Jenny Le-Fevre

[00:00:00] Speaker A: The best music from the 60s to today. IPL radio. [00:00:06] Speaker B: And you're listening to the Perth Property Bros Show. Carlos and Josh. But today it's with Carly. So it's Carlos and Carly. [00:00:14] Speaker C: Hello. Hello. Hello. [00:00:16] Speaker B: Welcome, Carly. You're subbing in for Josh. [00:00:17] Speaker C: I am. What's this? Third time? [00:00:19] Speaker B: Thank you for coming in. [00:00:20] Speaker C: You're welcome. [00:00:21] Speaker B: Josh is down south, of course. [00:00:23] Speaker C: And you have me here next week as well. [00:00:26] Speaker B: I know because you're subbing for me because I'm going away. I'm actually getting on a plane tomorrow. I'm jet setting off over east to see my dad. It's his birthday tomorrow. Oh no, Thursday. [00:00:34] Speaker C: Yeah, don't forget that. [00:00:37] Speaker B: Well, I only get to see him once a year, which is just completely unacceptable. I need to get over there to see dad. [00:00:41] Speaker C: Very unacceptable. [00:00:42] Speaker B: So I'm sneaking away. But thanks for coming in. Really appreciate it, Josh. Josh really appreciates you, you know, you're one of our property partners. What are you trying to rename the show to? [00:00:54] Speaker C: Property Pulse. [00:00:55] Speaker B: The Property Pulse. The Property Duo. The. The Dream Team. [00:00:59] Speaker C: The Dream team. Swish. No, I. I was just trying to think of something really quirky. [00:01:06] Speaker B: Yeah. [00:01:06] Speaker C: So that Josh and I can have that next week while you're not here. [00:01:09] Speaker B: Yeah. Right. [00:01:10] Speaker C: So give me another week. [00:01:11] Speaker B: Oh, we've been teasing Josh on the air today. [00:01:13] Speaker C: No, you have been teasing Josh today, so well deserved time off. [00:01:20] Speaker A: So. [00:01:20] Speaker B: Oh, good. So what's happening for you at the moment, Carly? You're a settlement agent. Of course, you've been on the show a few times. You're with Alpha conveyancing. [00:01:29] Speaker C: And I don't know, I feel like the market, it hasn't softened, it hasn't gone ballistic like it's already been ballistic. But I feel like it's just a. It's a different like wave now. [00:01:43] Speaker B: Different pulse. Yeah, yeah. It's a rhythm maybe. Yeah. [00:01:49] Speaker C: Just something. It's. [00:01:50] Speaker B: It just something in the air I'm. [00:01:54] Speaker C: Finding at the moment. But you know, it's every. Every settlement is a different story. It's a different book. So every single ending. Yes. While it settles. But there's different chapters in each part. [00:02:06] Speaker B: Exactly. [00:02:07] Speaker C: But it's. It's more about maintaining clear communication. [00:02:12] Speaker B: You're very good at that. [00:02:13] Speaker C: I try to be. [00:02:14] Speaker B: No, you are very good at that. [00:02:15] Speaker C: No, I try to be. Thank you. I think as well you need to put those not expectations, but the explanation of your role at the same time. At the very beginning. [00:02:28] Speaker B: Yeah. Because there's. You can kind of get lumped with other people's Jobs too, can't you? From time to time, you've got a very clear role in terms of you're checking the legals behind the case and then you're trying to transfer that title over to the new owner. And yeah, you're ticking off the boxes of what needs to be done and the conditions met. But I know that sometimes you get lumped with the work of others and you've got to start doing some researching and it can be pretty exhausting. [00:02:56] Speaker C: I mean, I am. Obviously, I want to help everybody. [00:02:59] Speaker B: Right. But sometimes you can get a bit much. [00:03:02] Speaker C: It needs to come to a point where you then need to say, not that. And I hate the words. It's not my job. I hate it, hate it, Cannot stand it. It's more explaining and going through who should be in charge of that. I mean, yes, the settlement agent can be like a party planner and they've kind of got their hands in all these pots. [00:03:21] Speaker B: Well, yeah, the piggy in the middle. Just like the selling agent and the property manager and the buyer's agent wear the piggy in the middle. [00:03:26] Speaker C: Meat and the sandwich. [00:03:28] Speaker A: So. [00:03:28] Speaker C: But. And then I think as well, it then is that person's responsibility. Say, for example, it's for a final inspection. That's not for me to arrange. [00:03:37] Speaker B: No, it's generally the agent. [00:03:39] Speaker C: Exactly. [00:03:39] Speaker B: So I did one this morning. That's Southern River. [00:03:42] Speaker C: There you go. Yeah, but that's. Yeah, it's trying to explain and communicate who needs to be doing these things and where it kind of sits in the process. [00:03:53] Speaker B: Oh, yeah, we've all got our roles. [00:03:54] Speaker C: Yeah. [00:03:55] Speaker B: Like even the. This morning, there's a couple of things that need to be tidy up, tidied up. So I've got a co agent with that sale, of course, but, you know, I've already taken all the steps, I've already made all the arrangements today during the day, we're working together as a team to get it there, but I'm not sort of giving that to anybody. I wouldn't expect you, as the settlement agent to be jumping in and tidying up some electrical things or arranging a plumber. No, you don't. [00:04:18] Speaker C: No, we never see it. But I've actually got a question for you. When you do have a co sale, what role? Like, obviously you've got someone who's brought the buyer in. You're the selling agent. [00:04:29] Speaker B: You've got the buyer, the listing agent and there's a selling agent. [00:04:32] Speaker C: Yeah, yeah. So if it's, you know, final inspection issues, who then arranges like the works for the warranties and things like that. Is it on you or the co? [00:04:43] Speaker B: Well, I don't tend to look at it that way in terms of on me or on them. Like, I. With everybody I work with, I work with them as a team, I see them as a team. Just like you're part of that team with everything we do. So it just so happens, as you know, I'm going away tomorrow, so I've done everything I could to get this ready and get settlement ready for next week. That's with our good friend Sharon Davidson. [00:05:04] Speaker C: Course, Shazza. [00:05:06] Speaker B: Shazza from S and D Settlements. So I've done everything I can to get it all ready, but I'm going away now. I can still. I'm still going to be working remotely, I'm still going to have access to everything. But my CO agent, Michelle Skeen from Focus west, who's been on the show as well, she has, she's away on holidays this week. She's sort of just finished up her holiday. So we're just going to tag team that. I've set it all up, I've made the arrangements and I said, hey, look, Michelle, can you take it from here? And I'll keep monitoring from a distance. So as a team, we're going to get it over the line. [00:05:35] Speaker C: Yeah. [00:05:36] Speaker B: There's questions that need to be answered. There's a. I mean, I've already, just, while we've been on the show here, even before, when the. The guys were on, I was actually texting back and forth with the electrician, giving him some guidance on a couple of things need to tidy up. So we're a team, we just get it done. [00:05:51] Speaker C: So there's no defined. This is your lane. This is my lane. [00:05:55] Speaker A: Whereas, like, I'm sure there is. [00:05:56] Speaker C: There is. [00:05:57] Speaker B: I'm sure there definitely is. But, but I don't, I again, don't see it that way. I'm like, let's work together and let's get it done. Let's help each other. You know, while, while I'm in the air, I could probably still be doing things with the WI fi. [00:06:07] Speaker C: With the WI fi, yeah. [00:06:09] Speaker B: But, yeah, we, we. It's a, it's a group effort. It is a team effort. [00:06:13] Speaker C: You know, it's even the same, like, if there becomes a problem with a settlement, it's more about, well, look, I'm taking my client's instructions. I've obviously gone through what the joint form of general conditions, conditions on the contract, what is the ruling. But if there becomes a problem with another settlement, agent You've got to not take it personally and act for your client. At the end of the day, that's what it is. We're all there to do the same job, but it's about that negotiation that you just can't take it on board. And it's very hard not to. [00:06:51] Speaker B: I know. Because we actually all know each other, don't we? We know each other. So outside of the professional role, settlement agent, real estate agent, buyer's agent, whatever it is, we part of, generally part of the same networking groups. So we spend time together learning about each other's businesses and trying to refer business to each other. Then beyond that, some of us actually spend personal time together, watching the footy or having a drink or two and, you know, talking to the cows. Come home. [00:07:19] Speaker C: Go Freo. [00:07:20] Speaker B: Go Freo. We got there, sis. [00:07:22] Speaker C: Yeah. [00:07:22] Speaker B: Yay. Was so good to see those ego supporters with long faces the other day. [00:07:29] Speaker C: Oh, I was worried, I'm not going to lie. [00:07:31] Speaker B: Were you? [00:07:32] Speaker C: Actually, second quarter, I was on the edge of my seat. [00:07:34] Speaker B: No, mate, I wasn't worried at all. [00:07:36] Speaker C: See, I'm. I'm a longer Freo fan than you are. [00:07:39] Speaker B: Oh. Yeah. [00:07:40] Speaker A: So. [00:07:40] Speaker B: But I certainly was not worried. [00:07:41] Speaker A: I was. [00:07:43] Speaker C: I was worried that we were going to start walking out at third quarter. [00:07:46] Speaker B: But no, I was actually watching that game sort of in pieces. I was. I was going hopping around from appointment to appointment, running like a headless chalk, and I was popping into pubs and just checking the score and then go to the next one, next town, pop into a pub. Because it was playing in every single pub, every single tavern, everywhere in Perth. [00:08:04] Speaker C: Yeah. [00:08:05] Speaker B: Yeah. So it was really good. Go Dockers. [00:08:07] Speaker C: Go Dockers. Is it? I'm not gonna say it. [00:08:11] Speaker B: Kylie bleeds purple. [00:08:12] Speaker C: She says yes, I do. Even though I was worried, but that's okay. [00:08:18] Speaker B: So, yeah, we watch the Dockers game. So, you know, I'm a selling agent, you're a settlement agent. We send each other work, we look after each other, but we spend a lot of social time together. So, yeah, we're all very good at that. I think even this sale I'm working on at the Southern river, we've got multiple BNI chapters involved, multiple B and I referral partners involved, the building inspector, the other settlement agent. Actually, both settlement agents, the listing agent, the selling agent, electrician. All of us are BNI from different chapters, so we're all even the buyer. [00:08:52] Speaker C: Oh, my gosh. [00:08:53] Speaker B: The buyer is from BNI. The buyer is actually from BNI Shining Force. [00:08:57] Speaker C: Ah. So there's 1, 2, 3, 2, 3. [00:09:00] Speaker B: From Shining Force involved Sharon Success, Raymond. Then there's the buyer. Yes. [00:09:08] Speaker C: And then there's you at Success. [00:09:10] Speaker B: And then there's Michelle at Unite. And then there's Michelle Cinnamon agent at Unite as well. [00:09:14] Speaker C: