February 14, 2025 • 41 mins
Auction. negotiation, tender, fixed price...
There are many options when it comes to the method in which you sell or buy a house - but which is the best?
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talk sedberever.
Speaker 2 (00:23):
Are you in a threend of mine? Well, I set
you ed, Welcome back. This is the Weekend Collective. I'm
Tim Beverage. By the way, if you miss any of
the previous any of the hours for the show and
you want to catch up on things, you can go
and check out our podcast. Just go to the news
Talk Zippy website or look for the Weekend Collective on iHeartRadio.
And right now, by the way, just looking a little
(00:44):
bit further ahead. For the Parents Squad, we're joined by
Dave Atkinson from the Pairing Parenting Place and talking about
a couple of things is explaining losing when it comes
to telling your kids why the rules are the rules?
Speaker 3 (00:55):
Uh?
Speaker 2 (00:55):
And we'll be also talking about building your child's resilience
as well. On Elliot Smith will be previewing the Sorry
and I was going to say the Reds, goodness me,
what am I saying? The Chiefs and the Blues says
to hear colors, it's like the Greens, the Blues whatever.
The Blues and the Chiefs will be previewing that shortly
before six o'clock. But right now it is seven past four,
and oh, that surprised me. We've got a few of
(01:17):
those little things stings, thank you, Tyra. Believe it or not,
our voiceover guy found five different ways to say the
name Tim, so we'll try and run those through the
course of the hour. You got another one there, Tyra.
No surprised on that one, Tim. There we go. It
is time to talk property now. And one of the
things we were going to talk about is, look, I've
(01:39):
had auctioneers on the show when we've when the market
has been absolutely pumping, and we've had discussions around the
tactics of buying and selling and negotiating and making an offer,
and if I was to be slightly sort of pushing
back against there wasn't was a level of sort of
smugness in the views. It's like, what's the best tactic
(01:59):
of noction? Well, the best to tactic is to just
pay the most money you The top bid wins. And
because there were questions about should I wait, should I
suck the is there a way of sucking the energy
out of the room if you know there aren't many bitters?
Just wait until he goes selling once selling, twice, going, going, going, Okay,
I'll give you five bucks. So are there big tactics
(02:21):
as we've heard in the booming market obviously, Look, you've
just got to get in there and hope that your
money is going to win the day. But the market
isn't booming right now. Maybe there's a bit more activity,
maybe there isn't, But does that affect tactics? And I
want to know from you, how did you do the
deal for your house? What were the tactics that won
the day? Or did you have a luck on your
side that luckily you were maybe the only bidder, or
(02:44):
if it wasn't an auction, if it was a private treaty,
do you expect now in a lower in a lower
activity market, that there should be dollar amounts attached? Because
I have heard that there are more properties being advertised
with a price, whereas when the market's booming, it's just like,
well take your pick anyway to discuss that your cause
(03:05):
though at eight one hundred and eighty ten eighty, have
you particular tactics? Did you have a way that managed
to do the deal for you which you thought, actually
this really helped the way we did this that got
your property. I've got quite an interesting story myself, with
which I'll share later on, but joining me to discuss this.
She is CEO of real estate at Velocity Global that's
a velocity with an a velocity, and her name is
(03:27):
Helena Sullivan. Hi Helen, how are you going?
Speaker 4 (03:30):
Cut it? Tim? I am exceptionally well. Thank you?
Speaker 2 (03:32):
How are you good? Did you have a good break?
Speaker 4 (03:34):
I had a magnificent break? It was just lovely?
Speaker 2 (03:36):
Really, did you do something fancy?
Speaker 4 (03:38):
I did do some fun stuff, Yes, I did. I
spent some time sort of gazing at the sea at
a beach, and I got off to Japan and did
a little bit of ski and some extraordinary powder and
ate some unleevially good food and drinkle out ofsaki and
it was just great.
Speaker 1 (03:54):
Is there?
Speaker 2 (03:55):
Did you become a connoisseur of psaki to the point
that you could recognize the good stuff and the bad
stuff where you just drink it and go, it's warm,
it's tasty.
Speaker 4 (04:03):
We went to a couple of restaurants where they gave
us actually matched sakis to the meals that we were eating,
and it was we had three or four different types,
and you could very much tell the difference between the
fruity and the dryer and the wood ear and.
Speaker 2 (04:17):
Yeah, yeah, I'm a bit of a plaub when it
comes to SSAKI because it's just I think there's a
place I used to go to in christ Church when
I had concerts on. In fact, I think I turned
up to my first rehearsal for something and I hadn't
realized how strong it was. And I was the first
time I met the orchestra and the choir, and I
was actually drunk, as we say, but I had some masket.
I had no I I was beyond I was very tipsy. Anyway, Hey,
(04:40):
great stuff. Hey have you actually, by the way, tell
us about the what you do at Velocity and the
business you do there, just to give a bit of
context for people who haven't heard haven't.
Speaker 4 (04:50):
Heard of us? Yeah, So Velocity is prop Tech, New
Zealand owned and founded the prop Tech that is in
New Zealand, Australia, UAU and India. We do valuation valuation
ordering software with a lot of banking customers. We also
work with One Roof as their data and we also
I run the real estate vertical. We've developed our product
(05:11):
called Varsity Nexcess which we sell to real estate agents,
which they use to appraise and monitor the market and
do what they do for their customers.
Speaker 2 (05:21):
Is AI part of the whole sort of thing or
is it coming your way? In terms of the work
that and the ability to analyze data, it's.
Speaker 4 (05:29):
A huge part of what we do with crunching enormous
data sets. We use it to cleanse data, to help
us to process it, to help us match it because
you know, property data is some of the most unwieldy
stuff in the world when you get it, so AI
helps us process that faster. We also use it as
part of our testing and coding processes as.
Speaker 2 (05:49):
Well, because I guess we live in a world where
data is king or queen or whatever you want to say,
and there's so much data that we're gathering and accumulating.
How much of a difference has that made to because
a lot of data, sorry, a lot of valuing information
has often done it's not as a result of someone
(06:09):
having visited the property, but there's just so much information
out there. Is it just the fact that there's so
much more data, so much more sophistication with the programs
and the digital tools available, that it's getting really good
at doing its job, even though it hasn't walked through
the house.
Speaker 4 (06:26):
Yes, to a point, there's only I mean, data can't
actually see the view from your balcony. Although data can
these days deduce that you're more likely to have of
you based on your geographic location and the fact that
there's a lake over there in a mountain there, and
so it is smarter and smarter and smarter. It can't
tell lough that your house has just had a refurd
(06:49):
sort of you know, six weeks ago, or.
Speaker 2 (06:51):
Whether all the jib's been ripped off the walls and
it's been left unrenovated.
Speaker 4 (06:54):
Yeah, or someone's cat has been rampaging through the property
and someone's got a leaky old dog. But as a
start point in a baseline, the data is just you know,
it just its orders of magnitude better than it used
to be.
Speaker 2 (07:12):
Just before we get into the discussion around sales and
sales techniques and all that, what's what does the council
use for its valuations?
Speaker 4 (07:19):
So the Council Commission likes a qv to do what
they call the rating valuation cycle, and they use the
automated valuation mechanism tools overlaid with level of you know,
statistically driven sampling and reviews and then and then there's
a very extensive review process with the value a general.
Speaker 2 (07:42):
Now, okay, yeah, because yeah, I might talk about that
another time because I was bemused by the fact that
I'm pretty much identical to my names, but we've got
different valuations. But anyway, let's not get into that. Are
you Are you an auction fan?
Speaker 4 (07:56):
I am an auction fan, and it's fair to say
I've sold a few properties at auction. I've marked did
more properties by way of auction than I've sold.
Speaker 2 (08:08):
Is that because of when you were particularly when you
were selling in a market or for instance, when the
market's cranking, which we can all remember a time when
it was cranking and it was auction auction, auction, auction,
How would you still sell via auction if you are
selling now, Given that, I think we can agree the
market is a bit sort of ho hum, I.
Speaker 4 (08:27):
Will still consider auction as part of a campaign. And
in fact, I'm advising a family member at the moment
who is selling their property because it is a property
that we know will have broad appeal and in a
market where it does, you know, things don't frequently come
to market in that part of in this quite, you know,
(08:49):
sort of interesting little part of town. We will market
it by way of auction. We may not necessarily sell
it at auction, but it will give us a really
good sense to the bench that the benchmark of the market.
Speaker 2 (09:03):
What about Okay, So if you when it comes to selling,
but obviously to sell propery, you have to buy it.
Do you have do you have a particular Well, then
again I'm asking you to give away the sort of
your secrets if you do have any. But do you
have an approach to approach to auctions and to private
treaty sales and making offers, Because there are some people
who go, well, I've had experts who on the selling
(09:28):
side saying you shouldn't put in an insulting offer, And
then I'll have somebody to come back to me and say, well, actually,
if someone puts an insulting offer, it's still the real
estate agent's obligation to put it to the seller. So
don't listen to the real estate agent on that. They
can always bin it or not come back. But there
are those people who go, well, they want a million
bucks for it, I'm going to offer them seven fifty.
I don't care about their feelings. But what are you reckon?
(09:49):
What tactics have you seen work?
Speaker 4 (09:50):
One hundred percent? First thing to remember is it's an art,
lot of science, So you can use all the tactics
in the world. And at the end of the day,
the seller wants the most part. They want to sell
for the most amount of money, and the buyer wants
to buy for the least possible amount of money. And
the real estate agent and the auctioneer's job is to
bring that tension together at the point where those two,
(10:11):
those two demand and supply curves intersect. So you know,
all of that said, I'm totally with the people who
say make an insulting offer. Absolutely correct. The real estate
agent is legally obliged to present that offer to the seller.
The seller can say, don't even bother bringing that over
to my house. I'm not going to look at it,
but they have to tell the real estate agent that so.
