April 2, 2024 • 32 mins
Join me, Amy Bennett, on Beyond the Signboard, where we unravel the intricate tapestry of real estate valuation with none other than Craig Smith, director at Australian Valuers. Imagine navigating through the complexities of property valuations and tax depreciation with a seasoned expert who divulges secrets from his personal journey, transforming from a young apprentice to a master of valuation. Craig doesn't just provide an education in the bricks and mortar of real estate; he opens the door to a world where numbers meet narratives, revealing how attention to detail can significantly benefit property investors' tax returns and enhance the accuracy of your real estate investments.
In a conversation that's as rich in personal anecdotes as it is in professional insights, we traverse more than just the topography of Australian property. We wade through the memorable moments that shape a career—discussing how the adventures of travel, from the rolling hills of Tuscany to the anticipated streets of Japan, can intertwine with the day-to-day of valuation work. Craig and I share laughs and lessons learned, highlighting the personal joys and challenges of balancing a thriving career with a fulfilling family life. So, whether you're an industry aficionado or just curious about the intersection of business and pleasure, tune in for a heartfelt exploration of what it means to build a life beyond the valuation figures.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Amy Bennett (00:02):
Welcome to Beyond the Signb oard, where you get
the opportunity to learn allthere is to know about your real
estate journey fromprofessionals who are passionate
about property.
I'm Amy Bennett, your host, andI look forward to providing you
with education,behind-the-scenes and a look at
the world of real estate.
Hi everyone, it's Amy Bennetthere, host of Beyond the Syme
(00:31):
Board, today joined by CraigSmith, director at Australian
Valuers.
Welcome, Craig.
Craig Smith (00:37):
Thanks, Amy.
Amy Bennett (00:38):
Thanks for jumping in.
Yeah, great to have you in thehot seat.
Thanks for jumping at theopportunity, really excited.
Today we're going to chat aboutall things property valuations,
my favorite topic, taxdepreciation.
I know I'm a bit of a nerd forthat.
It's probably how we probablygot to know each other.
I was really seeking an experthere on the coast that was able
(01:01):
to help clients.
Certainly in a previous role alot of landlords were seeking
tax depreciation schedules.
But before we get into that,I'm just going to share a little
bit about your team and thenwe're going to learn about you.
So Australian Valuers are a teamof highly specialized
professionals who have theexperience to provide clients
with reliable, independentproperty valuation advice.
(01:23):
They utilize both technologyand old fashioned values to
provide a more holistic servicethat is always well received.
I love that, craig.
That's beautiful.
Sometimes you're about us getsa bit neglected.
I think that really speaksvolumes to you and the business.
So look over to you to shareyour career journey.
(01:44):
I'm really excited for peopleto learn your history in the
industry.
Craig Smith (01:49):
Yeah, look, it started a fair while ago,
probably when I was about 16.
So I did work experience.
I was sort of placed with threedifferent roles and one of them
was with the Valuers.
So I really enjoyed that and,yeah, basically that sort of set
me on the path to becoming aValuer.
Amy Bennett (02:10):
It's incredible, I can't believe that.
So you said you chose yoursubjects based on that as a
career aspiration.
Craig Smith (02:17):
Yeah, my grade 11 and 12 subjects were based on
angling towards that to get intouniversity.
So, yeah and everything seemedto pull me in that direction.
Amy Bennett (02:30):
What did you study at uni that the qualification
needed?
Craig Smith (02:34):
It's changed a few times over the years, but back
then it was called it was.
Bachelor of Property Studies.
Speaker 3 (02:40):
So it's a Bachelor of .
Craig Smith (02:41):
Business that majors in property.
Amazing I think it's realestate and development now, but
it sort of changes depending onthe university, so it's
typically three year degree.
Amy Bennett (02:52):
Yeah, incredible.
Craig Smith (02:53):
And then you get placed as a cadet valuer in a
firm and you work for two yearsand then you go for your
registration.
So you have to submit yourreports to the board and then
you've got to go in for like a40 minute to an hour grilling.
Amy Bennett (03:13):
Wow, it's still the same.
Yeah, wow, it's pretty intense.
Well, look, that's what I loveabout this podcast.
It really is that behind thesignboard or beyond the
signboard, but also sneak peek,behind roles, and I think so
often in so many professions,people don't really understand
what it takes to get to thatrole.
Speaker 3 (03:31):
Yeah, quite a journey , yeah, we're going to just
spell some myths.
Amy Bennett (03:34):
We've already sort of spoke about some of the
misconceptions.
So then, the move to Queensland.
Craig Smith (03:41):
Yeah, so move to Queensland.
I've been back and forth a fewtimes.
I went to boarding school uphere and then left to go to
Melbourne and then came backagain.
So came back in 2008, andthat's when we set up the
business Perfect.
Amy Bennett (04:00):
So you and your co-director, Paul, started
Australian Values in 2008.
So sweet 16 this year.
Speaker 3 (04:07):
Yeah, yeah.
Amy Bennett (04:09):
I'd love you to share your background with Paul.
I think it's really admirableyour journey together.
Craig Smith (04:15):
Yeah, so we started out as really close mates and
still are back at university, soplayed a lot of rugby together
and drank a lot of beerstogether.
Amy Bennett (04:26):
Foundations of a good friendship.
Speaker 3 (04:28):
Exactly yeah.
Craig Smith (04:30):
And then we sort of spoke fleetingly about setting
up a business one day and then,on a plan sheet back for me
Africa actually oh wow, yeah,when we went over there, and
then we sort of made a decisionto really go for it.
And then we sort of got thatopportunity in 2008 on the
(04:52):
Sunshine Coast, so moved up fromMelbourne and then we started
the business and yeah stillrunning it.
Yeah, and so business partnersstill made oh look, that
deserves a medal.
Amy Bennett (05:04):
You know they say that a bit of wife, but I think,
as a business partner andfriendship, that I just think
that's a really awesome insight.
So servicing South EastQueensland, so Ipswich to Womba,
gold Coast, and based here onthe Sunshine Coast, head office.
Craig Smith (05:18):
Yep, yeah, pretty much From Byron Bay to Gimpy and
out to Toowoomba is pretty muchour patch.
Amy Bennett (05:24):
Amazing.
So our value is, you know,dotted all over the place at
specialising certain things andyeah, there'd be a lot of
variance between sort of like aByron Bay property and you
actually mentioned, do you say,a horse starred in the
hinterland?
Craig Smith (05:40):
Yeah, yeah, he sort of gets and that's one of the
things that I really love aboutthe job.
You know you get to see so manydifferent properties like,
within one day you could bevaluing something worth eight
million in minyama and then youcould be looking at something
that's, you know, absolute entrylevel and, you know, ex-housing
commission somewhere in theback of Kulaw and like yeah,
(06:04):
yeah, look, I think that's, it'sgreat.
Like you, meet a lot of variedpeople as well, so I think
that's what we're all attractedto with this industry isn't it.
Amy Bennett (06:13):
Yeah, different properties.
So no two properties are thesame.
You know.
Previous guests have said youknow, no two clients are the
same as well, which makes a bigdifference.
I'd love you to just to explainwhat a property valuation
expert is and what they do.
Craig Smith (06:29):
Yeah, as I said before, there's a fair bit of
qualification that goes inbehind it, so we're certified
qualified value is so we're partof a professional body being
the Australian PropertyInstitute.
Amy Bennett (06:44):
Excellent.
Craig Smith (06:46):
So, we get a number and as such we can be sued on
our advice, so I guess that'swhere we differ from you know.
Speaker 3 (06:54):
I say real estate agent or someone else that can
give advice and yeah, so that'sprobably the main difference.
Amy Bennett (07:05):
Absolutely, and we're going to talk about I
guess you know we're going todelve into what's involved in
the role and also that it's notjust the physical viewing of the
property.
You sort of already mentionedthat there's a lot of work,
isn't there?
Before, during and after whenvisiting a property, so it'd be
great to learn a little bit moreabout that.
(07:27):
Who do you think should use aproperty valuation service?
Craig Smith (07:30):
Yeah, that's really wide and varied.
Amy Bennett (07:33):
Again true questions, always a true
question everybody.
Craig Smith (07:37):
It's often it's a necessary evil, so people are
told you need to get a qualifiedvalue.
It might be for an ATO it mightbe for the bank, it might be
for a solicitor, but it has tobe a qualified value.
So off they go and then sourcesome quotes or whatever.
Other times it can be a bitmore discretionary when we're
(07:58):
giving advice to sellers andbuyers.
Often sellers and buyers wantto engage us before they engage
an agent, or they might want toengage us coming into an auction
which is really helpful.
It's all on the line at anauction and at least if you've
got some pre-advice, you've gotall the sales and you've got
(08:21):
that in your back pocket walkinginto an auction.
