Episode Transcript
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Speaker 1 (00:01):
Ladies and gentlemen,
we're dealing with people that
have been in their homes forlong, long periods.
They get a little bit stubbornwhen it comes to downsizing.
What are the solutions?
How do people do it?
We're going to talk aboutdownsizing today.
Stay tuned I'm the ringleader,so let's go.
(00:31):
I've been here for 43 years.
You're only going to take meout of here in a box.
Speaker 2 (00:43):
Dr Downsizer.
Speaker 1 (00:45):
Yes, yes, Mr Wapshot,
how you good, good.
Speaker 2 (00:49):
How are you?
Speaker 1 (00:50):
yeah, good, what do
you reckon about this?
You're um, you're, a bit of anexpert when it comes to people
downsizing.
What are the problems with?
What are the and what are theproblems that people have with
downsizing?
How does, how does theconversation go?
Speaker 2 (01:07):
Well, generally it's
obviously quite a big change.
Like you said, a lot of thesepeople you know previous
generations.
They've sort of staked theground and stayed where they are
for most of the time.
A lot of the people I've beenspeaking to 20 plus years, 35
years.
I've got one customer inparticular.
So it is a big change and, likeanything you know, it can be
(01:32):
quite daunting the unknowns, thewhole strata, strata talk.
But I think it ends up being aprocess, once you get to the
other side, that it all of asudden goes click and um, it's,
oh, my god, thank god we didthat.
So I mean, there's a few fewthings to un unbox, but yeah,
(01:54):
quite daunting.
Um, at first on the initialconversation with the, with a
lot of the downsizes, but um,yeah, we generally take a slow,
step-by-step process Generally.
Then the kids get involved inthe conversation.
Yeah, quite a big processbecause it's quite a big change.
You can appreciate that.
Speaker 1 (02:14):
So they reluctantly
come and see you because they
have to get out of their house.
They've been in the house along, long, long, long, long
time.
Speaker 2 (02:28):
What's the first
question they ask?
First question they ask is uh,pretty, it'd be, it'd be on more
like sizing what's available.
Size, I'd say is a big onebecause they've come, come from
this, you know, generally, youknow you've got some sort of
views or big backyard, I've gotgot this big TV area, so I'd
probably think size is a big one.
(02:48):
Generally, they want to get anidea of oh Josh, I'm so used to
this, I'm so used to this.
So, yeah, definitely sizelayout, which is an important
one.
So finding a good layout, a goodamount of light in the property
, because you know, when they'vebeen living in the traditional
block house, you know they'vegot pretty much sunshine coming
from left, right, front andcentre, because obviously you've
(03:10):
got your, you know yoursetbacks from streets and your
neighbouring properties, whereasheading into a unit, you know
you're going to have some commonwalls.
Generally, you know one side ofthe unit is what's going to be
capturing all the light.
So a lot of conversationsaround that.
Um, but yeah, size being thebiggest thing.
Obviously, coming from a big,you know generally, a four or
(03:30):
five bedroom um home to togenerally a two, three bedroom
apartment and then uh number twoquestion number two question um
strata.
Speaker 1 (03:43):
Strata is always up
there, uh, definitely right up
there with these, with olderpeople, isn't it?
With downsizes, they love us.
Speaker 2 (03:50):
It's huge yeah, and I
look I do get it there as well,
obviously, um, a lot of themmoving forward.
You know you just got yoursuper or whatever's left.
You're not working anymore, soyou know it.
It is something that you've perse budget for, because that kid
is as big as it is now.
Obviously they've sold theirbig assets or assets to get into
(04:13):
the units and leave themselvesa little bit of a kitty to live
on.
So, yeah, generally the stratais a big thing, so they can
account for the future years.
And how much is that going totake a play on their funds that
they're holding?
Speaker 1 (04:28):
Now Michael Berger
from the office was shaking his
head yesterday when we had thistopic as a team.
We're having a chat about itbecause we're doing a lot of
downsizer work at the moment andhe's like why would you even
care if the strata levies aredouble?
And I was like what do you meanby that?
He goes say the strata leviesare $1,500 more than they should
be per quarter.
(04:50):
He said, amitai, you put thatover five years or 10 years Like
who cares?
Do you know what I mean?
So but there's this.