Crazy. [00:09:15] Speaker B: See what I mean? We collaborate together. So even with. So we had an electrical complication come up. I was at my previous meeting prior into the show, I got a call from. From Sharon Davids. Now, there's a couple of things we need to tidy up. But she called me as a mate, you know, she didn't say. Call me to say, right, this needs to be done and have it done by or else Spot Fire and Brimstone. She called me as a mate just to say, hey, look, we've got a couple of things. We're gonna sort them out. Obviously, like, yeah, we're gonna. In good faith, we're gonna sort everything out. And that's how we do it. [00:09:47] Speaker C: Yeah, exactly. So I do the same thing. Like, we've got a couple of settlements this week, but, yeah, I do the same thing. [00:09:55] Speaker B: Well, we all do. This is the whole point. So when people work with us, when I send you a client, you send me a client. This is what's going on in the background. We've got them, you know, we're really looking after them that way. Who have we got? Oh, really? We've got them. You know, we're really looking after them. There's so much more behind the scenes that they don't see, but it really leads to a smooth process. And Tristan was just on the show earlier talking about that smooth process. [00:10:24] Speaker C: That's what we like. [00:10:25] Speaker B: Very happy with you. Very happy with the whole process, you know. [00:10:27] Speaker C: Oh, good. No, that's what we want. Like, we want it to not be, you know, clunky or scary or, you know, anxious or unsure or any of those kinds of things. I mean, some clients can be very, you know, they want to know every single, like, domino of it, which is fine. [00:10:50] Speaker B: They're learning and it also isn't sometimes. [00:10:52] Speaker C: But, yeah, no, no, I think it's great because they're learning, they're asking questions, they're, you know, all of those other things. So then it can educate them on what's happening when they do it the second, third, or even if they just do it a second. Do you know what I mean? You know, developers don't want to know until cash is in the bank. Just update the spreadsheet, Update the spreadsheet, update the spreadsheet. And then you've got some. Some clients that just Yep. Cool. No worries. Nothing like quiet. And they just do what they need to do. They read the emails, they do all of that stuff and then. Yeah, that's kind of it. [00:11:27] Speaker B: All clients are different, but they are. I'll tell you what, what I was very grateful about, even in the last couple of days, I've had to refer to you regarding a couple of sales we're doing. And I know I can text you anytime. I don't have to use that by any means. Means. But. Hey, Carly, I've got a quick question. What's this? Or you can call me anytime. I don't have to go through the main office line to get. To get to my conveyancer, you know. [00:11:52] Speaker C: And a lot of people that refer to me a lot like they've got my personal mobile number so that they know that if they need me, then they've got me whether I'm, you know, here. I've had, what, five phone calls and the last 20 minutes and it's. Yeah, it's convenience. Right. And I see it right there. [00:12:14] Speaker B: So we work with each other. [00:12:15] Speaker C: Yeah. And it's having a solicitor lab. [00:12:19] Speaker B: Sorry, Try and get a solicitor on. [00:12:21] Speaker C: The phone without charging. [00:12:24] Speaker B: Yeah. [00:12:25] Speaker A: But. [00:12:25] Speaker B: Oh, well, you know what they like, they like those statues in the park. They don't move unless you throw them a coin. [00:12:31] Speaker C: Oh, my gosh. I cannot believe it. [00:12:35] Speaker B: Well, it's true. And it's very. It's very difficult to get to them. [00:12:37] Speaker C: It can be, yes. [00:12:38] Speaker B: So if I had a very quick question, like I had this morning, I couldn't just send a text Michael Taylor. [00:12:43] Speaker A: You could. [00:12:43] Speaker C: I do all the time. [00:12:44] Speaker B: He's on our team. Yeah, but when I'm dealing with. With other. Other conveyances, it's. It's much more complicated this, this gatekeepers in place. It's. It's a lot more difficult to get to them. So. Yeah, that's the advantage of working with our team. When you're working with me, you're working with Carly, you're working with Josh. You know, we bring in people like Sharon and Raymond and Michelle. We got. [00:13:07] Speaker C: We're professionals. Yeah, we're professionals and, you know, we have that tight little not circle, but. [00:13:14] Speaker B: We'Re all, you know, we're interconnected. [00:13:17] Speaker C: Yeah. And we all are trying to help one another and it's, you know, going down the line. But no, I'm very, very grateful for the clientele that we do and repeat business and obviously your referrals and who you've introduced me to, it's been fantastic. It really has. [00:13:34] Speaker B: Well, roads lead to Alpha. I say that every day. [00:13:36] Speaker C: Yes, they do. Yes, they do. [00:13:38] Speaker B: So we're actually going to be talking to a valuer today, Carly. [00:13:40] Speaker C: I'm excited. I obviously deal a little bit with valuers, court orders when that comes to, if they need that or related party deals, things like that. But no, I've got some, some questions. [00:13:56] Speaker B: Well, that'll be really. Because you guys work in with them pretty closely. Yeah, well, we had a valuer a few weeks ago as well, had a very interesting discussion because he'd been around for a long time. But Jenny, Jenny is coming in. Jennifer Fair is her name. She's been in the game for 50 years. [00:14:14] Speaker C: Wow. [00:14:15] Speaker B: She's based down in Mandurah and. Oh, couldn't you just pick her brain till the cows come home? She's seen so many things. [00:14:22] Speaker C: I can tell you now. I'm probably going to go home and have a bath and just digress, like from all this information. But yeah, I think it's, it's good for people to know the, the outer, you know, ring around, if that makes sense. You know, you've got your real estate agent, your settlement agent, but then those outer things I. Building and pest inspectors, valuers, not so much mortgage brokers, they're more in the middle. [00:14:48] Speaker B: But we've all got our lane, you know. We've all got our lane. [00:14:51] Speaker C: Yep. [00:14:52] Speaker B: I sent her just during the last episode of the show while we were on the air, a very good friend of mine needing needed evaluation in Mindari for a family law matter. And I was able to make a very quick connection to our BNI Valuer. The hand was Mindari and. And while we were on the show on the air, I was sitting back and forth and I arranged the referral go through. They were engaged by the end of the show and the evaluation was already done by the next day. [00:15:18] Speaker C: Perfect. [00:15:18] Speaker B: They were thinking, who are these people? This is how instant this service was. Because if you're gonna go through the main line, this is another thing, you know, you go through the office, through the main line, through someone you don't know when you don't come recommended. [00:15:30] Speaker C: That's right. [00:15:31] Speaker B: It's a different experience. [00:15:32] Speaker C: It's like what Alvin Cooney says. Right. [00:15:36] Speaker B: What does Alvin say? [00:15:37] Speaker C: What? You know, what Alvin says. [00:15:38] Speaker B: Which, which part? [00:15:39] Speaker C: It's not what you know. No, it's who they know. Ask him that next time he comes down. Alvin, if you're listening, you're welcome. [00:15:50] Speaker B: You're welcome. Well, Josh has actually become a big Alvin fan because he's Doing the incentive program with Alvin at the moment and it's taken his property game through the roof. He's working with other people, buyer's agents, other real estate agents. You've done a senti, haven't you? [00:16:04] Speaker C: I went to conference. I went to the conference. But yes, I would like to. I know a few people that have done it and. Yes, well, Christie to do it. Christie's done it. [00:16:12] Speaker B: Yeah. [00:16:12] Speaker C: Yep. I think Nick's done it as well. [00:16:15] Speaker B: Okay. Nicole? [00:16:16] Speaker C: Yeah, I think so, but no, I would like to. Absolutely. But I was at the conference a few months back. [00:16:23] Speaker A: It was good. [00:16:24] Speaker B: All right, Carly. Well, we're gonna have a very quick break and when we come back, hopefully we'll have Jenny in the studio. I think she may have already come in. I did see somebody walk in the door. So when we come back we'll have a chat to Lenny affair and talk valuations. And you're on. You're with Carly and Carlos. Carlos and Carly on the Perth Property. [00:16:42] Speaker A: Bros. More music, better mental health. Only on IPL radio. [00:16:50] Speaker B: And we're back on the Perth Property Bro show with Carlos and Carly. [00:16:53] Speaker C: Carly and Carlos. [00:16:54] Speaker B: Carlos. Oh, don't you start. We always have a bit of friendly banter with. With my other co host Josh. Josh. Anthony Byers agent and he calls it the Josh and Carlos show but it's actually the Carlos and Josh Show. [00:17:06] Speaker C: Well, today it's the Carly and Carlos Show. [00:17:09] Speaker B: She's already hijacked the name of the show and she was trying to actually rename the show when she got here. She's like, we're going to call this the Perth Property Duo or something like that. [00:17:17] Speaker C: Duet. [00:17:18] Speaker B: Duet. But we're joined by Gene Fair. Valua. Welcome. [00:17:22] Speaker A: Hello. [00:17:24] Speaker B: Fix your mic there. I can't believe that you two know each other. [00:17:27] Speaker C: I know. [00:17:27] Speaker B: Jenny walked in the room and she says, I think I know you, Carly. [00:17:30] Speaker C: Yeah, and then I gave her a big cuddle. So. [00:17:33] Speaker B: So how, how do you actually know each other? [00:17:35] Speaker C: So Jenny's daughters. So Zoli I went to pony club with and eventing and all that kind of thing and you know, we'd go out bush riding and stuff like that. [00:17:45] Speaker B: Yeah. [00:17:46] Speaker C: And then I recently did a couple of settlements for both the girls as well, so then helped them and. [00:17:53] Speaker A: Yeah, there you go. [00:17:54] Speaker C: There we are. So Jenny's known me since I was about 13. Yeah, 13. [00:18:00] Speaker A: So that's what they call a small world. Yep. [00:18:03] Speaker B: Oh well, it's Perth, isn't it? [00:18:04] Speaker C: Well now I'm 21 so you know, are we all. Exactly. But no it's so good to see you and so good to have you on today and I know I've definitely, definitely got a few questions because. [00:18:16] Speaker A: Great. [00:18:17] Speaker C: Yes, it's, I guess valuations are such a topic that are needed for such a crucial part of something, so court order or related party transaction, things like that. So, no, I'm very excited. [00:18:31] Speaker B: We're happy to have Jenny here. Jenny's. Jenny Fairs is a licensed property valuer. She's got 50 years of experience in the real estate industry. She's a sole practitioner at church, J.J. lafaire & co. Jenny's built a reputation for delivering honest, purpose driven valuations that go just beyond. They go beyond the numbers. She helps solve real property problems. So welcome, Jenny. We're really happy to have you. [00:18:54] Speaker A: Great to be here. [00:18:55] Speaker C: Oh, lovely. Well, have