Speaker 2 (10:35):
Okay, So they'll have to explicitly say don't bring it
to me. So because the often it's the agent who
will say, don't make and don't even waste your time
with that offer.
Speaker 4 (10:42):
But they can and look, they may well be communicating
what the vendor has said, and the vendor may be
saying to the real estate agent, what are you wasting
my time? Web that seven fifty that you know, I'm
not going to take that the real estate agents. You
say no, but they put it on paper, so I'm
duty bound to present it. Fine, you've done your job,
take it away.
Speaker 1 (11:02):
Well.
Speaker 2 (11:02):
Actually there is something in that though, because if somebody's
bothered to make an insulting offer, they've put something on
the table. And I would say that that's good news,
regardless of whether it ends up with a deal, because.
Speaker 4 (11:12):
It's on paper. You've got a floor.
Speaker 2 (11:14):
Yeah, And why would someone go to the I mean, okay,
maybe they are looking for a bargain.
Speaker 4 (11:19):
Of course they're looking for a bargain. Every buyer is
looking for a bargain. That's right. Show me the buyer
who wants to overpay, and I've got a whole bunch
of real estate agents.
Speaker 2 (11:28):
Who really want to meet that person.
Speaker 5 (11:30):
Have you.
Speaker 2 (11:31):
Have you always bought a oction?
Speaker 4 (11:33):
Ummm no, No, I haven't always bought a oction. I've built.
I have bought a oction, but I've bought a few apartments, tim,
So you buy I bought them. That's a fixed price.
And you know what you're getting. You just have to
be patient and wait anything between two and five, depending
(11:53):
on whether or not COVID turns out pathway.
Speaker 2 (11:55):
Through your build process. Can you ever haggle on those things?
You know, and they say, we've got we're releasing this
number of apartments, second floors going for this price, et cetera.
Is there ever any room to move or do they
set it and they basically have to adjust their price
if they don't have any interest.
Speaker 4 (12:09):
Yeah, look, you can always haggle. You can always make
an offer. And depending on whether you know, a developer
might want to get a few in the bank, may
you know, be two sales short of what they need
to get started seck to teeth of the whole business?
You know, Hey, it's always worth making an offer. You
Generally when the marketing has just started, they're probably not
(12:30):
going to be too flexible because you know, they're still
testing the orders. But you know, you could get lucky.
They could be two sales away from passing their debt
threshold to get started, and you turning up with a
dumb offer could be just the just the ticket.
Speaker 2 (12:46):
Always with a grat what's your approach to private treaty sales.
So and what I mean by that is somebody's got
a price they want. They say they want nine hundred
and ninety five thousand for it, and you're making an offer.
How do you personally approach it if you want? If
you are you know you're keen on the property. But
of course you don't want to pay more than you
need to. As you say, who who does Do you
(13:06):
put in a something which is an which you think
is going to do the deal? Or do you put
in something where you know they're going to We're going
to be back and forth for a week.
Speaker 4 (13:16):
Oh puts Yeah, I'll get evaluation.
Speaker 2 (13:20):
Or well, of course you are in the business of
having a pretty good idea. That's why I was wondering
if you had a bit of extra Like, listen, I'm
the I'm the CEO of real stated at Velocity, this
property is worth X and I'll give you that for it.
Speaker 4 (13:31):
Well, you know you'll always give it a go, but yeah,
you know, I'll look at what I think it's actually worth.
And I of course probably my first off I would
always be pitched a little bit below, assuming I'm not
in what I think is a competitive situation. It is
different when you may well be in a competitive situation
(13:52):
because you know, while the market isn't at the kind
of insane heights that we have seen at different times,
there are still actions going on where there are two
and three and four bit is competing for a property.
Speaker 2 (14:05):
If you were going to be bidding at an auction,
how would would you keep your power to dry you
one of those bidders who waits the last minute Because
you've seen, actually, I've seen some heartbreaking tales, people who
are really hanging out and you see two or three
bitters and he goes bang bang bang bang bang, and
they and finally you can see the couple there going
it's mine. And then someone comes in and goes bang
(14:25):
nine p fifty or whatever, and you just, yeah, is
there a different are you best?
Speaker 4 (14:34):
You know, art not science. But my approach is generally,
if I want the property, I'll start I'll start firmly
at a number that is not the number I'm going
to pay.
Speaker 2 (14:46):
But unless they stay sold.
Speaker 4 (14:48):
Unless they're so sold, oh that never happens. It never happens,
never ever happens. The event you might wait, you might
wait for the auctioneer to give you a couple of
you know, shall we say a bit around four hundred, yeah,
four twenty, then I will be reasonably metronomical after that,
(15:09):
because my tactic is to convince my competition.
Speaker 2 (15:13):
That I'm I'm just going to keep going, I'm here
all day. Yeah, yeah, that is I can imagine, Actually,
do you hoping that's demoralizing to the opposition. So if
the auction's like, okay, give me a bit at four hundred,
do I have four to twenty? Yes, four point thirty yep,
forty yep.
Speaker 4 (15:29):
I might also use different numbers. So if the auctioneer,
particularly in the early bidding, you know, I know that
it's going to go, there's no point goofing around it.
Sort of twenty thousand dollars increments when you're at four
hundred and you know the property value range is more
like eight fifty nine, so you know, slamming in this
of five fifty one hundreds. Then when you get some
(15:51):
competition putting in ten or twenty, come back with forty
or fifty.
Speaker 2 (15:56):
Forty fifty thousand increments because then you get I've seen
auctions where they go down to like they're going in
five hundred dollars lot, so have I is a bit insulting,
it's like and that you.
Speaker 4 (16:07):
Know that it's up to the auctioneer to control that process.
The auctioneer does not have to accept bids in those
minor increments, and they can nominate the increment that you're
moving in, particularly when the auctioneer knows. Because the auctioneer
knows what the reserve prices, that reserve price has been
set based on all of the market feedback. They've got
that on a piece of paper in their pocket.
Speaker 2 (16:30):
What are the rules? Then round with an auction with
as if it doesn't know, it gets past and a
lot of the time, in fact, a huge amount of
the time auctions get past them. But then they say,
will negotiate? What are the rules in terms of who
gets to negotiate? Because there might have been someone who'll say,
you know, final bids such and such, okay, will negotiate.
What about the person who is the bid under do
(16:51):
they still get to negotiate? Can they approach the auctioneer
or they can do I mean.
Speaker 4 (16:56):
It traditionally you'll speak first with the top of the
top unsuccessful. But you know, in any real estate auction
where there's been if there's been two or three bidders,
then there will be a couple of agents that will
be you know, someone will be speaking to each of
those bidders, so you know where there has where there
(17:19):
has been competition, you want to you want to be
the last bid if it's passed it. But you that
doesn't necessarily mean you've got first rout of refusal or
that you necessarily are making their running from there on in.
Speaker 2 (17:33):
Okay, we'll love your cause on this one hundred and eighty,
ten and eighty. How do you prefer to buy and sell?
For one? Because there are some people who some people
who just loathe auctions. But I problem is when a
market's busy and that's the only way people are selling,
it's probably a game you have to play.
Speaker 4 (17:48):
It's hard buying an auction, I will absolutely agree.
Speaker 2 (17:52):
Just the emotional thing, it's stressful.
Speaker 4 (17:55):
You can hear so many stories when the market's busy
of people spending thousands and thousands of dollars on building
reports and on investigations and lead reports on properties that
they open their mouths and the first bit is, you know,
one hundred and grand more than they're there, top top dollar.
Speaker 2 (18:13):
Just before you go to the break, Actually is there?
Speaker 5 (18:15):
Is it? Right?
Speaker 2 (18:15):
That it seems that the number of properties for sale
are actually putting a price that they're not necessarily go
into auction, but they're saying they're nominating a price, this
is what we want for the property, because it used
to it got rarer and rarer. And this is just
apocryphal evidence for me, but I've had people say I've
noticed there are a lot more properties that are nominating
a price.
Speaker 4 (18:34):
There's a lot there's still there are a lot more
properties that have a fixed price, but it is quite
commonly after you've been through another there, So after an
auction or a tender process, then you'll put a fixed there.
That's quite a common kind of a process. And again
in a market where things are going a bit softer
and you've got a lot of first home bars, going
(18:57):
to a fixed price after an auction campaign is definitely
sort of the next stage that I'd often recommend.
Speaker 2 (19:03):
Okay, you calls I eight hundred eighty ten eighty, and
actually not just what's your preferred tactic, but how did
you buy your house? How did the deal unfold for you?
And because I think everyone is bought and sold, of course,
the more buying and selling you do, the more experience
you get, the more of a feeling you get for
the process you're comfortable with. But when you've only done
it once or twice, well you might have still learned
(19:25):
a lesson from how you did it. I eight hundred
eighty ten eighty give us a call. It's twenty six
past four. This is the one roof RADI show News
Talk z B.
Speaker 6 (19:32):
I'm set way you make your swastle, make you grows.
Speaker 2 (20:01):
Yeah, here we go a little bit of up again.
I'm Tim Beverage. This as one roof Ready show. Yes
as Helen and Sullivan talking about the best your preferred
way of buying or selling a house and how did
you do it? What worked out for you? I have,
as I said, Helen and Sullivan, who's CEO of real
estate Velocity Global with me, and I think I've shared
how I bought my house and we were very lucky.
(20:21):
It wasn't a competitive situation. I bought from my landlord.
I tracked down the landlord behind the letting agents back
after doing a property search and had a chat with
him and he ended up wanting to give us a
bit of goodwill because I said, I don't want to
do it up to sell it as an investment. I
want to have a family and everything. And he went
to a Leonard Cohen concert halftime he called me up
(20:43):
and said, I've got your offer in front of me.
You know what, it's time to move on with my life.
Leonard's telling me. And I was like, thank you, Leonard Cohen,
and thanks John the vendor. Great guy. But I think
I was pretty lucky, Helen on that one.
