March 5, 2025 • 34 mins
Dive into the world of home ownership in this episode, where we sit down with Emily Wallace, a leading buyer's advocate, to uncover the ins and outs of buying your first home. From understanding financial prerequisites to assembling your vital team of real estate professionals, she shares invaluable advice that will prepare you for the journey ahead. Emily highlights the realities first-time buyers face, including the major barriers to entry like saving for deposits amidst soaring property prices.
With her wealth of experience, Emily provides firsthand insight on how to navigate the often overwhelming house-hunting process and dispels myths surrounding mortgage brokers and real estate agents. She emphasizes putting together a support network that can help inform pivotal decisions, guiding you through the plethora of legal and procedural requirements that can bog down the unprepared buyer.
The discussion touches upon the importance of conducting thorough inspections and the critical knowledge gaps many first-time buyers have. With actionable tips on budgeting, Emily stresses the core principle of taking quick action in your property journey. This episode not only prepares you to avoid common pitfalls but also inspires confidence in your buying process. Join us for an engaging conversation that empowers you to make informed decisions that bring you closer to homeownership. Don't forget to subscribe and share this episode with someone looking to step into the world of owning their first home!
DISCLAIMER:
The information in this podcast is general in nature and does not constitute personal financial advice. It does not take into account your individual objectives, financial situation, or needs. Always consider whether the information is appropriate for you and seek advice from a qualified professional before making financial decisions.
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Disclaimer:
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:14):
Welcome back to another episode of the Finance
Bible Podcast.
Speaker 2 (00:18):
Zeke here and your co-host Oscar.
But before we get into it,please note that nothing in this
podcast should ever beconsidered as personal financial
advice, Of course, if that iswhat you are seeking reach out.
Speaker 1 (00:31):
We'll get you in touch with the correct
professionals get the job doneproperly.
Speaker 2 (00:34):
Sit back, relax and enjoy the show.
Speaker 1 (00:37):
Let's get into it.
And welcome back to anotherepisode of the Finance Model
Podcast.
Today we're joined with EmilyWallace, Oscar Don, as usual,
and we're going to be talkingabout something a little bit
different today, more in termsof first home buyers, how to get
into it, what to look out forand that kind of thing.
Emily, welcome to the show.
Speaker 3 (00:57):
Thanks, thanks for having me.
I'm really excited to talkabout this topic.
Speaker 1 (01:01):
No problem, Oscar, let's just jump straight into it
and start shooting somequestions.
Get a bit of expertise flowing.
Take the stage.
Speaker 2 (01:09):
So, emily, a few of our listeners have an idea of
yourself with your Instagrampage and your podcast and
everything like that, so you'refairly popular in the actual
property industry.
But for those who don't knowmuch about you, do you just want
to give like a 30-secondexplanation of who you are and
what you do?
Speaker 3 (01:29):
Yeah for sure.
So my name is Emily Wallace.
I'm a buyer's advocate based inMelbourne and basically I only
work on the buying side of realestate.
So I help first and family homebuyers to secure their next
home.
We don't do any investmentpurchases, just strictly home
buying and home ownership, andwe do that through having really
(01:50):
good agent connections to makesure our clients are getting
great access to properties butalso being advised as to the
maximum price to pay for theproperty as well, so they're not
overpaying in any situation.
Speaker 1 (01:58):
Understood, and how did you sort of first decide to
go into that kind of industry?
Speaker 3 (02:04):
It's a great question .
A lot of people will say theyfell into real estate and I
don't know if I actually fellinto it.
I did want to get into itbecause it was more of a
deliberate decision rather thanjust getting a job somewhere and
going with it.
I actually didn't know what abuyer's advocate or a buyer's
agent was until I went throughmy own purchase and I did that
(02:24):
myself and I really enjoyed theprocess and then I started to
upskill and learn more aboutwhat a BA, the role of a BA and
how it was a growing industryand the biggest thing I noticed
was so many were investmentfocused and so many were for
really big purchases as well,but there was no one really
owning the space of that sort ofunder two mil entry-level
(02:46):
purchases, particularly under amil as well in Melbourne and
educating buyers on how to buy.
So with an education backgroundmy background's actually in
primary school teaching I'vereally tried to give you know
resources and help people,especially online, not just our
clients to buy better, andthat's sort of where my passion
(03:07):
lies is property marrying,teaching really.
Speaker 1 (03:10):
Yeah, that makes perfect sense.
You spot on that huge gap inthe market in terms of buyers,
agents and sort of alwaysfocusing on investing, and then
you get people who are like youknow what about the people
trying to get into their homes?
What sort of problems do theyencounter?
And I've just recently helped aclient do the exact same thing
and the amount of problems theyrun into.
(03:31):
Like they're not as well-versedin terms of they haven't
already got a home and sothey're not familiar with the
whole buying process.
They don't know what partiesare involved.
Do you want to talk a littlebit about, like, what's actually
involved in the process and whoyou need to have in your corner
to sort of help with that kindof thing?
Speaker 3 (03:49):
Yeah, absolutely, and there's a lot of you know names
and acronyms and terms that arethrown around that first-time
buyers just don't understand.
The most common one which Ieven got confused myself when I
bought my first home wasconveyancer and surveyor.
Those two things just sound thesame.
They're not the same.
But starting at the start withyour finance, so definitely
getting a mortgage broker onboard and assessing your
(04:09):
financial requirements andputting it to a bank and getting
a pre-approval is like thenumber one person in the first
stop.
In my opinion, if you havesomething that's a bit more
complex, maybe an accountantneeds to be involved.
If you're a business ownertrying to get finance for a home
as well.
But generally speaking,mortgage broker first.
Then really the people you'regoing to be encountering on this
journey.
You're going to see a lot ofreal estate agents.
(04:31):
If you're going it alone,without a buyer's advocate, and
you are buying solo as afirst-home buyer, you're going
to be interacting with realestate agents.
They hold the keys to all theproperties.
They let you through the door.
Just remember.
They work for the vendor, theydon't work for the buyer.
So really keep that in mind.
So you'll come across them atOpens and the properties,
naturally.
And then your other key playersin your A-team would be your
(04:54):
conveyancer or solicitor, sothey review the paperwork you're
going to sign to enter into thecontract of buying your
property, and then your buildingand pest inspector, should you
choose to use one so to assessthe property from a structural
point of view.
Is it sound?
Is it something you should bebuying?
Doing your due diligence inthat way, they're the key sort
of stakeholders in the journey.
(05:14):
Um, I mentioned, you know,conveyance, a surveyor.
Surveyors aren't really usedunless it's land like they.
They measure out and make surea title matches what it says
it's going to be, but I wouldn'tsay they're commonly used in
purchases that I've made.
Speaker 1 (05:29):
Yeah, absolutely Existing property is no real
need for a surveyor.
Speaker 2 (05:34):
Yeah, correct.
At the moment, like obviously,interest rates have just dropped
down.
Obviously, in Melbourne, whereyou're based out of, prices are
still.
You know it's quite expensiveto get a house in Melbourne for
your first home buyer.
I guess for first home buyerswhat's the number one hurdle
you're seeing them face?
Is it just education in general, or is it more of like you know
(05:57):
their deposit levels?
What are you finding when youspeak to individuals coming to
you for the first time?
Speaker 3 (06:05):
Yeah, look, I think that the biggest hurdle is
saving for the deposit.
Like if so many people say tome, like I've got serviceability
, you know, I pay my partner andI pay $800 a week in rent.
We can cover the mortgagerepayments, we're fine with that
, but we can't be renting andsaving for the deposit at the
same time.
It just doesn't work.
And so a lot of people.
The biggest hurdle is thatthose cash funds available to
(06:26):
get in.
Now, obviously different stateshave different schemes to lower
the deposit, but there arequalifying criteria for that.
And then obviously you knowexemptions of lenders mortgage
insurance for certainprofessions that can go with a
10% deposit, but even still,there's still a large majority
who will either need a 20%deposit or a 10% deposit and
(06:47):
have to pay lenders mortgageinsurance, and that is the
biggest barrier to getting intothe property market.
Not to mention, on top of that,you've got to account for your
stamp duty and I'm very, verypassionate about the stamp duty
being changed.
The thresholds, I know, do notreflect first-time buyer
territory anymore.
I know on your show previouslyyou had John Pigeon, who I
(07:11):
co-host with on another podcastand we were chatting about this
recently.
Being like this is ridiculous.
We both got very passionateabout the stamp duty thresholds,
but that is a huge barrier.
I'm sure you see it as well.
It's a massive barrier to buyproperty.
Oh yeah, because you've got to.
They're a bit greedy thosegovernments?
Speaker 2 (07:29):
They are.
