Ep 58. Tinder & Domain, all the same game
In this episode, Michelle draws parallels between the world of dating and the property market. While it might seem like a strange comparison, Michelle uncovers some surprising similarities that can help you navigate buying property with a bit more insight.
Here’s what you’ll learn from today’s episode:
How property photos can be as misleading as dating all profiles
Why lighting in photos might reveal more than you think
Why it’s crucial to view multiple properties before making a decision
Trusting the right professionals during your search
The dangers of making an impulsive decision after missing out on other properties
Speakers in today’s episode:
Michelle May - Michelle May Buyers Agents
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Please note that any views or opinions presented in this podcast are solely those of the speakers, and do not necessarily represent those of any business. These views and opinions are general in nature, and do not take account of your personal objectives, financial situation and needs. Please consider whether it applies in your circumstances and seek professional advice wherever appropriate.
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VIEW TRANSCRIPT
Hi, and welcome to another episode of the Buy Your Side Podcast, the property podcast to help you make smarter property buying decisions. My name is Michelle May, and I am the principal of Michelle May Buyers Agents here in Sydney. Now, I've been a buyers agent since 2008, and eight and ah for the longest time I was married, but that all ended a couple of years ago. And so a couple of years ago after that, I decided that, or my friends decided that I should start my hand at dating. Now, what has this got to do with property you ask me? I'm not here to listen to your private life. And fair enough. No, you haven't tuned in for that because I'm not going to tell you any more than that. But I have found a few things that are quite comparable between buying a property or trying to buy a property and dating.
Now, let me explain to you why, because really I spent only a very teeny amount of time on those dating apps. But my god, catfishing is something that is real in both dating and property buying. So let me explain to you why. Because of all these filters that people are using, the presentation on their online profile is immaculate. But when you meet them in person, you think, oh, are you even the same person? Or are you a person adjacent? Or are you just a different dude or woman altogether?
The same thing happens when you're browsing for property online. You know, you're looking at all these glossy photos that have been photoshopped within an inch of their lives very often, have immaculate styling that people have spent a lot of money on. And some of the features that you know are just in the background have been whisked away only for you to find out that when you actually go to the property inspection, you are finding something else altogether. So the catfishing is real people. I know I have been there myself, both in property and in dating. But I wanted to do this tongue in cheek episode to help you navigate through maybe both dating and property, but primarily property to help you see through the smoke and mirrors so that you can make more educated decisions. So I would actually say that the fact that people spend a lot of money on styling and professional photography, et cetera, and more often than not obviously, it does a great job to represent the property in its best light.
So the one thing that I do find is that a lot of people don't actually pay attention to when looking at those online photos is actually what goes on in the background because quite often I will spot something that my client hasn't even seen because they send me this link and I go oh hang on a minute look at number photo number six you see how all the lights are on? Well they're on in every image and when you look at the floor plan you can see that it's south-west facing so in winter it's going to be pretty dark, so that's why even with professional photography they felt the need to put the lights on. So I can tell you that when you go and see that property in real life that property is going to be terribly dark. So pay attention to the clues.
Another thing that I really always look for is the windows, looking through the windows of the image, in the image. So for example, a living or a bedroom window, what is actually there? I have seen so many properties, actually, last week there was one exactly like this. The client sent me this link and I said, oh no, that's going to be terribly overlooked. And she goes, what do you mean? I said, well, look at photo A, B, C D, and in every single photo, the other property was right there with windows also, so you'd have no privacy whatsoever. And probably a lot of that daylight would be blocked because of that other property being so close. Now, a quick Google aerial view showed us that we were right and that the other property was literally right on the boundary. So we gave that one a miss as well. Things to look out for in photos before you waste your time, before you go and inspect or go on that date, I think is crucial. Work smart and not harder if you like.