You're going to feel a lot moreconfident about where you can
go to.
Amy Bennett (08:28):
Perfect.
I think that's probably.
That's something I didn'trealise that people are engaging
, so that's an awesome extra tipso that they're armed with the
correct information that'sawesome.
I guess we chatted before, butone of the things that I, as a
real estate professionalgenerally I'm meeting value is
when we're at contract stage.
So this is why it's been reallygreat to learn these additional
(08:50):
services that your team offers.
One of the things, again, Ican't help but get straight to
it is the tax depreciationschedules.
It was just something that Ihad no idea, that so many people
didn't know what they were, soit was a really great added
benefit that I could give ourlandlords when I was in a
(09:11):
previous role.
We don't have to go into thenitty gritty of it, but can you
just give the audience just anunderstanding of what they are
and why somebody would have onedone?
Craig Smith (09:20):
Yeah, basically they're done for any investment
property.
So it actually to go right backto the beginning it came about.
Amy Bennett (09:31):
I think from the Hawke and Keating government
after the crash in the 90s sothey brought it on as a stimulus
for the economy and because itjust works so well it's still
here today.
Craig Smith (09:44):
They have made a lot of changes and they're
always changing and adding andwhat you can and can't
appreciate, but essentially it'sstill there and it still saves
investors thousands of dollarsand a lot of people just aren't
aware that they can.
Amy Bennett (10:03):
Absolutely.
Craig Smith (10:04):
There's so many people that don't even claim it
and no one actually gives themthe advice to do it, so I think
if the quality is of a goodproperty manager or a good
accountant that you need to getone of these because you talk to
people and they go.
I know my account looks afterthat.
Well, the accountant doesn't dothe schedule like it's got to
(10:26):
be done.
Amy Bennett (10:28):
You're working in conjunction with the quantity
surveyor.
Craig Smith (10:32):
It's like a 40 year schedule and each year you have
an amount that you candepreciate your income by.
So it just sits with theaccountant.
Give a copy to your accountant,hang on to a copy and it just
sits there and every year theyjust deduct.
Amy Bennett (10:48):
You know three thousand what they're able to do
, yeah.
Craig Smith (10:51):
Off your and it basically reduces your taxable
income.
Amy Bennett (10:54):
Excellent, which puts money in your pocket,
that's a real quick snapshot.
Yeah, and what would be somedepreciation, some items within
the home that you'd be lookingand eligible to depreciate?
Craig Smith (11:05):
Yeah, like the fittings and fixtures, the
things that you see, that youknow that depreciate like you
know, a split system unit, youknow that sort of stuff.
Amy Bennett (11:18):
That's what kind of jumped to me, to mine, straight
away.
Yeah, carpet, absolutely.
Craig Smith (11:23):
You know, all that stuff that you know has a
shorter lifespan.
So, and that's where you'll getyou get a lot of your
depreciation benefits in thefirst five years.
Speaker 3 (11:35):
Yes.
Craig Smith (11:35):
Which is really really important for an investor
because that's when you'repaying the absolute maximum and
where cash flow is really tightgenerally when you first take on
a property.
Absolutely so it's a reallygood way of being able to
relieve some of that financialburden that you get.
Amy Bennett (11:56):
Yes, such a missed opportunity.
I have always felt so.
Look, it was really importantthat we spoke about that.
One thing I'd love you toexplain is the difference
between a desktop valuation anda physical evaluation to a
property.
Craig Smith (12:10):
Yes, so desktops by their name is you know, you
obviously will just do them fromthe computer.
Amy Bennett (12:17):
Yes.
Craig Smith (12:18):
So you know, they're just.
I guess the difference is justnot a surer.
Like we'd always want to go outand inspect the property.
Some banks will instruct us todo either or so you know, you
get instructed to do a desktop.
You just do the desktop andoften it's got a lot to do with
how much people are borrowing.
(12:38):
It might be a really low riskor really low borrowing versus
what you know, what theyactually owe so they're not
going to go spending time andmoney on getting a value out
there.
Speaker 3 (12:47):
Yeah perfect.
Craig Smith (12:47):
So just give us a desktop, yeah.
So they've got a place, ofcourse, but it's, yeah, sort of
liken it to a.
Cma like a computer automatedvaluation, like it can be.
Amy Bennett (13:00):
it can be spot on and you could do a you could do
a desktop and be spot on, or youcould be a long way out.
Craig Smith (13:06):
I think it's just.
Yeah, it's just well, that'sright.
Amy Bennett (13:09):
So with the physical valuation, that's a
probably a really interestingthing I'd love you to touch base
on.
I know your team sends out avideo for the homeowner to sort
of showcase what you do, becauseit's not just a physical
inspection.
So I'd love you to cover offtwo things explain the sort of
before and after or just someextra things, and then also what
(13:32):
the homeowner needs to know,you know, do they need to do the
dishes and have the homelooking, you know, sparkling?
Craig Smith (13:38):
and clean.
Yeah, yeah, look, it sort ofall sort of starts back from
when we receive instructions andwe start preparing the file.
So there's a fair bit that goesinto a file, because the
valuations it's like a, it'slike a due diligence basically.
So we've got to, you know,we've got to look at overlays
and we've got to look at titlesand searches and you know all of
(14:01):
that stuff in the background.
So that sort of startspre-inspection.
We'll do our research, oursales research before we go out.
So we'll have a look at theproperty and go, okay, we'll try
and pick half a dozen salesthat we want to go and look at.
Amy Bennett (14:16):
So you're looking Craig at sales, not what's on
the market.
Craig Smith (14:19):
Yeah.
Amy Bennett (14:20):
So you want actual, factual.
Craig Smith (14:22):
Yeah, yeah.
So yeah, it's got to be they'vegot to be settled sales.
We can use properties that areunder contract, but we they
can't form part of our salesschedule.
So that's just a legalrequirement.
Excellent Because, as you, knowsales are not a sale until it's
settled.
Amy Bennett (14:39):
Absolutely.
There's a lot of variants,isn't there?
Anything can happen.
Absolutely, yeah, up to the11th hour, that's right.
So look, it's just a greatlittle insight.
I thought that's awesome.
So then at the property.
Craig Smith (14:51):
Yeah, at the property.
Look, we don't.
We only really look at thephysical fittings and fixtures
of a property.
So if a property is not clean,we look past all that anyway,
Sure, as long as it's notcluttered and it's tidy and we
can get around.
It doesn't have to be sparklingclean or anything.
(15:12):
We do measure the property aswell.
So as long as we can get around, and you know.
Amy Bennett (15:17):
So unobstructed yeah, yeah and obviously tie
dogs up.
Craig Smith (15:20):
And yes, you've seen it all, haven't you?
Oh, yeah, yeah, I've seen itall I love that you've got that
as a warning.
Amy Bennett (15:25):
Is that in your video as well, to tell people I?
Craig Smith (15:27):
think it is.
Yeah, I mean there's, you know,health and safety things that
can be a problem.
And you do you know, we've allgot war stories.
Amy Bennett (15:37):
Yes, yeah, we all say we've got a chapter, a
chapter and 10 in a book andthen afterwards.
So I'm imagining there's a lotof extra work once you've
physically been into theproperty.
Craig Smith (15:47):
And so just to go back, floor plans are a big one.
Speaker 3 (15:50):
Yeah.
Craig Smith (15:52):
You know that if the property owner has those.
It really helps us.
After, as I said, yeah, when weleave the property we'll go and
look at our sales and thenwe'll start to pull the report
together and draft it, do allthe analysis and everything.
So that's where we, yeah youknow, just sort of block out a
(16:12):
couple of hours to get your headaround everything and make your
decisions.
And yeah, you can't.
Amy Bennett (16:22):
It's not an easy process.
Craig Smith (16:23):
No, and you can't really, you can't really mess
around too much.
Amy Bennett (16:26):
No.
Craig Smith (16:26):
You don't.
You know, especially with bankjobs, you don't get paid much.
So it's one of those thingsyou've got to.
You've got to rush, but youcan't make mistakes.
Speaker 3 (16:33):
Yeah.
Craig Smith (16:34):
So you've got to really rely on technology.
Amy Bennett (16:36):
Absolutely.
Yeah, a lot, and what would be.
It looks at what, because ofthat extensive amount of
research and everything, howmany jobs would your team
members do a day?
Craig Smith (16:47):
They will have different appetites.
Amy Bennett (16:48):
Sure.
Craig Smith (16:50):
They can vary between four to 12.
Amy Bennett (16:54):
Yeah, wow.
Speaker 3 (16:55):
Yeah, yeah, we've got some, we've got, yeah, one or
two values that have got a bigappetite and they can.