They are indeed.
Well, yeah, that makes completesense and I guess for anyone
listening who's wanting to buy afirst home, what are your main
tips?
Tips of the trade when youspeak to someone, even you know
they may not have a depositready.
You tips of the trade when youspeak to someone, even you know
they may not have a depositready, you know, maybe they're
aiming for it in six months'time.
What would you say?
(07:49):
Like the necessity of whatthey've got to do?
Speaker 3 (07:52):
the main things Look, I think the biggest thing is to
understand yes, you haveborrowing capacity, but you're
also an effector in yourrepayments.
A lot of people focus on, like,the purchase price or the
actual loan amount, but it'slike what does that translate to
monthly, fortnightly, weeklyfor you in terms of outgoings
and how does it impact yourlifestyle?
You don't want to be tied to amortgage and feel like you have
(08:15):
to spend every day in your homebecause you're paying so much
for it and you can't have aholiday and you can't, you know,
enjoy your life.
So I think, as a starting point, like really assessing what is
affordable, despite what thebanks tell me I can borrow, what
am I comfortable with?
And then I think it's knowingthat figure and working out okay
, what does that look like inthe areas that I want to buy in?
Am I being realistic in wantingto buy a house or am I more of
(08:37):
a townhouse buyer?
Doing research on sold data goesa long way, making sure that
you're aware of what propertieshave sold for, so that when
you're ready to enter the marketand maybe you're a listener
just thinking about, I want tobuy a house, you know, maybe
this year.
Start your research, startmonitoring properties what were
they listed for versus what theysold for or what you thought
they were going to sell for?
And you can never do too mucheducation on getting to know the
(09:00):
market, because that's whatprofessionals do, you know.
We have years upon years ofdata, knowing what something is
worth as a first-time buyerentering the market.
To bring yourself up to speed,create a little spreadsheet
track listing price, sold price,your prediction, and try and
get the gap between yourprediction and the actual sold
price as small as possible, sothat will show how much
(09:20):
knowledge you have in the market.
Speaker 1 (09:22):
Yeah, and even just going into open homes in the
area that you're looking at,having a look around, getting to
know the agents and just seeingwhat it's actually like inside
the different discussions goingon, and get a bit of insider
knowledge in terms of that aswell, would help a lot.
Speaker 3 (09:37):
Absolutely, it's all exposure right and being known
to the agents in the area thatyou want to buy in, like
building those relationships, isintegral in making sure that
you have a smooth process as abuyer as well.
Speaker 1 (09:47):
Yeah, big time.
We've got a lot of listenersactually that are sort of at
that point in time where they'vegot a good job, they're out of
uni or they're out of theirtrade, whatever it was that they
decided to do and they're nowat the point where they've got
maybe $45,000, $50,000 saved upor within that range, give or
take $10,000.
(10:08):
Good income.
So the servicing is there interms of what they can actually
borrow, but the deposit levelstill isn't quite there.
What sort of things can they doto try to boost that, or is it
something that they should bethinking about earlier?
Yeah, what's your opinion onthat?
Speaker 3 (10:27):
I think it's making the sacrifice in the meantime.
So there's quite a few peopleI've spoken to that have gone
and moved back in with mum anddad for a year.
If they have the luxury of doingso and thrown everything into
savings Like it's just as muchas we can, we're not paying
exorbitant amount for rent to be, you know, right near the city
Like we're actually sucking itup.
Like we're actually sucking itup.
(10:50):
We are living back with mum anddad or mum or dad or a family
member of some sort at a reducedrent and that you know has been
able to, has helped people tobe able to boost their savings.
There might be a case where youdo go into a share house for a
period of time, you know, andyou are paying, you know, under
200 bucks a week for a room tojust, you know, boost that
savings account.
Some people have taken onadditional jobs, you know, like
(11:14):
a weekend job, for some extraincome.
I think trying to maximize yourincome and then maximize your
savings rate is a real art, butit really does require sacrifice
of short-term pain forlong-term gain.
I just don't know that if peopleare really into following what
society says they should do andfollow Instagram and TikTok of
everyone living their best life-it can be really hard to go.
(11:36):
Well, I'm not at that stage,but actually you're probably
better off sacrificing whileyou're young to then springboard
you into wealth as you growolder.
Speaker 2 (11:45):
Yeah, completely.
Speaker 3 (11:47):
Absolutely.
I believe in that.
Speaker 2 (11:51):
And it comes down to as what's important to yourself.
Like other people want to getahead earlier in their 20s or
early 30s, while others don'treally care.
But you know, zeke and I are ofthe opinion that the earlier
the better.
So for yourself, like, why doyou think purchasing a first
home or investing in your firsthome is so important earlier in
(12:12):
your life?
Speaker 3 (12:13):
Yeah, I mean, even from my own personal experience
right, put the buyer's advocatehat off for a second and just as
a person, I bought my firstproperty at 23 as an investment
property and got into theproperty market and have
subsequently bought furtherproperties.
I would not have been able todo that if I didn't get in when
I did bought further properties.
I would not have been able todo that if I didn't get in when
I did.
And so I think getting in isreally important, but getting in
(12:36):
with the right asset typeWhether you do decide to rent,
vest and your first property isan investment, or you are buying
your first home knowing thatit's something that can
springboard you into somethingbigger, it might be, you know,
the case of worst house on beststreet and you are undergoing a
renovation or upgrade over time.
It might be that you're gettinga unit in a blue chip area
rather than a house much furtherout, because we know location
(12:58):
helps property grow in price.
I think it's really strict.
You have to be very strategicwith your first purchase, but I
do think the focus of getting in, building up that equity to be
able to springboard you into thenext thing, is really important
.
But I also on the flip side,you know, sort of in the same
breath, say you do have to liveyour life.
You know there is a balance.
(13:18):
Some people go a bit toohardcore, but you know they have
big goals and they know whatthey have to do to get there.
Speaker 1 (13:24):
Yeah, yeah, we all know one of them, the ones that
won't even have a single beer ona Friday night.
Yeah, but yeah, no, you'reexactly right.
Like whether it is aninvestment property or a home,
because I did the same as you Ibought an investment property
early mornings and then fromthere, we all know where we are
now.
But in terms of trying tofigure out what you want to do,
(13:48):
I've seen it work in manydifferent ways.
You'd be the same, oscar's thesame.
Some people will go for a homebecause their lifestyle needs
that first, and then they'llkind of build that, get some
equity, start paying it off,while they then leverage into an
investment and then, if you doit the other way, you do it the
other way.
It's just depending on yourlifestyle.
Yeah, it all works.
It's just a matter of gettingin, as you say.
Speaker 3 (14:10):
Yeah, and risk appetite as well.
You know, it depends how muchyou want to put in.
Are you putting all your?
eggs in one basket, like are youwilling to be high risk while
you have no dependents?
And it's just you know, youwith a good income, or maybe you
and a partner with a greatincome.
So yeah, I think things becomemore challenging when you do
have dependents, when you haveschool zones, when you have, you
know, a lot more expenses asyou do potentially grow a family
(14:31):
.
So the benefit of doing itwhile you're young is you've got
a lot less at stake, I guesswhen you do go to invest.
Speaker 2 (14:39):
Yeah, and the hardest bit is saving for that deposit.
Because once you've saved forthat initial deposit, ideally,
if you do it correctly, the nextdeposit will come from the
equity in the properties.
So just getting that firstsavings we tell you know, we
talk about in our podcast quitefrequently that's the hardest
bit.
But once that's done and youspeak with a professional and
(15:01):
you got into a good property,it's generally pretty smooth
sailing from there.
Speaker 3 (15:06):
Yeah, indeed, it's so it's.
Yeah, it's just that getting init makes it.
Yeah, once you're in, you'reset, but it's just getting to
that milestone.
Speaker 1 (15:14):
You brought up a really good point earlier about
beauty and pest inspections andprofessionals to have in your
corner.
A lot of people that I've metdon't fully understand the point
of them and they're trying tosave $1,000 or $800 on a
property report because theydon't understand what can go
wrong.
I just want to get your opinionon it because we've had many,
(15:36):
many clients who even just anexample with Oscar recently
buying a property we knew therewas some form of termite damage.
We just didn't know how much topay for hefty inspections and
whatnot Negotiated the pricedown like 50, 60 grand and ended
up winning out of it.
But there's so many littlethings that can go wrong or that
(15:56):
you just don't know about, evenwhether it's like the roofing
sheets or the ceiling startingto sag or something.
In your experience, are youpretty much trying to get
everyone to commit to doing abuilding and pest inspection?
Speaker 3 (16:10):
Yeah, it's a great question, and unless you are a
building and pest inspectoryourself, you couldn't possibly
know what goes on.