Now, the other thing is that I would be very hesitant to jump on the first property that you see, you don't end up marrying the person on the very first day that you go on. Although my parents did that and they've been married over 50 years. So what's that saying? I don't know. But I think you should try and look at a few different properties before you settle on the one that you really love, because you need to understand what your budget actually buys you. So first of all, you don't go shopping without your wallet. You need to have your pre-approval in place. You need to know exactly what it is that you can afford and then do what I always tell you to do. Go to the sold section first. See what has sold within your budget so you can have a realistic expectation. Just because you need a three bedroom doesn't mean the market is going to give it to you in the area that you want to be in.
I hate to break it to you, but the market doesn't give a “pbbbt” about you. You are just a number and if you don't buy a particular property, someone else will. So stop wasting your time chasing properties that are never going to be yours in the first place, and make sure that you actually know what it is that you can afford to spend your money on. Go to different auctions, go to different inspections, even whilst your pre-approval is getting ready. And then when you're ready to go, you know exactly what it is you're going for, okay? So go on a few dates, kiss a few frogs, and then you know what it is you're wanting after all.
Now, the other thing I would say is trust the right people. When it comes to property buying, it's important to either work or listen to the right people. When your bestie tells you, ooh, too many red flags on this one, believe her. She's got her best interest for you at heart. But it's also important to understand that potentially your dad might not be your best source of information when it comes to dating modern guys or or women nowadays too. So pick the right advisor to work with and that goes with property buying as well.
If you're looking for a good broker or a buyer's agent or a solicitor, it's important to understand where that recommendation is coming from. Because someone else has bought one property 10 years ago does not mean that their solicitor is fabulous, okay? You need a solicitor and a broker and a buyer's agent who is a great communicator who can respond to you on weekends and out of hours. I had a client who had a broker who couldn't answer a question because he was out for his birthday. I'm sorry, are you six? No, I sleep with one eye open. My kids know, they never see me without my phone. Yes, I spend time outside of that with my children, don't be worried, you don't have to call child services. But I am always available, or I know when I need to be available for my clients, and that means out of hours too. So if your broker only has a landline now, forget it, do not work with them. So make sure that you're working with the right team of people who can give you the best possible advice as well.
Now, the other thing that I would say is one thing that's very important, similar to dating. Rebounding. You've just broken up with someone who you thought was the love of your life and then boom, you ran into some random person and you decided that's a good decision. Well, just like in dating, the same thing happens with property. I have seen so many people miss out at auction and then go for something the next week and pay way too much money for the wrong property they never should have bought in the first place. I think it's because they're just so tired of missing out, so tired of being led off garden paths, spending money on building and pest inspection reports, strata reports, conveyancer’s, I get it. Time out of the market is painful both for your wallet and emotionally. I've had it happen, grown men crying on my shoulders because we didn't get the property at auction. I get it.
Usually a property purchase goes hand in hand with a big life changing event, whether that's having a baby, just getting married. But even downsizing, you've sold the family home, your children have left the nest. Although in some cases it might've been fleeing. But you’re an empty nester, you've made a lot of memories in that property, so downsizing is also an emotional process. So I'm there holding your hand to prevent you from making silly mistakes like that because don't forget that unlike an unsuitable potential dating partner who you can just block and delete. Getting out of the wrong property is very expensive and costly. Again, it's going to cost you money to sell it again, to move, marketing, potentially another buyer's agent if you didn't do so in the first place because if you had a buyer's agent in the first place, you wouldn't have done this let me just tell you that.
So make sure that you do not buy a property on the rebound, okay? I know it's tough. Do not lower your standards like in dating. Do not go for the guy or the girl who's just there and available. Make sure that you set your boundaries and make sure that you only go for A-grade.
Now, I hope that helped put things in perspective for you. Have a great day If you're listening to this in the morning, or in the evening, have a lovely evening. Thank you for listening and if you have any questions, get in touch hello@buyyourside.com.au. Give me a follow, please. I'm also on TikTok sporadically, but I'm on TikTok. So you can always follow me for more content on there. Instagram also, I'd love to hear from you.