Advice
by Gina Kantzas, Mal James, Randall Smith, Simone Clarke, Catherine Ross, Jo Gallagher, Kathy Russell, Phoebe James, Maddie James, Ellen Russell
16 Kerferd Road, Albert Park
Auctioneer: Simon Gowling
Crowd: 30
Opening Bid: $3,300,000
Passed in: $3,500,000
Sold After: Above $3,550,000
Bidderman: 2
Greg Chappell
said one of the best bits of advice he received, was from Sir Don, who told him to change his grip.
Did that one piece of advice, make Greg the cricketer he was?
It’s a good yarn that resonates because in life as in property, we are all looking for that magical quick fix, that gets us up our Everest.
This article looks at good right advice and how it can help you.
Advice is opinion (good and bad) given with intent (good and bad).
Advice can, does and will change lives.
Advice is out there for
- anyone to become rich,
- any business to be more productive,
- the world to reverse climate change.
So why aren’t we all rich, businesses more productive and the world reversing climate change?
Why didn’t Greg Chappell take the identical advice in Bradman’s Book – the Art of Cricket published well before that meeting with Sir Don – he would have read it.
Good Advice - start with getting to the real point
This week at James Buy Sell. 3 similar phone inquiries.
The conversations started off with the callers outlining a number of failed or confusing property situations AND they wanted some advice on what I would do.
I asked some questions and then gave this advice – nuanced with a bit of gravy, but basically:
- Understand what you really, really want – your PPPs
- Engage advisors (MMMs) who are experienced and you feel comfortable with to assist you.
- Go through a process (CCCs) that has a good chance of working – involving the right questions.
All three callers indicated they didn’t want that to be my advice
Genuinely trying to help, I asked what they wanted from me, and I pushed the ball back into their court.
So, you are clear on what you really, really want then? Yes. Well do it! Is it simply validation you need?
Actually Mal, I’m not so clear on what I really really want?
Ok, then let’s meet and we can find a process to get you clear on what it is you really really want?
Mal I don’t want to pay for it, and I only have about 5 minutes?
At this point in the phone calls, I start to feel special, but I continue anyway.
I push back again – I cost a $5,000 donation to charity to give you the advice you want.
Mal that seems unreasonable.
Ok so the advice you are after has an overriding priority of being free. That’s what you really really want.
Mal how do I know your advice is going to be worth it?
I don’t know, as my advice doesn’t work for everybody. How are you going to know my advice is worth it?
Silence………………..and then I ask again, what is it you really really want?
If you can begin with what it is you really really want, then we can build a framework around advice, and you can assess whether or not mine is of any value to you.
About this time the tone changes and goes one of two ways.
Mal all I wanted to know was X.
Oh, so you wanted vindication, information, conversation or some other ation. That’s cool, have I helped you?
Or
Mal I’m not sure….. I feel uncomfortable.
This is good I say, as maybe we can add value. The caller is entering into an honesty phase with him or herself. If they continue this process – they can begin to open up on what it is they really really want AND then good advice can make a positive difference to help them find it.
Good advice firstly gets to what you really really want.
Secondly good advice helps make better property decisions
After shelter, property is opinion.
The opinion value rests with the receiver.
Advice is opinion with intent. Advice with the best intentions can be right or wrong.
- In our opinion good right advice is opinion that facilitates an opening up to an honest examination by the receiver.
- Good right advice then facilitates a process that concludes with a good right decision by the receiver.
For advice to be good and right, it’s helpful if the following is present.
Substance of Advice
- Relevance to receiver. The Don’s grip advice worked for Greg Chappell. Sachin Tendulkar has a different grip and he played ok.
- Timely. Most horse racing advice that comes after the race isn’t that good.
- Benefit outweighing cost of advice. Free is best ceteris paribus, but good advice paid for is a lot better in the long run than bad advice not.
Style of the Giver of Advice
- Tone perfect for the receiver. Have you ever given good advice to your spouse and got the don’t use that tone with me and that advice went down the drain, along with your dinner?
- Stepped and patient. What we are writing here won’t be well received by all, simply because it’s seen as too much. (Or they are right and its waffle)
- Identifiable as a trusted source.
Structure for Receiving Advice
- Trust – if there is no trust, then good right advice is seldom acted upon. Trust can come from a source such as a person – it can also come from a process that the receiver feels comfortable in. Trust is enhanced when both sides fully understand each other’s intent.
- Honesty – if trust is about the giver. Honesty is about the receiver. If the receiver is in block mode, ie not open to opinion that may change their circumstances to closer to what they really really want, then good advice drifts by as billboards do on trains.