And even to me it's notsufficient to be like, oh, my
dad's a builder, so you know,I'll get him to have his eyes
over it.
It's like that's not.
Speaker 1 (16:23):
And also it doesn't stand up.
Speaker 3 (16:25):
It does Like dad, uncle, someone that you know.
I think the issue with that islike in order to withdraw from a
contract it needs to be aproper report by a registered
builder and it has to have majordefect listed on that report,
so you can't actually rely onjust a family member going
through.
We had one just two weeks ago.
The client actually decided todo the building and pest before
(16:48):
placing an offer even though youcan usually place an offer and
then get it done because theythought that if they found a
couple of things it might reducehow much they want to offer on
the property.
Was kind of the gut feel of itanyway, there were some things
that we were expecting, likewear and tear, but we weren't
expecting to find rising damp inthe property, all around the
(17:08):
perimeter of the property andbasically like it was an
extremely difficult fix,potentially actually not fixable
.
It was beyond sort of taking iton and so I couldn't have known
that.
Because I'm not a buildingperson inspector, they
definitely didn't know that and,yes, it would have flagged as a
major structural defect if wewent through with the contract.
But to even just avoid gettinginto a contract at all, you know
(17:30):
, sometimes is beneficial.
So I think people underestimatethe value of them.
Some people are like, oh,they're too surface level and
you know like I don't think theycan really deep dive enough for
me to know.
But it's more about collating alist of things that you need to
look into further andclarifying items that come up on
it.
I would say like, so it's atour client's discretion if they
want to get one or not.
(17:50):
We have contacts, you know, toget them done.
I advise them in certainsituations like we really need
to get one on this, like I canjust tell there's potentially
something wrong with it.
But I would say it's probably70%, get it done and 30%,
particularly they've beenthrough the ringer with a couple
of, you know, differentproperties.
Are like ah, I've seen it allbefore, it'll be fine.
And like, okay, well, that'syour, that's your choice, you
know but if it were me buying,I'd get one.
(18:16):
It's just like a road worthy fora car like you just wouldn't
buy a car that knowing that itgoes fine by.
You know someone who'scertified to say that that is
the case.
So yeah, I definitely um wouldhighly encourage people to
consider them for sure yeah,yeah, and state by state it will
vary as well.
Speaker 1 (18:31):
There's a contract law in every state for listeners
out there, so you know in.
WA you really need that majorstructural defect, whereas in
Queensland you might not needthat.
You can just have subject tobuilding and pest 14 days and
then you know you can prettymuch pull out of anything based
on that.
So know your state as well, andthat's when the other partner
(18:52):
you brought up, the conveyanceror solicitor, um yes, comes in
and you need to work with themand understand what offer you're
putting forward, what yourrights are, what you can and
can't do, um.
And then ultimately, if thereis a negotiation or the subject
finance or subject to building apest, you can get it done.
Speaker 3 (19:10):
Yeah, absolutely yeah .
It's certainly a prettyintegral part of the process of
making sure you have the rightpeople on board is very
important.
Speaker 1 (19:20):
Is there anything out there that you've run into in
doing this that you just never,ever would have expected to be
like a problem, or, I think,just something that's completely
shocked you, that you knowpeople might take value out of?
Speaker 3 (19:38):
Nothing to shock.
Oh, actually, yes, there wasone.
There is one that I recall fromthe notion of building and pest
right.
Pre-auction we looked at thisproperty and it had a brand new
renovation, probably like sixmonths old.
This reno looked amazing, verypopular area, very popular
property, and my building andpest inspector went through and
(19:59):
he basically said the entirebathroom needs to be ripped out,
the waterproofing has failedand the stumps under the house
are actually wet because thewater has gone that's gone
through the subfloor into thestumps under the house are
actually wet because the waterhas gone that's gone through the
subfloor into the stumps andthe soil at the base of the
stumps is wet.
I have never seen anything likeit.
And my heart sank when I saw theproperty sell.
It was a very competitiveauction.
(20:19):
We obviously weren't in it atall Like we were like nah, we're
out.
Yeah, I saw it sell to a youngcouple and I was like you guys
have no idea, like you've justspent.
They spent well over the quote,right, I think we're like 100k
over what it was quoted ascompetitive auction.
Three bidders, young, firsttime by a couple buy it.
And I'm like you clearly didn'tget it done and you know you're
(20:44):
gonna have severe mold issuesand need to rip up that bathroom
and that's not a cheap thing todo.
Speaker 1 (20:49):
Yeah, that's a bit of money.
Speaker 3 (20:51):
Yeah, so definitely.
Just because something'srenovated or recently done
doesn't mean that that qualifiesit as oh, it'll be fine, no,
get it checked.
Absolutely get it checked.
Speaker 2 (21:01):
And that's why it's so important having a dream team
in your corner.
Like, for example, you know ifthey go to Wallace Advocates you
Like, for example, you know ifthey go to Wallace.
Advocates, you'd be able toguide them in the direction of
(21:22):
the licensed building pestinspectors.
Just to you know, just to givethem an ease of mind.
For example, now when you'relooking at properties, what's
the like?
Do you have is it moreestablished dwellings?
Do you do house and landpackages Like what's the main?
Like do you have, is it moreestablished dwellings?
Do you do house and landpackages Like what's the main?
Is it just established?
Speaker 3 (21:38):
And if so, why do you think established is the way to
go?
Yeah, it is just established.
We have helped people by.
Technically they're off theplan because it's the first time
it's been sold but atcompletion stage.
So we've never entered into acontract where the building
hasn't commenced or is like morethan three months off being
finished and titled, and so wedon't do house and land as in
like Greenfield Estatespurchases.
(21:59):
We just don't.
We're in Metro Melbourne so wejust don't even go out that far.
But, like you know, newer styletownhouses or apartments in
newer complexes we have boughtbut we have been able to walk
through.
Maybe all that's missing islike the appliances going in or
something like that.
The reason we go withestablished is the areas that we
(22:20):
buy and typically haveestablished dwellings, so
there's not that muchconstruction going on because
the land's so expensive.
But also you know what you'regetting and you've got track
record of that property.
You can see, you know what youwould expect with it in a new
build as a bit of unknown.
But also a lot of these newerbuilds are given to investment
groups to sell to potentiallyoverseas investors, and so you
(22:43):
end up with a block full ofrentals or airbnbs, and it can
be a really disruptive livingenvironment to be part of.
So that's probably one of theit's not so much the build, it's
actually the, the nature of theblock that I would be, you know
, potentially avoiding yeah,that makes sense.
Speaker 1 (22:58):
and also, on a completely different note, in
terms of dealing with agents,how do you because some agents
are really good at their job,some are very gung-ho, some are
really trying to push a salebecause they work for the vendor
and not the buyer how do youhandle that?
(23:19):
And what advice do you have forpeople that are kind of out
there their first time.
They might not be using abuyer's agent and they've got a
I don't real estate agent tryingto push a sale that might not
necessarily be in their bestinterest?
Speaker 3 (23:33):
Yeah, I always say to people if you're not paying,
you're not the client.
So the agent's paid out of thesale proceeds from a property by
the vendor.
You know the vendor pays them.
So I'd be very skeptical ofanybody who you're not paying
for advice or you're notengaging for a service.
Nothing in this world is free.
So when you're dealing withagents and we do deal with a
very big array of agents, givenwe buy a lot of quality property
(23:58):
in certain areas we do see thesame agents over and over again
and if they've been longstandingin the industry they're
typically good operators.
Like bad operators really don'tlast very long anymore.
But if you're a buyer going italone, I wouldn't take the
agent's word as gospel.
I'm not saying that they'relying, but what I would say is
they're probably not telling thewhole truth.
(24:19):
They're not going to tell youall the bad things about the
property, because that won'thelp the property to sell and
they're not working in your bestinterest.
So do your own research, doyour own due diligence,
particularly around comparablesales of the property in
question, and make sure youunderstand your values.
But getting the contractreviewed, getting the building
and pest inspection done,speaking to the neighbours.
If you can, that would be areally good one.
Speaking to some neighbours whomight be in the street or in
(24:41):
the block that you're looking tobuy in.
But dealing with agents, it's atricky one.
I do feel really sorry forbuyers going alone, because the
relationship with a buyer'sadvocate to an agent's very
different to the general publicto an agent.
Um, we get a much better levelof service because we're repeat.
Speaker 2 (24:57):
You know clients quote, unquote, um, but yeah, be
very cautious is what I wouldsay that's a good word another
um another off-topic questionlike we're putting property
aside for a little bit talkingabout, like, personal branding,
because obviously in today's dayand age, personal branding is
(25:18):
becoming more and more popular.
