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and any one time wants to get out. wants to get out
and I'll go about a third of the country at any one time wants to get in?
Now here's the thing we do differently
what most people do is, when they want to get out they want to get out for cash
biggest mistake most people make around the world
if you want to get out for cash look at you're gonna take a scathing
especially the market right now where it's a buyer's market
sellers who want to get out all cash
want instant liquidity, they want instant gratification, if you are trying to sell
a property right now and you want all cash, get ready for the cash discount
that's why all cars, electronics firms,
furniture shops whatever it is, they'll always say to you when you walk in the door to buy a car
they'll always say to you, is it cash or terms? it's a very different animal
cash because you expect to pay less, when people come to buy a house if you're a seller
then you want all cash, expect to get less coz the market expects to pay you less
I've just figured out, that if I'm prepared to
accept the late gratification, that means if I'm selling a house
I'm prepared to accept the late gratification which means
I'll take some money now and some of it later
the marketplace will pay me a bucket load more money
a natural fact I found, that developers who've met with me
who have sold their development sites under my systems, they have ...
Doubled their net profit yield on their development, simply by selling it in a different way
Meriton was the first person who started doing this. Right when he started with St. George Bank
and he started vendor financing and seller financing deposits
made it easy for people to buy apartments, at the time
Meriton could get 35 percent more for his apartment than any other developer in Australia
and became the biggest developer in Australia as a resulted doing it
He was smart, but then he just came from Hungary, came from another country brought in another system
the Australians looked at and said why it wouldn't work here? then came in with the different system
That's all that is a different system
now another one... I sell a house, when I sell a house if I insisted the market pays me all cash
They're gonna crucify me. They're only gonna pay me this much
they're gonna discount me down, they're gonna bargain me down
and if I make it easy for people to buy my houses
They are exceptionally easy for me to sell. You're all gonna see
People here who properties only start their books in few days
one of the biggest struggle I've got with real estate agents in this room
you are going to struggle
you would normally put the house on the market for three to four months
a lot of my guys, they've gone with it three to four days
That's a whole different mental shift on how to do that...
the thing is, I make it easy for people to buy my houses, if I make it easy....