- Process and Error – Good Generic advice works well at traffic lights but less so in home buying and selling. Good advice can be wrong, even when the intention is noble, eg sworn valuation. So good process rather than good guesses are the key to good advice.
The Advice structure we prefer for good advice is
- Only work with those that want a good advice process
- Good process with honest intent, understood limitations and guided by 3 key questions to get to
- Good decisions that come from within the receiver.
Meaning an advice process where each client learns to at least partly fish rather than just be given the fish
James Tostevin on trusting advice this week
James Tostevin is a big figure within our industry.
At times I like him and at times well… we are on opposite sides, much of the time.
Recently James referred a client to us
James gave advice to his selling client that he could be best serviced by engaging Gina when time comes to buy. This advice is not common from agents and in this instance was not for something in return. It was empathetic and researched advice. And it was timely.
The advice was taken by his clients as being from a trusted source and they perceived our benefit was above our cost. We were engaged.
The home we bought this week, was after three clear NO’s from Gina on homes the clients wanted to say YES on. The bespoke process (I was given the bullet pretty early on due to my tone deafness) that was run, would not have fitted with any normal PPP advice and our rating on this home was sub 500.
BUT it was on the client’s brief – what they really really wanted – which by the way was not nominated at the beginning, it evolved through the process. Although we could see a number of clear dealbreakers for most buyers, we recommended buy and buy we did.
However, we didn’t buy primarily because of our advice, we bought because of JT’s initial advice AND the clients were guided through a decision making process that led them to decide what they really really wanted.
For us, this is the sole purpose for good right advice.
1/2 Monaro Rd Kooyong
Auctioneer: Fraser Cahill
Crowd: 30
Opening Bid: $2,250,000
On the market: $2,350,000
Under the Hammer: $2,547,000
Bidderman: 3
9 Margarita Street, Hampton
Auctioneer: Steve Tickell
Crowd: 100
Opening Bid: $4,200,000
On the Market: $4,850,000
Under the Hammer: $5,050,000
Bidderman: 5
Melbourne Market Top End May 22nd - Week 2 of 3
Clearance rate solid Bidderman cooling. Prices stabilising.
Same clearance rate as last week – 76% on the 34 auctions we covered today.
The market is still rock solid, but it has eased from ballistic crazy – I think that is a Meshugana market in Yiddish – to solid and more balanced.
Couple of key points – Sold Befores
Almost 25% of the homes we randomly selected to cover at the start of the week were sold by weeks end. That is a huge number and indicates one of two things – actually at this level it only indicates one thing – many agents made things happen before auction – meaning they had some concerns about the auction result and so sold before – now probably to good offers – but they or their seller preferred the safety and price of a pre-auction offer, above running the Saturday street gauntlet – that usually is a sign, when in such number, of volatility.
Volatility is the first sign of change.
Volcanoes – only 4. In a Meshugana market (I like this word to describe a super-hot market, its growing on me) there are many more volcanoes than 4 from 34.
However, the market is in no way weak – only 4/34 auctions today were no bidder ducks – that is overall good agent work and shows a wide spread of bidders.
Next week is our 3rd and final week of the 100-auction test and we will give a deeper analysis.