you got a couple of questions? [00:18:59] Speaker B: Oh, we've got so many questions. So where are you at the moment, Jenny? What's going on in the property valuations game? I mean, I'm sure you've seen valuations go up in the last, what, three, four years, skyrocket in comparison to where they were the previous years. What are you finding. [00:19:19] Speaker A: At the moment? I think the market's virtually on a bit of a cliff edge as to whether it's going to stay the same or possibly drop. To me, it's reminiscent of what happened in the boom, you know, 2005 to 2008, that it got to the point where prices were so high, finance institutions really stopped believing that the security was there. [00:19:47] Speaker B: Security. [00:19:47] Speaker A: It became very difficult for people to get finance and I just feel that we might be coming close to that. So much wrapped up with disarray go, you know, Reserve bank put the rate down. How will that affect the shortage of homes for all the people who are coming in? You know, there are so many imponderables. Imponderables now that we just don't know the answer to. [00:20:12] Speaker B: Yeah, well, with Josh, every week we monitor the markets, look at the numbers and what we've been watching as a trend every month, several months, is the stock on market dropping. If it was a three and a half thousand, sorry, 3800, the following week it would be 3600, 3400. So the listings coming on are not replacing what's selling. And then we're also looking at talking to other mortgage brokers about what the interest rates are doing. They've come down. They could keep coming down for the next, you know, six, 12 months if they keep heading in that direction. We're talking about People serviceability going up. So, yeah, we've. We're all just. We don't have our crystal ball. Left my crystal ball in the car. Have you? Did you bring your crystal ball? Car? [00:20:57] Speaker C: No. I'm thinking of getting one of those shakeable eight balls and then it'll give me the answer. [00:21:02] Speaker A: Well, you won't believe it, but people believe that valuers actually do have a crystal ball, but we don't. One thing we're not allowed to do is to give a value in the future. I can give a presentation value, I can give them historical value, retrospective value, but I cannot give you a value in the future. [00:21:23] Speaker C: Which makes sense. Right. You know, you're then putting, I guess, your license on the line. [00:21:29] Speaker A: Well, market value is just that you don't know what the future market will be. [00:21:34] Speaker C: That's so true. [00:21:35] Speaker A: As a buyer or a seller, you can take a punt. [00:21:38] Speaker B: Yeah. [00:21:38] Speaker A: But as a valuer, you're committed to market value. [00:21:41] Speaker B: Exactly. [00:21:42] Speaker A: And you only get that by the actual activity in the market. [00:21:46] Speaker B: Yes. Well, we were talking to a value the other day and we were talking about this topic of retrospective valuations, which I thought was very interesting, where you can go back, say, if somebody wanted to know the value of a property, exact value of a property 10 years ago, you can go back, look at the data and actually come up with a sworn valuation. [00:22:06] Speaker A: No, we're not allowed to swear anymore. [00:22:07] Speaker B: Not allowed to swear anymore. [00:22:08] Speaker A: Since 1960. 1978. The land Asian Act. Yep. [00:22:11] Speaker B: So what are we calling it now? [00:22:13] Speaker A: It has to be a licensed valuation. [00:22:15] Speaker B: A license valuation, but there's a lot. [00:22:17] Speaker A: Of legal documentation that still has sworn value in it. [00:22:21] Speaker B: What was the difference? [00:22:23] Speaker A: Well, we didn't have licensing prior to that. [00:22:25] Speaker B: Yes. [00:22:26] Speaker A: And you were sworn, meaning that you had legal authority. [00:22:29] Speaker B: Yes. [00:22:29] Speaker A: To provide the value. [00:22:32] Speaker B: Because you still hear that term thrown around, don't you? [00:22:35] Speaker A: Well, yes, a lot of. I'd say the older. Yeah, a generation will. Because that's what they grew up with. If they were, you know, having evaluation. [00:22:44] Speaker B: That'S all there was, a license valuation. But you can go back retrospectively, you can look at property prices. [00:22:51] Speaker A: I do that a lot. [00:22:52] Speaker B: You do. What would be the reasons? [00:22:54] Speaker A: I've got one at the moment that goes back to 2014. [00:22:57] Speaker B: Right. [00:22:59] Speaker A: They are very time consuming. And to get it right, you have to be a good detective to find out what was actually happening, what was in the market, what the rates were, who were the buyers, who were the sellers, what were they up to, what were the reasons for those sales. [00:23:20] Speaker C: Wow. [00:23:21] Speaker A: Everything. Amazing that you do for a current value today is magnified by the fact that information gets lost. Of course, events happen over the top of events so things change to get to the bottom. But you have to sift through a lot of information. But it's very interesting to do that. [00:23:41] Speaker C: It would be. And where like the, the typical, you know, you obviously use Landgate, you'd use RP data, that kind of thing. Is there any other things that, that you. Or any websites or things like that that you use for your information? [00:23:56] Speaker A: Well, I always look at what's being advertised in the market. [00:24:02] Speaker B: Yes. [00:24:03] Speaker A: I mean if I'm doing a current market value, I'll look at what's being advertised in the market and from there I'll try and find out what the most recent information is on sales. Because as you know, there's no quick way of getting your sales sale registered. Of course and it takes six to eight weeks normally before it will come through Landgate API data, get all their information from Landgate. So it can be in this sort of market where we're moving week by week. You've really got to be right on top of. Which means you've got to spend a lot of time actually looking for the most recent evidence. [00:24:43] Speaker B: That's right. So I got a call from a valuer the other day that they were having a little bit of trouble coming up to the price, to the contract price. [00:24:51] Speaker A: Oh, that's not allowed, is that right? Well if you've got a contract price that's different and you're trying to justify or support it. [00:24:59] Speaker B: Well there was actually they were trying to, they couldn't find any evidence in the market to support that price. They actually called to check whether I had any other expressions or whether it was a multi offer sort of scenario and I said, well no, this is just a bit of an anomaly because the buyer just really wanted that property and the buyer was coming in above market for this property so they couldn't value anywhere near the purchase price, the contract price. They couldn't find any market evidence. I didn't have any comparable expressions or offers. So they went by the value of. By what the market was saying, which is about 100,000 less than what the contract price was. [00:25:40] Speaker A: Wow, that does happen from time to time. But you have to look at where the requirement for that valuation figure is coming from. Is it coming from a bank? [00:25:54] Speaker B: In that case it was coming from the lender to try to justify the loan. [00:25:59] Speaker A: So the banks were have really put a lot of the risk back on valuers. The banks aren't taking the amount of risk that they ought. In the olden days, I'd say if you knew your bank manager and he knew you or she knew you, knew you were good to make payments, you didn't have that sort of requirement hanging over you. [00:26:21] Speaker B: No. [00:26:23] Speaker A: Now it's. They're very much shifted the risk back towards values and that. That's a problem where you've got a moving market, whether it's going up or. [00:26:32] Speaker B: Down to a licensed valuer. Licensed and insured with indemnities and all this. It's a chain, isn't it? [00:26:40] Speaker C: And then I guess you get into that, you know, responsible lending, you know, situation. Where does it fall? Does it then go back onto the banks? Does it then, you know, the global. [00:26:50] Speaker A: Financial crisis spiritually brought that home, didn't it? That, you know, you cannot lend on a 5% deposit to people who have got no chance of making repayments if circumstances change. [00:27:03] Speaker C: Exactly. I think that was a. Well, to cover their backsides, you know, that someone had to do it, let's be honest. Because if they're, you know, giving out all these funds and then something happens or, you know, whatever the case may be, they lose their job, they don't get income protection, then what? [00:27:22] Speaker A: You know, going back to that case that you just mentioned, it's then up to the bank and the purchaser to come to an arrangement if they can. The purchaser will obviously have to take a bit more of the risk on the balance. [00:27:37] Speaker B: Yeah, they were. So the bank would lend, what, 80 or 90% of what the valuation says and then the purchase, it's up to them to come up with the balance if they really want it. [00:27:46] Speaker A: And it shouldn't kill the deal if that can happen. But there are a lot of institutions that just won't listen unless they've got that value at that figure. [00:27:55] Speaker C: Wow. [00:27:55] Speaker A: They're not interested. [00:27:56] Speaker B: Yeah. Isn't that amazing? And by the way, that did kill the deal. It was just too much of a shortfall. It was $100,000 above their deposit. It was just way too much. But it was just an interesting scenario because I haven't had a call from a value for a while. [00:28:12] Speaker A: That's not good news because you people are at the coal face and valuers should be constantly contacting the agent to find out what was behind the deal. [00:28:22] Speaker B: No, no, it hasn't happened for. The last one that happened was a property that I sold in Eden Hill. It was a bit of a renovate or detonate scenario. And this is where I find their Call when it's a little bit more of a hairy scenario. But if they've got the desktop valves are sort of adding up and there's high confidence, high confidence data, these valuations go through. But I'm getting less call from actual values that actually are attending these properties. There's these digital valves that are being done and they're just signed off on automatically. So nobody's calling. [00:28:58] Speaker A: It's not good. [00:28:59] Speaker B: No. [00:28:59] Speaker A: We were close to the. This scenario. I think it was in the 80s when there was some nefarious goings on with property deals. [00:29:10] Speaker B: Yeah. [00:29:11] Speaker A: And valuers were. There were several valuers who were caught up in that. [00:29:15] Speaker B: Yeah. [00:29:15] Speaker A: Who were just signing off. [00:29:17] Speaker B: Sign off, sign off. [00:29:18] Speaker A: There was no real evidence and it created a big problem. Yeah. [00:29:25] Speaker C: Just get it done. [00:29:26] Speaker A: Obviously a lot of valuers don't put the time into it. They're not that. It gets back to the same old thing. I think I said to you, you know, you don't get what you don't pay for. [00:29:36] Speaker B: Yes. [00:29:37] Speaker A: And people don't appreciate. People don't appreciate the complexity in a proper valuation