Like for yourself, I believeyou've got around 13,000
followers on Instagram and23,000 on TikTok.
Like from your point of view,why is personal branding so
important, like in today's dayand age?
Speaker 3 (25:37):
Yeah, it's become a real thing.
Hey, like I think there isstill place for company brand
and I do, like I follow TikTokaccounts that do have company
brands mainly e-commerce brandswhere it's like behind the
scenes of the company.
But look personal brand,particularly in an industry like
real estate or finance andbroking and even law.
(26:00):
I've actually noticed a coupleof lawyers doing some great
personal branding recently.
It positions you as an expertand the opportunities that come
to you when you are seen to bean expert by sharing information
and insights really can helpleverage your career and I think
for young people listening tothis, you know if you are in an
industry and you want to standout, I think focusing on your
(26:21):
personal brand and what youbring to the table is really
important, whether you haveaspirations to be a business
owner or not.
Like there are.
I'm not sure if you heard theterm of intrapreneur, but
basically it's an entrepreneurwithin a business and you know
they are a thought leader withinthat space.
Documenting you know day in thelife, documenting common
questions that you get askedwhat's the insight of what you
(26:44):
do and what makes you good at it.
I think can be a great way tobuild personal brand and then
the opportunities come quitequickly.
It's amazing media really usetiktok and instagram to scout
stories now.
So being approached by themedia is not uncommon now for me
.
Um, because it's a relevantstory or a relevant topic and
they're like oh, I saw yourtiktok about that, can we
(27:04):
discuss that more?
What a great way for people toget exposure, you know um by
free content yeah, yeah,seriously free content.
Speaker 2 (27:12):
And then all of a sudden you've got first home
buyers replying to you, hittingyou up, and then you're helping
them get into a property.
Speaker 3 (27:19):
Yeah, exactly, it's definitely helped the business
grow.
Most of our business does comefrom TikTok now, but I've never
really once said, hey, come andwork with us.
This is what we can do to helpyou.
I've actually just told people,or shown people, what we do not
told them to.
You know, deliberately use usas such.
Speaker 2 (27:35):
It's all about edge.
Speaker 1 (27:38):
Personal branding now is becoming probably actually
bigger than normal companybranding.
Like, if you look at all theadvertising and stuff you see on
TV now or even on Instagram,whatever it is, all of it is
some kind of person with a hugepersonal brand doing that for a
company.
So even if it's Kendall Jennerdoing some kind of clothing
(27:58):
shoot or whatever it is evenjust product placement with your
personal brand and you'rebringing viewers in, you have
that product there.
Logan Paul, for example, he'sobviously got a huge following.
And then Prime, he justobviously got a huge following.
And then Prime, he just hasthat everywhere that he is and
the branding of him is thenshown through that and it's just
(28:27):
such a big market now, peoplefollowing a person to get
exposure to companies Massive,yeah.
Speaker 3 (28:28):
And because people can relate to a person, it's
very hard to relate to a brand.
How do you be like?
oh yeah, that feels like me,it's very hard to do that,
whereas you're like, oh, youknow that person that I follow,
they are in the same area as meor you know they're the same age
as me.
They have kids like I influenceto.
You know potentially buy thingsthat they also use.
You know, for girls it's likeskincare and makeup and dresses
(28:58):
and you know that sort of stuff.
It's very easy for influencersto sell that stuff because you
know we see each other in.
You know we see ourselves inother people online.
Speaker 2 (29:09):
And for personal brands or individuals who you
know are kind of like they're ina good industry, let's say real
estate, for example, andthey're a bit nervous of just
getting themselves out there,cause I know a lot of people are
, um, what like what would yousay?
Cause obviously you've done itand you've done it well, because
you've got a good following andyou're pretty consistent as
well, from what we can see.
(29:29):
Like what would you?
Speaker 3 (29:35):
what advice would you give them if they're wanting to
do it?
Someone asked a similarquestion.
I was on a panel talking aboutsocial media recently and the
first thing I blurted out, justwithout thinking I was like just
get over yourself.
And it is true, like honestly,just get over yourself.
Like, okay, if you are nervousand you feel like you don't
present well on camera, filmyourself over and over again.
Don't post it anywhere.
Just get in the habit offilming yourself.
Don't make your first video ofyourself be the one that you
(29:58):
post like do some practice.
You know you don't um like, doa swimming race and the first
time you're racing is the firsttime you're swimming.
You train and you practice andyou know, behind closed doors do
all that and then you go to therace.
So, um, yeah, if you're nervous, practice, but also no one will
care as much as you do when youpost something online like
you'll pick yourself apart left,right and center.
(30:20):
There's things that you'llnotice that no one else will,
and if you're adding value,people can't come for you.
I don't get a lot of hatebecause I actually don't post
things that people can hate on.
I post fact, I talk abouteducation and I'm factual in my
approach to what I put out.
I'm not controversial, I don'tput opinions out there.
It's all really factual and soI actually don't get hate.
(30:43):
People are worried of postingbecause of hate.
It's like if you actually focuson the right thing to post,
then you won't get hate.
Just avoid it altogether.
The right thing to post, thenyou won't get hate.
Speaker 1 (30:50):
Just avoid it altogether.
Oscar and I were actually withEthan Donati a couple of weeks
back and we saw a conversationbetween him and someone that was
actually really eye-opening.
It was a funny opinion.
So he's like super introverted,obviously, yes, but he was
talking to someone about whythey weren't putting stuff out
there and they just said oh, youknow, I don't want to get
(31:13):
judged.
And this specific example waswe're in a room full of people
and he didn't want to hold themicrophone and talk because he
thought people would judge him.
And Ethan was like but eitherway, like they're all thinking
something right now anyway, likethey're all judging you
regardless of if you dosomething or don't do something.
They're going to have thoughtyou don't know their thoughts
and it doesn't have any impact.
(31:34):
So why do you actually care?
And he was like oh yeah, true.
And then I was just sittingthere and I was thinking I am
judging harder now for not doingit than I would have been if
you just did it, because thenwe're thinking about it.
So yeah, just do it, yeah, justdo it.
Speaker 3 (31:49):
Yeah, it's that thing of inaction that actually makes
it worse.
Just do it.
Just do it.
Your life won't be over if youpost a video that people don't
like, you know yeah absolutely,and do you have any final tips?
Speaker 1 (32:04):
It can be related to anything, anything finance-based
, anything branding-based,business-based.
Just a final tip for anyone outthere, or a lesson that you've
learned somewhere along the waythat you think would be valuable
to share.
Speaker 3 (32:17):
Yeah, I think it's applicable across quite a few
things, whether it is business,personal, brand or buying
property or investing.
The only thing people usuallysay is that they wish they did
something sooner, like it's notusually when people do something
for the first time that I go oh, I should have waited a bit
longer, like most of the timeit's like God, I wish I did this
sooner.
So just do it.
Like, just go and do it.
(32:38):
Stop sitting on your hands,stop making excuses or create
hurdles for yourself.
Like the people who are mostsuccessful, the best measure of
success, in my opinion, is thetime between the idea and the
execution of the idea.
The shorter that time, thehigher the success of that
individual.
Um, people who have great ideasand sit on them for the longest
time, like that's just what areyou doing that for, um?
(33:00):
So, yeah, I'm really big ontaking action.
I think you know it'sapplicable to pretty much
anything in life and I think if,um, you're sitting there going,
oh yeah, maybe I should do thatthing, like just go and do it,
just go and do it, just go anddo it.
What's the worst that canhappen?
Speaker 2 (33:12):
Yeah, no, I love that .
And for listeners out there whowant to get in touch with you
or follow you on Instagram orTikTok, what's the best way to
connect with you online?
Speaker 3 (33:24):
Yeah, for sure.
I'm probably most active onTikTok these days in terms of
like relevant property content.
If you just search EmilyWallace, I'm sure I'll pop up,
although I've been getting a lotof fake accounts recently
Everyone's been telling me Emilythere's this cat.
Speaker 2 (33:34):
Yeah, so I'm not offering you crypto.
It must mean you're doing agood job.
Then, if people are making fakeaccounts, Well, I hope so.
Speaker 3 (33:44):
Maybe that does mean something.
But yeah, don't accept anycrypto advice from me in your
DMs.
Apparently that's what they'redoing.
But anyway, if you search EmilyWallace across any socials,
you'll find me and WallaceAdvocates is the business.
If you search Google, you'llsee the team and myself and,
yeah, happy to help if we can.
Speaker 2 (34:00):
Awesome.
Speaker 1 (34:00):
Beautiful, excellent.
Well, thanks for your time.
We appreciate it.