Reading on phone - turn to landscape to see full table
| Suburb | Address | Indicative Sale Price | Result | Price ($) | Bidderman |
| HAMPTON | 1 McCarthy Street | $3,500,000 – $3,700,000 | Bought Before | $undisc | 1 |
| BRIGHTON | 9 Ballara Court | $3,650,000 – $3,900,000 | Bought Before | $undisc | 1 |
| BRIGHTON | 111 Roslyn Street | $2,500,000 – $2,750,000 | Bought Before | $undisc | 1 |
| BRIGHTON | 16 Cavendish Place | $2,150,000 – $2,200,000 | Under the Hammer | $2,675,000 | 3 |
| BRIGHTON | 108 Asling Street | $2,200,000 – $2,350,000 | Bought Before | $undisc | 1 |
| ELSTERNWICK | 42 Bertram Street | $2,500,000 – $2,750,000 | Passed in | $2,525,000 | 1 |
| BRIGHTON | 3 Maysbury Avenue | $3,400,000 – $3,600,000 | Under the Hammer | $3,995,000 | 2 |
| HAMPTON | 9 Margarita Street | $4,200,000 – $4,500,000 | Under the Hammer | $5,050,000 | 5 |
| PORT MELBOURNE | 101 Stokes Street | $2,500,000 – $2,700,000 | Bought Before | $undisc | 1 |
| PORT MELBOURNE | 5 Davies Street | $2,000,000 – $2,200,000 | Passed in | $2,040,000 | 2 |
| ELWOOD | 13 Southey Street | $2,200,000 – $2,400,000 | Under the Hammer | $2,631,000 | 4 |
| ALBERT PARK | 16 Kerferd Road | $3,200,000 – $3,400,000 | Sold After | $undisc | 2 |
| SURREY HILLS | 21 Weybridge Street | $2,400,000 – $2,600,000 | Bought Before | $undisc | 1 |
| KEW | 42 Barrington Avenue | $2,950,000 – $3,205,000 | Bought Before | $undisc | 1 |
| CAMBERWELL | 11 Oxford Street | $2,000,000 – $2,200,000 | Bought Before | $undisc | 1 |
| GLEN IRIS | 44 Howard Street | $2,400,000 – $2,500,000 | Under the Hammer | $2,560,000 | 3 |
| CAMBERWELL | 25 Orange Grove | $2,400,000 – $2,600,000 | Sold After | $undisc | 2 |
| HAWTHORN EAST | 6 Nicholson Street | $2,600,000 – $2,800,000 | Bought Before | $undisc | 1 |
| CAMBERWELL | 57 Bowen Street | $2,700,000 – $2,900,000 | Passed in | $2,700,000 | 1 |
| HAWTHORN EAST | 12 Mayston Street | $2,750,000 – $3,000,000 | Under the Hammer | $2,971,000 | 2 |
| KEW | 62 Normanby Road | $2,900,000 – $3,180,000 | Under the Hammer | $3,200,000 | 5 |
| HAWTHORN EAST | 19 Beaconsfield Road | $3,900,000 – $4,200,000 | Under the Hammer | $4,160,000 | 2 |
| CAMBERWELL | 17 Loch Street | $5,000,000 – $5,500,000 | Sold After | $undisc | 2 |
| MALVERN | 52 Stanhope Street | $4,700,000 – $5,170,000 | Bought Before | $undisc | 1 |
| ARMADALE | 15 Valentine Grove | $2,000,000 – $2,200,000 | Passed in | $2,100,000 | 0 |
| KOOYONG | 1/2 Monaro Road | $2,250,000 – $2,475,000 | Under the Hammer | $2,547,000 | 3 |
| MALVERN EAST | 18 Anderson Street | $2,300,000 – $2,500,000 | Passed in | $2,300,000 | 0 |
| ARMADALE | 14 Hampden Road | $2,300,000 – $2,530,000 | Bought Before | $undisc | 1 |
| MALVERN EAST | 12 Nyora Street | $2,700,000 – $2,900,000 | Under the Hammer | $3,420,000 | 4 |
| SOUTH YARRA | 21a Cassell Street | $3,000,000 – $3,300,000 | Passed in | $3,100,000 | 0 |
| MALVERN | 18 Elizabeth Street | $3,500,000 – $3,700,000 | Passed in | $3,800,000 | 2 |
| MALVERN EAST | 6 Glenbrook Avenue | $3,700,000 – $4,000,000 | Bought Before | $undisc | 1 |
| TOORAK | 5 Glyndebourne Avenue | $6,250,000 – $6,850,000 | Under the Hammer | $7,500,000 | 2 |
| TOORAK | 11 Montalto Avenue | $7,800,000 – $8,500,000 | Passed in | $7,500,000 | 0 |
| 76% | 1.7 |
21 Weybridge Street, Surrey Hills
Agent: Stuart Evans
Bought Before: $undisc
42 Barrington Avenue, Kew
Agent: Walter Dodich
Bought Before: $undisc
11 Oxford Street, Camberwell
Agent: Stuart Evans
Bought Before: $undisc
6 Nicholson Street, Hawthorn East
Agent: James Tostevin
Bought Before: $undisc
44 Howard Street, Glen Iris
Auctioneer: Bryan Cain
Crowd: 50
Opening Bid: $2,400,000 VB
On the Market: $2,460,000
Under the Hammer: $2,560,000
Bidderman: 3
Auctioneer Bryan Cain opened with a vendor bid of $2,400,000. After the property was declared on the market at $2,460,000, activity between the three bidding parties resulted in a sale of $2,560,000.