It's almost been imprinted intothese clients' heads that they
want to save money.
They got to save money.
They gotta save money.
They gotta watch the dollar.
But it's like, hang on a sec,you're gonna put 500 grand in
(05:12):
your pocket.
If you're gonna bleed like anextra 20 over 10, over 5 years
or 10 years, um, it's okay,you'll be just fine, you'll
still have plenty of cash.
It's a really hard thing forthem to remap or reprogram
themselves for strata costs.
My mum had the problem.
She was like, ooh, strata, it'sa bigger problem in their head
(05:35):
than the reality.
Speaker 2 (05:36):
Yeah, I think that's
big Mark.
I think it's perceived becauseit's something new.
I find a lot of the clients Ispeak to it's perceived as a new
cost, a new cost that theydidn't have before.
But by owning a unit I'm goingto pay it.
But when you start to strip itall back and and and think of
the maintenance and care of afour, five bedroom house needs
(05:58):
um 15, even two grand a quarterdoesn't seem too bad um, when
you think about it and make thatcomparison.
So I think a lot of the timethey do forget that you are
going from maintaining, you know, landscaping, exterior,
interior of a four, five bedroomhome um, where that fund or
that strata fee is essentiallypaying for the maintenance and
(06:22):
and landscaping and so forth fortheir unit.
So it's not actually anadditional cost.
So I think it's just havingthat conversation, education and
explaining um and it goes along way and I've had a few of
these um conversations now.
Uh, especially for the uhproject up at bellrose.
Traditionally got a lot of umowners up in that bellrose
(06:42):
davidson area.
Uh, they've been there 20, 30,40 years um, nothing else in the
area, quite like the bellrosecollection.
Uh, it's a quite a new projectbeing units.
It's, it's generally all housesover there, um, but things like
accessibility, stairs, um, youknow, maintenance, all these
(07:04):
things are, uh, becoming afactor.
And and as I sit down from thefirst, you know we go and sit in
a cafe for an hour and a halfgo through all the floor plans,
your aspects, you know what'sgoing to be in the complex.
You know, step by step, thatprocess, they become more and
more comfortable with it andobviously yeah, you know it's a
(07:27):
big unknown what do you buy whenI have it sold?
So, having that whole processof giving them a value on their
place, getting an understandingof where that's going to be,
finding a unit that's going tomeet their needs within their
budgets, and sort of bringing itall together, so bringing that
campaign in time with thefinishing of the project so that
they essentially sellseamlessly and move straight
(07:50):
into their new apartment rightnext to shops, um, medical, um,
medical options, all the stairsis a big one, isn't?
Speaker 1 (07:59):
it yeah, huge stairs
and transport, because what I've
noticed is often, um, one ofthe downsizes has had a medical
condition or sometimes a fall orsomething, and the nice thing
about the downsizes has had amedical condition or sometimes a
fall or something, and the nicething about the downsizing is
generally you're eliminating anystairs, so it's easy to get in,
(08:22):
it's easy to get out.
There's not even one stair thewhole way through, very, very
efficient.
Speaker 2 (08:30):
Yeah, yeah, it
definitely is.
But yeah, um, it's been a it'sit's actually a really rewarding
process.
Um, you know, even the, thecouple we've got a bell rose
exchanging today, beautifulcouple um in a bell rose, all
their, all their lives.
I think he was a school teacher.
Um, yeah, really nice coupleand they've just finally made
(08:51):
that move.
Josh can't do the steps anymore, need something.
That is going to be the nextspot that we stay for the rest
of our lives and, happily enough, I was happy to assist them
there and they found a unitthat's really gonna, you know,
um meet all their requirementsand needs and um with it, with
the daughter-in-law and son,we're future-proofing the unit.
(09:13):
So, because it's not too closeto completion, we've made a few
tweaks um just to make thingseasier moving forward.
Over the next three, five, six,seven years, you know, mobility
is going to decreasedramatically.
So just changing like littlehandles on the on the kitchen
from sharp nose to a to a pooldraw, um on the kitchen from
(09:34):
shark nose to a pool drawer,running a 15-amp circuit out to
the balcony to allow for heatingso that they can both sit
outside together on a cold nightenjoying their new balcony.