It's worth something valuableout of that, so it's really
helpful for them.
Yeah, it's really helpful forthem.
Yeah, anyone that wants to talkto Emily reach out to her.
You've got her access now.
Or let us know and we can getyou in touch as well.
Speaker 3 (34:15):
Awesome.
Thanks for today.
It's been great to have a chat.
Speaker 2 (34:17):
No problem, thanks, emily.
Speaker 1 (34:19):
Pleasure.
We hope you enjoyed the episode.
Speaker 2 (34:21):
As always, we know exactly what to do Hit that
follow button, subscribewhatever platform you listen to
this podcast on.
Also share it to friends,families, co-workers, whoever
you think may benefit from it.
But unfortunately it's the endand we'll see you next week.
Welcome back to another episode of the Finance
Bible Podcast.
Speaker 2 (00:18):
Zeke here and your co-host Oscar.
But before we get into it,please note that nothing in this
podcast should ever beconsidered as personal financial
advice, Of course, if that iswhat you are seeking reach out.
Speaker 1 (00:31):
We'll get you in touch with the correct
professionals get the job doneproperly.
Speaker 2 (00:34):
Sit back, relax and enjoy the show.
Speaker 1 (00:37):
Let's get into it.
And welcome back to anotherepisode of the Finance Model
Podcast.
Today we're joined with EmilyWallace, Oscar Don, as usual,
and we're going to be talkingabout something a little bit
different today, more in termsof first home buyers, how to get
into it, what to look out forand that kind of thing.
Emily, welcome to the show.
Speaker 3 (00:57):
Thanks, thanks for having me.
I'm really excited to talkabout this topic.
Speaker 1 (01:01):
No problem, Oscar, let's just jump straight into it
and start shooting somequestions.
Get a bit of expertise flowing.
Take the stage.
Speaker 2 (01:09):
So, emily, a few of our listeners have an idea of
yourself with your Instagrampage and your podcast and
everything like that, so you'refairly popular in the actual
property industry.
But for those who don't knowmuch about you, do you just want
to give like a 30-secondexplanation of who you are and
what you do?
Speaker 3 (01:29):
Yeah for sure.
So my name is Emily Wallace.
I'm a buyer's advocate based inMelbourne and basically I only
work on the buying side of realestate.
So I help first and family homebuyers to secure their next
home.
We don't do any investmentpurchases, just strictly home
buying and home ownership, andwe do that through having really
(01:50):
good agent connections to makesure our clients are getting
great access to properties butalso being advised as to the
maximum price to pay for theproperty as well, so they're not
overpaying in any situation.
Speaker 1 (01:58):
Understood, and how did you sort of first decide to
go into that kind of industry?
Speaker 3 (02:04):
It's a great question .
A lot of people will say theyfell into real estate and I
don't know if I actually fellinto it.
I did want to get into itbecause it was more of a
deliberate decision rather thanjust getting a job somewhere and
going with it.
I actually didn't know what abuyer's advocate or a buyer's
agent was until I went throughmy own purchase and I did that
(02:24):
myself and I really enjoyed theprocess and then I started to
upskill and learn more aboutwhat a BA, the role of a BA and
how it was a growing industryand the biggest thing I noticed
was so many were investmentfocused and so many were for
really big purchases as well,but there was no one really
owning the space of that sort ofunder two mil entry-level
(02:46):
purchases, particularly under amil as well in Melbourne and
educating buyers on how to buy.
So with an education backgroundmy background's actually in
primary school teaching I'vereally tried to give you know
resources and help people,especially online, not just our
clients to buy better, andthat's sort of where my passion
(03:07):
lies is property marrying,teaching really.
Speaker 1 (03:10):
Yeah, that makes perfect sense.
You spot on that huge gap inthe market in terms of buyers,
agents and sort of alwaysfocusing on investing, and then
you get people who are like youknow what about the people
trying to get into their homes?
What sort of problems do theyencounter?
And I've just recently helped aclient do the exact same thing
and the amount of problems theyrun into.
(03:31):
Like they're not as well-versedin terms of they haven't
already got a home and sothey're not familiar with the
whole buying process.
They don't know what partiesare involved.
Do you want to talk a littlebit about, like, what's actually
involved in the process and whoyou need to have in your corner
to sort of help with that kindof thing?
Speaker 3 (03:49):
Yeah, absolutely, and there's a lot of you know names
and acronyms and terms that arethrown around that first-time
buyers just don't understand.
The most common one which Ieven got confused myself when I
bought my first home wasconveyancer and surveyor.
Those two things just sound thesame.
They're not the same.
But starting at the start withyour finance, so definitely
getting a mortgage broker onboard and assessing your
(04:09):
financial requirements andputting it to a bank and getting
a pre-approval is like thenumber one person in the first
stop.
In my opinion, if you havesomething that's a bit more
complex, maybe an accountantneeds to be involved.
If you're a business ownertrying to get finance for a home
as well.
But generally speaking,mortgage broker first.
Then really the people you'regoing to be encountering on this
journey.
You're going to see a lot ofreal estate agents.
(04:31):
If you're going it alone,without a buyer's advocate, and
you are buying solo as afirst-home buyer, you're going
to be interacting with realestate agents.
They hold the keys to all theproperties.
They let you through the door.
Just remember.
They work for the vendor, theydon't work for the buyer.
So really keep that in mind.
So you'll come across them atOpens and the properties,
naturally.
And then your other key playersin your A-team would be your
(04:54):
conveyancer or solicitor, sothey review the paperwork you're
going to sign to enter into thecontract of buying your
property, and then your buildingand pest inspector, should you
choose to use one so to assessthe property from a structural
point of view.
Is it sound?
Is it something you should bebuying?
Doing your due diligence inthat way, they're the key sort
of stakeholders in the journey.
(05:14):
Um, I mentioned, you know,conveyance, a surveyor.
Surveyors aren't really usedunless it's land like they.
They measure out and make surea title matches what it says
it's going to be, but I wouldn'tsay they're commonly used in
purchases that I've made.
Speaker 1 (05:29):
Yeah, absolutely Existing property is no real
need for a surveyor.
Speaker 2 (05:34):
Yeah, correct.
At the moment, like obviously,interest rates have just dropped
down.
Obviously, in Melbourne, whereyou're based out of, prices are
still.
You know it's quite expensiveto get a house in Melbourne for
your first home buyer.
I guess for first home buyerswhat's the number one hurdle
you're seeing them face?
Is it just education in general, or is it more of like you know
(05:57):
their deposit levels?
What are you finding when youspeak to individuals coming to
you for the first time?
Speaker 3 (06:05):
Yeah, look, I think that the biggest hurdle is
saving for the deposit.
Like if so many people say tome, like I've got serviceability
, you know, I pay my partner andI pay $800 a week in rent.
We can cover the mortgagerepayments, we're fine with that
, but we can't be renting andsaving for the deposit at the
same time.
It just doesn't work.
And so a lot of people.
The biggest hurdle is thatthose cash funds available to
(06:26):
get in.
Now, obviously different stateshave different schemes to lower
the deposit, but there arequalifying criteria for that.
And then obviously you knowexemptions of lenders mortgage
insurance for certainprofessions that can go with a
10% deposit, but even still,there's still a large majority
who will either need a 20%deposit or a 10% deposit and
(06:47):
have to pay lenders mortgageinsurance, and that is the
biggest barrier to getting intothe property market.
Not to mention, on top of that,you've got to account for your
stamp duty and I'm very, verypassionate about the stamp duty
being changed.
The thresholds, I know, do notreflect first-time buyer
territory anymore.
I know on your show previouslyyou had John Pigeon, who I
(07:11):
co-host with on another podcastand we were chatting about this
recently.
Being like this is ridiculous.
We both got very passionateabout the stamp duty thresholds,
but that is a huge barrier.
I'm sure you see it as well.
It's a massive barrier to buyproperty.
Oh yeah, because you've got to.
They're a bit greedy thosegovernments?
Speaker 2 (07:29):
They are.
They are indeed.
Well, yeah, that makes completesense and I guess for anyone
listening who's wanting to buy afirst home, what are your main
tips?
Tips of the trade when youspeak to someone, even you know
they may not have a depositready.
You tips of the trade when youspeak to someone, even you know
they may not have a depositready, you know, maybe they're
aiming for it in six months'time.
What would you say?
(07:49):
Like the necessity of whatthey've got to do?
Speaker 3 (07:52):
the main things Look, I think the biggest thing is to
understand yes, you haveborrowing capacity, but you're
also an effector in yourrepayments.
A lot of people focus on, like,the purchase price or the
actual loan amount, but it'slike what does that translate to
monthly, fortnightly, weeklyfor you in terms of outgoings
and how does it impact yourlifestyle?