25 Orange Grove, Camberwell
Auctioneer: Campbell Ward
Crowd: 50
Opening Bid: $2,250,000 VB
Passed in: $2,315,000
Sold after: $undisc
Bidderman: 2
Auctioneer Campbell Ward encouraged the crowd to start off proceedings; when nobody spoke up, Mr Ward kicked off with a vendor bid of $2,250,000. When more silence ensued there was a second vendor bid of $2,275,000 before the halftime break. After this, the first, then the second bidder entered the ring. However, the price only $2,315,000, causing the property to pass in.
57 Bowen Street, Camberwell
Auctioneer: Todd Braggins
Crowd: 75
Opening Bid: $2,700,000 VB
Passed in: $2,700,000
Bidderman: 1
12 Mayston Street, Hawthorn East
Auctioneer: Scott Patterson
Crowd: 55
Opening Bid: $2,750,000 VB
On the Market: $2,940,000
Under the Hammer: $2,971,000
Bidderman: 2
An initially quite crowd needed a nudge with a vendor bid from Auctioneer Scott Patterson, to get things started. Bidder one was then swift with an opening $10,000 bid. A hesitant second bidder eventually joined in. After two quick breaks inside to see the vendors, Mr Patterson announced that we were ‘agonizingly close to the reserve.’ Eventually it reached $2,940,000 the home was on the market. The two bidders finished off with a quick flurry of $1,000 bids. The property was sold to our resolute first bidder for $2,971,000.
62 Normanby Road, Kew
Auctioneer: Hamish Tostevin
Crowd: 50
Opening Bid: $2,700,000
On the Market: $3,200,000
Under the Hammer: $3,200,000
Bidderman: 5
This vacant block of some 836 sqm attracted 5 bidders. Calculators were put back in the pocket when announced on the market at $3,200,000 and this was to be the final bid.
19 Beaconsfield Road, Hawthorn East
Auctioneer: John Bongiorno
Crowd: 45
Opening Bid: $3,800,000 VB
On the Market: $4,110,000
Under the Hammer: $4,160,000
Bidderman: 2
A vendor bid to open, a couple of bidders and a couple of breaks to update the vendors. Essentially, a regulation auction that got over the line in the end.
17 Loch Street, Camberwell
Auctioneer: Richard Earle
Crowd: 90
Opening bid: $5,000,000
Passed in: $5,235,000
Sold after: $undisc
Bidderman: 2
A couple of vendor bids were placed before two in the crowd created some competition. One bidder broke bids down to $10,000s quite quickly and this made for slower progress. Passed in for negotiations and sold after for an undisclosed price.
1 McCarthy Street, Hampton
Agent: Nick Johnstone, Nick Johnstone Real Estate
Auction brought forward: $undisc
9 Ballara Court, Brighton
Agent: Danielle Harvey, Jellis Craig
Bought before: $undisc
111 Roslyn Street. Brighton
Agent: Nick Johnstone, Nick Johnstone Real Estate
Bought before: $undisc
108 Asling Street, Brighton
Agent: Grant Samuel, Kay & Burton
Bought before: $undisc
101 Stokes Street, Port Melbourne
Agent: Scott O’Halloran, Marshall White
Bought before: $undisc
16 Cavendish Place, Brighton
Auctioneer: Chris Hassall
Crowd: 90
Opening Bid: $2,500,000
On the Market: $2,500,000
Under the Hammer: $2,675,000
Bidderman: 3
$2,500,000 was the opening bid and with that one bid the property was on the market. 2 other bidders joined mixed with a rally between the pair. A quick auction and the home was sold for $2,675,000
42 Bertram Street, Elsternwick
Auctioneer: Bill Stavrakis
Crowd: 30
Opening Bid: $ 2,500,000 VB
Passed In: $2,525,000
Bidderman: 1
3 Maysbury Avenue, Brighton
Auctioneer: Stephen Smith
Crowd: 45
Opening Bid: $3,300,000 VB
On the Market: $3,950,000
Under the Hammer: $3,995,000
Bidderman: 2
The auctioneer opens the competition with a vendor bid of $3,300,000 and there are two bidders. It’s a game of cat and mouse between the parties, with one playing a poker game of keeping us guessing, and the other quietly and staunchly raising their hand. There’s a little light relief when a groodle slips his lead and cavorts wildly and excitedly through the crowd, refusing to be caught with its red faced owner finally controlling the groodle, and the calm bidder wins the day as well, and his emotional family surround him to hug out the moment, when the home is knocked down to him at $3,995,000.
