with a friend or without an agent. And
let's take some more calls. I'm going to actually before
before we get into look at the end of the hour,
(29:03):
which is coming up soon. Also just going to get
Campbell's take on just how the real estate market's looking,
because I've got this idea that it's quite flat at
the moment, and what his predictions are. And predictions are a
great way to get people to embarrass themselves too. So anyway,
let's take a call from Jack.
Speaker 6 (29:19):
Hello, good a Tim, how are you good?
Speaker 2 (29:22):
Thanks?
Speaker 6 (29:24):
Hey, Look, I'll state my kind of bias up Brant
so you can get ready. But in Campbell, nice to
speak with you. Yeah on this words. But look, I
do struggle to see the value that real estate agents
bring to the table, particularly from a seller's point of view.
(29:46):
I do think they bring some value, absolutely, particularly if
you're your time poor and you need to take advantage
of those services. However, I fundamentally believe that. I guess
the renumeration, the incentive, whatever you want to call it,
the commission that we're paying out to real estate agents,
particularly in a massively over inflated market, is beyond the
(30:09):
value that they bring to it.
Speaker 2 (30:10):
A couple of hot takes there, actually, because you've also
brought in the market under the question Jack, Okay, sorry
you're going to I'll let you finish you your comment.
Speaker 6 (30:18):
Look, I'll just prefer I'll give you an example. Look,
do I think real estate agents work? Yeah? Absolutely. However
do I think they you know, if we went back
twenty years, well probably extuge petty years now, because the
market's been pretty over inflated for a long time, to
the to the nineties, those real estate agents selling a
(30:41):
property at one hundred and fifty or two hundred thousand
dollars in whatever part of the country it happens to
be work just as hard for that kind of two
to four percent commission as a real estate agent does
now working selling well.
Speaker 2 (30:56):
A million dollars.
Speaker 6 (30:58):
Yeah, average house price in Aukland about a million. It's
come back a little bit now, but you're talking about
a I can't do the you know, five grand commission
versus a thirty to forty thousand dollar commission. Yeah, and
I struggle to see the kind of inherent additional value
that they're bringing to it. Sure, okay, I'll.
Speaker 2 (31:21):
Just let I'll just let I'll keep you there, Jack,
I'll just put you on a whole for a second
so I can let Campbell just respond to that.
Speaker 5 (31:27):
Yeah, sure, sure, Look, thanks for the question, Jack. I
guess at the end of the day, a real estate
salesperson only gets paid when the vendor's happy with the price. Okay,
So we don't get paid until they're satisfied. And a
good salesperson will not only just get the best price
possible in that current market for a vendor, but they
should illustrate. They should demonstrate how much effort and time
(31:47):
has gone into that so the vendor can make the
right decision at that time. It's not enough sometimes to
have the money. You really a lot of our clients
or clients really want to be satisfied that the salesperson's
done as much as they can. If you're not, if
you're not happy, then you don't sell. There is no
obligation for you to continue with it. I accept that
there is a process of paying money for marketing perhaps
(32:09):
and having the inconvenience of having your home ready on weekends.
But I think that's the important thing. And Jack, when
it comes to the services of real estate agents, I
guess for any and I'm assuming you're unsatisfied or you're
not happy with what's happened, I could point to ten
or twenty that really are.
Speaker 2 (32:29):
I think that. I mean, I shouldn't necessarily fight in
your corner either, because I think we But what I
think through doing a property show, I've noticed that when
the market is rocking and rolling, it's easy to look
at the top agents who have built themselves into a
position where they are killing it because but they are
the tip of the iceberg. And I think people assume
(32:49):
that every real estate agent is just rocking and rolling
and making millions. But of course the market's been through
a very difficult time. I'm not sure if agents are
feeling as good about things as they might have. You know,
when things are booming, it's a bit of faminine flood sometimes,
doesn't it.
Speaker 5 (33:05):
Yeah, and look the compliance costs, everything's gone up.
Speaker 2 (33:07):
But I saw a stat.