Craig Smith (17:02):
They don't seem to fall on quality either yeah.
They're very efficient and justsuper organized to be able to
get Absolutely and do that likethere's a lot of hours involved,
because you, yeah, it's onething inspecting the properties,
but then you've got to get themout and then do the next day or
over again.
So like you know, often workingback.
Amy Bennett (17:22):
Yeah, you've got a good team.
I love that you identifiedabout their individual goals as
well and their work capacity.
Yeah, tell us a little bitabout your team.
Craig Smith (17:33):
Yeah, so we've got probably around 10 values and as
many support staff that coveraround.
We do a mix of residential andcommercial work, as well as the
tax depreciation schedules.
Yeah, and now our team.
You know it's quite it varies.
They vary in age.
Speaker 3 (17:54):
Yes.
And as I said before, not.
Craig Smith (17:57):
We're quite supportive of whatever and
however I want to approach theirwork.
Amy Bennett (18:02):
Yeah, it's wonderful.
Craig Smith (18:03):
And some Like we've got a couple, a couple of guys
that want a nine day fortnight.
Yeah, so we've, you know,supportive of that because
they're towards the end of theircareers.
I don't, they're really goodvalues.
I just don't want to be pushedto do crazy amounts of work.
Amy Bennett (18:19):
Yeah, of course they're probably just sort of
enjoy you know, just wind downand still enjoy, and they're
still doing really good work.
Craig Smith (18:27):
But and we're really supportive of that we
don't need everyone to bechurning out crazy amounts of
work.
But then you know, some of ourcompetitors just have the
mindset of, you know, churningbirds.
So, yeah, we've picked up a lotof really good, you know,
values that have a lot ofexperience.
Amy Bennett (18:47):
I think also, too, that's a you know, that's that
expertise you don't want to losein the industry as well.
So nine days is better than notat all, isn't it?
And being able to have thatwithin your business.
Craig Smith (18:57):
Yeah, exactly, you know, I guess that goes through
any of the stuff would try andbe flexible, because you know
life's got to be flexible nowmore than you've got to enjoy.
Amy Bennett (19:08):
You enjoy what you do, don't you?
I think that's that's.
You know why I love havingpeople like you, you know, that
are passionate about yourindustry, and I mean especially
a lifelong career, you knowthat's.
That's amazing.
But also to inspire your teamas well.
You know to have a passion.
If you weren't doing whatyou're doing, what, what
industry or role would you do?
Craig Smith (19:29):
Yeah, probably something in property, like I
really.
I really enjoy property.
I don't know that I'll be cutout to do sales, but you know
something within the propertyindustry I did.
I really love agriculture aswell.
Amy Bennett (19:44):
Amazing.
Craig Smith (19:45):
Yeah.
So yeah, that could have been apreference way back when but I
think I've done by time inproperty.
So if I had to change it to beyeah, it'd be something.
Amy Bennett (19:57):
It's amazing, though, that there's just such a
strong pull within yourpassionate industry.
It's very rare.
I'd love for you to share.
Is there any myths ormisconceptions with your
industry?
Craig Smith (20:10):
Yeah, probably the biggest one that's fairly widely
known is that you know withbank valuations that they're
really conservative orundervalued, and look that some
valuers are super conservative.
There's no doubt, I guess, themethodology behind a bank
valuation versus a valuationthat we might do pre-sale or
(20:34):
pre-purchase or capital gains,it's, it's, it's exactly the
same yeah so the way we get tothat is exactly the same.
The only thing that that may bea factor is the selling period.
Sure, so the bank will specifythe selling period and if that,
you know, if that, if we deemthat property to be beyond that
(20:56):
selling period, then that couldhave that could factor into
pulling the value down.
Amy Bennett (21:03):
Yeah, that's an interesting thing because you
mentioned that, becausetraditionally, if it's three or
six months, that's generallymost properties, but there'll be
some unique ones.
Yeah, yeah, yeah.
Craig Smith (21:14):
And use the example before of a $10 million horse
stud and you look at those whenthey go on the market and it can
take 12 months or more to sellthose properties.
Speaker 3 (21:24):
So I think the banks don't want to.
Craig Smith (21:25):
The banks don't want to sell those properties
the banks don't want to hang onlike if it's a distress asset
they don't want to hang on forthat amount of time.
So that's where it can be afactor, but for the most part
that's 99.5% properties as thisshouldn't be, and there's been.
(21:47):
We've kept our results onvariance from what we value to
what subsequently sold, likewithin sort of a 12 month period
, and we're always hover aroundthe sort of 3%.
Amy Bennett (21:59):
Yeah, it's amazing you measure that?
Craig Smith (22:00):
Yeah, well, at the beginning of the business we're
like how do we measure ourselves?
Like accuracy's got to be oneAbsolutely Obviously turnaround
is another one, you know gettingthe job done as fast as
possible.
Amy Bennett (22:12):
So Well, it's a really key component, isn't it?
Especially when there's afinance component of a contract.
Craig Smith (22:18):
So yeah, we're always sort of we always say
with the last of the party, lastone for the party in the first
to leave.
Amy Bennett (22:25):
Yeah, it's absolutely it's, and it all
happens very fast when it does,doesn't it?
Yeah, yeah.
Craig Smith (22:32):
But yeah, you've got to.
You know, there's always likewith the bank work.
Amy Bennett (22:35):
there's often settlement pin to pin to it and
sometimes it comes to us andlike this thing settling
tomorrow, like, can you?
Craig Smith (22:45):
you?
Know and you just got to drop.
Everything can try and.
Amy Bennett (22:48):
Prioritise.
You know that's the job.
Yeah, absolutely so.
What do you love about yourrole?
What do you love about theindustry?
What keeps you excited after solong?
Craig Smith (22:59):
I think just the variance with people and
property, basically just youknow, you have your run set for
the next day, you don't know whoyou're going to meet and you
don't know what the property'sgoing to be like, and you know,
this is so many.
Amy Bennett (23:18):
I guess good challenges yeah cool.
Craig Smith (23:20):
Good challenges B.
Yeah, that's it, and yeah, justworking with a really good
group of people at AustralianValues.
They make life so easy.
Amy Bennett (23:31):
That's amazing, I've got great support staff
there so and you've got a greatbusiness partner.
Are you still out on the tools,so to speak?
Craig Smith (23:40):
Yes, so I'm doing mainly commercial at the moment.
And, yeah, we've got a newcommercial value starting with
us, which I'm really happy about.
Amy Bennett (23:50):
It takes a bit of pressure off.
Craig Smith (23:51):
Yeah, yeah, so that's been, that's been really
good, Like I sort of had I had aperiod of time off the not
totally off the tools.
Speaker 3 (24:00):
But yeah, a fair bit off the tools and.
Craig Smith (24:04):
I didn't think I was worried about how it was
going to go when, I came backinto it, but I actually really
enjoyed it.
Amy Bennett (24:10):
again it's amazing, I think it's, you know, if we
anchor back to why we do what wedo and really, what is it that
excites us?
And exactly like you said it,and that's the same for me, you
know no two properties are thesame.
No, two clients are certainlyno.
Two days are the same.
You know, I don't think eitheryou or I could be in a job where
it's the same thing every day.
Craig Smith (24:30):
I'd struggle.
Amy Bennett (24:30):
Yeah, do you get an opportunity to holiday?
Is that something that you havealways had an opportunity to
fit into work-life balance?
Craig Smith (24:41):
Yeah, yeah.
So my wife's mother lives inTokyo, so we go to Japan a lot.
Amazing, I'll be you know, oncea year or once every couple of
years.
Amy Bennett (24:50):
Yeah, awesome.
Craig Smith (24:51):
And yeah, we love traveling sort of trying to plan
a trip over to Portugal.
Amy Bennett (24:57):
Yeah, tell us about that.
Craig Smith (24:59):
We're okay, but we price the flights in there.
Speaker 3 (25:01):
Yeah, we might just, we might just wait a little bit.
Craig Smith (25:04):
There's four of you .
Speaker 3 (25:05):
Is that right?
There's four.
The two kids are coming too,yeah, and what would that
holiday?
Amy Bennett (25:10):
look like.
Craig Smith (25:11):
Yeah, just sort of just doing a bit of travel for
probably three to four weeks.
Amy Bennett (25:16):
Amazing Four weeks.
Craig Smith (25:17):
Yeah, Around that, you know Spain, Portugal and
Marocco.
Yeah, Just getting out.
And because we did a similartrip a few years ago where we
spent sort of a couple of weeksin Italy and a couple of weeks
in France.
Amy Bennett (25:31):
Beautiful.
So, and then what?
The kids did you say they're 12and 10?
Craig Smith (25:37):
Yeah they are now they were two and what were they
?