You don't want to be tied to amortgage and feel like you have
(08:15):
to spend every day in your homebecause you're paying so much
for it and you can't have aholiday and you can't, you know,
enjoy your life.
So I think, as a starting point, like really assessing what is
affordable, despite what thebanks tell me I can borrow, what
am I comfortable with?
And then I think it's knowingthat figure and working out okay
, what does that look like inthe areas that I want to buy in?
Am I being realistic in wantingto buy a house or am I more of
(08:37):
a townhouse buyer?
Doing research on sold data goesa long way, making sure that
you're aware of what propertieshave sold for, so that when
you're ready to enter the marketand maybe you're a listener
just thinking about, I want tobuy a house, you know, maybe
this year.
Start your research, startmonitoring properties what were
they listed for versus what theysold for or what you thought
they were going to sell for?
And you can never do too mucheducation on getting to know the
(09:00):
market, because that's whatprofessionals do, you know.
We have years upon years ofdata, knowing what something is
worth as a first-time buyerentering the market.
To bring yourself up to speed,create a little spreadsheet
track listing price, sold price,your prediction, and try and
get the gap between yourprediction and the actual sold
price as small as possible, sothat will show how much
(09:20):
knowledge you have in the market.
Speaker 1 (09:22):
Yeah, and even just going into open homes in the
area that you're looking at,having a look around, getting to
know the agents and just seeingwhat it's actually like inside
the different discussions goingon, and get a bit of insider
knowledge in terms of that aswell, would help a lot.
Speaker 3 (09:37):
Absolutely, it's all exposure right and being known
to the agents in the area thatyou want to buy in, like
building those relationships, isintegral in making sure that
you have a smooth process as abuyer as well.
Speaker 1 (09:47):
Yeah, big time.
We've got a lot of listenersactually that are sort of at
that point in time where they'vegot a good job, they're out of
uni or they're out of theirtrade, whatever it was that they
decided to do and they're nowat the point where they've got
maybe $45,000, $50,000 saved upor within that range, give or
take $10,000.
(10:08):
Good income.
So the servicing is there interms of what they can actually
borrow, but the deposit levelstill isn't quite there.
What sort of things can they doto try to boost that, or is it
something that they should bethinking about earlier?
Yeah, what's your opinion onthat?
Speaker 3 (10:27):
I think it's making the sacrifice in the meantime.
So there's quite a few peopleI've spoken to that have gone
and moved back in with mum anddad for a year.
If they have the luxury of doingso and thrown everything into
savings Like it's just as muchas we can, we're not paying
exorbitant amount for rent to be, you know, right near the city
Like we're actually sucking itup.
Like we're actually sucking itup.
(10:50):
We are living back with mum anddad or mum or dad or a family
member of some sort at a reducedrent and that you know has been
able to, has helped people tobe able to boost their savings.
There might be a case where youdo go into a share house for a
period of time, you know, andyou are paying, you know, under
200 bucks a week for a room tojust, you know, boost that
savings account.
Some people have taken onadditional jobs, you know, like
(11:14):
a weekend job, for some extraincome.
I think trying to maximize yourincome and then maximize your
savings rate is a real art, butit really does require sacrifice
of short-term pain forlong-term gain.
I just don't know that if peopleare really into following what
society says they should do andfollow Instagram and TikTok of
everyone living their best life-it can be really hard to go.
(11:36):
Well, I'm not at that stage,but actually you're probably
better off sacrificing whileyou're young to then springboard
you into wealth as you growolder.
Speaker 2 (11:45):
Yeah, completely.
Speaker 3 (11:47):
Absolutely.
I believe in that.
Speaker 2 (11:51):
And it comes down to as what's important to yourself.
Like other people want to getahead earlier in their 20s or
early 30s, while others don'treally care.
But you know, zeke and I are ofthe opinion that the earlier
the better.
So for yourself, like, why doyou think purchasing a first
home or investing in your firsthome is so important earlier in
(12:12):
your life?
Speaker 3 (12:13):
Yeah, I mean, even from my own personal experience
right, put the buyer's advocatehat off for a second and just as
a person, I bought my firstproperty at 23 as an investment
property and got into theproperty market and have
subsequently bought furtherproperties.
I would not have been able todo that if I didn't get in when
I did bought further properties.
I would not have been able todo that if I didn't get in when
I did.
And so I think getting in isreally important, but getting in
(12:36):
with the right asset typeWhether you do decide to rent,
vest and your first property isan investment, or you are buying
your first home knowing thatit's something that can
springboard you into somethingbigger, it might be, you know,
the case of worst house on beststreet and you are undergoing a
renovation or upgrade over time.
It might be that you're gettinga unit in a blue chip area
rather than a house much furtherout, because we know location
(12:58):
helps property grow in price.
I think it's really strict.
You have to be very strategicwith your first purchase, but I
do think the focus of getting in, building up that equity to be
able to springboard you into thenext thing, is really important
.
But I also on the flip side,you know, sort of in the same
breath, say you do have to liveyour life.
You know there is a balance.
(13:18):
Some people go a bit toohardcore, but you know they have
big goals and they know whatthey have to do to get there.
Speaker 1 (13:24):
Yeah, yeah, we all know one of them, the ones that
won't even have a single beer ona Friday night.
Yeah, but yeah, no, you'reexactly right.
Like whether it is aninvestment property or a home,
because I did the same as you Ibought an investment property
early mornings and then fromthere, we all know where we are
now.
But in terms of trying tofigure out what you want to do,
(13:48):
I've seen it work in manydifferent ways.
You'd be the same, oscar's thesame.
Some people will go for a homebecause their lifestyle needs
that first, and then they'llkind of build that, get some
equity, start paying it off,while they then leverage into an
investment and then, if you doit the other way, you do it the
other way.
It's just depending on yourlifestyle.
Yeah, it all works.
It's just a matter of gettingin, as you say.
Speaker 3 (14:10):
Yeah, and risk appetite as well.
You know, it depends how muchyou want to put in.
Are you putting all your?
eggs in one basket, like are youwilling to be high risk while
you have no dependents?
And it's just you know, youwith a good income, or maybe you
and a partner with a greatincome.
So yeah, I think things becomemore challenging when you do
have dependents, when you haveschool zones, when you have, you
know, a lot more expenses asyou do potentially grow a family
(14:31):
.
So the benefit of doing itwhile you're young is you've got
a lot less at stake, I guesswhen you do go to invest.
Speaker 2 (14:39):
Yeah, and the hardest bit is saving for that deposit.
Because once you've saved forthat initial deposit, ideally,
if you do it correctly, the nextdeposit will come from the
equity in the properties.
So just getting that firstsavings we tell you know, we
talk about in our podcast quitefrequently that's the hardest
bit.
But once that's done and youspeak with a professional and
(15:01):
you got into a good property,it's generally pretty smooth
sailing from there.
Speaker 3 (15:06):
Yeah, indeed, it's so it's.
Yeah, it's just that getting init makes it.
Yeah, once you're in, you'reset, but it's just getting to
that milestone.
Speaker 1 (15:14):
You brought up a really good point earlier about
beauty and pest inspections andprofessionals to have in your
corner.
A lot of people that I've metdon't fully understand the point
of them and they're trying tosave $1,000 or $800 on a
property report because theydon't understand what can go
wrong.
I just want to get your opinionon it because we've had many,
(15:36):
many clients who even just anexample with Oscar recently
buying a property we knew therewas some form of termite damage.
We just didn't know how much topay for hefty inspections and
whatnot Negotiated the pricedown like 50, 60 grand and ended
up winning out of it.
But there's so many littlethings that can go wrong or that
(15:56):
you just don't know about, evenwhether it's like the roofing
sheets or the ceiling startingto sag or something.
In your experience, are youpretty much trying to get
everyone to commit to doing abuilding and pest inspection?
Speaker 3 (16:10):
Yeah, it's a great question, and unless you are a
building and pest inspectoryourself, you couldn't possibly
know what goes on.
And even to me it's notsufficient to be like, oh, my
dad's a builder, so you know,I'll get him to have his eyes
over it.
It's like that's not.
Speaker 1 (16:23):
And also it doesn't stand up.
Speaker 3 (16:25):
It does Like dad, uncle, someone that you know.
I think the issue with that islike in order to withdraw from a
contract it needs to be aproper report by a registered
builder and it has to have majordefect listed on that report,
so you can't actually rely onjust a family member going
through.
We had one just two weeks ago.
The client actually decided todo the building and pest before
(16:48):
placing an offer even though youcan usually place an offer and
then get it done because theythought that if they found a
couple of things it might reducehow much they want to offer on
the property.