and why I say proper as opposed to a bank value, which most people are more familiar with. They don't often come in contract with value was for any other reason. But, you know, for a residential mortgage and the bank values, they're not. It's a restricted assessment, it's not actually a valuation. So they have a requirement of certain number of things. They have to sort of tick and flick on the form, but they don't do the investigation work that they ought to. Now, to be fair, many of them who are working in that on a day, daily basis cover three or four areas that they know like the back of the hand. They know who's selling what, when and how and how much before it even becomes public knowledge. So they're in a good position. But people like myself who will be doing valuations all over the place for different reasons, need to speak to the agents who've been completing the deals because there are many reasons, many factors affecting what price gets paid. And for instance, again, in. In this same time frame and in the boom, there are a lot of properties that sold with cash under the table because people wanted to secure a property. What's the fear of missing out? [00:31:12] Speaker C: Fomo. [00:31:13] Speaker B: Yeah, fomo. And there's actually a new term that's been coined that I came up with personally. I. I contributed it to the Perth property market. [00:31:22] Speaker C: All right. [00:31:24] Speaker B: Josh Shower, co host, is actually listening, Jenny. So I'm trying to stir him up as much as I can. [00:31:28] Speaker C: Happy birthday, Josh. [00:31:30] Speaker B: It's a term. Yeah. Happy birthday. [00:31:34] Speaker A: 21 too. [00:31:34] Speaker C: He is. Absolutely. [00:31:35] Speaker B: We're all 21. [00:31:36] Speaker C: 21. [00:31:37] Speaker B: 21 stopped getting older. [00:31:40] Speaker C: It's like that, that movie that death becomes her with, like the vile. [00:31:44] Speaker B: Yes, that's right. But we've got the fear of missing out the fomo. That's the other one. We've got the foup, which is fear of overpaying. [00:31:53] Speaker C: That's it. [00:31:54] Speaker B: And now we've also got this. [00:31:55] Speaker A: Oh, I have that at the supermarket. [00:31:57] Speaker B: Do you? [00:31:58] Speaker A: Yes, definitely. Yeah, definitely am. [00:32:00] Speaker B: Absolutely fear of over paying. And the new term that's been coined is Como. Like the Perth suburb, which is not. [00:32:09] Speaker A: As in Perry. You don't remember him, do you? [00:32:12] Speaker B: Perry Como? [00:32:13] Speaker A: Yes. You do. [00:32:14] Speaker B: No. [00:32:15] Speaker A: Oh, one of the best singers in the world. [00:32:18] Speaker C: Well, let's see if we can find something Como. [00:32:22] Speaker B: Let's see if I can find him in the system. But Como actually stands for compromise or miss out, Jenny. And it's what people. [00:32:28] Speaker A: Marriage. [00:32:31] Speaker B: Well, at my age, absolutely not for me. [00:32:33] Speaker C: It's my way of the highway. [00:32:35] Speaker B: You're a bit younger. I'm 42. Yeah. And it is a matter of a bit of a compromise or miss out, unfortunately, sometimes. Not that I'm going to go that way. Perry. Coma. Here he is. [00:32:44] Speaker C: Oh, here we go. [00:32:45] Speaker B: I've got. Oh, look, Papa Loves Me. But we might actually put one of these on. Do you have a favorite song? [00:32:50] Speaker A: I can't remember a favorite, no. [00:32:52] Speaker B: But we'll put one on there. [00:32:53] Speaker A: I was fairly young once. [00:32:56] Speaker C: We're all 21. [00:32:57] Speaker A: I'd just like to clear up the difference between market appraisal and valuation, because. [00:33:03] Speaker C: Absolutely. [00:33:04] Speaker B: Just going to ask you here, because this is what you gave to me here. Yeah, Valuation. And you've got your desktop estimate bank. Desktop estimate. [00:33:12] Speaker A: Well, restricted assessment. [00:33:13] Speaker B: Yeah. So please. Yeah. [00:33:15] Speaker A: So there's three, isn't there, really? But let's talk about the difference between a market appraisal and. And evaluation. Anybody can give you a market appraisal if they think they've got the confidence to do it. And if you're going to believe them. [00:33:28] Speaker B: Well, Jenny, every time I go to a party or get together with friends, everybody can give you an appraisal on what's going on with every property. [00:33:35] Speaker A: You're not liable for that appraisal you'll give whether you're negligent or whatever. Okay. There are some aspects of the Real Estate Representatives, Agents, Licensed business Agents act. [00:33:46] Speaker B: That you have to apply responsibly. [00:33:48] Speaker A: But one of Those is not being liable for the appraisal you give? [00:33:52] Speaker B: No, on my appraisal letters, I actually make sure I write the term opinion of market worth. [00:33:57] Speaker A: Yes. [00:33:57] Speaker B: Just an opinion. [00:33:58] Speaker A: So mine as a valuer, is called an expert opinion, which means it can be relied on by a court of law for a legal document as being rigidage. Now, I am liable. I'm liable for what I say and how much I say it is. What I don't put in my report, what I should have done, what I put in my report is not right. Anything I can be liable for. And if it leads, if it's negligent and it leads to a loss to the client, then I can be sued for that. So it is my neck on the block. [00:34:36] Speaker B: That's incredible. [00:34:37] Speaker A: But it's not your neck on the block. [00:34:39] Speaker B: No. [00:34:39] Speaker A: And it's not Mr. Joe in the pub, who's giving his own little appraisals. He's not liable either. [00:34:45] Speaker B: Everybody's got an opinion about real estate. Yeah, of course, you're absolutely right. So when you're doing your retrospective valuations, you're taking into account as much information as that's available to you? [00:34:56] Speaker A: Absolutely. I'm digging to the biggest boroughs to find everything, because unfortunately. Unfortunately, being able to talk to a real estate agent, Something that happened 10, 11 years ago, is almost impossible. [00:35:09] Speaker B: I was going to say, I keep very accurate records about what I did in every sale I've ever put together and every property I ever leased. But, yeah, if you're going back years and years, those records may not be there. How much inquiry, who were the people inquiring, you know, the level of interest in general, the level of response rate and who was turning up at the home open, how many offers, how many expressions? I guess this is what you really want to know. [00:35:36] Speaker A: Well, yes, most important is, you know, was that market value or did the buyer or the seller have any particular interest or factor which made them either accept less or pay more? And valuation I did the other day hinged on some properties, one of which was offered at 1.7 million. They had. The agent had two cash offers, one at, one at 1.75 and one at 1.7. And the vendors accepted the lower offer because the people involved were a young family. [00:36:15] Speaker B: So, you know, and it's the sellers after the seller, to their discretion to. They want to choose. [00:36:19] Speaker A: Yes. [00:36:20] Speaker B: It's not necessarily higher offer. No, it might be for the reasons like that. It might be. I was talking to Tristan earlier, our station manager. He sold with his tenant in mind yes. You know, with his tenant in mind, with her security in mind. Not every seller would do that. [00:36:35] Speaker A: No, absolutely not. [00:36:37] Speaker B: Or sometimes in the sales game, we accept the sellers accept a lower offer based on, you know, discussions we have based on the terms of them offer. If there's less conditions or it's less complex than the more than the higher offer. You'd see those all the time, wouldn't you, Carly? [00:36:54] Speaker A: When you're talking about market and market comparisons or we call them comparable sales or direct comparison to find out what the market value is, an offer is not considered a legally binding deal. So it's not a sale until becomes unconditional. [00:37:13] Speaker B: Unconditional, yeah. [00:37:14] Speaker A: And a contingency sale or a term sale is not acceptable as evidence either at the date that it's written or the date that it's settled. [00:37:25] Speaker B: It's from unconditional because it was a. [00:37:27] Speaker A: Condition, it was a contingency. [00:37:29] Speaker B: Yes. Yeah. Well, it was an out for the buyer, wasn't it? [00:37:31] Speaker A: It was a risk. It was a risk and it wasn't factored in. So it has to be a subject sale that goes through today within a reasonable settlement time frame. [00:37:42] Speaker B: Right. Okay. Reasonable settlement. So you know, if you're looking at long settlements for whatever reason, well, you. [00:37:48] Speaker A: Can use, if it's a definite settlement, just say you've got 12 months. What normally happens then is that extra, say is an extra 10 months settlement that's factored in an interest cost to the, to the vendor. [00:38:01] Speaker B: Yeah. [00:38:02] Speaker A: Isn't that for lots of opportunity to opportunity cost money. [00:38:07] Speaker C: Absolutely. [00:38:07] Speaker A: Opportunity. [00:38:09] Speaker B: I'm so happy you're on the show today, Jenny. We're going to have a quick break. We're going to keep talking valuations with Jenny Lefair from J.J. lefair & Co. And my very good friend Carly Beasley from Alpha Conveyancing. We'll be right back. [00:38:22] Speaker A: More music, Better Mental health only on IPL Radio Radio. [00:38:30] Speaker B: And back again with the Perth Property Bros. Probably sister today, Zach. [00:38:34] Speaker A: Absolutely. [00:38:36] Speaker B: The property sisters here. [00:38:37] Speaker C: The property gals. [00:38:38] Speaker B: The property. Hey, that's a good name for a show. [00:38:41] Speaker A: Just the property people. [00:38:42] Speaker B: The property people here. We're actually all in property here and we're very happy to hear Jenny the Pharaoh on the phone. On the phone on the show today talking valuation. Because you've been in the game for a long time, Jenny. [00:38:53] Speaker A: I have. 50 years. [00:38:55] Speaker B: 50 years. You've seen some changes, I bet. [00:38:58] Speaker A: I have, yes. [00:38:59] Speaker B: From the back in the day there used to be an old timber bridge that used to cross down in Mandurah. It's now a concrete bridge. [00:39:08] Speaker A: Yes. [00:39:08] Speaker B: Big changes. [00:39:10] Speaker A: When I started, we used to have to trudge into Perth to the titles office to go down and handle the big maps and transport both sales onto our maps that we bought from them. [00:39:23] Speaker B: Oh, wow. [00:39:24] Speaker A: To get any information about sales. [00:39:27] Speaker B: Wow. [00:39:28] Speaker A: It's a huge change digitally now. [00:39:31] Speaker B: Well, everything was handwritten back then, wasn't it? [00:39:33] Speaker A: Yes. You know what? The information today is less than what we used to get before. Less and I think less. How can I say it? Not as accurate. [00:39:47] Speaker B: Less informed. [00:39:48] Speaker C: That beautiful handwriting on some of those documents, like some of the titles that I've seen, like the older ones, just with that beautiful handwriting. [00:39:55] Speaker A: Just search the title too. [00:39:58] Speaker C: Yeah. [00:39:59] Speaker B: I just came across one from 1956, a commercial