Maybe yeah, two and four orsomething, can we?
Rent a motor home.
Amy Bennett (25:50):
Would not recommend .
Craig Smith (25:51):
Oh, it was, it was good, it was it was great.
Amy Bennett (25:54):
There were a lot of benefits, but yeah it's, it was
, it was hard going a bit withtwo kids at home.
Yeah, of course, cheaperairfares though, right.
Craig Smith (26:02):
Yeah, and they're not cheap either.
Amy Bennett (26:04):
no, no.
Craig Smith (26:06):
It's like it's just as expensive to go and stay,
yeah, somewhere nice, but it didget us way off the beaten track
.
Speaker 3 (26:10):
Like we went to some places in.
Craig Smith (26:12):
Tuscany and stuff.
Amy Bennett (26:13):
We were just like oh can't believe where it's
amazing and we did a lot offarms today.
Oh yeah, yeah.
Craig Smith (26:20):
Well, that's the agricultural part of what you
enjoy as well.
Yeah, perfect.
And the food that was a biglike we'd go to.
You know wineries and and thatmost wineries over there that
have a restaurant or Beautiful Alot of people would like your
van up for nothing as long asyou.
You were just compelled to goand buy something.
Amazing, we went to someamazing far like it was.
That's awesome, just pinchingyourself Just so far out.
(26:43):
And you would never do it ifyou didn't have the motor home.
Amy Bennett (26:46):
Yeah, that's awesome.
So would this future trip be ina motor home now that the kids
are older?
Craig Smith (26:51):
Probably not.
Okay, we're going to do a tripto Japan in April and we're
going to hire a car.
Speaker 3 (26:59):
Awesome.
Craig Smith (27:00):
We're going to take one of the islands down to the
south.
Speaker 3 (27:02):
So we'll yeah but, no , no motor homes for a little
while.
Amy Bennett (27:06):
I think it's so wonderful, Isn't it?
The memories that we have withwith family as well.
It's really valued what hasbeen your most favorite day in
your life.
Craig Smith (27:19):
I have to say my wedding.
Amy Bennett (27:22):
Yuki's listening yeah.
Craig Smith (27:24):
Definitely, definitely that and obviously
off the back of that than thekids.
Amy Bennett (27:29):
Amazing.
Craig Smith (27:31):
You know, on a professional level yeah, it
would be.
You know, starting the business, it's still it's still going
and it's you know, going reallywell so amazing.
Amy Bennett (27:41):
Such a credit to you both, especially with that
friendship and you know, just tohave that foundation is really
obviously it's, you know, it'sreally helped within the
business.
I wanted to ask we chattedbefore we were on air about your
favorite meal or drink.
I'm guessing maybe the wine.
Craig Smith (27:59):
So many of them.
Amy Bennett (28:01):
I love wines yes.
What kind of wine?
Craig Smith (28:05):
I love all wine.
Like, I probably lean moretowards red wines.
Amy Bennett (28:08):
Yeah, nice Like Italian wines.
Craig Smith (28:10):
Beautiful, like Australian wines.
Speaker 3 (28:12):
I just yeah, like trying different, trying
different wines.
Amy Bennett (28:16):
Yeah, and food.
Craig Smith (28:18):
Food.
Yeah, again, it's really hardto pinpoint, like when we go to
Japan, I love, I love sobanoodles with buckwheat noodles?
Amy Bennett (28:27):
Yes.
Craig Smith (28:28):
And they put the tempera on top yeah.
Speaker 3 (28:31):
I really love that.
It's one of my favorites.
Craig Smith (28:33):
Yeah.
I can't go like talking redwine can't go past a really good
steak, perfect combination.
Amy Bennett (28:40):
That's great.
We're very blessed here.
And then also you did.
I hear that you also enjoymaking a curry.
Craig Smith (28:46):
Yes, perfect.
Amy Bennett (28:47):
That's awesome, so you don't mind being in the
kitchen as well as enjoying goodfood.
Craig Smith (28:52):
Yeah, definitely it's.
Yeah, just a challenge ofmaking something from scratch
and when it comes out good, it'sgood food.
Amy Bennett (29:00):
Well, you talked, didn't we, about the
disappointment of when thingsdon't and having those sort of
high expectations, especiallywhen you enjoy cooking yourself.
Oh yeah, and does Yuki?
Does she cook?
I know she was.
She's been in Australia almostall of her life.
But do you have a lot ofJapanese cuisine?
Craig Smith (29:16):
Yeah, yeah, there is.
Yeah, we do at home.
The boys love Akonimiaki, whichis a.
Japanese pancake, so that getsrequested a lot.
Speaker 3 (29:26):
Yes, that's a good one.
Yeah, and then when Yuki's mumcomes over, she you know, she'll
do the, she'll do the handrolls from scratch and she's.
Craig Smith (29:36):
she's a really good cook, so yeah.
Amy Bennett (29:38):
And you mentioned, the kids are learning Japanese.
Craig Smith (29:40):
Yep.
Amy Bennett (29:41):
Yeah, doing well with that.
Craig Smith (29:42):
Yeah, they're doing really well.
Amy Bennett (29:43):
Yeah, that's amazing, so they may fly the
coop one day, maybe head over.
Craig Smith (29:47):
Yeah, and the hottest one always talks about
it, yeah.
Amy Bennett (29:51):
Well, there's lots to explore.
Do you enjoy Japanese Japan insummer or winter?
Craig Smith (29:57):
Probably more well.
Definitely not summer overthere, because it's it's crazy
hot.
Amy Bennett (30:03):
Is it Okay?
Okay?
Craig Smith (30:06):
So yeah, you really want to be going to Japan in
the in the off seasons.
Speaker 3 (30:08):
Okay, like in autumn and spring, yeah.
Craig Smith (30:12):
So springs, when they have the cherry blossoms.
Amy Bennett (30:13):
Cherry blossoms yes .
Craig Smith (30:15):
And obviously winter is awesome.
If you, if you want to getamongst the snow which we've
done that before.
Amy Bennett (30:20):
Yeah.
Craig Smith (30:22):
That's something the north is up right, yeah,
yeah the north, or even on themain island Nagano.
Amy Bennett (30:29):
Okay.
Craig Smith (30:29):
Yeah, that's not that far from Tokyo.
Yeah, so yeah there's reallygood ski fields everywhere yeah.
Amy Bennett (30:35):
Oh, it's a great.
It's a great spot for you to beable to visit regularly.
Craig, let's wrap it up.
I know you probably have avaluation to head off to.
Yeah.
Craig Smith (30:45):
Paperwork.
Yeah, I would love to end ourchat with your favorite quote or
saying Favorite quote probablysomething my father said Don't
put off tomorrow what you can dotoday, which I think it's a
good way, just to to keepmotivated, because you know if
you get things done and then youjust make way for for the next
(31:07):
wave of things rather than putyeah park stuff.
Speaker 3 (31:11):
Yeah, absolutely.
Craig Smith (31:12):
Just to keep that motivation moving forward
Amazing quote.
Amy Bennett (31:16):
Do you remember when he when he said it Is it
amazing?
Craig Smith (31:20):
Yeah, yeah, it's incredible, but it's yeah, just
keep, just keep.
If you can do it, just do ittoday.
Amy Bennett (31:25):
Absolutely, rather than put it off.
Yeah, I'll just do it next week.
Yeah, small things become bigthings, don't they?
Or you know it causes morestress and anxiety.
Waiting it's just get it done,yeah.
Speaker 3 (31:37):
I love it.
Amy Bennett (31:38):
Well, thank you so much for your time and if our
listeners want to get in contact, it sounds like they're
probably going to need a taxdepreciation schedule.
They may need an updatedproperty valuation.
How should they get in touch?
Craig Smith (31:51):
Probably the easiest way if you, if you need
anything, is just to go straightto our quotes email.
Speaker 3 (31:56):
Yes.
Craig Smith (31:56):
Because we've got a team that deals with all that.
Speaker 3 (31:58):
Yeah.
Craig Smith (31:59):
So just quotes at AustralianValuescomau.
Amy Bennett (32:02):
How easy is that?
Amazing?
Thank you so much, craig.
I really value your time.
I couldn't help myself.
Yeah, really appreciate all ofthe support that you've offered
to my clients over the yearsAlso me personally.
It's really awesome to have youhere as a guest Awesome.
Craig Smith (32:19):
Thank you.
Speaker 3 (32:19):
Thank you.
Amy Bennett (32:21):
Thank you for listening to this episode of
Beyond the Signboard.
We trust you enjoyed it as muchas we enjoyed making it for you
.
If there are any topics youwant covered in the future, make
sure you reach out and let usknow.
We'll see you in the nextepisode.