Speaker 5 (33:09):
Look, the stat is old, but the average income of
a real estate salesperson at one time in New Zealand
recently was around sixty grand and you're working probably fifty
plus hours to achieve that sixty thousand dollars. So look,
there is that. But I am sympathetic to Jack's point
because I think we have to demonstrate value. One of
(33:31):
the aspects that I really like about being a well
being in the business myself is it when people make
an offer to our client, I just don't become a
curious service to the offer. I actually challenge the person
make the offer, and I make it very politely and
professionally my gid. I make it very clear that they
have to get fastest. That's Australia, I'm appropriate in my culture.
(33:52):
But the whole thing was, yeah, it was you have
to get past me because the vendor is going to say, Campbell,
what do you think should I take this? And I'm
not going to lie to my client. And if I
feel that there's more in the marketplace, so if you
can increase, you'll offer and I can go with more
confidence on your behalf and see when we get a deal.
Speaker 2 (34:09):
And I think that highlights the thing about trying to
find the right agent as well, which is actually we
could do a whole hour and finding the right agent.
We might have to get you back for that one.
He did Jack's Jack did throw another question, and they're
just an assumption about the market being still over inflated.
I have spoken to people who you know based on
our GDP and all that sort of thing, and you know,
(34:29):
we've had FOMO, we've had cheap on straits. Where is
the market sitting, do you think in terms of what
it's actually worth.
Speaker 5 (34:36):
Yeah, so this is the million dollar question, almost literally,
because I think that's the median house price at the
moment in Auckland and back the height of the market
was late twenty twenty one, and the height of the
market the medium house price was somewhere in the order
of one million, one hundred and twenty something for Auckland.
Now it's closer to a mediate drop below. It's I'm
(34:58):
optimistic about this year and I spoke to you of
Tim about this, and the reason is I think whilst
we can't control macro economic political events that's happening elsewhere
in the world, New Zealand's been through a pretty rough
time and we've got interest rates perhaps at the right level.
We've got optimism there. The job market seems to stabilize,
inflation really seems to be under control, and I think
(35:20):
now people are going, Okay, we want to buy, we
want to get in at the bottom of the market.
Could it get any know, this is probably.
Speaker 2 (35:28):
Does feel a little bit like that money has got
a bit cheaper. I think my only look, as you know,
I'm not a big player in the market at all.
I own house, that's it, but I host there's a
show for a little while. But I do get the
feeling that the days of the you know, we really
had fomo, yes, and it was you know, we had
was driving a level of interest in the property market.
(35:48):
It was massive. I just wonder if we've slightly matured
that we're never going to peak fomo in the way
that we have before.
Speaker 5 (35:54):
Do you look like I hope we don't. And I'll
tell you because I was through that and I was
flabbagas at what was going on. And it's not my
job to tell the vendor not to take any more
money because people were quite readily wanting to give it.
But I wasn't entirely comfortable with what was happening in
New Zealand at that time. The median house price in
(36:15):
New Zealand was higher than Sydney's at one stage, So
I think there's a testament to what was going on here.
Speaker 2 (36:20):
Hey Jack, by the way, I know I said we
get you back, but we have run out of a time. Well,
I think hopefully we've answered a couple of your key points.
But look, you can call again anytime.
Speaker 3 (36:27):
Though.
Speaker 2 (36:27):
Next time we do the Property show it is eleven
and a half minutes to five News Talks.
Speaker 1 (36:31):
He'd be the one roof property of the week on
the Weekend Collective.
Speaker 2 (36:38):
And welcome back to the show. Yes, one roof property
of the Week is fascinating. My producer and I have
been having a bit of discussion about this. It's one
sixty five Snapper Rock Road. I don't know if you
say Schnapper, but Schnapper Rock Road in north Shore City.
It's five bedrooms, three bathrooms, nine car garage. The house
(37:01):
is three hundred and thirty four square meters. That's a
pretty nay, that's what it says, unless it's a type
from Tyre tyra off five car garage plus four car sheared. Okay,
so there we go. It's got land of two point
two thousand six hundred square meters and it's got as
I say, triple car gar it's got more than triple
(37:23):
gar garaging as we were suggested, separate office. It's got
a floodlit basketball court, a swimming pool year round outdoor entertaining,
a suspiciously large concrete powder at the front of the house.