Speaker 4 (20:55):
You were extremely lucky. Tim. We were just talking about
the price point you paid. That was good buying, even
fourteen years ago. And I got to say that that
was serendipity.
Speaker 2 (21:04):
And the thing. Look, we did it in a cafe.
We met. I went, we had a coffee and took
about life, and I went to the loo and I
came back and he had paid for the coffee, I think,
and he'd torn the receipt in half, and he says,
I've written a number down. You write your number down,
and let's exchange a bit of paper. I loved that,
I actually thought, I don't know, but I loved it
(21:24):
because he put what his was and what I could
buy it for, and I put what I wanted, and
neither of us had discussed a price up to that point,
and I felt so naked.
Speaker 4 (21:36):
And how far apart were you two numbers?
Speaker 2 (21:39):
This is going back quite quite a while. And the
price was I put in four hundred and he put
four fifty, and we settled just over the middle, just
over the middle. But actually was the I was. I
feel simpathy for people who had to go the hard
way because when I saw his number, I thought I
would pay that, but I'll keep haggling. And it was
(22:01):
just such a friendly way of doing business, and I thought,
oh god, I'd hate the auction an auctioneer, you know,
once they get that interest. And the market, to be honest,
wasn't exit. It was before it was humming anyway. But
let's take some calls on how you like to buy
or sell, on how you have, what lessons you've learned.
Alvin high.
Speaker 5 (22:21):
Hi's been listening to you, guys. I like the ridiculous
concept making ridiculous offers. That's more or less what I've
done in the past.
Speaker 2 (22:35):
Yep.
Speaker 5 (22:38):
So when you go to counters sign I actually lifted
the price up when they were going down and they said, well,
I can't, we can't show this, and I said why not?
You have to legally anyway, I'll give you the example
that the house price at the time was a unit ad.
(22:58):
What neither of us knew was that the couple just
wanted to leave New Zealand and we got the price
down to three hundred and twenty and they signed it.
Speaker 2 (23:10):
So how did you go about I didn't quite understand
what you'd done with the countersigning so.
Speaker 5 (23:15):
Well they wanted five eighty. Yeah, we weren't going to
give them there, so we just kept putting the price
down all the time.
Speaker 2 (23:23):
Ah, you are you bullied them, sort of, didn't you.
Speaker 5 (23:30):
Well, look on the other side, when I was selling
a property, we had an offer overseas offer for it.
It was twenty four acres and looked at the prize
and we thought that's ridiculous because in a few years
time it's all going to be housing. So we kept
lifting the prize. We didn't want to sell it anyways,
that we don't have to sell it. Well, the initial
(23:51):
offer was one point six. I ended up selling it
to three point four.
Speaker 2 (23:56):
Well would that tactical ways work? Because imagine, if I guess,
you have to be willing to walk away. So I'm guessing.
So for instance, for those who were a bit slow
like me to pick up on what you're doing. So,
for instance, if they wanted five to eighty, you might
offer five hundred, they come back with five point fifty.
You come back with four fifty, They come back with
five hundred, You come back with four thirty. Is that
(24:17):
what you're doing?
Speaker 4 (24:18):
Yeah, yeah, I've seen that tactic before and that can
work when you have, you know, a desperate vendor.
Speaker 2 (24:26):
Did you have to sort of have a thick skin
to do it as well? Because as a human being
you'd sort of did you feel a bit guilty doing it?
Or are you just like mah well, no, not at all,
because look, fair play to you.
Speaker 5 (24:39):
Elden's business one rule is don't fall in love with
what you're spelling or buying.
Speaker 4 (24:44):
So if you lose, you lose one hundred percent. You've
got to be prepared to walk away. That's the other thing.
To get a bargain, you have to be prepared to
not buy this one and buy something else instead.
Speaker 2 (24:54):
I think what you've also highlighted, Alvin, is you've got
to I think that the hard thing for people who
are maybe sociable or they you know that they like
people and they like to get on with people. It
really clashes with their instincts of wanting to be friendly
to the real estate agent and the vendor or the
seller or the buyer, you know what I mean. You
have to almost decide I don't want to be your friend.
(25:15):
This is business. But a lot of people battle with
that data.
Speaker 4 (25:17):
Agency tactic is like, just imagine you're buying this for
your kids, you know, and what you're trying to do
is the best possible to ill for you kids. And
then you don't you know, you're thinking about the you know,
it's the agency theory. There's parents some really interesting studies
on doing that. For if you're doing your sellary negotiations,
pretend you're doing it for protigen not yourself, and then
(25:38):
you don't get the slightly squeamy for you.
Speaker 2 (25:42):
Exactly, Alvin, have you always done that or is it
just when you've sniffed its.
Speaker 3 (25:50):
Urgency properly?
Speaker 5 (25:54):
Just up north where they're putting the ped Lincoln. I
lost badly there, and I sold at one point to
the next person, sold at three points to back to
the government. I mean, see that's a last Yeah, that.
Speaker 2 (26:10):
Would hurt Okay, So I guess that does that make
it easier for you to be like that. No, I
don't mean that the pejorative or judgmental way. But did
it make it easy for you to be a harder
bitter and seller because you had become experienced and there
was a point where you went, Okay, well you know,
we're not here to make friends, and you found it
much easier to put aside.
Speaker 5 (26:31):
Absolutely, But I'm not a real estate agent, but I've
learned from friends, and I've also done various courses. There
was a course called rich Mastery a number of years ago.
They went but unfortunately.
Speaker 4 (26:50):
There somewhere.
Speaker 5 (26:52):
Estate get risk quick teams and I've learned from them
and I've applied some of that knowledge. That's all.
Speaker 2 (27:00):
What lessons would you give if you had friends or
family and you weren't going to be bidding for them,
because I mean, if I was, you're a relative of mine,
I'll be send over and along and do the job
for me. But but if I couldn't do that, what
lessons would you want to impart to someone who Okay,
you know that the seller maybe they're not desperate, Okay,
so it's not that sort of thing where you can
bludgeon them. What advice do you give would you give
(27:21):
to someone negotiating their first deal.
Speaker 5 (27:25):
Advice? Well, as I said, whatever you're buying, you're talking
about buying, not selling.
Speaker 2 (27:34):
Oh no either either way, by let's let's go buy
to start with.
Speaker 5 (27:39):
Buying, okay, Well, as I say, don't fall in love
with it, don't don't make it at the end all experience,
be prepared to walk away. And as always, you never
know behind the scenes what the facts are, so you're
playing again. It's like playing roulette. You don't know what's
(28:02):
going on behind the scenes. But there are different ways
of obtaining that information without breaking the law. Yeah, because
really you don't know what the seller conditions really are.
Speaker 4 (28:19):
Research. I think what you're saying, Elvin is research is key.
Find out everything you can about the property and the
seller and the other properties that they own. And this
is where I think we were talking. You know, if
you can't get you can't send Elvin along to do
the bidding for you. Hiring a buyer's agent to be
your Elvin can be well worth while doing. And I
mean hiring isn't paying for someone to be your guide.
Speaker 2 (28:43):
Let's dig into that in the moment just quickly. If
what if they were selling, Alvin, what advice what advice
would you give to a first time.
Speaker 5 (28:48):
Seller, a first time seller, what to get the maximum price.
We'll make sure the property is presented. It's got to look,
you know, like as best as you can't. Don't cut corners,
don't hide anything. And also be prepared to take rejection.
(29:14):
I mean, not everybody's going to give you that price.
Speaker 4 (29:18):
And people probably will be mean about your house. That's
one of the other good reasons to use a real
estate agent, because you get really annoyed and people come
and criticize your house, which is what.
Speaker 5 (29:26):
They'll do absolutely, and builders reports worse under the sun.
You know, when when someone's trying to buy a plane,
it's almost corruption because you know they look for those
little things that are so annoying, and you know the
whole lot must and it cost a thousand dollars directified,
(29:49):
but you know they're using it as a bargaining tool
to stay knock off fifty grand.
Speaker 2 (29:53):
And you go, no way, do you prefer to sell
via auction or personal sort of private treaty type of
thing selling offering? How do you prefer to sell auction
or otherwise?
Speaker 5 (30:06):
No, I've done option. I think otherwise, But don't be desperate. Yeah,
you know, hang in there. I mean that's eventually you'll sell. Yeah,
but if you're if you're desperate, you're going.
Speaker 4 (30:17):
To lose patience is key.
Speaker 2 (30:19):
Yeah, Hey, thanks Alvin, I appreciate your call. Good on
you call again. Actually, it's fair to say the Texters
don't like olvery much just because well because he obviously
plays a tough game. But it is business.
Speaker 4 (30:32):
It's not business. It's a transaction, end of the day.
This is in the space of you know, a week,
you can make or lose fifty dollars one hundred thousand dollars.
That is a lot of hours work you have to
put in to create that much tax paid cash. If
you can buy a house for fifty thousand dollars less
than you might otherwise have done, yeah, you know, it's
that's that's a lot of money to play with to
(30:55):
do it up.
Speaker 2 (30:56):
We're going to take more calls in just a moment.
We're talking about your way, your preferred way or tactics
for buying and selling. The market's not rocking and rolling,
so maybe there is more room to play a few
more games. Twenty too five news talks, he'd.
Speaker 3 (31:05):
Be too.
Speaker 2 (31:14):
Music. It's welcome back for the show, this one where
Freddie schom a guest as hell and No Sullivan c
you have real estate at Velocity Global. How do you
like to buy and sell? I should have just put
that simply as the question, how do you like to
buy and sell? Auction? What are your tactics? One hundred
and eight and eighty got a bunch of cars, we
get it through, We'll speed it up. Roger Hello, oh.
Speaker 3 (31:35):
Hello, I just say I buy auctions for a fixed price.
Why if they wanted to go to well, you could not.