Welcome to Beyond the Signb oard, where you get
the opportunity to learn allthere is to know about your real
estate journey fromprofessionals who are passionate
about property.
I'm Amy Bennett, your host, andI look forward to providing you
with education,behind-the-scenes and a look at
the world of real estate.
Hi everyone, it's Amy Bennetthere, host of Beyond the Syme
(00:31):
Board, today joined by CraigSmith, director at Australian
Valuers.
Welcome, Craig.
Craig Smith (00:37):
Thanks, Amy.
Amy Bennett (00:38):
Thanks for jumping in.
Yeah, great to have you in thehot seat.
Thanks for jumping at theopportunity, really excited.
Today we're going to chat aboutall things property valuations,
my favorite topic, taxdepreciation.
I know I'm a bit of a nerd forthat.
It's probably how we probablygot to know each other.
I was really seeking an experthere on the coast that was able
(01:01):
to help clients.
Certainly in a previous role alot of landlords were seeking
tax depreciation schedules.
But before we get into that,I'm just going to share a little
bit about your team and thenwe're going to learn about you.
So Australian Valuers are a teamof highly specialized
professionals who have theexperience to provide clients
with reliable, independentproperty valuation advice.
(01:23):
They utilize both technologyand old fashioned values to
provide a more holistic servicethat is always well received.
I love that, craig.
That's beautiful.
Sometimes you're about us getsa bit neglected.
I think that really speaksvolumes to you and the business.
So look over to you to shareyour career journey.
(01:44):
I'm really excited for peopleto learn your history in the
industry.
Craig Smith (01:49):
Yeah, look, it started a fair while ago,
probably when I was about 16.
So I did work experience.
I was sort of placed with threedifferent roles and one of them
was with the Valuers.
So I really enjoyed that and,yeah, basically that sort of set
me on the path to becoming aValuer.
Amy Bennett (02:10):
It's incredible, I can't believe that.
So you said you chose yoursubjects based on that as a
career aspiration.
Craig Smith (02:17):
Yeah, my grade 11 and 12 subjects were based on
angling towards that to get intouniversity.
So, yeah and everything seemedto pull me in that direction.
Amy Bennett (02:30):
What did you study at uni that the qualification
needed?
Craig Smith (02:34):
It's changed a few times over the years, but back
then it was called it was.
Bachelor of Property Studies.
Speaker 3 (02:40):
So it's a Bachelor of .
Craig Smith (02:41):
Business that majors in property.
Amazing I think it's realestate and development now, but
it sort of changes depending onthe university, so it's
typically three year degree.
Amy Bennett (02:52):
Yeah, incredible.
Craig Smith (02:53):
And then you get placed as a cadet valuer in a
firm and you work for two yearsand then you go for your
registration.
So you have to submit yourreports to the board and then
you've got to go in for like a40 minute to an hour grilling.
Amy Bennett (03:13):
Wow, it's still the same.
Yeah, wow, it's pretty intense.
Well, look, that's what I loveabout this podcast.
It really is that behind thesignboard or beyond the
signboard, but also sneak peek,behind roles, and I think so
often in so many professions,people don't really understand
what it takes to get to thatrole.
Speaker 3 (03:31):
Yeah, quite a journey , yeah, we're going to just
spell some myths.
Amy Bennett (03:34):
We've already sort of spoke about some of the
misconceptions.
So then, the move to Queensland.
Craig Smith (03:41):
Yeah, so move to Queensland.
I've been back and forth a fewtimes.
I went to boarding school uphere and then left to go to
Melbourne and then came backagain.
So came back in 2008, andthat's when we set up the
business Perfect.
Amy Bennett (04:00):
So you and your co-director, Paul, started
Australian Values in 2008.
So sweet 16 this year.
Speaker 3 (04:07):
Yeah, yeah.
Amy Bennett (04:09):
I'd love you to share your background with Paul.
I think it's really admirableyour journey together.
Craig Smith (04:15):
Yeah, so we started out as really close mates and
still are back at university, soplayed a lot of rugby together
and drank a lot of beerstogether.
Amy Bennett (04:26):
Foundations of a good friendship.
Speaker 3 (04:28):
Exactly yeah.
Craig Smith (04:30):
And then we sort of spoke fleetingly about setting
up a business one day and then,on a plan sheet back for me
Africa actually oh wow, yeah,when we went over there, and
then we sort of made a decisionto really go for it.
And then we sort of got thatopportunity in 2008 on the
(04:52):
Sunshine Coast, so moved up fromMelbourne and then we started
the business and yeah stillrunning it.
Yeah, and so business partnersstill made oh look, that
deserves a medal.
Amy Bennett (05:04):
You know they say that a bit of wife, but I think,
as a business partner andfriendship, that I just think
that's a really awesome insight.
So servicing South EastQueensland, so Ipswich to Womba,
gold Coast, and based here onthe Sunshine Coast, head office.
Craig Smith (05:18):
Yep, yeah, pretty much From Byron Bay to Gimpy and
out to Toowoomba is pretty muchour patch.
Amy Bennett (05:24):
Amazing.
So our value is, you know,dotted all over the place at
specialising certain things andyeah, there'd be a lot of
variance between sort of like aByron Bay property and you
actually mentioned, do you say,a horse starred in the
hinterland?
Craig Smith (05:40):
Yeah, yeah, he sort of gets and that's one of the
things that I really love aboutthe job.
You know you get to see so manydifferent properties like,
within one day you could bevaluing something worth eight
million in minyama and then youcould be looking at something
that's, you know, absolute entrylevel and, you know, ex-housing
commission somewhere in theback of Kulaw and like yeah,
(06:04):
yeah, look, I think that's, it'sgreat.
Like you, meet a lot of variedpeople as well, so I think
that's what we're all attractedto with this industry isn't it.
Amy Bennett (06:13):
Yeah, different properties.
So no two properties are thesame.
You know.
Previous guests have said youknow, no two clients are the
same as well, which makes a bigdifference.
I'd love you to just to explainwhat a property valuation
expert is and what they do.
Craig Smith (06:29):
Yeah, as I said before, there's a fair bit of
qualification that goes inbehind it, so we're certified
qualified value is so we're partof a professional body being
the Australian PropertyInstitute.
Amy Bennett (06:44):
Excellent.
Craig Smith (06:46):
So, we get a number and as such we can be sued on
our advice, so I guess that'swhere we differ from you know.
Speaker 3 (06:54):
I say real estate agent or someone else that can
give advice and yeah, so that'sprobably the main difference.
Amy Bennett (07:05):
Absolutely, and we're going to talk about I
guess you know we're going todelve into what's involved in
the role and also that it's notjust the physical viewing of the
property.
You sort of already mentionedthat there's a lot of work,
isn't there?
Before, during and after whenvisiting a property, so it'd be
great to learn a little bit moreabout that.
(07:27):
Who do you think should use aproperty valuation service?
Craig Smith (07:30):
Yeah, that's really wide and varied.
Amy Bennett (07:33):
Again true questions, always a true
question everybody.
Craig Smith (07:37):
It's often it's a necessary evil, so people are
told you need to get a qualifiedvalue.
It might be for an ATO it mightbe for the bank, it might be
for a solicitor, but it has tobe a qualified value.
So off they go and then sourcesome quotes or whatever.
Other times it can be a bitmore discretionary when we're
(07:58):
giving advice to sellers andbuyers.
Often sellers and buyers wantto engage us before they engage
an agent, or they might want toengage us coming into an auction
which is really helpful.
It's all on the line at anauction and at least if you've
got some pre-advice, you've gotall the sales and you've got
(08:21):
that in your back pocket walkinginto an auction.
You're going to feel a lot moreconfident about where you can
go to.
Amy Bennett (08:28):
Perfect.
I think that's probably.
That's something I didn'trealise that people are engaging
, so that's an awesome extra tipso that they're armed with the
correct information that'sawesome.
I guess we chatted before, butone of the things that I, as a
real estate professionalgenerally I'm meeting value is
when we're at contract stage.
So this is why it's been reallygreat to learn these additional
(08:50):
services that your team offers.
One of the things, again, Ican't help but get straight to
it is the tax depreciationschedules.
It was just something that Ihad no idea, that so many people
didn't know what they were, soit was a really great added
benefit that I could give ourlandlords when I was in a
(09:11):
previous role.
We don't have to go into thenitty gritty of it, but can you
just give the audience just anunderstanding of what they are
and why somebody would have onedone?
Craig Smith (09:20):
Yeah, basically they're done for any investment
property.
So it actually to go right backto the beginning it came about.
Amy Bennett (09:31):
I think from the Hawke and Keating government
after the crash in the 90s sothey brought it on as a stimulus
for the economy and because itjust works so well it's still
here today.