property that I'm working on in Safety Bay. I'll see if I can bring it up here. But it was the plan. I've pulled down the plan and. And everything is handwritten on this plan. All the lots, all the identifiers are all handwritten in a beautiful running script. Writing. Yeah. It's something you'd find in Microsoft Word today, like Edwardian script or something. So there you have it. Now we were going to talk about the valuation process, how they're done. [00:40:37] Speaker A: Yes. [00:40:38] Speaker B: And I'd love to hear your feedback. What your formula is, what your winning formula is to value a property. [00:40:44] Speaker A: The winning formula to valuable property is to be very diligent. That's the winning formula. But the basics, and it's hard to give you, you know, all the understanding of valuation in two or three minutes, but basically a market valuation, and I did say before, not today, but today to you, that it's not always a market valuation. Often there is a valuation done for other purposes which is not directly relevant to the market. But the majority of valuations are done for the market. To find out what a property is worth, the most important thing is the date. Because the valuation is very date specific, the market changes and can change rapidly. So evaluation is very date specific. If you require one for legal purposes, there's a great chance that that's already been established, whether it's today or in the past. But if you're a homeowner or even a purchaser thinking of buying a property or an investment property, and you're not actually up to the mark to being able to either sell or to buy at the time, don't go out and get a valuation at that time because that is not going to give you what it is possibly when you're ready to do the deal. So it is, and I, when I'm asked to do evaluations on a residential property, the first thing I say, are you actually going to buy or sell in this current market? [00:42:17] Speaker B: Yes. [00:42:18] Speaker A: And if you're not, because the valuation is a currency of about three months, unless some major event happens that shifts the market in that time. So unless you're prepared and wanting to do something virtually immediately, then I suggest you wait till you're at that point in time. And I suggest to everybody that they go to their. They have a look in their area where the property is there buying or selling. Look at the agency boards, look at the ones that have got the sold stickers on and the name of the rep who sold the property. [00:42:53] Speaker B: Yes. [00:42:54] Speaker A: And go from there and get your mark. Get three market appraisals if you have to, for the time being. If you actually definitely need a license valuation, then at the later date, get it when you know that that is the date, otherwise you waste your money. [00:43:09] Speaker B: Well, you know, even I find myself the moment talking about my appraisals not, not lasting too long. I'm putting, you know, a month on them. If they're like, if it's going to take longer to prepare this property for sale, we're gonna have to revisit this. [00:43:21] Speaker A: But the public often think that once a value, always a value. [00:43:26] Speaker B: No, no. [00:43:27] Speaker A: And it's quite different. It's a very much a moving feast. And as I said, it can go up or down or sideways or so, or do backflips. [00:43:36] Speaker C: I do four front flips and then another, you know, heel kick or something like that. [00:43:40] Speaker A: If you're dealing, say today, current market value, the major factor is highest and best use. [00:43:48] Speaker B: Highest and best use of the property, which we were talking about this over. [00:43:51] Speaker A: The break, has to be legally permitted and has to be feasible for it to be highest and best use. And that will then determine what market you're looking at. Because for argument's sake, if you've got a shop on one corner and you've got a duplex next door to it, you're not going to be looking at the same purchaser market. You're going to be looking at two different markets, basically. So it's horses for courses. And it's no use looking up all your information for a market that your property is not going to appeal to. So you've got to. Because once you've got your highest and best use, then you can go and look for the market evidence. You know what purchaser market you like. You might have two or three different markets so you've got to look at all of them and then you look at all of your sales evidence. Best evidence is local and close to the date. But that's the most relevant but not necessarily the best evidence of the market. So you may look, need to look further afield at something that is very comparable and has a comparable demography. [00:45:02] Speaker C: So say, for example, Jenny, like, I obviously know when evaluation is needed, but for our listeners, just for them to get a bit of, I guess, background, when would someone need to find a valuer or, you know, employ one? [00:45:19] Speaker A: Basically, basically, if you've got a legal reason, you have to have a license valuation. Having said that, I have known the family court to accept appraisals, sometimes three appraisals. Yes. But in general, as a general rule, for a legal reason, you will need a license valuer. If you're in any doubt about the independence of the agency in the area, or if you are acting on behalf of, say, a deceased estate or you are one of a family where there might be repercussions, if you don't seem to be doing the right thing, then independent advice is what you want. So evaluation by a licensed valuer should be completely independent, completely unbiased. It is document that carries liability and responsibility. Okay. If you don't have that sort of reason, a market appraisal will generally be fine for you and you save yourself a lot of money because good, I say good valuations are not cheap. A proper valuation takes quite a bit of time. A lot of people will say to me, oh, I only need it for this or I only need it. [00:46:40] Speaker B: You gotta love that. So you only should charge me about five minutes work, because I only need. [00:46:45] Speaker A: Yes. [00:46:45] Speaker B: You know what? [00:46:46] Speaker A: They don't appreciate that it still has to be done properly. And most of the work in evaluation, most of the time is in the homework. It's not in writing the report, it's in doing all the investigation and the homework. The myriad of government departments you might have to confront, the agents you have to try and nail down to find what happened in the most recent sale. Well, just nailing the most recent sales in a moving market. [00:47:16] Speaker B: I love that you're calling agents. I love to hear that you're calling the agents and you're going that step further. You're talking about this diligence. I just love to hear that. [00:47:25] Speaker A: But a lot of agents don't want. A lot of agents have been bitten by valuers taking what they have said and putting it in their reports as being something that's absolutely. That's a fact and it's not. It's an opinion and it should be dealt with in that way. [00:47:40] Speaker B: But it's kind of like this inside. [00:47:42] Speaker A: A lot won't help. A lot won't help. Value was now. [00:47:44] Speaker B: Yeah, well, you can always call me Jenny. [00:47:47] Speaker A: Thanks. [00:47:47] Speaker B: You're more than welcome to call me. I'll look out for your call. [00:47:49] Speaker A: Thanks. Very nice. [00:47:51] Speaker B: I enjoy having that conversation. The only comment I've had from agents over the course of time is that valuers call for advice. Sure. You know, you're open, talk about what's going on, the market or what's happening in that suburb, that property, whatever. But the comment, the agent says, well, when they've called the valuer to say, hey, what do you think they're like, well, I can't tell you, I can't tell you because it's privacy or it's confidential or whatever. And they've got to understand that too. [00:48:14] Speaker A: A valuer cannot divulge what is in a valuation. [00:48:17] Speaker B: That's right. [00:48:17] Speaker A: But he can talk about, or she can talk about evidence planning, can talk about any of those things. You just can't divulge what you've actually put on the value of that property. Yes, but the important thing is when an agent is contacted by a valuer, the valuer doesn't really want the agent to say what they think the property is worth. What happened, the valuer, they want the agent to tell them what happened with the sales they made. What was the to and froing, get the deal to get done, get the tea. [00:48:50] Speaker B: Which is what happened with that most recent call that I had. They wanted to know where was it? Have you got any other interest? Who were they, what were they bidding at? You know, were there multiple offers, multiple expressions, trying to find the circumstances around this sale? [00:49:06] Speaker A: Yes, the circumstances that the market circumstances are everything really. You've established the date, highest and best use, you know, the market you're after. So the market circumstances of any sale are absolutely gold. [00:49:23] Speaker C: Even like with a valuation for, excuse me, the Office of State Revenue, you can use a license valuation for that if you're transferring between related parties. Yeah. So that's the perfect time that I obviously see that we need to upload that to the portal for the Office of State Revenue within the three months validation. So that's obviously when I see them or court orders, same thing, they come through there as well. [00:49:53] Speaker B: So banks are using these desktop valves more and more. [00:49:57] Speaker A: They have been for ages, just getting a little bit more sophisticated and less people input, which Is bad because the market is people. [00:50:09] Speaker C: So true. Though. [00:50:10] Speaker B: I've spoken on the show about the last property that I purchased. I just had to provide a couple of tax returns, two consecutive years of tax returns and there was no value or sent out. I had an approval within about four hours. They just, they signed off on the property. They looked at it, they said, well, we know pretty well what it's worth. There's plenty of comparisons. You're all done. You're right to go. It was quite amazing how quickly that process flowed through. That was with one of the major lenders. [00:50:40] Speaker A: Except what they didn't know was that the floor is actually rotten with termites and the plumbing didn't work. There was a problem. There was a. [00:50:48] Speaker B: Well, what if. There was all these what ifs. [00:50:50] Speaker A: Water drain underneath. It wasn't registered on the title. [00:50:53] Speaker B: There was all these what ifs. I'm like, well, no, it was all right to go through. You're right. [00:50:58] Speaker A: See, it just goes to show, well, the banks are taking a gamble, but putting the risk back on the valuers. That's not fair. [00:51:07] Speaker B: No, I don't think so. Yeah. But I do find that it's the, the, the private money that tends to. They tend to send valuers over the big banks. Well, when there's higher risks involved. [00:51:21] Speaker A: Yes. High risks involved. [00:51:22] Speaker B: Peppermint money, Resumac. Those, those lower tiers. Yeah. They tend to send the valuers out. I can generally tell on a contract who. Who's. The who's. If it's finance, that's high finance. So, for example, we had