Sometimes if you hit the right one and you can
pick up a real bargain as an auction, yep, yep.
But if I if I set a price, people are
they either accept that and try and negotiape down or
(31:59):
they just ass over it and you're not wasted with
an other time wasters.
Speaker 2 (32:03):
Have you ever had someone just you've seen, I want
ten dollars from a property and they go, okay, here's
ten dollars.
Speaker 3 (32:10):
No, I've never gone that lt.
Speaker 2 (32:12):
No, I don't mean literally, I'm just using that as
an example of a number.
Speaker 4 (32:15):
So you know, and don't you always feel if you
put a price on it for a million backs and
someone fronts upases here, I'll pay a million backs. Do
you not feel that you might have got a million
and twenty five?
Speaker 3 (32:27):
It doesn't matter if I've made my capital gain over
the years. I'll pass on a little bit of the
flesh to somebody else.
Speaker 2 (32:35):
Actually, there is my problem that's quite different.
Speaker 3 (32:41):
On My problem is I'm looking at an auction coming
up in a couple of weeks. It's a remedial property.
The agents. I keep on contacting them to ask them
to view it, and I get no replied and on
the documentation that they have provided, there's no predisclosure documents.
(33:07):
And I'm just wondering what my situation is to try
and get a look at this before I bid at auction, pretty.
Speaker 4 (33:14):
Curious about marketing and property. To not bother at calling
back purchases, that's strange, And.
Speaker 3 (33:22):
So I tried. I tried emailing the boss of a
particular agency, and I haven't received anything back from them either.
Speaker 5 (33:31):
Yet.
Speaker 3 (33:32):
What can I do to try and push this along
so I don't end up blind when I go to
the auction?
Speaker 2 (33:37):
M that's an interesting one. How in any words of
I'd be wanting to try and find out who owns
the house and track them down.
Speaker 4 (33:45):
But look, I'd be really nervous about the entire transaction.
If you can't even get the realisty agent to talk
to you, then there's something that's very curious going on
behind the scenes.
Speaker 2 (33:54):
Maybe get some legal advice as well.
Speaker 6 (33:55):
Well, yeah, I don't know.
Speaker 4 (33:57):
It might be one that i'd just take us move
on to be perfectly honest.
Speaker 2 (34:00):
Yeah, anyway, thanks for your call, Roger. Difficult to get
into the nitty gritty on that one, I guess. Let's
take some more calls.
Speaker 7 (34:05):
Peter, Hello, oh mate, I used to flip houses and
an awkward an up to about fifty a year.
Speaker 5 (34:12):
Wow, I've never never ever.
Speaker 7 (34:15):
Bought well not never report at auction, but it's not common. Okay,
here's the deal. Let's say right now, you've got an
investor in Manurewa who owns ten houses. He's got equity.
Each house is worth maybe what the milk is round
number of the milk. He got five million of equity
in there, and he sees this amazing commercial property deal
(34:36):
and he puts an offer on that property and the
other guy says, yes, I'll take it. You've got seventy
two hours to go un conditional. So he's now got
ten houses at Manu e where he needs to move
in seventy two hours otherwise some other time.
Speaker 2 (34:50):
So that's what you hone on on those sorts of deals.
Do you where you can make it?
Speaker 7 (34:53):
Oh yeah, oh yes?
Speaker 2 (34:54):
How much? How do you find out about that? How
do you find out about it in the first place?
Speaker 7 (34:58):
Because he'll go to one real estate agent, and that
one real estate agent he's got a good relationship. What's
he knows that person is in contact with people who
can make offers now unconditional office. So then you'll go,
you'll help the agent wanting to show you the house.
Most likely you'll just drive past. And if you know
Manu Evera and you're flipping houses all the time, you know,
if you streak anyway, you drive past those ten houses
(35:20):
yourself with this for that, this for that bank and
I'll give you. But there's an unconditional office.
Speaker 2 (35:26):
Yeah yeah, I hate just correctly because we're running out
of time? Are you flipping it? You wouldn't be flipping
any houses right now, that would you.
Speaker 7 (35:34):
No, you can't do it now, you can't. You can't
do it because there's a whole lot of reasons. First
of all, used to be flipping them mainly to investors,
not to others. The best home buyers right, and need
to invest the suburbs want. If you're doing this, you
won't necessarily it's not a good best home biers well,
unless you want to live in a suburb with a
whole lot of renters. Not necessarily great, But it's very
hard now moved on from menure, moved into apartments and
(35:56):
then viewing it and then Propeller property everyone got involved
in it. Espectually impossible now, but hey, it will happen
again because there are investors out there with ten twenty
houses who are waiting for prices to move and suddenly
they want to jump.
Speaker 5 (36:10):
On a bill.
Speaker 2 (36:10):
Yeah, okay, hey that's look Peter, I'm sorry, so short
of time and we can't dig into that a bit more.
But there's probably getting away from the topic we're originally doing.
But interesting to hear that perspective, John John, Hello, there
you go.
Speaker 5 (36:24):
Yeah, we when we bought our house, we had a
different approach altogether.
Speaker 2 (36:28):
We made friends with the vendor. Okay, smooth charming he was.
Speaker 5 (36:36):
He was a guy that his wife had died.
Speaker 2 (36:39):
He just remarried.
Speaker 5 (36:41):
He didn't need his house.
Speaker 3 (36:42):
He was moving into his wife's house, and so the
place had been on the market for six months.
Speaker 5 (36:51):
The real estate agent was a very good friend of ours.
We gave a dumb offer for a start, and then
we just talked to him and we got a really
good price. And that was forty eight years ago and
I'm still in the same house. Was still still.
Speaker 2 (37:07):
Good, John. I was looking forward to you telling me
ther next experience. But yeah, I mean it worked.
Speaker 4 (37:13):
It's a great tactic, you know.
Speaker 2 (37:15):
The lesson I thought, the lesson I liked the most
in a way was just Roger's talking about he didn't
mind if he you knew. You were saying, what if
you had a million bucks and somebody off your million
dollars straight away and you accepted it. What if you
could have got a million and twenty five? And he said, well,
I think the lesson was make sure you know at
what point you're happy to do the deal absolutely and look.
Speaker 4 (37:37):
You're you know you was this, how I need to
know what your bottom line is? You was a buyer
to know what your top liners and good things happen
when those two numbers actually line up with each other.
But that's we're also being prepared to walk away because
sometimes you know your top line will actually be below
their bottom line.
Speaker 2 (37:57):
Yeah, there is a lesson about knowing yourself and the
other callers, even doing your research and like selling it.
There's so many basic there isn't there. So you can
be philosophically happy that you haven't breached your limit and
you haven't cooked your goose either.
Speaker 4 (38:12):
It's where are not science?
Speaker 2 (38:14):
Not science. We'll be back in just a moment. Wely
we didn't even touch on vis agents, but we'll be
back in just a moment. With the one roof property
of the week, it is nine minutes to five newstalks.
Speaker 1 (38:23):
He'd be the one roof property of the week on
the Weekend Collective.
Speaker 2 (38:31):
Yes, welcome back the one roof property of the week. Look,
they're always interesting properties. This one is one hundred and
eighteen Church Street on a Hunger and it is two bedrooms,
one bathrooms. The house is only ninety square meters. It's
built in the early nineteen hundreds, but it's been held
for decades and it's quite an iconic property. It's seriously
(38:52):
for sale. As how they've expressed it. We should get
offen to bit for it negotiating it's here's the thing.
It's ninety square meters, but it's situated on approximately in
five hundred and ninety four square meters of land and
it's zoned for business town center. It's a golden opportunity
not to be missed. It's described as and position to
catch the attention of savvy business minded buyers looking for
(39:14):
primary real estate with end of potential. It's in its
original condition. How you've seen it, haven't, shir Helen op?
So we'll just turn your mic on then.
Speaker 5 (39:21):
How I have?
Speaker 4 (39:23):
I've taken a look at it. It is gorgeous old
villa and looks pretty original old villa, but somewhat dominated
by its dress for Success neighbor.
Speaker 2 (39:35):
Uh, what's the How would you describe the dress for
success neighbor?
Speaker 4 (39:38):
I would describe the dress for success neighbor as the
dress for success Dressmark Chop.
Speaker 2 (39:44):
Oh, yes, yes, you need to go and check it out. Actually,
so you have to sort of see it to get
a perspective on it. Interesting thing, it doesn't actually often
with one roof of properties. It doesn't have a one
roof property, and that's because it's zoned because of the
zoning is Yeah, it's zoned commercial.
Speaker 4 (40:02):
And we were talking earlier about the data and how
much better it is. Commercial properties are so different from
one another and so non homogeneous that there just isn't
enough data to generate reliable estimates of value.
Speaker 2 (40:18):
And how does how does it go for while we're
talking about buying and selling, how does that go with
trying to work out the value of the property if
you're a buyer.
Speaker 4 (40:25):
So with that property, I looked at other land and
commercial sales that have taken place in the Ani Hunger
and surrounding environs, and I was looking more at the
per squam meat a land price than the amenity value
because obviously you really have.
Speaker 2 (40:44):
To see this house. There's this massive commercial building on
all sides of it, and somehow somebody is held out
and there's this tiny little house plopped in the middle
of it. Is quite a strange. One should go and
check it out. Hey, Helen, so great to be in
the studio again. Thanks so much for joining us, So
much fun to be here.
Speaker 4 (41:01):
Term, Thanks for having me.
Speaker 2 (41:02):
And we'll talk about buyers agents next time.
Speaker 4 (41:03):
We'll talk about buyers a next time.
Speaker 2 (41:06):
Exactly. We'll be back with the Parent Squad. David consent
as with us as explaining losing when it comes to
explaining the rules to your kids, we'll be talking about that.