Craig Smith (09:44):
They have made a lot of changes and they're
always changing and adding andwhat you can and can't
appreciate, but essentially it'sstill there and it still saves
investors thousands of dollarsand a lot of people just aren't
aware that they can.
Amy Bennett (10:03):
Absolutely.
Craig Smith (10:04):
There's so many people that don't even claim it
and no one actually gives themthe advice to do it, so I think
if the quality is of a goodproperty manager or a good
accountant that you need to getone of these because you talk to
people and they go.
I know my account looks afterthat.
Well, the accountant doesn't dothe schedule like it's got to
(10:26):
be done.
Amy Bennett (10:28):
You're working in conjunction with the quantity
surveyor.
Craig Smith (10:32):
It's like a 40 year schedule and each year you have
an amount that you candepreciate your income by.
So it just sits with theaccountant.
Give a copy to your accountant,hang on to a copy and it just
sits there and every year theyjust deduct.
Amy Bennett (10:48):
You know three thousand what they're able to do
, yeah.
Craig Smith (10:51):
Off your and it basically reduces your taxable
income.
Amy Bennett (10:54):
Excellent, which puts money in your pocket,
that's a real quick snapshot.
Yeah, and what would be somedepreciation, some items within
the home that you'd be lookingand eligible to depreciate?
Craig Smith (11:05):
Yeah, like the fittings and fixtures, the
things that you see, that youknow that depreciate like you
know, a split system unit, youknow that sort of stuff.
Amy Bennett (11:18):
That's what kind of jumped to me, to mine, straight
away.
Yeah, carpet, absolutely.
Craig Smith (11:23):
You know, all that stuff that you know has a
shorter lifespan.
So, and that's where you'll getyou get a lot of your
depreciation benefits in thefirst five years.
Speaker 3 (11:35):
Yes.
Craig Smith (11:35):
Which is really really important for an investor
because that's when you'repaying the absolute maximum and
where cash flow is really tightgenerally when you first take on
a property.
Absolutely so it's a reallygood way of being able to
relieve some of that financialburden that you get.
Amy Bennett (11:56):
Yes, such a missed opportunity.
I have always felt so.
Look, it was really importantthat we spoke about that.
One thing I'd love you toexplain is the difference
between a desktop valuation anda physical evaluation to a
property.
Craig Smith (12:10):
Yes, so desktops by their name is you know, you
obviously will just do them fromthe computer.
Amy Bennett (12:17):
Yes.
Craig Smith (12:18):
So you know, they're just.
I guess the difference is justnot a surer.
Like we'd always want to go outand inspect the property.
Some banks will instruct us todo either or so you know, you
get instructed to do a desktop.
You just do the desktop andoften it's got a lot to do with
how much people are borrowing.
(12:38):
It might be a really low riskor really low borrowing versus
what you know, what theyactually owe so they're not
going to go spending time andmoney on getting a value out
there.
Speaker 3 (12:47):
Yeah perfect.
Craig Smith (12:47):
So just give us a desktop, yeah.
So they've got a place, ofcourse, but it's, yeah, sort of
liken it to a.
Cma like a computer automatedvaluation, like it can be.
Amy Bennett (13:00):
it can be spot on and you could do a you could do
a desktop and be spot on, or youcould be a long way out.
Craig Smith (13:06):
I think it's just.
Yeah, it's just well, that'sright.
Amy Bennett (13:09):
So with the physical valuation, that's a
probably a really interestingthing I'd love you to touch base
on.
I know your team sends out avideo for the homeowner to sort
of showcase what you do, becauseit's not just a physical
inspection.
So I'd love you to cover offtwo things explain the sort of
before and after or just someextra things, and then also what
(13:32):
the homeowner needs to know,you know, do they need to do the
dishes and have the homelooking, you know, sparkling?
Craig Smith (13:38):
and clean.
Yeah, yeah, look, it sort ofall sort of starts back from
when we receive instructions andwe start preparing the file.
So there's a fair bit that goesinto a file, because the
valuations it's like a, it'slike a due diligence basically.
So we've got to, you know,we've got to look at overlays
and we've got to look at titlesand searches and you know all of
(14:01):
that stuff in the background.
So that sort of startspre-inspection.
We'll do our research, oursales research before we go out.
So we'll have a look at theproperty and go, okay, we'll try
and pick half a dozen salesthat we want to go and look at.
Amy Bennett (14:16):
So you're looking Craig at sales, not what's on
the market.
Craig Smith (14:19):
Yeah.
Amy Bennett (14:20):
So you want actual, factual.
Craig Smith (14:22):
Yeah, yeah.
So yeah, it's got to be they'vegot to be settled sales.
We can use properties that areunder contract, but we they
can't form part of our salesschedule.
So that's just a legalrequirement.
Excellent Because, as you, knowsales are not a sale until it's
settled.
Amy Bennett (14:39):
Absolutely.
There's a lot of variants,isn't there?
Anything can happen.
Absolutely, yeah, up to the11th hour, that's right.
So look, it's just a greatlittle insight.
I thought that's awesome.
So then at the property.
Craig Smith (14:51):
Yeah, at the property.
Look, we don't.
We only really look at thephysical fittings and fixtures
of a property.
So if a property is not clean,we look past all that anyway,
Sure, as long as it's notcluttered and it's tidy and we
can get around.
It doesn't have to be sparklingclean or anything.
(15:12):
We do measure the property aswell.
So as long as we can get around, and you know.
Amy Bennett (15:17):
So unobstructed yeah, yeah and obviously tie
dogs up.
Craig Smith (15:20):
And yes, you've seen it all, haven't you?
Oh, yeah, yeah, I've seen itall I love that you've got that
as a warning.
Amy Bennett (15:25):
Is that in your video as well, to tell people I?
Craig Smith (15:27):
think it is.
Yeah, I mean there's, you know,health and safety things that
can be a problem.
And you do you know, we've allgot war stories.
Amy Bennett (15:37):
Yes, yeah, we all say we've got a chapter, a
chapter and 10 in a book andthen afterwards.
So I'm imagining there's a lotof extra work once you've
physically been into theproperty.
Craig Smith (15:47):
And so just to go back, floor plans are a big one.
Speaker 3 (15:50):
Yeah.
Craig Smith (15:52):
You know that if the property owner has those.
It really helps us.
After, as I said, yeah, when weleave the property we'll go and
look at our sales and thenwe'll start to pull the report
together and draft it, do allthe analysis and everything.
So that's where we, yeah youknow, just sort of block out a
(16:12):
couple of hours to get your headaround everything and make your
decisions.
And yeah, you can't.
Amy Bennett (16:22):
It's not an easy process.
Craig Smith (16:23):
No, and you can't really, you can't really mess
around too much.
Amy Bennett (16:26):
No.
Craig Smith (16:26):
You don't.
You know, especially with bankjobs, you don't get paid much.
So it's one of those thingsyou've got to.
You've got to rush, but youcan't make mistakes.
Speaker 3 (16:33):
Yeah.
Craig Smith (16:34):
So you've got to really rely on technology.
Amy Bennett (16:36):
Absolutely.
Yeah, a lot, and what would be.
It looks at what, because ofthat extensive amount of
research and everything, howmany jobs would your team
members do a day?
Craig Smith (16:47):
They will have different appetites.
Amy Bennett (16:48):
Sure.
Craig Smith (16:50):
They can vary between four to 12.
Amy Bennett (16:54):
Yeah, wow.
Speaker 3 (16:55):
Yeah, yeah, we've got some, we've got, yeah, one or
two values that have got a bigappetite and they can.
Craig Smith (17:02):
They don't seem to fall on quality either yeah.
They're very efficient and justsuper organized to be able to
get Absolutely and do that likethere's a lot of hours involved,
because you, yeah, it's onething inspecting the properties,
but then you've got to get themout and then do the next day or
over again.
So like you know, often workingback.
Amy Bennett (17:22):
Yeah, you've got a good team.
I love that you identifiedabout their individual goals as
well and their work capacity.
Yeah, tell us a little bitabout your team.
Craig Smith (17:33):
Yeah, so we've got probably around 10 values and as
many support staff that coveraround.
We do a mix of residential andcommercial work, as well as the
tax depreciation schedules.
Yeah, and now our team.
You know it's quite it varies.
They vary in age.
Speaker 3 (17:54):
Yes.
And as I said before, not.
Craig Smith (17:57):
We're quite supportive of whatever and
however I want to approach theirwork.
Amy Bennett (18:02):
Yeah, it's wonderful.
Craig Smith (18:03):
And some Like we've got a couple, a couple of guys
that want a nine day fortnight.
Yeah, so we've, you know,supportive of that because
they're towards the end of theircareers.
