Inside Real Estate (eBook)

PETER O'MALLEY is the bestselling author of Real Estate Uncovered, the principal of Sydney-based agency Harris Partners and the pioneer of the silent auction, an alternative to public auctions now preferred by many agents throughout Australia and New Zealand.

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