Speaker 1 (41:14):
For more from the Weekend Collective, listen live to News
Talk ZEDB weekends from three pm, or follow the podcast
on iHeartRadio
You're listening to the Weekend Collective podcast from News Talk sedberever.
Speaker 2 (00:23):
Are you in a threend of mine? Well, I set
you ed, Welcome back. This is the Weekend Collective. I'm
Tim Beverage. By the way, if you miss any of
the previous any of the hours for the show and
you want to catch up on things, you can go
and check out our podcast. Just go to the news
Talk Zippy website or look for the Weekend Collective on iHeartRadio.
And right now, by the way, just looking a little
(00:44):
bit further ahead. For the Parents Squad, we're joined by
Dave Atkinson from the Pairing Parenting Place and talking about
a couple of things is explaining losing when it comes
to telling your kids why the rules are the rules?
Speaker 3 (00:55):
Uh?
Speaker 2 (00:55):
And we'll be also talking about building your child's resilience
as well. On Elliot Smith will be previewing the Sorry
and I was going to say the Reds, goodness me,
what am I saying? The Chiefs and the Blues says
to hear colors, it's like the Greens, the Blues whatever.
The Blues and the Chiefs will be previewing that shortly
before six o'clock. But right now it is seven past four,
and oh, that surprised me. We've got a few of
(01:17):
those little things stings, thank you, Tyra. Believe it or not,
our voiceover guy found five different ways to say the
name Tim, so we'll try and run those through the
course of the hour. You got another one there, Tyra.
No surprised on that one, Tim. There we go. It
is time to talk property now. And one of the
things we were going to talk about is, look, I've
(01:39):
had auctioneers on the show when we've when the market
has been absolutely pumping, and we've had discussions around the
tactics of buying and selling and negotiating and making an offer,
and if I was to be slightly sort of pushing
back against there wasn't was a level of sort of
smugness in the views. It's like, what's the best tactic
(01:59):
of noction? Well, the best to tactic is to just
pay the most money you The top bid wins. And
because there were questions about should I wait, should I
suck the is there a way of sucking the energy
out of the room if you know there aren't many bitters?
Just wait until he goes selling once selling, twice, going, going, going, Okay,
I'll give you five bucks. So are there big tactics
(02:21):
as we've heard in the booming market obviously, Look, you've
just got to get in there and hope that your
money is going to win the day. But the market
isn't booming right now. Maybe there's a bit more activity,
maybe there isn't, But does that affect tactics? And I
want to know from you, how did you do the
deal for your house? What were the tactics that won
the day? Or did you have a luck on your
side that luckily you were maybe the only bidder, or
(02:44):
if it wasn't an auction, if it was a private treaty,
do you expect now in a lower in a lower
activity market, that there should be dollar amounts attached? Because
I have heard that there are more properties being advertised
with a price, whereas when the market's booming, it's just like,
well take your pick anyway to discuss that your cause
(03:05):
though at eight one hundred and eighty ten eighty, have
you particular tactics? Did you have a way that managed
to do the deal for you which you thought, actually
this really helped the way we did this that got
your property. I've got quite an interesting story myself, with
which I'll share later on, but joining me to discuss this.
She is CEO of real estate at Velocity Global that's
a velocity with an a velocity, and her name is
(03:27):
Helena Sullivan. Hi Helen, how are you going?
Speaker 4 (03:30):
Cut it? Tim? I am exceptionally well. Thank you?
Speaker 2 (03:32):
How are you good? Did you have a good break?
Speaker 4 (03:34):
I had a magnificent break? It was just lovely?
Speaker 2 (03:36):
Really, did you do something fancy?
Speaker 4 (03:38):
I did do some fun stuff, Yes, I did. I
spent some time sort of gazing at the sea at
a beach, and I got off to Japan and did
a little bit of ski and some extraordinary powder and
ate some unleevially good food and drinkle out ofsaki and
it was just great.
Speaker 1 (03:54):
Is there?
Speaker 2 (03:55):
Did you become a connoisseur of psaki to the point
that you could recognize the good stuff and the bad
stuff where you just drink it and go, it's warm,
it's tasty.
Speaker 4 (04:03):
We went to a couple of restaurants where they gave
us actually matched sakis to the meals that we were eating,
and it was we had three or four different types,
and you could very much tell the difference between the
fruity and the dryer and the wood ear and.
Speaker 2 (04:17):
Yeah, yeah, I'm a bit of a plaub when it
comes to SSAKI because it's just I think there's a
place I used to go to in christ Church when
I had concerts on. In fact, I think I turned
up to my first rehearsal for something and I hadn't
realized how strong it was. And I was the first
time I met the orchestra and the choir, and I
was actually drunk, as we say, but I had some masket.
I had no I I was beyond I was very tipsy. Anyway, Hey,
(04:40):
great stuff. Hey have you actually, by the way, tell
us about the what you do at Velocity and the
business you do there, just to give a bit of
context for people who haven't heard haven't.
Speaker 4 (04:50):
Heard of us? Yeah, So Velocity is prop Tech, New
Zealand owned and founded the prop Tech that is in
New Zealand, Australia, UAU and India. We do valuation valuation
ordering software with a lot of banking customers. We also
work with One Roof as their data and we also
I run the real estate vertical. We've developed our product
(05:11):
called Varsity Nexcess which we sell to real estate agents,
which they use to appraise and monitor the market and
do what they do for their customers.
Speaker 2 (05:21):
Is AI part of the whole sort of thing or
is it coming your way? In terms of the work
that and the ability to analyze data, it's.
Speaker 4 (05:29):
A huge part of what we do with crunching enormous
data sets. We use it to cleanse data, to help
us to process it, to help us match it because
you know, property data is some of the most unwieldy
stuff in the world when you get it, so AI
helps us process that faster. We also use it as
part of our testing and coding processes as.
Speaker 2 (05:49):
Well, because I guess we live in a world where
data is king or queen or whatever you want to say,
and there's so much data that we're gathering and accumulating.
How much of a difference has that made to because
a lot of data, sorry, a lot of valuing information
has often done it's not as a result of someone
(06:09):
having visited the property, but there's just so much information
out there. Is it just the fact that there's so
much more data, so much more sophistication with the programs
and the digital tools available, that it's getting really good
at doing its job, even though it hasn't walked through
the house.
Speaker 4 (06:26):
Yes, to a point, there's only I mean, data can't
actually see the view from your balcony. Although data can
these days deduce that you're more likely to have of
you based on your geographic location and the fact that
there's a lake over there in a mountain there, and
so it is smarter and smarter and smarter. It can't
tell lough that your house has just had a refurd
(06:49):
sort of you know, six weeks ago, or.
Speaker 2 (06:51):
Whether all the jib's been ripped off the walls and
it's been left unrenovated.
Speaker 4 (06:54):
Yeah, or someone's cat has been rampaging through the property
and someone's got a leaky old dog. But as a
start point in a baseline, the data is just you know,
it just its orders of magnitude better than it used
to be.
Speaker 2 (07:12):
Just before we get into the discussion around sales and
sales techniques and all that, what's what does the council
use for its valuations?
Speaker 4 (07:19):
So the Council Commission likes a qv to do what
they call the rating valuation cycle, and they use the
automated valuation mechanism tools overlaid with level of you know,
statistically driven sampling and reviews and then and then there's
a very extensive review process with the value a general.
Speaker 2 (07:42):
Now, okay, yeah, because yeah, I might talk about that
another time because I was bemused by the fact that
I'm pretty much identical to my names, but we've got
different valuations. But anyway, let's not get into that. Are
you Are you an auction fan?
Speaker 4 (07:56):
I am an auction fan, and it's fair to say
I've sold a few properties at auction. I've marked did
more properties by way of auction than I've sold.
Speaker 2 (08:08):
Is that because of when you were particularly when you
were selling in a market or for instance, when the
market's cranking, which we can all remember a time when
it was cranking and it was auction auction, auction, auction,
How would you still sell via auction if you are
selling now, Given that, I think we can agree the
market is a bit sort of ho hum, I.
Speaker 4 (08:27):
Will still consider auction as part of a campaign. And
in fact, I'm advising a family member at the moment
who is selling their property because it is a property
that we know will have broad appeal and in a
market where it does, you know, things don't frequently come
to market in that part of in this quite, you know,
(08:49):
sort of interesting little part of town. We will market
it by way of auction. We may not necessarily sell
it at auction, but it will give us a really
good sense to the bench that the benchmark of the market.
Speaker 2 (09:03):
What about Okay, So if you when it comes to selling,
but obviously to sell propery, you have to buy it.
Do you have do you have a particular Well, then
again I'm asking you to give away the sort of
your secrets if you do have any. But do you
have an approach to approach to auctions and to private
treaty sales and making offers, Because there are some people
who go, well, I've had experts who on the selling
(09:28):
side saying you shouldn't put in an insulting offer, And
then I'll have somebody to come back to me and say, well, actually,
if someone puts an insulting offer, it's still the real
estate agent's obligation to put it to the seller. So
don't listen to the real estate agent on that. They
can always bin it or not come back. But there
are those people who go, well, they want a million
bucks for it, I'm going to offer them seven fifty.
I don't care about their feelings. But what are you reckon?
(09:49):
What tactics have you seen work?
Speaker 4 (09:50):
One hundred percent? First thing to remember is it's an art,
lot of science, So you can use all the tactics
in the world. And at the end of the day,
the seller wants the most part. They want to sell
for the most amount of money, and the buyer wants
to buy for the least possible amount of money. And
the real estate agent and the auctioneer's job is to
bring that tension together at the point where those two,
(10:11):
those two demand and supply curves intersect. So you know,
all of that said, I'm totally with the people who
say make an insulting offer. Absolutely correct. The real estate
agent is legally obliged to present that offer to the seller.
The seller can say, don't even bother bringing that over
to my house. I'm not going to look at it,
but they have to tell the real estate agent that so.