Was kind of the gut feel of itanyway, there were some things
that we were expecting, likewear and tear, but we weren't
expecting to find rising damp inthe property, all around the
(17:08):
perimeter of the property andbasically like it was an
extremely difficult fix,potentially actually not fixable
.
It was beyond sort of taking iton and so I couldn't have known
that.
Because I'm not a buildingperson inspector, they
definitely didn't know that and,yes, it would have flagged as a
major structural defect if wewent through with the contract.
But to even just avoid gettinginto a contract at all, you know
(17:30):
, sometimes is beneficial.
So I think people underestimatethe value of them.
Some people are like, oh,they're too surface level and
you know like I don't think theycan really deep dive enough for
me to know.
But it's more about collating alist of things that you need to
look into further andclarifying items that come up on
it.
I would say like, so it's atour client's discretion if they
want to get one or not.
(17:50):
We have contacts, you know, toget them done.
I advise them in certainsituations like we really need
to get one on this, like I canjust tell there's potentially
something wrong with it.
But I would say it's probably70%, get it done and 30%,
particularly they've beenthrough the ringer with a couple
of, you know, differentproperties.
Are like ah, I've seen it allbefore, it'll be fine.
And like, okay, well, that'syour, that's your choice, you
know but if it were me buying,I'd get one.
(18:16):
It's just like a road worthy fora car like you just wouldn't
buy a car that knowing that itgoes fine by.
You know someone who'scertified to say that that is
the case.
So yeah, I definitely um wouldhighly encourage people to
consider them for sure yeah,yeah, and state by state it will
vary as well.
Speaker 1 (18:31):
There's a contract law in every state for listeners
out there, so you know in.
WA you really need that majorstructural defect, whereas in
Queensland you might not needthat.
You can just have subject tobuilding and pest 14 days and
then you know you can prettymuch pull out of anything based
on that.
So know your state as well, andthat's when the other partner
(18:52):
you brought up, the conveyanceror solicitor, um yes, comes in
and you need to work with themand understand what offer you're
putting forward, what yourrights are, what you can and
can't do, um.
And then ultimately, if thereis a negotiation or the subject
finance or subject to building apest, you can get it done.
Speaker 3 (19:10):
Yeah, absolutely yeah .
It's certainly a prettyintegral part of the process of
making sure you have the rightpeople on board is very
important.
Speaker 1 (19:20):
Is there anything out there that you've run into in
doing this that you just never,ever would have expected to be
like a problem, or, I think,just something that's completely
shocked you, that you knowpeople might take value out of?
Speaker 3 (19:38):
Nothing to shock.
Oh, actually, yes, there wasone.
There is one that I recall fromthe notion of building and pest
right.
Pre-auction we looked at thisproperty and it had a brand new
renovation, probably like sixmonths old.
This reno looked amazing, verypopular area, very popular
property, and my building andpest inspector went through and
(19:59):
he basically said the entirebathroom needs to be ripped out,
the waterproofing has failedand the stumps under the house
are actually wet because thewater has gone that's gone
through the subfloor into thestumps under the house are
actually wet because the waterhas gone that's gone through the
subfloor into the stumps andthe soil at the base of the
stumps is wet.
I have never seen anything likeit.
And my heart sank when I saw theproperty sell.
It was a very competitiveauction.
(20:19):
We obviously weren't in it atall Like we were like nah, we're
out.
Yeah, I saw it sell to a youngcouple and I was like you guys
have no idea, like you've justspent.
They spent well over the quote,right, I think we're like 100k
over what it was quoted ascompetitive auction.
Three bidders, young, firsttime by a couple buy it.
And I'm like you clearly didn'tget it done and you know you're
(20:44):
gonna have severe mold issuesand need to rip up that bathroom
and that's not a cheap thing todo.
Speaker 1 (20:49):
Yeah, that's a bit of money.
Speaker 3 (20:51):
Yeah, so definitely.
Just because something'srenovated or recently done
doesn't mean that that qualifiesit as oh, it'll be fine, no,
get it checked.
Absolutely get it checked.
Speaker 2 (21:01):
And that's why it's so important having a dream team
in your corner.
Like, for example, you know ifthey go to Wallace Advocates you
Like, for example, you know ifthey go to Wallace.
Advocates, you'd be able toguide them in the direction of
(21:22):
the licensed building pestinspectors.
Just to you know, just to givethem an ease of mind.
For example, now when you'relooking at properties, what's
the like?
Do you have is it moreestablished dwellings?
Do you do house and landpackages Like what's the main?
Like do you have, is it moreestablished dwellings?
Do you do house and landpackages Like what's the main?
Is it just established?
Speaker 3 (21:38):
And if so, why do you think established is the way to
go?
Yeah, it is just established.
We have helped people by.
Technically they're off theplan because it's the first time
it's been sold but atcompletion stage.
So we've never entered into acontract where the building
hasn't commenced or is like morethan three months off being
finished and titled, and so wedon't do house and land as in
like Greenfield Estatespurchases.
(21:59):
We just don't.
We're in Metro Melbourne so wejust don't even go out that far.
But, like you know, newer styletownhouses or apartments in
newer complexes we have boughtbut we have been able to walk
through.
Maybe all that's missing islike the appliances going in or
something like that.
The reason we go withestablished is the areas that we
(22:20):
buy and typically haveestablished dwellings, so
there's not that muchconstruction going on because
the land's so expensive.
But also you know what you'regetting and you've got track
record of that property.
You can see, you know what youwould expect with it in a new
build as a bit of unknown.
But also a lot of these newerbuilds are given to investment
groups to sell to potentiallyoverseas investors, and so you
(22:43):
end up with a block full ofrentals or airbnbs, and it can
be a really disruptive livingenvironment to be part of.
So that's probably one of theit's not so much the build, it's
actually the, the nature of theblock that I would be, you know
, potentially avoiding yeah,that makes sense.
Speaker 1 (22:58):
and also, on a completely different note, in
terms of dealing with agents,how do you because some agents
are really good at their job,some are very gung-ho, some are
really trying to push a salebecause they work for the vendor
and not the buyer how do youhandle that?
(23:19):
And what advice do you have forpeople that are kind of out
there their first time.
They might not be using abuyer's agent and they've got a
I don't real estate agent tryingto push a sale that might not
necessarily be in their bestinterest?
Speaker 3 (23:33):
Yeah, I always say to people if you're not paying,
you're not the client.
So the agent's paid out of thesale proceeds from a property by
the vendor.
You know the vendor pays them.
So I'd be very skeptical ofanybody who you're not paying
for advice or you're notengaging for a service.
Nothing in this world is free.
So when you're dealing withagents and we do deal with a
very big array of agents, givenwe buy a lot of quality property
(23:58):
in certain areas we do see thesame agents over and over again
and if they've been longstandingin the industry they're
typically good operators.
Like bad operators really don'tlast very long anymore.
But if you're a buyer going italone, I wouldn't take the
agent's word as gospel.
I'm not saying that they'relying, but what I would say is
they're probably not telling thewhole truth.
(24:19):
They're not going to tell youall the bad things about the
property, because that won'thelp the property to sell and
they're not working in your bestinterest.
So do your own research, doyour own due diligence,
particularly around comparablesales of the property in
question, and make sure youunderstand your values.
But getting the contractreviewed, getting the building
and pest inspection done,speaking to the neighbours.
If you can, that would be areally good one.
Speaking to some neighbours whomight be in the street or in
(24:41):
the block that you're looking tobuy in.
But dealing with agents, it's atricky one.
I do feel really sorry forbuyers going alone, because the
relationship with a buyer'sadvocate to an agent's very
different to the general publicto an agent.
Um, we get a much better levelof service because we're repeat.
Speaker 2 (24:57):
You know clients quote, unquote, um, but yeah, be
very cautious is what I wouldsay that's a good word another
um another off-topic questionlike we're putting property
aside for a little bit talkingabout, like, personal branding,
because obviously in today's dayand age, personal branding is
(25:18):
becoming more and more popular.
Like for yourself, I believeyou've got around 13,000
followers on Instagram and23,000 on TikTok.
Like from your point of view,why is personal branding so
important, like in today's dayand age?
Speaker 3 (25:37):
Yeah, it's become a real thing.
Hey, like I think there isstill place for company brand
and I do, like I follow TikTokaccounts that do have company
brands mainly e-commerce brandswhere it's like behind the
scenes of the company.
But look personal brand,particularly in an industry like
real estate or finance andbroking and even law.
(26:00):
I've actually noticed a coupleof lawyers doing some great
personal branding recently.