one of those key start lines the other day. They were borrowing 98%. I thought, this is going to get a valuation. Sure. And I did. I get a contact, got called by valuer to walk through it. If it's higher, higher loan, they're more likely going to get a value. But if it's lower, if they're only borrowing 30%, 40%, 60% generally just goes through. [00:51:59] Speaker A: They work on statistics as to what percentage of what market fails persistently. The old one about cars where they car had a fault, I think that was one that Ralph Nader was, was evolved in. Originally. The car had a fault that could cause it to combust, basically. [00:52:21] Speaker B: Oh, yeah. [00:52:22] Speaker A: If it turned left or right or whatever. Because it had a fault with the, with the electrics. [00:52:27] Speaker B: Yeah. [00:52:28] Speaker A: They were bean counters. Sorry. I knew there was a word for it. They worked out that if this happened once in 2 million, it would cost. [00:52:37] Speaker B: Them X. X amount. [00:52:39] Speaker A: Yep. But if they were to recall all the Cars and fix it, it would cost them Y +Y amount. So they decided basically that a person's life was worth, you know, X. Because based on the settlement payout, somebody, somebody would die. So I mean, that's a little bit high end for that sort of thing. But statistics here, but this is what they work on. What is the likelihood, probability of that happening of that mortgage belt there, defaulting? [00:53:16] Speaker B: Yes. Isn't that amazing? This is the background mechanics on how we access our money. [00:53:23] Speaker C: That's it. No, but it's it. Everything is a process. Right. And in order for me to do what I need to do for a court order, then nine times out of 10 out of 10, Jenny's involved or value is involved. [00:53:35] Speaker B: How many of those would you get? Carly, on average, dealing with family law stuff? Because I come across it all the time. [00:53:41] Speaker C: It's. Look, it depends. It can be 2, 3, 4, 5 a week, but they go in waves, right? They go in different patterns. But I mean, generally speaking, probably two, three a week at the moment. [00:53:55] Speaker B: Two, three a week. [00:53:58] Speaker C: So which is, you know, which is sad. But again, part of life, gotta do what you got to do. But yeah, yeah. [00:54:06] Speaker B: I mean, I reckon if I looked at my, the statistics of my career in real estate for a long time, I think I'd be dealing with separations about 70% of the time, whether I'm housing somebody that's left or somebody that's leaving, whether it's the husband or the wife selling the former matrimonial home, doing appraisals. I just did one the other day. Near success. Yeah. It's a big part of our industry, selling for separations and family law. Get involved at some point down the line. [00:54:37] Speaker A: Of course, one of the things with valuation is a valuer should not be involved in any valuation where there's a conflict of interest. However, if both parties want that valuer to do that valuation and they both agree that there is no conflict of interest, then the valuer can do that valuation. But it is something to be very much aware of at all times. [00:55:05] Speaker B: So how would you handle Jenny if you valued a property and then somebody wanted to check the valuation and they brought another valuer in and he came in at a completely different price, whether way higher or way lower than you. How are we going to handle that? Determining what the actual value is? We've got two licensed valuations here, but they're different. They may have similar or different methodology, but they've come in different. How are we going to average this out? [00:55:34] Speaker A: We have that all the Time, I bet you do. Area that I do a lot of in compulsory acquisition. So act for private owners who've had land partly or wholly taken and invariably the valuations that have been performed for say, main roads or WAPC aren't up to scratch, let me put it that way. Another valuer. So they're just not up to scratch. The compensation heads of claim in the Land Administration act, which, which most of the compulsory acquisition is taken under, are specific and you need to follow them. And court precedent has set different precedents through different court cases have said, well, that actually means that, that phrase in there, that statute means that. And you have to be aware of all of that. So what usually happens is the valuers are then asked. Valuation is done on both sides. They are then asked to exchange. We exchange reports. [00:56:41] Speaker B: Really. [00:56:42] Speaker A: Then you can do a responsive report, each of you on the other valuation. [00:56:47] Speaker B: You swap notes and you mark each other's work, basically. [00:56:50] Speaker A: That's one way of putting it. And then you get together and you have a conference and you try and sort out if there is any common ground where it is what you. And you have to. Then normally this is done under a court process. So you are required. Then it's called a conference of joint witnesses for whatever evaluation. But they do it for planning environment and all the other ones that they have the fields. So you have to have the joint conference and you have to provide a statement from the joint conference to say things you agree, things you don't agree and why. And that is to assist the court. And one of the reasons why a license value is called an expert witness is because we're deemed to have an expertise in the field of market and property. And that can be relied upon by the court to be an impartial, unbiased, independent assessment. [00:57:57] Speaker B: Okay. [00:57:57] Speaker A: Well, that's the theory. [00:57:59] Speaker B: Okay. [00:57:59] Speaker A: Okay. [00:58:00] Speaker B: Impartial, unbiased, independent assessment. Say that 10 times really quickly. [00:58:04] Speaker A: Yes. No, you can't. [00:58:06] Speaker C: I don't think you could either. [00:58:07] Speaker A: It gets a bit distorted, like real. [00:58:09] Speaker C: Things, even with your sugar. I don't think you could say that. [00:58:13] Speaker A: So that's what we've got to try and come up with so that it will assist the court. So we must not. And that was the other thing about difference between a license failure and appraiser. An appraisal is a license failure. Must not be an advocate for the client. [00:58:31] Speaker B: Okay. [00:58:31] Speaker A: Must not impartial. But it's the agent's job to be an advocate for the client. Very, very distinct, difference between the two. So, you know, people say, look, I need a valuation, I need 500,000 on this. And I say, look, I'm terribly sorry, but I don't know if it's worth 500,000 until I've inspected it, done all my homework and then I might or I might not. [00:58:57] Speaker B: Because you can kind of manipulate appraisal prices to pick comparable properties that are in say a 500 range or a range that's 30,000, Abraham that, or range that's 30,000 below that. Because it's not just necessarily just the highest ones. If there's enough data you can selectively pick to substantiate a price. A lot of agents do that, especially if they're doing appraisals for super funds, just to keep a track of price point. The owner might say, well, I need it to come in around here. But you can't do that. You can't do that at all. [00:59:34] Speaker A: No, no, you can't. You have to look at all of the evidence and if you discard a sale for some reason, you have to have a good reason why it is not an appropriate part of the evidence. [00:59:46] Speaker B: Isn't that amazing? [00:59:47] Speaker A: And each sale should be compared directly with the subject property. And any adjustments, you should quantify any adjustments. For instance, if it's a slightly larger block or, or if it's got five bedrooms instead of four. These things you need to quantify your adjustment. But you don't see that very often in valuation reports. You often just see a comment, oh, these are the differences, blah, blah, blah, just stating that there are differences. This is superior or inferior. But that doesn't give you any idea what the value was thinking that. So if that property sold for 450,000 and that property sold for 550,000, you know, there's $100,000 difference between the two. Where does the subject property sit? [01:00:37] Speaker B: Yes. [01:00:38] Speaker A: So it's. You've got to look at those differences and quantify them. Otherwise you can't, you can't use a range of $100,000. [01:00:46] Speaker B: No. [01:00:47] Speaker A: And just say so. I think it's. [01:00:49] Speaker C: Yeah, a big difference. $100,000 is a very life changing amount. [01:00:53] Speaker B: Of money, especially if there's a court involved, separations involved. [01:00:58] Speaker A: Well, often with compulsory acquisition, you're talking millions. [01:01:02] Speaker B: And these people may not necessarily want to let go of their property, do they? You need to compensate them. [01:01:09] Speaker A: Most don't. And this is not. Unfortunately, the act doesn't recognise it. It does recognise loss to the owner, but it still has to be based around value and the claims that you can make different claims. [01:01:23] Speaker B: You can make unjust terms. [01:01:26] Speaker A: Well, that's not in our act, it's. [01:01:29] Speaker B: In the constitution, it's a Commonwealth term. [01:01:31] Speaker A: But with case on at the moment where people have had two thirds of their property taken, it's in an area that's transitioning from rural residential essential to industrial. It's a long tank, it's got a frontier to Tonkin Highway. Great for industrial, not so good for rural residential. But they've been left high and dry because there's been a change in the administrative side for main roads and it's gone on so long and they nearly need to take the land. It's been partly taken legally, so they no longer own that bit. There's been a lot of things in the wash, including having to go to hospital and not being able to fill in forms at the right time and that sort of thing. So there's a lot in the wash. But basically they're in a situation which almost untenable to them now because they don't get enough money from the part taking, the way the valuation's been done to enable them to go and get another property. They're losing two major buildings which they'll have to replace. So it is a bit of a nightmare. [01:02:47] Speaker B: It sounds like this is one of. [01:02:49] Speaker A: The worst of the part takings that I've come across, but I've come across quite a few where the takings have been large and there have been people will commit suicide over the issues that have really resulted from it. Yes. [01:03:05] Speaker C: Very sad. [01:03:06] Speaker A: It is very sad. [01:03:07] Speaker C: Very sad. [01:03:08] Speaker B: Yeah. [01:03:09] Speaker A: Unfortunately, I think that the general feeling, I think, amongst the public is that, okay, there's a process, the government will abide by the process and we'll get a fair compensation. And if that all went according to horror, they would in most cases. But it doesn't. [01:03:28] Speaker B: There's a little bit more to it, isn't there? [01:03:30] Speaker C: Exactly. [01:03:31] Speaker B: And when you were just going back to what we were saying earlier, when you're looking at comparing notes with valuers and having to come to an agreement, in your experience, are you ended up somewhere in the middle between yourselves or we're coming up or we're going