Speaker 2 (10:35):
Okay, So they'll have to explicitly say don't bring it
to me. So because the often it's the agent who
will say, don't make and don't even waste your time
with that offer.
Speaker 4 (10:42):
But they can and look, they may well be communicating
what the vendor has said, and the vendor may be
saying to the real estate agent, what are you wasting
my time? Web that seven fifty that you know, I'm
not going to take that the real estate agents. You
say no, but they put it on paper, so I'm
duty bound to present it. Fine, you've done your job,
take it away.
Speaker 1 (11:02):
Well.
Speaker 2 (11:02):
Actually there is something in that though, because if somebody's
bothered to make an insulting offer, they've put something on
the table. And I would say that that's good news,
regardless of whether it ends up with a deal, because.
Speaker 4 (11:12):
It's on paper. You've got a floor.
Speaker 2 (11:14):
Yeah, And why would someone go to the I mean, okay,
maybe they are looking for a bargain.
Speaker 4 (11:19):
Of course they're looking for a bargain. Every buyer is
looking for a bargain. That's right. Show me the buyer
who wants to overpay, and I've got a whole bunch
of real estate agents.
Speaker 2 (11:28):
Who really want to meet that person.
Speaker 5 (11:30):
Have you.
Speaker 2 (11:31):
Have you always bought a oction?
Speaker 4 (11:33):
Ummm no, No, I haven't always bought a oction. I've built.
I have bought a oction, but I've bought a few apartments, tim,
So you buy I bought them. That's a fixed price.
And you know what you're getting. You just have to
be patient and wait anything between two and five, depending
(11:53):
on whether or not COVID turns out pathway.
Speaker 2 (11:55):
Through your build process. Can you ever haggle on those things?
You know, and they say, we've got we're releasing this
number of apartments, second floors going for this price, et cetera.
Is there ever any room to move or do they
set it and they basically have to adjust their price
if they don't have any interest.
Speaker 4 (12:09):
Yeah, look, you can always haggle. You can always make
an offer. And depending on whether you know, a developer
might want to get a few in the bank, may
you know, be two sales short of what they need
to get started seck to teeth of the whole business?
You know, Hey, it's always worth making an offer. You
Generally when the marketing has just started, they're probably not
(12:30):
going to be too flexible because you know, they're still
testing the orders. But you know, you could get lucky.
They could be two sales away from passing their debt
threshold to get started, and you turning up with a
dumb offer could be just the just the ticket.
Speaker 2 (12:46):
Always with a grat what's your approach to private treaty sales.
So and what I mean by that is somebody's got
a price they want. They say they want nine hundred
and ninety five thousand for it, and you're making an offer.
How do you personally approach it if you want? If
you are you know you're keen on the property. But
of course you don't want to pay more than you
need to. As you say, who who does Do you
(13:06):
put in a something which is an which you think
is going to do the deal? Or do you put
in something where you know they're going to We're going
to be back and forth for a week.
Speaker 4 (13:16):
Oh puts Yeah, I'll get evaluation.
Speaker 2 (13:20):
Or well, of course you are in the business of
having a pretty good idea. That's why I was wondering
if you had a bit of extra Like, listen, I'm
the I'm the CEO of real stated at Velocity, this
property is worth X and I'll give you that for it.
Speaker 4 (13:31):
Well, you know you'll always give it a go, but yeah,
you know, I'll look at what I think it's actually worth.
And I of course probably my first off I would
always be pitched a little bit below, assuming I'm not
in what I think is a competitive situation. It is
different when you may well be in a competitive situation
(13:52):
because you know, while the market isn't at the kind
of insane heights that we have seen at different times,
there are still actions going on where there are two
and three and four bit is competing for a property.
Speaker 2 (14:05):
If you were going to be bidding at an auction,
how would would you keep your power to dry you
one of those bidders who waits the last minute Because
you've seen, actually, I've seen some heartbreaking tales, people who
are really hanging out and you see two or three
bitters and he goes bang bang bang bang bang, and
they and finally you can see the couple there going
it's mine. And then someone comes in and goes bang
(14:25):
nine p fifty or whatever, and you just, yeah, is
there a different are you best?
Speaker 4 (14:34):
You know, art not science. But my approach is generally,
if I want the property, I'll start I'll start firmly
at a number that is not the number I'm going
to pay.
Speaker 2 (14:46):
But unless they stay sold.
Speaker 4 (14:48):
Unless they're so sold, oh that never happens. It never happens,
never ever happens. The event you might wait, you might
wait for the auctioneer to give you a couple of
you know, shall we say a bit around four hundred, yeah,
four twenty, then I will be reasonably metronomical after that,
(15:09):
because my tactic is to convince my competition.
Speaker 2 (15:13):
That I'm I'm just going to keep going, I'm here
all day. Yeah, yeah, that is I can imagine, Actually,
do you hoping that's demoralizing to the opposition. So if
the auction's like, okay, give me a bit at four hundred,
do I have four to twenty? Yes, four point thirty yep,
forty yep.
Speaker 4 (15:29):
I might also use different numbers. So if the auctioneer,
particularly in the early bidding, you know, I know that
it's going to go, there's no point goofing around it.
Sort of twenty thousand dollars increments when you're at four
hundred and you know the property value range is more
like eight fifty nine, so you know, slamming in this
of five fifty one hundreds. Then when you get some
(15:51):
competition putting in ten or twenty, come back with forty
or fifty.
Speaker 2 (15:56):
Forty fifty thousand increments because then you get I've seen
auctions where they go down to like they're going in
five hundred dollars lot, so have I is a bit insulting,
it's like and that you.
Speaker 4 (16:07):
Know that it's up to the auctioneer to control that process.
The auctioneer does not have to accept bids in those
minor increments, and they can nominate the increment that you're
moving in, particularly when the auctioneer knows. Because the auctioneer
knows what the reserve prices, that reserve price has been
set based on all of the market feedback. They've got
that on a piece of paper in their pocket.
Speaker 2 (16:30):
What are the rules? Then round with an auction with
as if it doesn't know, it gets past and a
lot of the time, in fact, a huge amount of
the time auctions get past them. But then they say,
will negotiate? What are the rules in terms of who
gets to negotiate? Because there might have been someone who'll say,
you know, final bids such and such, okay, will negotiate.
What about the person who is the bid under do
(16:51):
they still get to negotiate? Can they approach the auctioneer
or they can do I mean.
Speaker 4 (16:56):
It traditionally you'll speak first with the top of the
top unsuccessful. But you know, in any real estate auction
where there's been if there's been two or three bidders,
then there will be a couple of agents that will
be you know, someone will be speaking to each of
those bidders, so you know where there has where there
(17:19):
has been competition, you want to you want to be
the last bid if it's passed it. But you that
doesn't necessarily mean you've got first rout of refusal or
that you necessarily are making their running from there on in.
Speaker 2 (17:33):
Okay, we'll love your cause on this one hundred and eighty,
ten and eighty. How do you prefer to buy and sell?
For one? Because there are some people who some people
who just loathe auctions. But I problem is when a
market's busy and that's the only way people are selling,
it's probably a game you have to play.
Speaker 4 (17:48):
It's hard buying an auction, I will absolutely agree.
Speaker 2 (17:52):
Just the emotional thing, it's stressful.
Speaker 4 (17:55):
You can hear so many stories when the market's busy
of people spending thousands and thousands of dollars on building
reports and on investigations and lead reports on properties that
they open their mouths and the first bit is, you know,
one hundred and grand more than they're there, top top dollar.
Speaker 2 (18:13):
Just before you go to the break, Actually is there?
Speaker 5 (18:15):
Is it? Right?
Speaker 2 (18:15):
That it seems that the number of properties for sale
are actually putting a price that they're not necessarily go
into auction, but they're saying they're nominating a price, this
is what we want for the property, because it used
to it got rarer and rarer. And this is just
apocryphal evidence for me, but I've had people say I've
noticed there are a lot more properties that are nominating
a price.
Speaker 4 (18:34):
There's a lot there's still there are a lot more
properties that have a fixed price, but it is quite
commonly after you've been through another there, So after an
auction or a tender process, then you'll put a fixed there.
That's quite a common kind of a process. And again
in a market where things are going a bit softer
and you've got a lot of first home bars, going
(18:57):
to a fixed price after an auction campaign is definitely
sort of the next stage that I'd often recommend.
Speaker 2 (19:03):
Okay, you calls I eight hundred eighty ten eighty, and
actually not just what's your preferred tactic, but how did
you buy your house? How did the deal unfold for you?
And because I think everyone is bought and sold, of course,
the more buying and selling you do, the more experience
you get, the more of a feeling you get for
the process you're comfortable with. But when you've only done
it once or twice, well you might have still learned
(19:25):
a lesson from how you did it. I eight hundred
eighty ten eighty give us a call. It's twenty six
past four. This is the one roof RADI show News
Talk z B.
Speaker 6 (19:32):
I'm set way you make your swastle, make you grows.
Speaker 2 (20:01):
Yeah, here we go a little bit of up again.
I'm Tim Beverage. This as one roof Ready show. Yes
as Helen and Sullivan talking about the best your preferred
way of buying or selling a house and how did
you do it? What worked out for you? I have,
as I said, Helen and Sullivan, who's CEO of real
estate Velocity Global with me, and I think I've shared
how I bought my house and we were very lucky.
(20:21):
It wasn't a competitive situation. I bought from my landlord.
I tracked down the landlord behind the letting agents back
after doing a property search and had a chat with
him and he ended up wanting to give us a
bit of goodwill because I said, I don't want to
do it up to sell it as an investment. I
want to have a family and everything. And he went
to a Leonard Cohen concert halftime he called me up
(20:43):
and said, I've got your offer in front of me.
You know what, it's time to move on with my life.
Leonard's telling me. And I was like, thank you, Leonard Cohen,
and thanks John the vendor. Great guy. But I think
I was pretty lucky, Helen on that one.