9 Margarita Street, Hampton
Auctioneer: Steve Tickell
Crowd: 100
Opening Bid: $4,200,000
On the Market: $4,850,000
Under the Hammer: $5,050,000
Bidderman: 5
There is 100 people here, and many bidders. The auction opens swiftly with a bid of $4,200,000 and no-one takes a backward step as five bidders drive the price to $5,050,000 with the winning bidder excitedly pumping his fists as the contract slaps the hand of the auctioneer.
5 Davies Street, Port Melbourne
Auctioneer: Frank Callaghan
Crowd: 20
Opening Bid: $2,000,000
Passed in: $2,040,000
Bidderman: 2
13 Southey Street, Elwood
Auctioneer: Leor Samuel
Crowd: 50
Opening Bid: $2,200,000 VB
On the Market: $2,525,000
Under the Hammer: $2,631,000
Bidderman:4
The auction started with an opening vendor bid of $2,200,000. Bidder one and two battled it out in increments of $25,000. At $2,525,000 the property was officially declared on the market. Bidder three then joined the auction with a bid of $2,555,000. With the property looking likely to sell to the third bidder, the fourth and final bidder swooped in to become successful and buy the property for $2,631,000.
16 Kerferd Road, Albert Park
Auctioneer: Simon Gowling
Crowd: 30
Opening Bid: $3,300,000
Passed in: $3,500,000
Sold After: $undisc
Bidderman: 2
The auction was underway with an opening bid of $3,300,000. After a short halftime break, Auctioneer Simon Gowling placed a vendor bid $3,400,000. Bidder one then came back at $3,410,000. Bidder two joined the bidding at $3,420,000. The two battled it out for the property to then be passed into bidder two at $3,500,000.
52 Stanhope Street, Malvern
Agent: James Redfern
Bought Before: $undisc
14 Hampden Road, Armadale
Agent: Fraser Cahill
Bought Before: $undisc
6 Glenbrook Avenue, Malvern East
Agent: Adam Cashmore
Bought Before: $4,700,000
15 Valentine Grove Armadale
Auctioneer: Gowan Stubbings
Crowd: 25
Opening Bid: $2,100,000 VB
Passed in: $2,100,000 VB
Bidderman: 0
1/2 Monaro Rd Kooyong
Auctioneer: Fraser Cahill
Crowd: 30
Opening Bid: $2,250,000
On the market: $2,350,000
Under the Hammer: $2,547,000
Bidderman: 3
18 Anderson Street, Malvern East
Auctioneer: Gowan Stubbings
Crowd: 24
Opening Bid: $2,300,000 VB
Passed in: $2,300,000 VB
Bidderman: 0
12 Nyora Street, Malvern East
Auctioneer: John Bongiorno
Crowd: 40
Opening Bid: $2,900,000
On the Market: $3,045,000
Under the Hammer: $3,420,000
Bidderman: 4
A crowd of 40 gathered in front of 12 Nyora Street Malvern East, as auctioneer, John Bongiorno, marvelled at the “beautiful sunny day”. Mr Bongiorno had barely finished his introduction when the first bidder entered the race, placing an opening bid of $2,900 000. The first bidder was quickly joined by two more bidders bring the property on the market at $3,045 000. The bids continued to move quickly with a fourth bidder entering the race and eventually out bidding the first bidder, purchasing the property for $3,420 000.
21a Cassell Street South Yarra
Auctioneer: Gowan Stubbings
Crowd: 20
Opening Bid: $3,100,000 VB
Passed in: $3,100,000 VB
Bidderman: 0
18 Elizabeth Street, Malvern
Auctioneer: Brett Graham
Crowd: 40
Opening Bid: $3,500,000
Passed in: $3,800,000
Bidderman: 2
5 Glyndebourne Avenue, Toorak
Auctioneer: Justin Long
Crowd: 30
Opening Bid: $6,100,000 VB
On the Market: $6,800,000
Under the Hammer: $7,500,000
Bidderman: 2
People gathered along the footpath of Glyndebourne Avenue. Auctioneer Justin Long battled with oncoming cars and cyclists and managed to start the fire in this auction after a half time break. 2 bidders fought for the property, with Mr Long coaching them along, even stating that $10,000 is only a round of drinks in Toorak. After a lot of back and forth, the property was sold for $7,500,000.
11 Montalto Avenue Toorak
Auctioneer: Andrew McCann
Crowd: 20
Opening Bid: $7,500,000 VB
Passed in: $7,500,000
Bidderman: 0
5 Glyndebourne Avenue Toorak
Auctioneer: Justin Long
Crowd: 30
Opening Bid: $6,100,000 VB
On the Market: $6,800,000
Under the Hammer: $7,500,000
Bidderman: 2
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