About Me & Getting to Know Me
About Me and Getting to Know Me, The person behind MS. PROPERTY,
As an REIV member (Real Estate Institute of Victoria), we have to complete professional development units to keep our membership active. I have been a member of the REIV for nearly twenty years. Requiring us to complete CPD points has exposed me to many different aspects within the industry such as Commercial Property Management, Residential Property Management, and allowed me to meet many other real estate agents.
Although I now work as an advocate for buyers and sellers, my core knowledge has been built up within mainstream real estate. I believe that this makes me a better advocate. I understand the industry and the people within the industry, their behaviours, and why they need to behave as they do to achieve success. I understand it however it was no longer congruent with my beliefs as a human being, the conflict of interest where you were really working for both sides of the transaction makes me really uncomfortable.
I attended a breakfast at the REIV this week as part of my CPD but also because the subject interests me.
About Me and My Real Estate Background
You may not know that once upon a time I worked in the Retirement sector for around 12 months. I watched stressed people move in and was fortunate enough to also see that stress of home and garden maintenance drop from their shoulders as they adjusted to living in a village of like-minded people. Such a privilege.
The choice that we now have with Retirement Living has changed since I worked in the sector. There are now vertical Villages, Assisted Living and Aged Care. Apartments are growing in number and size along with demand. Baby Boomers want to keep their space and enjoy their familiar area lifestyle. I loved this concept. There is a Village in Albert Rd South Melbourne that is high on my list – imagine being so close to the city and the NGV. Perfection! No airbnb and noisy holidaymakers in this building.
The Event today was all about the Retirement sector. What is on offer today and the absolute importance BEFORE you sell your home to get the right financial advice. We were shown an example where a couple followed the advice of their real estate agent and decided to rent out their family home rather than sell it. Big mistake. It cost them a huge sum of money with taxes and reduced benefits.
Working through the process and understanding that our advice as real estate agents must be tempered with our qualifications. Real estate agents are NOT allowed to give financial advice or taxation advice. We are only allowed to give real estate advice. We may point you in the right direction – such as guiding people to the State Revenue Office for stamp duty calculations however we should not make assumptions and then statements that lead people to making decisions with long-term financial implications.
I remember hearing of a real estate agent telling a buyer that they would be exempt from stamp duty and could therefore pay the additional amount to secure the home. BAD, bad agent. Without knowing the buyer AND their personal situation this was not suitable advice. The buyer was not eligible for an exemption and really could not afford the extra $15,000. Yes, she walked away with the house but it meant she had to sacrifice other things.
Imagine getting, and taking this poor, unsubstantiated advice when you have retired. Where would you find the funds? Could you raise the funds? Would you need to dip into your Superannuation? Get the right advice, ALWAYS.
If you would like to get in touch or perhaps you have a real estate question, please reach out via a MEET-UP, your first one is free and maybe I can help you then and there.
