Inside Real Estate is a down–to–earth consumer guide for anyone navigating the property market in the digital age. Written by industry veteran Peter O′Malley, this book exposes the truth about modern real estate and shows you how to work the market to optimize your financial benefit. Forget what you′ve seen or heard the media′s hype surrounding real estate doesn′t accurately reflect the reality on the ground. With the rise of digital platforms, foreign buyers and property booms and busts, the agent′s role is changing amidst a rapidly evolving field; media spin benefits agents more than consumers, but this book offers step–by–step guidance on silencing the noise and working with reality.
Exposing common practices and blowing myths wide open, this book shows you what the property market is today and how to take advantage of it to buy, sell or invest in your best financial interest.
- Cut through the hype and learn the truth behind the myths
- Understand the agent′s new and changing role in a disrupted industry
- Learn the tips, traps and tactics that could sink or save your investment
- Deal with rising and falling markets as a buyer or seller
The industry′s digital disruption is not going away, and certain aspects of the market have been permanently changed as a result. The good news is that property is still a smart financial move, and it is possible to come out ahead regardless of the market′s behaviour but first you need to separate spin from reality. Inside Real Estate takes you behind the curtain to help you navigate the market with clear eyes and a solid understanding of the real–world market.
Table of Contents
About the author xi
Acknowledgements xiii
Introduction xv
Part I: Mastering property 1
The real estate game 3
1 Who can you trust? 5
2 The modern real estate firm 7
3 Will real estate agents have their Uber moment? 10
4 Insider trading 14
5 Asking the tough questions 18
6 Emotion versus logic understanding fear and loss 19
7 The winners and losers in all markets 23
8 Averages, statistics and transaction costs 27
9 Buying and selling structuring the move 31
10 Trading beyond the evidence 35
11 Valuing real estate agents 37
Part II: Selling 43
Prepare to sell 45
12 Avoiding seller s remorse 47
13 How to run a silent auction 49
14 Believe me when I say 56
15 Do you have a buyer? 57
16 The leopard s new spots 59
17 Mystery shop the agent 63
18 Expensive web advertising drives off–market transactions 66
19 Are you choosing a valuer or a negotiator? 69
20 Seven questions to ask when selling 71
21 Are valuers conservative? 74
22 Overquoting 75
23 Horses for courses 79
24 Tenants out, furniture in 83
Manage the sale 85
25 Coming, ready or not! 87
26 The win/lose transaction overprice and undersell 89
27 Underquoting 91
28 Divorce, death and distress 93
29 Automated valuations 96
30 Confidentiality 98
31 Bait price damage 101
32 Loss of control 102
33 Tricks to increase vendor motivation 106
34 Selling off–market is it advisable? 108
35 Protecting yourself from conditioning 113
36 Reading the play to manage the sale 116
Close the sale 121
37 Overachieved and undersold 123
38 The offer 126
39 A good real estate lawyer 129
40 The pest and building inspection 132
41 The non–binding offer 134
Part III: Buying 139
Preparing to buy 141
42 Five questions to ask before buying 143
43 Auction bunny 147
44 Trial move 149
45 Finding value 151
46 Buying and selling off the plan 156
47 Photoshopping what s fair play? 161
The search 163
48 Boomers move to apartments 165
49 Inspecting the strata books 167
50 Strata fees weigh on boomers 173
51 Profitable renovations 175
52 Investing in the investment 179
53 Study no more? 182
54 Maintaining composure 183
55 Guidelines and laws to protect home buyers 187
56 How to bid, buy and win at auction 190
57 Why invest in property? 198
58 Debt and equity 201
59 Vacancy 204
60 Five questions for investors 208
The transaction 213
61 Beating remorse 215
62 What should we offer? 217
63 Why the price guide is no guide at all 220
64 Bracket creep 222
65 Trading space for location 224
66 Low stock drives prices 226
67 Buyer s agents 227
Afterword 231
Index 235
