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Episode Highlights
1.31 – Dave kicks off the episode! Some may call it a sixth sense, but Dave talks about the concept of this as ‘accumulated experience’. From pattern recognition experience, subconscious processing to heuristics, Dave touches on some of the science behind a “sixth sense”.
9.40 – Cate shares some of her office safety policy tips
12.00 – What subtle issues can be identified with a dwelling?
22.00 – Next week’s teaser: a great listener question from a multi-property portfolio investor seeking financial independence within seven years.
25.30 – How can a buyer get some information about a property from a strata manager or from their senses when dealing with the strata manager?
39.38 – Gold Nuggets
Show notes
Dave kicks off the episode by delving into the concept of a “sixth sense”, and questions the science behind it. From pattern recognition experience, to subconscious processing, and a study called heuristics, Dave questions the notion of this ability.
“When do your spidey senses start to ring alarm bells?”
Cate steps through some of the signs that she has picked up on when canvasing a neighbourhood or a neighbouring property. What are the subtle signs? And what should buyers keep an eye out for? Cate shares some real life experiences in this gripping episode.
Safety is paramount, and the Trio talked together about some of her hair-raising, less than pleasant inspections. Having safety protocols in place is essential for all buyers, including buyer’s agents.
When else do you get a sense of an issue with a dwelling?
Being familiar with issues such as illegal conversions, works that have been conducted without permits, and questionable extensions/renovations that may not have insurance cover is a valuable accrued experience. How does Cate tackle some of these issues to determine whether a property is worth pursuing or not?
Mike delves into vendor behaviours and vendor personalities. How can an experienced person determine a potentially difficult vendor? And what insights can buyers apply to get a better idea of what type of vendor could be on the other side of the transaction. Cate shares some of her past actions when it comes to protecting buyers from vendors who attempt to do the wrong thing. One of her stories includes a vendor who swapped out good appliances for inferior appliances. Contract inclusions and documentation is critical.
Strata managers are another key person in the due diligence steps for a strata property, but gleaning information is not always easy. However, there are some warning bells that buyers should be aware of. Sometimes issues can stem from legal representatives that aren’t responsive or throw other stressful challenges into the mix. Cate steps through some of the tell-tale signs and things to look out for.
And what about sinister issues? The Trio unpack some of the more spooky elements that can sometimes strike in a property.
Gold Nuggets:
Mike Mortlock’s gold nugget: Mike shares a good tip he remembered about meeting the neighbours if in any doubt.
Cate Bakos’s gold nugget: “If it’s an important thing, and it’s been agreed to, get it in writing. And if the other person is reluctant to sign, there is your warning bell.
Resources:
Related episodes:
- 7 – How to assess and select property like an A-grade Buyer’s Agent
- 35 – Emotional decision making – No.5 of the top 7 Critical Mistakes
- 50 – Tenants from hell
- 206 – Breaking free from buyer’s paralysis: Mastering the art of property decision-making and conquering the fear of buying before a better option
- 212 – Unlocking the Secrets of Inspecting Property – Expert Strategies for Assessing Properties like a Pro
