Buying and selling property is a serious business and not one in which you want to make a big mistake. But how do you find the right knowledge and the right team to help you do it sucessfully? Who can you trust in the property game? Let’s start by talking to someone who has a wealth of experience – Veronica Morgan.
WELCOME TO SEASON 3 | EPISODE 58
WHO CAN YOU TRUST IN THE PROPERTY GAME?
WE CHAT TO VERONICA MORGAN
BUYING AND SELLING PROPERTY
When you’re looking to buy a property, it’s incredibly difficult to know who you can trust and which advice to follow. You can’t do it alone. It takes a crew to buy a property and you need to make sure you have the right team supporting you from the beginning.
But how do you find them?
IN THIS PODCAST WE ARE TALKING ABOUT WHO TO TRUST IN THE PROPERTY GAME
In this episode, Kribashini is chatting with Veronica Morgan from the Elephant in the Room and The Home Buyers Academy. We are so excited to have Veronica on the show, she is such a wealth of knowledge and experience in the property industry.
Veronica delves into the ten steps within the four phases of their home buying guide within The Home Buyers Academy. These four phases consist of Preparation, Action, Commitment, and Execution.
Make sure you have a pen and paper handy! These steps are invaluable to ensure you’re following the correct order, find people you trust to build your crew and are successful in buying your new home.
We talk about the crazy hot market that Australia is experiencing right now and how it has impacted the behaviour of home buyers. There is a serious case of FOMO happening resulting in people not performing their due diligence and potentially buying absolute duds!
Veronica has written a new book – ‘Auction ready: How to buy a property at auction even though you’re scared s#itless’. This is a must-read property buying guide that includes Veronica’s expert knowledge to secure your new home or investment property. This is an absolute must-read before you raise your hand at any auction!
If you’re looking to buy a new property or sell your house, especially in the current market, we really encourage you to listen to Veronica and head over to her website to check out the resources available.
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TOPICS WE COVER IN THIS EPISODE OF WHO TO TRUST IN THE PROPERTY GAME:
- [1:38]: Veronica talks about being direct in her communication. She discusses the projects she has completed and the importance of property.
- [2:56]: It is so difficult to know where to go to get information and who to trust. ‘It takes a crew to buy a property.
- [4:57]: In The Home Buyers Academy, there is a home buying guide to get everything in the right order. There are 10 steps within 4 phases. Preparation, Action, Commitment, Execution (PACE). The first step is to get the support crew.
- [6:07]: The mortgage broker can give you advice on many aspects but not on the property selection.
- [7:07]: If people don’t know where to go to get advice or they can only think of one source, then they’ll get bad advice.
- [8:25]: Most professionals don’t consider that this client actually needs something other than what I offer.
- [8:49]: When Veronica and Megan do their podcast they are constantly talking about the mistakes they made early in their property journeys.
- [10:33]: Veronica and Kribashini talk about how important it is to start researching and looking before you have saved all of your deposit so you have a good knowledge of the process and market.
- [11:08]: Veronica talks about short and long-term thinking in the book ‘Thinking, fast and slow’ by Daniel Kahneman.
- [12:23]: PACE. The first step in Action is to search and inspect.
- [13:01]: Preparation: Establish a support crew and save money. Build a strategy around lenders’ mortgage insurance and have a concrete amount you need to save. The next step is to put together your plan and start understanding the market.
- [14:09]: The fifth step (in Action) is to stop, revise, and correct.
- [15:00]: The first step in the Commitment phase is to understand the methods of sale and the industry. The next step is to conduct evaluations.
- [16:55]: Veronica provides an example of making her own observations about a potential flood risk for a property her real estate agent recommended to her.
- [19:00]: It’s great to have the vision, but you can’t accomplish it without the understanding and research.
- [20:30]: Without proper evaluations, you will not be able to sell it outside of a boom. The current market will not last forever. This is a dangerous time where people are not considering what could go wrong.
- [21:07]: The Execution phase includes the contract, getting the right legal advice, negotiation or auction, and (finally) settlement.
- [22:51]: Veronica talks about the way people are behaving in a hot market. Sydney house prices have gone up 25.8% in the last 9 months. This is the highest amount of growth Veronica has experienced in her career. FOMO causes buyers to cut out all due diligence.
- [25:17]: This boom has been driven by owner-occupiers and not by investors.
- [26:59]: A lot of money is coming from people upgrading their homes. They have had an equity rise in their home, so they only need to borrow X and interest rates are low. However, first home buyers don’t have this ability.
- [28:15]: People are freaking out, cutting corners, and paying a premium for everything and it turns out to be a dud.
- [29:24]: The problem in the renovation space is the television programs that make everyone think that anyone can do them. It’s very risky for people to rely on property growth to increase their profit when purchasing a home to renovate. Not all property deserves to be renovated.
- [31:15]: Veronica finds buildings fascinating and enjoys exploring the mechanics of the human endeavour.
- [32:11]: There’s a property in Balmain, Sydney that had a perpetual DA to be subdivided into 2 townhouses. Veronica bid on the property for an owner occupier who paid far too much. They didn’t follow a proper plan and developed it in the wrong style for the area. This resulted in the properties sitting on the market for a long time and eventually selling for no profit.
- [35:03]: Veronica talks about the book she wrote ‘Auction ready: How to buy a property at auction even though you’re scared shitless’. She’s offering listeners a 30% discount. She also has another book on the way about avoidable mistakes in the property industry.
- [36:00]: Veronica is offering a free mini-course regarding how to price a property in The Home Buyers Academy.
- [36:44]: Veronica calls for the purpose to stand out in this industry over just profit. She has created a survey for people who have had property buying experiences.
LINKS MENTIONED IN THIS EPISODE:
- Daniel Kahneman’s Book
- Veronica’s Book: Auction ready: How to buy property at auction even though you’re scared s#itless
- The Home Buyer’s Academy: Home Buyer Academy | Online course and mentoring for the first home buyer
- Free mini-course: What should you offer on a house or apartment?
- The Elephant in the Room
- Buy our new book BuildHer here
- Check out our resources page here and book your free 20min consult here
- BuildHer Collective on Instagram
- Build Like A BuildHer Program – Learn How to Build Your Dream Home the Right Way!
- The DevelopHers Masterclass Program – Women Building for Profit!
- Facebook Communities
We have several Facebook Groups at BuildHer Collective.
MEMBER ONLY FACEBOOK GROUP
This group is for members only – BuildHers and DevelopHers. This is a closed group for women who are doing our Build Like a BuildHer program or who have joined our DevelopHers Masterclass.
FREE FACEBOOK GROUP – Join Us!
Anyone is more than welcome to join our Women who Design, Decorate, Renovate & Build group. You will note that it’s a closed group. Just ask to join and if you’re into building and renovating.
This is such an amazing and supportive FREE community, so come on and join in the building goodness!