It positions you as an expertand the opportunities that come
to you when you are seen to bean expert by sharing information
and insights really can helpleverage your career and I think
for young people listening tothis, you know if you are in an
industry and you want to standout, I think focusing on your
(26:21):
personal brand and what youbring to the table is really
important, whether you haveaspirations to be a business
owner or not.
Like there are.
I'm not sure if you heard theterm of intrapreneur, but
basically it's an entrepreneurwithin a business and you know
they are a thought leader withinthat space.
Documenting you know day in thelife, documenting common
questions that you get askedwhat's the insight of what you
(26:44):
do and what makes you good at it.
I think can be a great way tobuild personal brand and then
the opportunities come quitequickly.
It's amazing media really usetiktok and instagram to scout
stories now.
So being approached by themedia is not uncommon now for me
.
Um, because it's a relevantstory or a relevant topic and
they're like oh, I saw yourtiktok about that, can we
(27:04):
discuss that more?
What a great way for people toget exposure, you know um by
free content yeah, yeah,seriously free content.
Speaker 2 (27:12):
And then all of a sudden you've got first home
buyers replying to you, hittingyou up, and then you're helping
them get into a property.
Speaker 3 (27:19):
Yeah, exactly, it's definitely helped the business
grow.
Most of our business does comefrom TikTok now, but I've never
really once said, hey, come andwork with us.
This is what we can do to helpyou.
I've actually just told people,or shown people, what we do not
told them to.
You know, deliberately use usas such.
Speaker 2 (27:35):
It's all about edge.
Speaker 1 (27:38):
Personal branding now is becoming probably actually
bigger than normal companybranding.
Like, if you look at all theadvertising and stuff you see on
TV now or even on Instagram,whatever it is, all of it is
some kind of person with a hugepersonal brand doing that for a
company.
So even if it's Kendall Jennerdoing some kind of clothing
(27:58):
shoot or whatever it is evenjust product placement with your
personal brand and you'rebringing viewers in, you have
that product there.
Logan Paul, for example, he'sobviously got a huge following.
And then Prime, he justobviously got a huge following.
And then Prime, he just hasthat everywhere that he is and
the branding of him is thenshown through that and it's just
(28:27):
such a big market now, peoplefollowing a person to get
exposure to companies Massive,yeah.
Speaker 3 (28:28):
And because people can relate to a person, it's
very hard to relate to a brand.
How do you be like?
oh yeah, that feels like me,it's very hard to do that,
whereas you're like, oh, youknow that person that I follow,
they are in the same area as meor you know they're the same age
as me.
They have kids like I influenceto.
You know potentially buy thingsthat they also use.
You know, for girls it's likeskincare and makeup and dresses
(28:58):
and you know that sort of stuff.
It's very easy for influencersto sell that stuff because you
know we see each other in.
You know we see ourselves inother people online.
Speaker 2 (29:09):
And for personal brands or individuals who you
know are kind of like they're ina good industry, let's say real
estate, for example, andthey're a bit nervous of just
getting themselves out there,cause I know a lot of people are
, um, what like what would yousay?
Cause obviously you've done itand you've done it well, because
you've got a good following andyou're pretty consistent as
well, from what we can see.
(29:29):
Like what would you?
Speaker 3 (29:35):
what advice would you give them if they're wanting to
do it?
Someone asked a similarquestion.
I was on a panel talking aboutsocial media recently and the
first thing I blurted out, justwithout thinking I was like just
get over yourself.
And it is true, like honestly,just get over yourself.
Like, okay, if you are nervousand you feel like you don't
present well on camera, filmyourself over and over again.
Don't post it anywhere.
Just get in the habit offilming yourself.
Don't make your first video ofyourself be the one that you
(29:58):
post like do some practice.
You know you don't um like, doa swimming race and the first
time you're racing is the firsttime you're swimming.
You train and you practice andyou know, behind closed doors do
all that and then you go to therace.
So, um, yeah, if you're nervous, practice, but also no one will
care as much as you do when youpost something online like
you'll pick yourself apart left,right and center.
(30:20):
There's things that you'llnotice that no one else will,
and if you're adding value,people can't come for you.
I don't get a lot of hatebecause I actually don't post
things that people can hate on.
I post fact, I talk abouteducation and I'm factual in my
approach to what I put out.
I'm not controversial, I don'tput opinions out there.
It's all really factual and soI actually don't get hate.
(30:43):
People are worried of postingbecause of hate.
It's like if you actually focuson the right thing to post,
then you won't get hate.
Just avoid it altogether.
The right thing to post, thenyou won't get hate.
Speaker 1 (30:50):
Just avoid it altogether.
Oscar and I were actually withEthan Donati a couple of weeks
back and we saw a conversationbetween him and someone that was
actually really eye-opening.
It was a funny opinion.
So he's like super introverted,obviously, yes, but he was
talking to someone about whythey weren't putting stuff out
there and they just said oh, youknow, I don't want to get
(31:13):
judged.
And this specific example waswe're in a room full of people
and he didn't want to hold themicrophone and talk because he
thought people would judge him.
And Ethan was like but eitherway, like they're all thinking
something right now anyway, likethey're all judging you
regardless of if you dosomething or don't do something.
They're going to have thoughtyou don't know their thoughts
and it doesn't have any impact.
(31:34):
So why do you actually care?
And he was like oh yeah, true.
And then I was just sittingthere and I was thinking I am
judging harder now for not doingit than I would have been if
you just did it, because thenwe're thinking about it.
So yeah, just do it, yeah, justdo it.
Speaker 3 (31:49):
Yeah, it's that thing of inaction that actually makes
it worse.
Just do it.
Just do it.
Your life won't be over if youpost a video that people don't
like, you know yeah absolutely,and do you have any final tips?
Speaker 1 (32:04):
It can be related to anything, anything finance-based
, anything branding-based,business-based.
Just a final tip for anyone outthere, or a lesson that you've
learned somewhere along the waythat you think would be valuable
to share.
Speaker 3 (32:17):
Yeah, I think it's applicable across quite a few
things, whether it is business,personal, brand or buying
property or investing.
The only thing people usuallysay is that they wish they did
something sooner, like it's notusually when people do something
for the first time that I go oh, I should have waited a bit
longer, like most of the timeit's like God, I wish I did this
sooner.
So just do it.
Like, just go and do it.
(32:38):
Stop sitting on your hands,stop making excuses or create
hurdles for yourself.
Like the people who are mostsuccessful, the best measure of
success, in my opinion, is thetime between the idea and the
execution of the idea.
The shorter that time, thehigher the success of that
individual.
Um, people who have great ideasand sit on them for the longest
time, like that's just what areyou doing that for, um?
(33:00):
So, yeah, I'm really big ontaking action.
I think you know it'sapplicable to pretty much
anything in life and I think if,um, you're sitting there going,
oh yeah, maybe I should do thatthing, like just go and do it,
just go and do it, just go anddo it.
What's the worst that canhappen?
Speaker 2 (33:12):
Yeah, no, I love that .
And for listeners out there whowant to get in touch with you
or follow you on Instagram orTikTok, what's the best way to
connect with you online?
Speaker 3 (33:24):
Yeah, for sure.
I'm probably most active onTikTok these days in terms of
like relevant property content.
If you just search EmilyWallace, I'm sure I'll pop up,
although I've been getting a lotof fake accounts recently
Everyone's been telling me Emilythere's this cat.
Speaker 2 (33:34):
Yeah, so I'm not offering you crypto.
It must mean you're doing agood job.
Then, if people are making fakeaccounts, Well, I hope so.
Speaker 3 (33:44):
Maybe that does mean something.
But yeah, don't accept anycrypto advice from me in your
DMs.
Apparently that's what they'redoing.
But anyway, if you search EmilyWallace across any socials,
you'll find me and WallaceAdvocates is the business.
If you search Google, you'llsee the team and myself and,
yeah, happy to help if we can.
Speaker 2 (34:00):
Awesome.
Speaker 1 (34:00):
Beautiful, excellent.
Well, thanks for your time.
We appreciate it.
It's worth something valuableout of that, so it's really
helpful for them.
Yeah, it's really helpful forthem.
Yeah, anyone that wants to talkto Emily reach out to her.
You've got her access now.
Or let us know and we can getyou in touch as well.
Speaker 3 (34:15):
Awesome.
Thanks for today.
It's been great to have a chat.
Speaker 2 (34:17):
No problem, thanks, emily.
Speaker 1 (34:19):
Pleasure.
We hope you enjoyed the episode.
Speaker 2 (34:21):
As always, we know exactly what to do Hit that
follow button, subscribewhatever platform you listen to
this podcast on.
Also share it to friends,families, co-workers, whoever
you think may benefit from it.
But unfortunately it's the endand we'll see you next week.
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