It's on schnapper Rock Road, those Snapper Rock Road pet
friendly space. It's a big property. But here's the surprise.
People go and check it out. One sixty five snapper
Rock Road estimate. It's going to auction estimate two point
(37:47):
zero five million, two million.
Speaker 5 (37:49):
Where did you get the estimate from?
Speaker 2 (37:50):
From one roof one roof site? At which we have
to be nice about this is the name of our show.
But I mean it's it's an algorithmic base property price.
But it is on a main road. What do you
reckon any comments with auction?
Speaker 6 (38:05):
Yeah, I think it is.
Speaker 5 (38:06):
Yeah, so I definitely turn up to the auction. If
I was doing for a five bedroom home with heaps
of garage space and all the toys, it sounds like
a resort. I'd never want to leave. It just sounds fantastic,
Totally unsuited to me because I've only got myself. I
could run around the house and you know, live in
different parts, different part times of the week.
Speaker 2 (38:26):
But do you like looking around property still?
Speaker 5 (38:29):
Yeah, I do. It's sort of voyeuristic thing, which I'm
hoping you're not alluding to, but it's very much a
I do do take ideas sometimes. And you can see
some beautiful homes in New Zealand. You can see some
that perhaps need a bit of work, but there's a
history there that I appreciate.
Speaker 2 (38:47):
Yeah, I mean, I always say to people because we
have some quirky homes. We did have one old I
don't know how to describe. It was a bit of
a dump. It was just an old college. But it's
right situated surrounded by all the dressmark properties. But somebody's
obviously lived there until they've probably shuffled off. This mortal
call guessing and those are not necessarily fun to look through,
(39:08):
but it's just curious. But usually, I mean, some of
the properties we have, it's like having a holiday just
going and look at someone's interior day course, see how
they've staged the home, and absolutely.
Speaker 5 (39:17):
But a property envy, yeah, and you see things that
remind you of your own past. But you're very aware
you're walking through somebody else's life. That's the thing, So
there is a bit of respect. And I think again
coming back to salespeople and whatnot and using agencies these days,
very very good at that and keeping that under control.
Speaker 2 (39:35):
On the value side of things, obviously there are very
clever algorithms out there which work out and they know
what the basics are and what's sold and being bought
and sold on the air, and I think AI is
getting very smart. How do you how would someone who's
exploring the market and just working out what's going to
(39:55):
be in their price range treatylgorithmic sort of estimates.
Speaker 5 (39:59):
So this is where the younger generations might have a
bit of a challenge because I do believe whilst these
algorithms and the websit, it will produce a certain value.
The only way really to get to know and have
an idea of what you think you might pay for
it is to get out and walk the streets and
go to auctions and go to open homes, talk to salespeople,
talk to different agencies, get as much information. The great
(40:21):
thing is that you can get that information in the
modern ear so quickly than when I started because all
if I wanted to become an expert on two bedroom,
two bathroom apartments in a certain area of Singapore, I
guarantee you it would take me one hour to have
the market value inverted Commas down to about ninety percent
of accuracy. Why because I'd have access to sales et cetera.
(40:41):
It's that fine tuning that I can't get, and that's
when you need to go into it.
Speaker 2 (40:45):
Like I always like it in a way too, it's
the difference traind of zoom meeting versus meeting someone in
the fleesh. It's just that you just get a different
read on things, to see the reality the bricks and mortar.
And absolutely, yeah, Hey, great to talk to Campbell, can
you I can't believe that time has gone so quickly.
Speaker 5 (41:00):
I've had so much fun, good man.
Speaker 2 (41:03):
I'm relieved. We'd love to get you back again sometime,
and I like that of course he needs. We don't
need to push you towards where his businesses Campbell Anon
from al J. Hooker. I think you know wh where
to find it, guys, But thanks so much for your
Tom Campbell and TEMP look forward to it again. We'll
be back shortly with the Parents Squad. We're talking about, well,
a bit of a tangent, isn't it. We're talking about
(41:24):
birth plans on News Talk ZEDB. It is three and
a half minutes to five.
Speaker 1 (41:37):
For more from the Weekend Collective, listen live to News
Talk z EDB weekends from three pm, or follow the
podcast on iHeartRadio.
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