down? Where are we sort of landing with, with these comparisons? [01:03:51] Speaker A: Because I have to say, every situation is different. Of course. [01:03:56] Speaker B: Yeah. [01:03:56] Speaker A: But I've done all my homework. I've come up to what I believe is a reasoned assessment. Unless I can be shown to be wrong on that, I'm not willing to budge very much on that now. The same. [01:04:12] Speaker C: Good. [01:04:12] Speaker A: The same. [01:04:13] Speaker B: I want you on my team. [01:04:14] Speaker A: Yeah. [01:04:14] Speaker C: Definitely. [01:04:15] Speaker A: The same thing happens with the value on the other side, who may have not done the homework, who doesn't want to budge either. [01:04:22] Speaker B: Doesn't want to budge. Okay. [01:04:23] Speaker A: So it gets down to. Sometimes there's a very hard slog and it's a case of it's expensive to go to court. If the valuers recognise that they really are not as comfortable with what they've done as they thought they were, they may well change. But as I said, I find it very difficult to come down very much from what I've assessed, unless I could be shown. [01:04:53] Speaker B: Because you're so certain you've done your, you know, you've done your homework and you've done it right. [01:04:56] Speaker A: I'm not 100% certain. No, because it is a subjective assessment at the end and you've got to use all of the evidence. If, for instance, since you have got the wrong end of the stick on a planning matter, then of course that's crucial and that can change your whole. [01:05:14] Speaker B: Of course it does. [01:05:15] Speaker A: Access for your assessment. And I'm certainly. I'm most willing to change if that is the right thing. [01:05:22] Speaker B: Yeah. [01:05:23] Speaker A: To do. [01:05:23] Speaker B: But you're very fair that way. [01:05:25] Speaker A: I'm trying to be, but I must say it's very difficult because value is as an. As part of their nature. Seem to be reluctant to move from where they are. [01:05:37] Speaker C: Jenny's done her. Jenny's done her due diligence. [01:05:41] Speaker B: Yeah, I know. I'm just here. So for our listeners out there that want a valuer that does her homework and stands by it, that's Jenny. [01:05:48] Speaker A: There are a lot of valuers who do do that, but they're generally. It's not something you can advertise. It's a bit like the situation with lawyers. You're only a limited amount of things that you can say in an advertisement. [01:06:03] Speaker B: But, you know, within yourself, within your own integrity, you take your job very seriously and you do your job very well in the background, you make sure that homework is done right. [01:06:11] Speaker A: Yes, that. That's essence. I was taught that right from the get go. I had very good bosses in the beginning and when my first boss said to me, do every valuation as if you're going to have to stand. Stand up in court and support it. [01:06:25] Speaker B: Yes. [01:06:26] Speaker A: And that was really good advice. But I got my integrity and honesty from my family, my mum and dad and my nana. Mum and dad ran a real estate agency. [01:06:39] Speaker B: Did they? [01:06:39] Speaker A: Yes. And, you know, dad put up with an awful lot, but he was very fair and very honest and I learned it Is the only way to do business. [01:06:50] Speaker B: To do it right. [01:06:51] Speaker A: Do it right. [01:06:52] Speaker C: Do it right. The first time. [01:06:53] Speaker B: I want to dive into that a little. A little bit deeper because that sounds very interesting, Jenny. We'll have a very quick break. And you're listening to Carly, Carlos and Jenny on the Perth Property Roadshow. [01:07:04] Speaker A: The best music from the 60s to today, IPL radio. [01:07:10] Speaker B: And we're back with the Perth Property Brothers show and our very good friend, Carly Beasley, friend of the show and. And our special guest, Jenny Lafair from JJ Lafair & co. It's been a great conversation about property valuations. And I keep telling you too, like during the break, you guys are talking about really interesting topics. Just hold it for the air. [01:07:31] Speaker C: We can't help. [01:07:31] Speaker B: Wait till we get back into it because, yeah, it's been an interesting chat, so thank you very much for coming on. [01:07:38] Speaker C: No, it's been very informative. It's been great. [01:07:42] Speaker A: I find valuation has been a very, very interesting career. [01:07:47] Speaker B: You said you had, you had very good training. I had very good mentors. [01:07:51] Speaker A: Trained very good mentors. I was the first female valuer in wa. [01:07:57] Speaker B: Yeah, yeah. [01:07:59] Speaker A: The girls team. Girls now, Now a lot of girls. I didn't know anything about the fact that, you know women. There was anything against or between women and men. To me, the world was open. That's how I'd been brought up. [01:08:16] Speaker B: You had a good skill, you knew how to use it. [01:08:18] Speaker A: I immediately adopted the fact that, well, this must be okay. I have to tell a little story about when in my first office that I worked for as a valuer. I mean, on my job, you've worked. Not much sense, really, wearing skirts or dresses. You're hopping over fences, ducking in and out of things. So I just naturally wore trousers. And one of the partners, the directors of one of the departments in the office didn't like girls wearing trousers. [01:08:52] Speaker B: Is that right? [01:08:53] Speaker A: So he sent a memo round on the. On the little boards that went round to each of the six directors offices in the morning to say, girls in this office will not wear pants. Now, that didn't quite translate as he meant it, but I think in the end that worked against him because. [01:09:16] Speaker B: So they have to turn up. [01:09:18] Speaker A: No discrimination in my mind. And when I discovered there was discrimination, I was horrified. [01:09:23] Speaker B: I was shocked. [01:09:24] Speaker A: Yes. So. And I spoke up, said something about it. So, yeah, interesting times. Today, people don't understand the difference between the working. The difference in the working environments. [01:09:40] Speaker B: How amazing. You've probably seen so much in the last 50 years, Jenny. You've been in the game. We were just talking during the break about how you knew Carly when she was early teens. [01:09:49] Speaker A: Yes. [01:09:50] Speaker C: You know, and we'll stop there. [01:09:53] Speaker B: You don't want me to continue? [01:09:54] Speaker C: No. [01:09:56] Speaker B: From Pony Club. Yeah. But what would be. What would be a memory that sticks out in your mind like a very interesting property, a very interesting case that you came across, something that is one for the history books, if you could pick one. [01:10:10] Speaker A: Well, one that is very dear to my heart and a tragic situation really was land close by that was taken for the freeway and completely the wrong thing was done by the justice system. [01:10:26] Speaker B: Is that right? [01:10:27] Speaker A: Yes, absolutely unheard of to do what they did and in a nutshell, give. [01:10:37] Speaker B: Us a breakdown without going crossing any boundaries, of course. Well, what happened? Yeah. Want to know about this? [01:10:41] Speaker A: Well, the valuations were done none and they were poles apart. The land was at that stage because it was 2006, it was in the middle of the boom, and people were buying tracts of land for future development. They were taking the risks. They were paying hard money for the land because they thought that's going to be urban in maybe 10 or 15, 20 years time and they were paying a certain price for it. And land that had previously been thought would never ever was rural, residential, would never ever be urban, was being bought for those figures. So there was a huge discrepancy between the private valuations and the government valuations and it ended up going to court. [01:11:27] Speaker B: Government wanting to pay less in this instance, is that right? Like a lot, the least amount possible, lot less. [01:11:34] Speaker A: And it went to court and the judge virtually, I don't think knew much about property markets, didn't seem to understand what was happening with the property markets and became virtually what we call the third valuer and made up his own mind about what it would be, which was completely out of order. [01:11:59] Speaker C: Wow. [01:12:00] Speaker A: And a lot of things were also out of order in a lot of the other fields. And this appeal was made and it was upheld. But the only reason, the only basis the appeal was upheld on was that the judge had come about evaluation of his accord rather than the evidence from the valuers. [01:12:20] Speaker C: Makes sense that you'd appeal that because you've got two people, professionals and professional license valuers, going against someone that's kind of, you know, not outside their lane. But. [01:12:34] Speaker A: But what makes absolutely no sense at all or justice is that it was given back to that judge, given back to that judge to determine what. What the grounds of the appeal were. And he determined that the valuation would be only based on sale X and Y and Z. I think there were three. None of which was comparable to the land or its possibilities, its potential. [01:13:06] Speaker B: Oh, my God. [01:13:07] Speaker A: And so we worked out that if we utilize these sails, we would have to look at them in the context of where they sat in the market in regard to the land which did have potential. So this is what we did and we came up with virtually the same answer we came up with before, and it went before another judge as a mediation prospect. And we were told, well, if this is what you're going to do, you won't be getting any more. In fact, you'll probably get less and more what you got. [01:13:45] Speaker B: That's abominable. [01:13:46] Speaker A: It is abominable, but unfortunately there was no way to overcome that. And because a Calder bank offer had been made of a certain amount while the trial was going on, but had been rejected by the owner as being insufficient, that became the most he could receive. [01:14:08] Speaker C: Wow. [01:14:09] Speaker B: This is amazing, Jenny. So people have shortchanged significantly. [01:14:12] Speaker A: People are being constantly shortchanged. [01:14:14] Speaker B: Oh, my goodness. [01:14:15] Speaker A: Wow. [01:14:16] Speaker C: And how long was that process like from? I guess it sounds like a complicated one. [01:14:20] Speaker A: Settled in, I think, 2012, so six years. Some people have been going much longer than that. [01:14:28] Speaker B: So people are currently disputing the amount of compensation attached to a compulsory acquisition. Yes, on an ongoing basis. And nobody does anything about this? [01:14:40] Speaker A: Well, we do have the Property Rights Group and Property Rights Charter and it's been brought into Parliament. But just as an example, colleague of mine, or two colleagues had partnership as valuers. Colleagues of mine and about when Alana Mc Tiernan was in the planning hot seat as minister, they took a list to her as long as your arm of the deals that had gone that were disputed and where they had managed to achieve a huge difference in the compensation purely by doing the valuation homework and coming up with the right answer. They hadn't written out the check themselves. They had actually got to the point where they're able to convince the other side that in