02 Feb 2023 Podcast: Guest – Inside the Mind of a Buyer’s Advocate with Emily Wallace
Australian property can be a tough place for would-be buyers, but there are few people who know how to navigate it better than Emily Wallace.
Emily is one of Melbourne’s top buyer’s advocates, co-host of the My Millennial Property podcast and founder of EW Education and The Buying Coach.
She joined Evelyn and Maddie to take you inside the mind of a buyer’s advocate, so you can understand what it takes to successfully buy your ideal property, the right way, along with many other tips, tricks and insights.
Connect with Emily here.
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So where is Australian property heading, and what does it mean for homeowners and investors?
To unpack the detail, Evelyn and Maddie talk to Eliza Owen, Head Of Australian Research at CoreLogic and one of Australia’s top property analysts.
Don’t miss this insightful chat.
There’s plenty more great content to come … so make sure you subscribe now on Apple Podcasts or Spotify so you don’t miss a thing.
Find out your next step in property finance:
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Podcast produced with Apiro
Please find a Podcast summary below with the interview highlights:
Podcast: You Have My Interest
Hosts: Evelyn and Maddie
Guest: Emily Wallace (Independent Buyers Advocate)
Overview
This episode features Emily Wallace, a Melbourne-based buyers advocate specialising in first-home buyers and family homes. With her extensive experience and focus on owner-occupied properties, Emily shares practical advice on navigating the property market, the benefits of engaging a buyers advocate, and tips for first-home buyers.
Key Takeaways
1. The Role of a Buyers Advocate
- Responsibilities:
- Inspect properties, conduct research, and negotiate with agents.
- Educate clients and offer guidance throughout the property-buying process.
- Source off-market and pre-market properties that are not publicly listed.
- Specialisation:
- Emily focuses on properties for owner-occupiers rather than investments, tailoring her services to first-home buyers and families.
2. Key Advice for First-Home Buyers
- Set Realistic Expectations:
- Understand what your budget allows and adjust your wishlist accordingly.
- Avoid being overly emotional, as it can lead to overpaying.
- Think Long-Term:
- Consider whether the property fits your future plans, such as converting it into an investment.
- Ensure the property holds value over time and aligns with your financial goals.
- Avoid Overcommitting:
- Be mindful of overpaying, as a lower valuation could lead to financial strain.
3. Off-Market Properties
- What Are They?
- Properties sold without public advertising, often sourced through agent relationships.
- Benefits:
- Sellers save on marketing costs, and buyers face less competition.
- Challenges:
- Assessing the property’s value accurately without public sales comparisons.
- A buyers advocate can help determine fair pricing.
4. Adding Value to a Property
- Quick Wins:
- Cosmetic upgrades like painting, new flooring, light fixtures, and landscaping.
- Avoid Overcapitalising:
- Steer clear of costly kitchen or bathroom renovations unless they’re neutral and appeal to most buyers.
5. Tips for Property Inspections
- Aspect and Natural Light: Check the property’s orientation (north, south, etc.).
- Sights, Sounds, and Smells: Watch for red flags like loud music masking noise or candles hiding damp odours.
- Access and Convenience: Evaluate practicality, such as stairs or parking.
- Renovation Quality: Inspect the standard of any updates.
- Visit at Different Times: Observe the property during school pick-up, peak traffic, or nearby train operation hours.
6. Finding and Working with a Buyers Advocate
- Area Expertise:
- Select advocates with intimate knowledge of specific areas.
- A strong network with local agents is a critical advantage.
- Engagement Period:
- Emily offers a standard 90-day engagement, aligned with pre-approval validity.
- Extensions may be granted if market conditions affect property availability.
- Qualifying an Advocate:
- Speak with local agents to gauge their reputation.
- Review their recent purchases and client feedback.
Emily’s Final Tip for Buyers
- Be Selective About Who You Listen To:
- Avoid relying solely on advice from friends or family who may not understand the current market.
- Engage professionals, such as advocates or brokers, for accurate guidance.
Connect with Emily Wallace
- Instagram: @emily_wallace_ba
- Website: Emily Wallace
- Podcast: My Millennial Property
- First-Home Buyer Course: Available via her website and Instagram.
Emily’s practical advice and emphasis on strategic planning make this episode a valuable resource for anyone navigating the property market.