Speaker 4 (20:55):
You were extremely lucky. Tim. We were just talking about
the price point you paid. That was good buying, even
fourteen years ago. And I got to say that that
was serendipity.
Speaker 2 (21:04):
And the thing. Look, we did it in a cafe.
We met. I went, we had a coffee and took
about life, and I went to the loo and I
came back and he had paid for the coffee, I think,
and he'd torn the receipt in half, and he says,
I've written a number down. You write your number down,
and let's exchange a bit of paper. I loved that,
I actually thought, I don't know, but I loved it
(21:24):
because he put what his was and what I could
buy it for, and I put what I wanted, and
neither of us had discussed a price up to that point,
and I felt so naked.
Speaker 4 (21:36):
And how far apart were you two numbers?
Speaker 2 (21:39):
This is going back quite quite a while. And the
price was I put in four hundred and he put
four fifty, and we settled just over the middle, just
over the middle. But actually was the I was. I
feel simpathy for people who had to go the hard
way because when I saw his number, I thought I
would pay that, but I'll keep haggling. And it was
(22:01):
just such a friendly way of doing business, and I thought,
oh god, I'd hate the auction an auctioneer, you know,
once they get that interest. And the market, to be honest,
wasn't exit. It was before it was humming anyway. But
let's take some calls on how you like to buy
or sell, on how you have, what lessons you've learned.
Alvin high.
Speaker 5 (22:21):
Hi's been listening to you, guys. I like the ridiculous
concept making ridiculous offers. That's more or less what I've
done in the past.
Speaker 2 (22:35):
Yep.
Speaker 5 (22:38):
So when you go to counters sign I actually lifted
the price up when they were going down and they said, well,
I can't, we can't show this, and I said why not?
You have to legally anyway, I'll give you the example
that the house price at the time was a unit ad.
(22:58):
What neither of us knew was that the couple just
wanted to leave New Zealand and we got the price
down to three hundred and twenty and they signed it.
Speaker 2 (23:10):
So how did you go about I didn't quite understand
what you'd done with the countersigning so.
Speaker 5 (23:15):
Well they wanted five eighty. Yeah, we weren't going to
give them there, so we just kept putting the price
down all the time.
Speaker 2 (23:23):
Ah, you are you bullied them, sort of, didn't you.
Speaker 5 (23:30):
Well, look on the other side, when I was selling
a property, we had an offer overseas offer for it.
It was twenty four acres and looked at the prize
and we thought that's ridiculous because in a few years
time it's all going to be housing. So we kept
lifting the prize. We didn't want to sell it anyways,
that we don't have to sell it. Well, the initial
(23:51):
offer was one point six. I ended up selling it
to three point four.
Speaker 2 (23:56):
Well would that tactical ways work? Because imagine, if I guess,
you have to be willing to walk away. So I'm guessing.
So for instance, for those who were a bit slow
like me to pick up on what you're doing. So,
for instance, if they wanted five to eighty, you might
offer five hundred, they come back with five point fifty.
You come back with four fifty, They come back with
five hundred, You come back with four thirty. Is that
(24:17):
what you're doing?
Speaker 4 (24:18):
Yeah, yeah, I've seen that tactic before and that can
work when you have, you know, a desperate vendor.
Speaker 2 (24:26):
Did you have to sort of have a thick skin
to do it as well? Because as a human being
you'd sort of did you feel a bit guilty doing it?
Or are you just like mah well, no, not at all,
because look, fair play to you.
Speaker 5 (24:39):
Elden's business one rule is don't fall in love with
what you're spelling or buying.
Speaker 4 (24:44):
So if you lose, you lose one hundred percent. You've
got to be prepared to walk away. That's the other thing.
To get a bargain, you have to be prepared to
not buy this one and buy something else instead.
Speaker 2 (24:54):
I think what you've also highlighted, Alvin, is you've got
to I think that the hard thing for people who
are maybe sociable or they you know that they like
people and they like to get on with people. It
really clashes with their instincts of wanting to be friendly
to the real estate agent and the vendor or the
seller or the buyer, you know what I mean. You
have to almost decide I don't want to be your friend.
(25:15):
This is business. But a lot of people battle with
that data.
Speaker 4 (25:17):
Agency tactic is like, just imagine you're buying this for
your kids, you know, and what you're trying to do
is the best possible to ill for you kids. And
then you don't you know, you're thinking about the you know,
it's the agency theory. There's parents some really interesting studies
on doing that. For if you're doing your sellary negotiations,
pretend you're doing it for protigen not yourself, and then
(25:38):
you don't get the slightly squeamy for you.
Speaker 2 (25:42):
Exactly, Alvin, have you always done that or is it
just when you've sniffed its.
Speaker 3 (25:50):
Urgency properly?
Speaker 5 (25:54):
Just up north where they're putting the ped Lincoln. I
lost badly there, and I sold at one point to
the next person, sold at three points to back to
the government. I mean, see that's a last Yeah, that.
Speaker 2 (26:10):
Would hurt Okay, So I guess that does that make
it easier for you to be like that. No, I
don't mean that the pejorative or judgmental way. But did
it make it easy for you to be a harder
bitter and seller because you had become experienced and there
was a point where you went, Okay, well you know,
we're not here to make friends, and you found it
much easier to put aside.
Speaker 5 (26:31):
Absolutely, But I'm not a real estate agent, but I've
learned from friends, and I've also done various courses. There
was a course called rich Mastery a number of years ago.
They went but unfortunately.
Speaker 4 (26:50):
There somewhere.
Speaker 5 (26:52):
Estate get risk quick teams and I've learned from them
and I've applied some of that knowledge. That's all.
Speaker 2 (27:00):
What lessons would you give if you had friends or
family and you weren't going to be bidding for them,
because I mean, if I was, you're a relative of mine,
I'll be send over and along and do the job
for me. But but if I couldn't do that, what
lessons would you want to impart to someone who Okay,
you know that the seller maybe they're not desperate, Okay,
so it's not that sort of thing where you can
bludgeon them. What advice do you give would you give
(27:21):
to someone negotiating their first deal.
Speaker 5 (27:25):
Advice? Well, as I said, whatever you're buying, you're talking
about buying, not selling.
Speaker 2 (27:34):
Oh no either either way, by let's let's go buy
to start with.
Speaker 5 (27:39):
Buying, okay, Well, as I say, don't fall in love
with it, don't don't make it at the end all experience,
be prepared to walk away. And as always, you never
know behind the scenes what the facts are, so you're
playing again. It's like playing roulette. You don't know what's
(28:02):
going on behind the scenes. But there are different ways
of obtaining that information without breaking the law. Yeah, because
really you don't know what the seller conditions really are.
Speaker 4 (28:19):
Research. I think what you're saying, Elvin is research is key.
Find out everything you can about the property and the
seller and the other properties that they own. And this
is where I think we were talking. You know, if
you can't get you can't send Elvin along to do
the bidding for you. Hiring a buyer's agent to be
your Elvin can be well worth while doing. And I
mean hiring isn't paying for someone to be your guide.
Speaker 2 (28:43):
Let's dig into that in the moment just quickly. If
what if they were selling, Alvin, what advice what advice
would you give to a first time.
Speaker 5 (28:48):
Seller, a first time seller, what to get the maximum price.
We'll make sure the property is presented. It's got to look,
you know, like as best as you can't. Don't cut corners,
don't hide anything. And also be prepared to take rejection.
(29:14):
I mean, not everybody's going to give you that price.
Speaker 4 (29:18):
And people probably will be mean about your house. That's
one of the other good reasons to use a real
estate agent, because you get really annoyed and people come
and criticize your house, which is what.
Speaker 5 (29:26):
They'll do absolutely, and builders reports worse under the sun.
You know, when when someone's trying to buy a plane,
it's almost corruption because you know they look for those
little things that are so annoying, and you know the
whole lot must and it cost a thousand dollars directified,
(29:49):
but you know they're using it as a bargaining tool
to stay knock off fifty grand.
Speaker 2 (29:53):
And you go, no way, do you prefer to sell
via auction or personal sort of private treaty type of
thing selling offering? How do you prefer to sell auction
or otherwise?
Speaker 5 (30:06):
No, I've done option. I think otherwise, But don't be desperate. Yeah,
you know, hang in there. I mean that's eventually you'll sell. Yeah,
but if you're if you're desperate, you're going.
Speaker 4 (30:17):
To lose patience is key.
Speaker 2 (30:19):
Yeah, Hey, thanks Alvin, I appreciate your call. Good on
you call again. Actually, it's fair to say the Texters
don't like olvery much just because well because he obviously
plays a tough game. But it is business.
Speaker 4 (30:32):
It's not business. It's a transaction, end of the day.
This is in the space of you know, a week,
you can make or lose fifty dollars one hundred thousand dollars.
That is a lot of hours work you have to
put in to create that much tax paid cash. If
you can buy a house for fifty thousand dollars less
than you might otherwise have done, yeah, you know, it's
that's that's a lot of money to play with to
(30:55):
do it up.
Speaker 2 (30:56):
We're going to take more calls in just a moment.
We're talking about your way, your preferred way or tactics
for buying and selling. The market's not rocking and rolling,
so maybe there is more room to play a few
more games. Twenty too five news talks, he'd.
Speaker 3 (31:05):
Be too.
Speaker 2 (31:14):
Music. It's welcome back for the show, this one where
Freddie schom a guest as hell and No Sullivan c
you have real estate at Velocity Global. How do you
like to buy and sell? I should have just put
that simply as the question, how do you like to
buy and sell? Auction? What are your tactics? One hundred
and eight and eighty got a bunch of cars, we
get it through, We'll speed it up. Roger Hello, oh.
Speaker 3 (31:35):
Hello, I just say I buy auctions for a fixed price.
Why if they wanted to go to well, you could not.
Sometimes if you hit the right one and you can
pick up a real bargain as an auction, yep, yep.