I don't, they're really goodvalues.
I just don't want to be pushedto do crazy amounts of work.
Amy Bennett (18:19):
Yeah, of course they're probably just sort of
enjoy you know, just wind downand still enjoy, and they're
still doing really good work.
Craig Smith (18:27):
But and we're really supportive of that we
don't need everyone to bechurning out crazy amounts of
work.
But then you know, some of ourcompetitors just have the
mindset of, you know, churningbirds.
So, yeah, we've picked up a lotof really good, you know,
values that have a lot ofexperience.
Amy Bennett (18:47):
I think also, too, that's a you know, that's that
expertise you don't want to losein the industry as well.
So nine days is better than notat all, isn't it?
And being able to have thatwithin your business.
Craig Smith (18:57):
Yeah, exactly, you know, I guess that goes through
any of the stuff would try andbe flexible, because you know
life's got to be flexible nowmore than you've got to enjoy.
Amy Bennett (19:08):
You enjoy what you do, don't you?
I think that's that's.
You know why I love havingpeople like you, you know, that
are passionate about yourindustry, and I mean especially
a lifelong career, you knowthat's.
That's amazing.
But also to inspire your teamas well.
You know to have a passion.
If you weren't doing whatyou're doing, what, what
industry or role would you do?
Craig Smith (19:29):
Yeah, probably something in property, like I
really.
I really enjoy property.
I don't know that I'll be cutout to do sales, but you know
something within the propertyindustry I did.
I really love agriculture aswell.
Amy Bennett (19:44):
Amazing.
Craig Smith (19:45):
Yeah.
So yeah, that could have been apreference way back when but I
think I've done by time inproperty.
So if I had to change it to beyeah, it'd be something.
Amy Bennett (19:57):
It's amazing, though, that there's just such a
strong pull within yourpassionate industry.
It's very rare.
I'd love for you to share.
Is there any myths ormisconceptions with your
industry?
Craig Smith (20:10):
Yeah, probably the biggest one that's fairly widely
known is that you know withbank valuations that they're
really conservative orundervalued, and look that some
valuers are super conservative.
There's no doubt, I guess, themethodology behind a bank
valuation versus a valuationthat we might do pre-sale or
(20:34):
pre-purchase or capital gains,it's, it's, it's exactly the
same yeah so the way we get tothat is exactly the same.
The only thing that that may bea factor is the selling period.
Sure, so the bank will specifythe selling period and if that,
you know, if that, if we deemthat property to be beyond that
(20:56):
selling period, then that couldhave that could factor into
pulling the value down.
Amy Bennett (21:03):
Yeah, that's an interesting thing because you
mentioned that, becausetraditionally, if it's three or
six months, that's generallymost properties, but there'll be
some unique ones.
Yeah, yeah, yeah.
Craig Smith (21:14):
And use the example before of a $10 million horse
stud and you look at those whenthey go on the market and it can
take 12 months or more to sellthose properties.
Speaker 3 (21:24):
So I think the banks don't want to.
Craig Smith (21:25):
The banks don't want to sell those properties
the banks don't want to hang onlike if it's a distress asset
they don't want to hang on forthat amount of time.
So that's where it can be afactor, but for the most part
that's 99.5% properties as thisshouldn't be, and there's been.
(21:47):
We've kept our results onvariance from what we value to
what subsequently sold, likewithin sort of a 12 month period
, and we're always hover aroundthe sort of 3%.
Amy Bennett (21:59):
Yeah, it's amazing you measure that?
Craig Smith (22:00):
Yeah, well, at the beginning of the business we're
like how do we measure ourselves?
Like accuracy's got to be oneAbsolutely Obviously turnaround
is another one, you know gettingthe job done as fast as
possible.
Amy Bennett (22:12):
So Well, it's a really key component, isn't it?
Especially when there's afinance component of a contract.
Craig Smith (22:18):
So yeah, we're always sort of we always say
with the last of the party, lastone for the party in the first
to leave.
Amy Bennett (22:25):
Yeah, it's absolutely it's, and it all
happens very fast when it does,doesn't it?
Yeah, yeah.
Craig Smith (22:32):
But yeah, you've got to.
You know, there's always likewith the bank work.
Amy Bennett (22:35):
there's often settlement pin to pin to it and
sometimes it comes to us andlike this thing settling
tomorrow, like, can you?
Craig Smith (22:45):
you?
Know and you just got to drop.
Everything can try and.
Amy Bennett (22:48):
Prioritise.
You know that's the job.
Yeah, absolutely so.
What do you love about yourrole?
What do you love about theindustry?
What keeps you excited after solong?
Craig Smith (22:59):
I think just the variance with people and
property, basically just youknow, you have your run set for
the next day, you don't know whoyou're going to meet and you
don't know what the property'sgoing to be like, and you know,
this is so many.
Amy Bennett (23:18):
I guess good challenges yeah cool.
Craig Smith (23:20):
Good challenges B.
Yeah, that's it, and yeah, justworking with a really good
group of people at AustralianValues.
They make life so easy.
Amy Bennett (23:31):
That's amazing, I've got great support staff
there so and you've got a greatbusiness partner.
Are you still out on the tools,so to speak?
Craig Smith (23:40):
Yes, so I'm doing mainly commercial at the moment.
And, yeah, we've got a newcommercial value starting with
us, which I'm really happy about.
Amy Bennett (23:50):
It takes a bit of pressure off.
Craig Smith (23:51):
Yeah, yeah, so that's been, that's been really
good, Like I sort of had I had aperiod of time off the not
totally off the tools.
Speaker 3 (24:00):
But yeah, a fair bit off the tools and.
Craig Smith (24:04):
I didn't think I was worried about how it was
going to go when, I came backinto it, but I actually really
enjoyed it.
Amy Bennett (24:10):
again it's amazing, I think it's, you know, if we
anchor back to why we do what wedo and really, what is it that
excites us?
And exactly like you said it,and that's the same for me, you
know no two properties are thesame.
No, two clients are certainlyno.
Two days are the same.
You know, I don't think eitheryou or I could be in a job where
it's the same thing every day.
Craig Smith (24:30):
I'd struggle.
Amy Bennett (24:30):
Yeah, do you get an opportunity to holiday?
Is that something that you havealways had an opportunity to
fit into work-life balance?
Craig Smith (24:41):
Yeah, yeah.
So my wife's mother lives inTokyo, so we go to Japan a lot.
Amazing, I'll be you know, oncea year or once every couple of
years.
Amy Bennett (24:50):
Yeah, awesome.
Craig Smith (24:51):
And yeah, we love traveling sort of trying to plan
a trip over to Portugal.
Amy Bennett (24:57):
Yeah, tell us about that.
Craig Smith (24:59):
We're okay, but we price the flights in there.
Speaker 3 (25:01):
Yeah, we might just, we might just wait a little bit.
Craig Smith (25:04):
There's four of you .
Speaker 3 (25:05):
Is that right?
There's four.
The two kids are coming too,yeah, and what would that
holiday?
Amy Bennett (25:10):
look like.
Craig Smith (25:11):
Yeah, just sort of just doing a bit of travel for
probably three to four weeks.
Amy Bennett (25:16):
Amazing Four weeks.
Craig Smith (25:17):
Yeah, Around that, you know Spain, Portugal and
Marocco.
Yeah, Just getting out.
And because we did a similartrip a few years ago where we
spent sort of a couple of weeksin Italy and a couple of weeks
in France.
Amy Bennett (25:31):
Beautiful.
So, and then what?
The kids did you say they're 12and 10?
Craig Smith (25:37):
Yeah they are now they were two and what were they
?
Maybe yeah, two and four orsomething, can we?
Rent a motor home.
Amy Bennett (25:50):
Would not recommend .
Craig Smith (25:51):
Oh, it was, it was good, it was it was great.
Amy Bennett (25:54):
There were a lot of benefits, but yeah it's, it was
, it was hard going a bit withtwo kids at home.
Yeah, of course, cheaperairfares though, right.
Craig Smith (26:02):
Yeah, and they're not cheap either.
Amy Bennett (26:04):
no, no.
Craig Smith (26:06):
It's like it's just as expensive to go and stay,
yeah, somewhere nice, but it didget us way off the beaten track
.
Speaker 3 (26:10):
Like we went to some places in.
Craig Smith (26:12):
Tuscany and stuff.
Amy Bennett (26:13):
We were just like oh can't believe where it's
amazing and we did a lot offarms today.
Oh yeah, yeah.
Craig Smith (26:20):
Well, that's the agricultural part of what you
enjoy as well.
Yeah, perfect.
And the food that was a biglike we'd go to.
You know wineries and and thatmost wineries over there that
have a restaurant or Beautiful Alot of people would like your
van up for nothing as long asyou.