That's been really rewardingand something now that I can
bring to every couple that Imeet in the future.
So it's been a pleasure dealingwith the downsizers.
Speaker 1 (09:56):
I have about probably
I reckon two to three downsizer
appointments a week, so it'svery, very common.
Why aren't they going intoretirement villages?
Speaker 2 (10:12):
Can you blame them in
a way?
I mean, it's always had that.
I mean, I think retirementvillages work for some people,
maybe don't work for others, andI think it's that whole idea of
maybe taking away independence,you know, being able to operate
on your own, I think that's thewhole idea behind a a village,
(10:34):
so, um, so to speak.
So I think these are perfect,um, opportunities for those type
of people that don't feel likethe old retirement village works
for them.
Um, you know, lifts, lift up toyour door, shops at your feet,
transport at your front door.
Luckily, with the waytechnology, infrastructure
(10:56):
changes, it all makes itpossible now for these people
that where it once wasn't, nowit is, you know, with having all
these facilities around them,without having to strain
themselves, or whatever it maybe.
Yeah, I really think, mark, itwas something that wasn't as
possible as it was before.
Speaker 1 (11:16):
Yeah, the
conversation I have with people
about the retirement village isasset protection, so they don't
really want to leave a lot ofmoney on the table for the
retirement village.
The way they calculate thatwhen you pass how much they take
, a lot of them are different intheir ways, but they don't want
to leave any more money on thetable.
(11:37):
Another one like someone likemy mum is they don't want to be
around.
What's a nice way of saying it?
Not death, but they don't wantto be around.
What's a nice, what's a niceway of saying it?
Not not, not death, but theydon't want to be around sickness
, um, they don't.
They want to be around morevitality.
(11:59):
So they want to have, theyenjoy, a, a strata neighbor more
than a retiree neighbor.
I'm really trying to say thisrespectfully, um, but you know I
there's just a bit more.
It's a really good communitywith a retirement community, but
they feel it's not them.
Speaker 2 (12:21):
Yeah, yeah, there's
definitely those two sets of
people and you probably feellike you know nothing's,
nothing's changed.
You're still your, uh, youryoung self, just in a brand
spanking new apartment.
Speaker 1 (12:34):
Um, yeah, no, I think
it's a really rewarding
experience, but, yeah, somethingquite important moving forward
and some of these guys that that, um, we're moving particularly
into bellrose, collection 93 95,and then some of them are in
their 90s and I'm like, dude,you should be going to
retirement village, like no butI think that's really nice, like
(12:58):
I've had one of the um couplesI've worked with as well.
Speaker 2 (13:02):
Um, the, the male, uh
, the husband, is a little bit
older than than his wife and Ithink you know, as morbid as it
can sound, he wanted to makesure that if anything did go
wrong at at you know, becausethese things can happen
unexpectedly that she is takingcare of that, she is in a place
that she feels safe, that shecan accessibly use.
(13:25):
Um, you know that he wanted tomake sure that if something did
happen, she was sorted, she wasokay, they were in a place where
she felt comfortable and atease, which was really nice I
reckon, if you don't mind, Ireckon we can put that at number
one.
Speaker 1 (13:40):
Um, I know that was
for my mother-in-law and
father-in-law.
Um, I know that was a really,really big thing and I hear that
all the time that they want tomake sure the other partner's
not doing that move bythemselves.
Yeah, that's a huge one, hugeone, yeah exactly, yeah
definitely.
well, there you go, guys,downsizing.
It's real.
(14:01):
There's some of the things thatwe see, uh, in the downsizing
world and, um, you know, itdoesn't have to be uh, it can be
exciting Going new place, newfurniture, new environment,
challenges the brain and that'sthere you go, downsizing.
Thank you, mr Wapshot.
Speaker 2 (14:19):
No worries, guys.
Just wanted to say if you're inthis position, some people can
sort of jam it down or otheragents can jam it down People
slow, so to speak, or rush.
I'm happy to take the sort oftime to educate you through the
process.
I know it's a big move.
So if you're looking forsomeone to make that step or
(14:40):
start to educate yourselfNovak's the place for it I'm
more than happy to help.
So feel free to reach out.
Speaker 1 (14:47):
Boom, have a great
day, see you guys.
See you, boom, have a great day, see you guys.