But if I if I set a price, people are
they either accept that and try and negotiape down or
(31:59):
they just ass over it and you're not wasted with
an other time wasters.
Speaker 2 (32:03):
Have you ever had someone just you've seen, I want
ten dollars from a property and they go, okay, here's
ten dollars.
Speaker 3 (32:10):
No, I've never gone that lt.
Speaker 2 (32:12):
No, I don't mean literally, I'm just using that as
an example of a number.
Speaker 4 (32:15):
So you know, and don't you always feel if you
put a price on it for a million backs and
someone fronts upases here, I'll pay a million backs. Do
you not feel that you might have got a million
and twenty five?
Speaker 3 (32:27):
It doesn't matter if I've made my capital gain over
the years. I'll pass on a little bit of the
flesh to somebody else.
Speaker 2 (32:35):
Actually, there is my problem that's quite different.
Speaker 3 (32:41):
On My problem is I'm looking at an auction coming
up in a couple of weeks. It's a remedial property.
The agents. I keep on contacting them to ask them
to view it, and I get no replied and on
the documentation that they have provided, there's no predisclosure documents.
(33:07):
And I'm just wondering what my situation is to try
and get a look at this before I bid at auction, pretty.
Speaker 4 (33:14):
Curious about marketing and property. To not bother at calling
back purchases, that's strange, And.
Speaker 3 (33:22):
So I tried. I tried emailing the boss of a
particular agency, and I haven't received anything back from them either.
Speaker 5 (33:31):
Yet.
Speaker 3 (33:32):
What can I do to try and push this along
so I don't end up blind when I go to
the auction?
Speaker 2 (33:37):
M that's an interesting one. How in any words of
I'd be wanting to try and find out who owns
the house and track them down.
Speaker 4 (33:45):
But look, I'd be really nervous about the entire transaction.
If you can't even get the realisty agent to talk
to you, then there's something that's very curious going on
behind the scenes.
Speaker 2 (33:54):
Maybe get some legal advice as well.
Speaker 6 (33:55):
Well, yeah, I don't know.
Speaker 4 (33:57):
It might be one that i'd just take us move
on to be perfectly honest.
Speaker 2 (34:00):
Yeah, anyway, thanks for your call, Roger. Difficult to get
into the nitty gritty on that one, I guess. Let's
take some more calls.
Speaker 7 (34:05):
Peter, Hello, oh mate, I used to flip houses and
an awkward an up to about fifty a year.
Speaker 5 (34:12):
Wow, I've never never ever.
Speaker 7 (34:15):
Bought well not never report at auction, but it's not common. Okay,
here's the deal. Let's say right now, you've got an
investor in Manurewa who owns ten houses. He's got equity.
Each house is worth maybe what the milk is round
number of the milk. He got five million of equity
in there, and he sees this amazing commercial property deal
(34:36):
and he puts an offer on that property and the
other guy says, yes, I'll take it. You've got seventy
two hours to go un conditional. So he's now got
ten houses at Manu e where he needs to move
in seventy two hours otherwise some other time.
Speaker 2 (34:50):
So that's what you hone on on those sorts of deals.
Do you where you can make it?
Speaker 7 (34:53):
Oh yeah, oh yes?
Speaker 2 (34:54):
How much? How do you find out about that? How
do you find out about it in the first place?
Speaker 7 (34:58):
Because he'll go to one real estate agent, and that
one real estate agent he's got a good relationship. What's
he knows that person is in contact with people who
can make offers now unconditional office. So then you'll go,
you'll help the agent wanting to show you the house.
Most likely you'll just drive past. And if you know
Manu Evera and you're flipping houses all the time, you know,
if you streak anyway, you drive past those ten houses
(35:20):
yourself with this for that, this for that bank and
I'll give you. But there's an unconditional office.
Speaker 2 (35:26):
Yeah yeah, I hate just correctly because we're running out
of time? Are you flipping it? You wouldn't be flipping
any houses right now, that would you.
Speaker 7 (35:34):
No, you can't do it now, you can't. You can't
do it because there's a whole lot of reasons. First
of all, used to be flipping them mainly to investors,
not to others. The best home buyers right, and need
to invest the suburbs want. If you're doing this, you
won't necessarily it's not a good best home biers well,
unless you want to live in a suburb with a
whole lot of renters. Not necessarily great, But it's very
hard now moved on from menure, moved into apartments and
(35:56):
then viewing it and then Propeller property everyone got involved
in it. Espectually impossible now, but hey, it will happen
again because there are investors out there with ten twenty
houses who are waiting for prices to move and suddenly
they want to jump.
Speaker 5 (36:10):
On a bill.
Speaker 2 (36:10):
Yeah, okay, hey that's look Peter, I'm sorry, so short
of time and we can't dig into that a bit more.
But there's probably getting away from the topic we're originally doing.
But interesting to hear that perspective, John John, Hello, there
you go.
Speaker 5 (36:24):
Yeah, we when we bought our house, we had a
different approach altogether.
Speaker 2 (36:28):
We made friends with the vendor. Okay, smooth charming he was.
Speaker 5 (36:36):
He was a guy that his wife had died.
Speaker 2 (36:39):
He just remarried.
Speaker 5 (36:41):
He didn't need his house.
Speaker 3 (36:42):
He was moving into his wife's house, and so the
place had been on the market for six months.
Speaker 5 (36:51):
The real estate agent was a very good friend of ours.
We gave a dumb offer for a start, and then
we just talked to him and we got a really
good price. And that was forty eight years ago and
I'm still in the same house. Was still still.
Speaker 2 (37:07):
Good, John. I was looking forward to you telling me
ther next experience. But yeah, I mean it worked.
Speaker 4 (37:13):
It's a great tactic, you know.
Speaker 2 (37:15):
The lesson I thought, the lesson I liked the most
in a way was just Roger's talking about he didn't
mind if he you knew. You were saying, what if
you had a million bucks and somebody off your million
dollars straight away and you accepted it. What if you
could have got a million and twenty five? And he said, well,
I think the lesson was make sure you know at
what point you're happy to do the deal absolutely and look.
Speaker 4 (37:37):
You're you know you was this, how I need to
know what your bottom line is? You was a buyer
to know what your top liners and good things happen
when those two numbers actually line up with each other.
But that's we're also being prepared to walk away because
sometimes you know your top line will actually be below
their bottom line.
Speaker 2 (37:57):
Yeah, there is a lesson about knowing yourself and the
other callers, even doing your research and like selling it.
There's so many basic there isn't there. So you can
be philosophically happy that you haven't breached your limit and
you haven't cooked your goose either.
Speaker 4 (38:12):
It's where are not science?
Speaker 2 (38:14):
Not science. We'll be back in just a moment. Wely
we didn't even touch on vis agents, but we'll be
back in just a moment. With the one roof property
of the week, it is nine minutes to five newstalks.
Speaker 1 (38:23):
He'd be the one roof property of the week on
the Weekend Collective.
Speaker 2 (38:31):
Yes, welcome back the one roof property of the week. Look,
they're always interesting properties. This one is one hundred and
eighteen Church Street on a Hunger and it is two bedrooms,
one bathrooms. The house is only ninety square meters. It's
built in the early nineteen hundreds, but it's been held
for decades and it's quite an iconic property. It's seriously
(38:52):
for sale. As how they've expressed it. We should get
offen to bit for it negotiating it's here's the thing.
It's ninety square meters, but it's situated on approximately in
five hundred and ninety four square meters of land and
it's zoned for business town center. It's a golden opportunity
not to be missed. It's described as and position to
catch the attention of savvy business minded buyers looking for
(39:14):
primary real estate with end of potential. It's in its
original condition. How you've seen it, haven't, shir Helen op?
So we'll just turn your mic on then.
Speaker 5 (39:21):
How I have?
Speaker 4 (39:23):
I've taken a look at it. It is gorgeous old
villa and looks pretty original old villa, but somewhat dominated
by its dress for Success neighbor.
Speaker 2 (39:35):
Uh, what's the How would you describe the dress for
success neighbor?
Speaker 4 (39:38):
I would describe the dress for success neighbor as the
dress for success Dressmark Chop.
Speaker 2 (39:44):
Oh, yes, yes, you need to go and check it out. Actually,
so you have to sort of see it to get
a perspective on it. Interesting thing, it doesn't actually often
with one roof of properties. It doesn't have a one
roof property, and that's because it's zoned because of the
zoning is Yeah, it's zoned commercial.
Speaker 4 (40:02):
And we were talking earlier about the data and how
much better it is. Commercial properties are so different from
one another and so non homogeneous that there just isn't
enough data to generate reliable estimates of value.
Speaker 2 (40:18):
And how does how does it go for while we're
talking about buying and selling, how does that go with
trying to work out the value of the property if
you're a buyer.
Speaker 4 (40:25):
So with that property, I looked at other land and
commercial sales that have taken place in the Ani Hunger
and surrounding environs, and I was looking more at the
per squam meat a land price than the amenity value
because obviously you really have.
Speaker 2 (40:44):
To see this house. There's this massive commercial building on
all sides of it, and somehow somebody is held out
and there's this tiny little house plopped in the middle
of it. Is quite a strange. One should go and
check it out. Hey, Helen, so great to be in
the studio again. Thanks so much for joining us, So
much fun to be here.
Speaker 4 (41:01):
Term, Thanks for having me.
Speaker 2 (41:02):
And we'll talk about buyers agents next time.
Speaker 4 (41:03):
We'll talk about buyers a next time.
Speaker 2 (41:06):
Exactly. We'll be back with the Parent Squad. David consent
as with us as explaining losing when it comes to
explaining the rules to your kids, we'll be talking about that.
Speaker 1 (41:14):
For more from the Weekend Collective, listen live to News
Talk ZEDB weekends from three pm, or follow the podcast
on iHeartRadio
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