You were just compelled to goand buy something.
Amazing, we went to someamazing far like it was.
That's awesome, just pinchingyourself Just so far out.
(26:43):
And you would never do it ifyou didn't have the motor home.
Amy Bennett (26:46):
Yeah, that's awesome.
So would this future trip be ina motor home now that the kids
are older?
Craig Smith (26:51):
Probably not.
Okay, we're going to do a tripto Japan in April and we're
going to hire a car.
Speaker 3 (26:59):
Awesome.
Craig Smith (27:00):
We're going to take one of the islands down to the
south.
Speaker 3 (27:02):
So we'll yeah but, no , no motor homes for a little
while.
Amy Bennett (27:06):
I think it's so wonderful, Isn't it?
The memories that we have withwith family as well.
It's really valued what hasbeen your most favorite day in
your life.
Craig Smith (27:19):
I have to say my wedding.
Amy Bennett (27:22):
Yuki's listening yeah.
Craig Smith (27:24):
Definitely, definitely that and obviously
off the back of that than thekids.
Amy Bennett (27:29):
Amazing.
Craig Smith (27:31):
You know, on a professional level yeah, it
would be.
You know, starting the business, it's still it's still going
and it's you know, going reallywell so amazing.
Amy Bennett (27:41):
Such a credit to you both, especially with that
friendship and you know, just tohave that foundation is really
obviously it's, you know, it'sreally helped within the
business.
I wanted to ask we chattedbefore we were on air about your
favorite meal or drink.
I'm guessing maybe the wine.
Craig Smith (27:59):
So many of them.
Amy Bennett (28:01):
I love wines yes.
What kind of wine?
Craig Smith (28:05):
I love all wine.
Like, I probably lean moretowards red wines.
Amy Bennett (28:08):
Yeah, nice Like Italian wines.
Craig Smith (28:10):
Beautiful, like Australian wines.
Speaker 3 (28:12):
I just yeah, like trying different, trying
different wines.
Amy Bennett (28:16):
Yeah, and food.
Craig Smith (28:18):
Food.
Yeah, again, it's really hardto pinpoint, like when we go to
Japan, I love, I love sobanoodles with buckwheat noodles?
Amy Bennett (28:27):
Yes.
Craig Smith (28:28):
And they put the tempera on top yeah.
Speaker 3 (28:31):
I really love that.
It's one of my favorites.
Craig Smith (28:33):
Yeah.
I can't go like talking redwine can't go past a really good
steak, perfect combination.
Amy Bennett (28:40):
That's great.
We're very blessed here.
And then also you did.
I hear that you also enjoymaking a curry.
Craig Smith (28:46):
Yes, perfect.
Amy Bennett (28:47):
That's awesome, so you don't mind being in the
kitchen as well as enjoying goodfood.
Craig Smith (28:52):
Yeah, definitely it's.
Yeah, just a challenge ofmaking something from scratch
and when it comes out good, it'sgood food.
Amy Bennett (29:00):
Well, you talked, didn't we, about the
disappointment of when thingsdon't and having those sort of
high expectations, especiallywhen you enjoy cooking yourself.
Oh yeah, and does Yuki?
Does she cook?
I know she was.
She's been in Australia almostall of her life.
But do you have a lot ofJapanese cuisine?
Craig Smith (29:16):
Yeah, yeah, there is.
Yeah, we do at home.
The boys love Akonimiaki, whichis a.
Japanese pancake, so that getsrequested a lot.
Speaker 3 (29:26):
Yes, that's a good one.
Yeah, and then when Yuki's mumcomes over, she you know, she'll
do the, she'll do the handrolls from scratch and she's.
Craig Smith (29:36):
she's a really good cook, so yeah.
Amy Bennett (29:38):
And you mentioned, the kids are learning Japanese.
Craig Smith (29:40):
Yep.
Amy Bennett (29:41):
Yeah, doing well with that.
Craig Smith (29:42):
Yeah, they're doing really well.
Amy Bennett (29:43):
Yeah, that's amazing, so they may fly the
coop one day, maybe head over.
Craig Smith (29:47):
Yeah, and the hottest one always talks about
it, yeah.
Amy Bennett (29:51):
Well, there's lots to explore.
Do you enjoy Japanese Japan insummer or winter?
Craig Smith (29:57):
Probably more well.
Definitely not summer overthere, because it's it's crazy
hot.
Amy Bennett (30:03):
Is it Okay?
Okay?
Craig Smith (30:06):
So yeah, you really want to be going to Japan in
the in the off seasons.
Speaker 3 (30:08):
Okay, like in autumn and spring, yeah.
Craig Smith (30:12):
So springs, when they have the cherry blossoms.
Amy Bennett (30:13):
Cherry blossoms yes .
Craig Smith (30:15):
And obviously winter is awesome.
If you, if you want to getamongst the snow which we've
done that before.
Amy Bennett (30:20):
Yeah.
Craig Smith (30:22):
That's something the north is up right, yeah,
yeah the north, or even on themain island Nagano.
Amy Bennett (30:29):
Okay.
Craig Smith (30:29):
Yeah, that's not that far from Tokyo.
Yeah, so yeah there's reallygood ski fields everywhere yeah.
Amy Bennett (30:35):
Oh, it's a great.
It's a great spot for you to beable to visit regularly.
Craig, let's wrap it up.
I know you probably have avaluation to head off to.
Yeah.
Craig Smith (30:45):
Paperwork.
Yeah, I would love to end ourchat with your favorite quote or
saying Favorite quote probablysomething my father said Don't
put off tomorrow what you can dotoday, which I think it's a
good way, just to to keepmotivated, because you know if
you get things done and then youjust make way for for the next
(31:07):
wave of things rather than putyeah park stuff.
Speaker 3 (31:11):
Yeah, absolutely.
Craig Smith (31:12):
Just to keep that motivation moving forward
Amazing quote.
Amy Bennett (31:16):
Do you remember when he when he said it Is it
amazing?
Craig Smith (31:20):
Yeah, yeah, it's incredible, but it's yeah, just
keep, just keep.
If you can do it, just do ittoday.
Amy Bennett (31:25):
Absolutely, rather than put it off.
Yeah, I'll just do it next week.
Yeah, small things become bigthings, don't they?
Or you know it causes morestress and anxiety.
Waiting it's just get it done,yeah.
Speaker 3 (31:37):
I love it.
Amy Bennett (31:38):
Well, thank you so much for your time and if our
listeners want to get in contact, it sounds like they're
probably going to need a taxdepreciation schedule.
They may need an updatedproperty valuation.
How should they get in touch?
Craig Smith (31:51):
Probably the easiest way if you, if you need
anything, is just to go straightto our quotes email.
Speaker 3 (31:56):
Yes.
Craig Smith (31:56):
Because we've got a team that deals with all that.
Speaker 3 (31:58):
Yeah.
Craig Smith (31:59):
So just quotes at AustralianValuescomau.
Amy Bennett (32:02):
How easy is that?
Amazing?
Thank you so much, craig.
I really value your time.
I couldn't help myself.
Yeah, really appreciate all ofthe support that you've offered
to my clients over the yearsAlso me personally.
It's really awesome to have youhere as a guest Awesome.
Craig Smith (32:19):
Thank you.
Speaker 3 (32:19):
Thank you.
Amy Bennett (32:21):
Thank you for listening to this episode of
Beyond the Signboard.
We trust you enjoyed it as muchas we enjoyed making it for you
.
If there are any topics youwant covered in the future, make
sure you reach out and let usknow.
We'll see you in the nextepisode.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Amy Robach & T.J. Holmes present: Aubrey O’Day, Covering the Diddy Trial
Introducing… Aubrey O’Day Diddy’s former protege, television personality, platinum selling music artist, Danity Kane alum Aubrey O’Day joins veteran journalists Amy Robach and TJ Holmes to provide a unique perspective on the trial that has captivated the attention of the nation. Join them throughout the trial as they discuss, debate, and dissect every detail, every aspect of the proceedings. Aubrey will offer her opinions and expertise, as only she is qualified to do given her first-hand knowledge. From her days on Making the Band, as she emerged as the breakout star, the truth of the situation would be the opposite of the glitz and glamour. Listen throughout every minute of the trial, for this exclusive coverage. Amy Robach and TJ Holmes present Aubrey O’Day, Covering the Diddy Trial, an iHeartRadio podcast.
Good Hang with Amy Poehler
Come hang with Amy Poehler. Each week on her podcast, she'll welcome celebrities and fun people to her studio. They'll share stories about their careers, mutual friends, shared enthusiasms, and most importantly, what's been making them laugh. This podcast is not about trying to make you better or giving advice. Amy just wants to have a good time.