fact they were right and the other side was wrong. So they took this list to Alana McTiernan and she said, well, I can't believe this. I'll have to go back to my department, ask them. So she went back into the bureaucracy and said, guys, you know what's happening here? Look at this. And they virtually said, I know we would never do anything like that. [01:15:53] Speaker B: My goodness. [01:15:53] Speaker A: And she just refused to take it any further. [01:15:56] Speaker B: The discrepancy seem enormous here. Would you. Would you think that in the background there's. There's more going on there's bigger mechanics here at play. Potentially some corruption in the background. Powers that be putting some extra pressure on the system. [01:16:12] Speaker A: I wouldn't, I wouldn't say it's direct corruption. [01:16:15] Speaker B: No. [01:16:15] Speaker A: I think it's just a. A lack of understanding of the whole game. You know, compensation evaluation, a lack of understanding and the fact that the government is trying to get the land for as cheaply as possible because it's, it's people's money that they're. But they do have a responsibility to give fair compensation because that person is giving up their land for public purpose, which is for the benefit of the community. [01:16:43] Speaker B: That's right. And they haven't had a choice here. [01:16:46] Speaker A: And they haven't had a choice. [01:16:47] Speaker B: No. Or they might say, look, we're going to put a road through this road, but we're going to give you another piece of land over here. We're going to split your block into two. You're still going to have the other piece of land on the other side of the road, but, you know, just not this part. [01:17:00] Speaker C: We need this part. [01:17:01] Speaker B: Not this part. It completely changes what their initial holding was. [01:17:05] Speaker A: Sometimes the taking is a benefit to people. It might be taking a piece of land that they couldn't subdivide, that they don't really want or need and they get some money and that's great for them, you know, and those sort of things are not usually in dispute. [01:17:21] Speaker B: They might take a piece of land that was their only access and then they have to. [01:17:24] Speaker A: Well, they have to provide access. [01:17:26] Speaker B: They can't leave. [01:17:27] Speaker A: You cannot have a block subdivided without road access. [01:17:33] Speaker B: We saw one on the Gold coast where there was a subdivision done for the freeway and they had to build a very, very expensive bridge, like a very tall, expensive bridge to get over to this property because there was no other access to it. And that was part of the deal. They had to provide that access. [01:17:49] Speaker A: Yes, well, that's right. So you can't subdivide any land here without providing. If you want a titled block, you have to provide road access to that title, otherwise you don't get a title to that block. So, yes, that's in the government remit that they have to do that. [01:18:07] Speaker B: Isn't that amazing? [01:18:08] Speaker A: But no, I think it's just a case of people losing sight of the process. [01:18:14] Speaker B: So no corruption. [01:18:16] Speaker A: I don't think it's a direct corruption. [01:18:18] Speaker B: No paper bags in the background. I think it's just not understanding the process. [01:18:22] Speaker A: I think it's. [01:18:23] Speaker B: But this has been going on for. [01:18:24] Speaker A: A long Time, ignorance, incompetence and just a lack of general understanding of what the process should. How it should go. [01:18:33] Speaker C: I think experience as well, like kind of goes into that, you know, little recipe of. Of potential. Not failures, but bad things that are going on or people not knowing. [01:18:46] Speaker A: It's a catch 22 situation too, with failures, because unless they actually have to become. If they get into a situation where they're not competent, but they don't understand they're not competent and they genuinely believe that they've done a proper assessment, that's a very difficult thing then to unravel. [01:19:08] Speaker B: Isn't that amazing? [01:19:09] Speaker C: It's like a big ball of yarn. [01:19:11] Speaker B: That's what it's sounding like. These are the imagery that I get as well. So that's the standout for you in your. In your career. What about. Is there. [01:19:18] Speaker A: Unfortunately, yes. [01:19:19] Speaker B: Yeah. [01:19:20] Speaker A: I have another. [01:19:20] Speaker B: People being shortchanged. What's it give us? A positive story. [01:19:23] Speaker A: I have a positive story. I have had two letters addressed to me as the best valuer in Perth. So I kept them. [01:19:31] Speaker B: That's right. [01:19:32] Speaker A: Hopefully they're framed because I just happened to provide information that was necessary for them to do what they had to do with the value of. So it was nothing that I hadn't, you know, hadn't done anything extraordinary, just done my work properly. But it was nice to get that validation. [01:19:52] Speaker B: No. [01:19:52] Speaker A: That at that stage they thought that I'd actually. What's the best way? But I don't claim to be the best player. I probably would claim to be the most nitpicking lawyer in Perth. [01:20:05] Speaker B: Yeah, I get a sense of that. If I'm going to engage you, this report is going to be impeccable. Yeah, but are you planning to. Doing. What are you planning on doing as you sort of enter your. The end of your career, as you mentioned earlier, Are you going to keep your hand in the game, maybe do some training? I'm sure there's. There's so much valuable information you have that you could pass on. Maybe some ad hoc training. [01:20:28] Speaker A: I would love to be involved in either mentoring for. For trainees or I probably think I'll be valuing for another 10 years, maybe. Most of my work comes from referrals. I don't go out there and I'm not part of a large. I'm not connected to any large real estate companies, so general affair by name. [01:20:48] Speaker B: And by reputation, so. [01:20:51] Speaker A: But another thing I would love to do is. I'd love to do more. I'd love to do some voluntary community work. [01:20:57] Speaker B: Good Come along to Rotary, either to. [01:21:00] Speaker A: A rectory or a local community house like Murray House, and spend an hour, an hour a week advising people. Not. I can't advise as to a value of your property until I do evaluation. A lot of people will say, oh, you've been here 10 minutes, you know, what's my property worth? And I say, I can't do that. I don't do that. That's preempting. And I. For GPS and all the rest of it. [01:21:28] Speaker B: Yeah, no, I see people with questions sort of scratching their head. Why don't these numbers line up with odds and evens? Well, it's a measurement. [01:21:34] Speaker A: Yes, it is a measurement, but a lot of the numbers also in the early days came about because a park or something there that wasn't going to have a number for a house didn't get a number. So it might have been 15 here, a park and then 17 there. Whereas in fact it probably should have been 21. But that's not everywhere. And you'll notice occasion you see where street numbers have been changed. [01:22:03] Speaker B: Amazing. All right, we're have a very quick break and we'll come back and get some details from you, but how people can reach you and then we'll sign off. And can you believe we're almost at the end of the show? [01:22:12] Speaker A: No, I can't. [01:22:12] Speaker B: It goes by so quickly that we'll be back very shortly with Jenny the foul and Carlos and Carly on the. [01:22:19] Speaker A: Perth Property Bros. More music, better mental health. Only on IPL radio. [01:22:27] Speaker B: And here we are again with the Perth Property Bros And Property sisters. Today, actually. Yes, Carly and Jenny. [01:22:33] Speaker A: Go girls. [01:22:34] Speaker C: Go girls. That's it. [01:22:35] Speaker B: Go girls. It's been such a pleasure having you both because you're both guests today, of course, Josh. Josh is down south. [01:22:41] Speaker A: Yes. [01:22:41] Speaker B: Today. And Carly subbing in for Josh. We've got Jenny as a. As our special guest today. [01:22:47] Speaker A: Thank you. [01:22:47] Speaker B: So it's been a great show. I looked at the time and I thought, wow, it's gone by so quickly. [01:22:52] Speaker A: So I've really enjoyed talking. I. I want to help people understand valuation if I can. [01:22:57] Speaker B: Well, we hope to have you back again would be great. Yeah. Josh will put you through one of his quick fire rounds. [01:23:03] Speaker A: Yes. W bullets, I hope. [01:23:06] Speaker B: Oh, I'll tell you all what curve. [01:23:09] Speaker A: Balls he'll throw you. [01:23:11] Speaker B: Yeah. But now we're gonna. You're gonna come to my road trick club and visit, hopefully. [01:23:16] Speaker A: And yes, I will. [01:23:17] Speaker B: We'll have dinner with our very good friend Pat. [01:23:19] Speaker A: Yes. [01:23:19] Speaker B: If you're listening, Pat, you're on cooking. [01:23:22] Speaker C: Duties might bring Scotty and Miley and. [01:23:26] Speaker B: Oh, well, you're, you know, you've always been invited. [01:23:28] Speaker C: No, I know. We'll all come down. [01:23:30] Speaker B: But Jenny, how can people contact you? [01:23:33] Speaker A: Well, I'm on email. L E Fafetti E V Victor R e [email protected] au or by phone. 0427-04-6147. [01:23:53] Speaker B: So what was the phone number again? Just in case. [01:23:55] Speaker A: 0427-042704-61470-6147. [01:24:01] Speaker B: That's Jenny Lafair from JJ LA Fare and Co. That's right. Property valuations. [01:24:05] Speaker A: Yep. [01:24:06] Speaker C: Amazing. I've learned a lot. I know, you know, being in this industry, I've learned a lot. [01:24:12] Speaker B: We always do every single interview. But this one was particularly interesting because you've been in the game so long. [01:24:16] Speaker A: Oh, I never stopped learning. I never stopped learning. So there's always something else out there. [01:24:23] Speaker B: Well, I'll certainly be calling you at some point to pick your brain. [01:24:25] Speaker A: Definitely do that. [01:24:28] Speaker B: And Carly, thanks for, for coming on for Josh. [01:24:30] Speaker C: You're welcome. [01:24:31] Speaker B: It's been good to have you. Next week you'll be coming in again to sub for me because I'll be over race so. [01:24:35] Speaker C: And I will be you. [01:24:36] Speaker B: Next week I will be listening Josh. [01:24:39] Speaker C: And Carly show or the Carly and Josh Show. [01:24:41] Speaker A: I can see this becoming the Carly show. [01:24:44] Speaker C: Oh, you heard it right here, everybody. You heard it right here. [01:24:49] Speaker B: Whenever Carly walk walks in a room, it becomes the Kylie show, actually. That's fair. [01:24:53] Speaker C: That is fair. [01:24:55] Speaker B: That's awesome. Thank you both ladies for coming. [01:24:58] Speaker A: Thank you for asking. [01:24:59] Speaker B: Now, while I've been, while I've been finishing off this segment, Josh has contacted me yet again. He said, carlos, please, please play the song. I want to dedicate a song to you. So I'm going to close with that song. Josh Anthony's dedication to me, Carlos, from him now wa property sales. Here it is from Josh to me. Have a great week. We'll be back again next week on the Perth Property Bros. Bye bye. [01:25:22] Speaker A: More music, better mental health. Only on IPL Radio.