Property Guru Quiz

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Property

Do you know where the following are located in the area you are targeting?
Public transport

Yes No

Property

Do you know where the following are located in the area you are targeting?
Shopping centres

Yes No

Property

Do you know where the following are located in the area you are targeting?
Schools

Yes No

Property

Do you know where the following are located in the area you are targeting?
Parks

Yes No

Property

Are you considering areas designated by commentators as property hot spots in your plan?

Yes No

Property

Do you know the comparable sales price range for the property type you are considering?

Yes No

Documented Plan

Have you determined which property type you would like to invest in?

Yes No

Documented Plan

Are you attending open inspections?

Yes No

Documented Plan

Have you reviewed the title and contract note of a property for sale?

Yes No

Documented Plan

Have you bid at an auction or made an offer on a property?

Yes No

Documented Plan

Do you know how to tell if a property has structural faults?

Yes No

Advice

Do you have a written plan outlining your property investment strategy?

Yes No

Advice

Does your plan include the outcome that you want to achieve i.e. your financial goals?

Yes No

Advice

Does your plan include a calculation showing how you will reach your financial goals?

Yes No

Advice

Do you have strategies in your plan for minimising risks?

Yes No

Advice

Does your plan include entry, hold and exit strategies?

Yes No

Advice

Have you considered how life changes e.g. getting married, having (more) children, retirement may affect your plan?

Yes No

Advice

Does your plan take account of your current debt and borrowing capacity?

Yes No

Advice

Will this property be largely responsible for funding your income in retirement?

Yes No

Risk

Have you met with a property expert?

Yes No

Risk

Is your expert related to you or a friend?

Yes No

Based on the book Property Prosperity - 7 Steps to Investing Like an Expert
By Miriam Sandkuhler

Risk

Is the advice your are receiving free of charge?

Yes No

Risk

Is your advisor suggesting you buy a property in a specific development or project?

Yes No

Risk

Do you know the qualifications an expert property advisor should have?

Yes No

Risk

Do you know the 3 questions to ask to ensure the advice is unbiased and only has your best interests at heart?

Yes No

Risk

Do you know 5 'marketing' methods commonly used to sell a non investment grade property?

Yes No

Team of Experts

Do you know what your investor risk profile is?

Yes No

Team of Experts

Have you thought about how you can keep your investment if you were to lose your source of income?

Yes No

Team of Experts

Can you name the 5 different risks an investor may face?

Yes No

Team of Experts

Would you say the risks of buying property off the plan are high?

Yes No

Team of Experts

Would you say the risks of investing in house and land packages are moderate?

Yes No

Research

Do you agree that you should engage experts only when you have begun inspecting properties for sale?

Yes No

Research

Have you consulted your accountant or financial planner about your investment strategy?

Yes No

Research

Have you engaged a Buyer's Agent or Advocate to help you research, source, select and negotiate a property for you?

Yes No

Research

Will you arrange for a solicitor or conveyancer to check the sale contract before finalising your purchase?

Yes No

Research

Have you shortlisted building and pest inspectors to ensure the property has no issues?

Yes No

Research

Have you found a quantity surveyor to help you draw up a depreciation report for your investment property?

Yes No

Information

Do you know the 6 macroeconomic drivers of property?

Yes No

Information

Do you know the 4 micro economic drivers of property growth?

Yes No

Information

Can you identify 4 drivers which stimulate rental demand?

Yes No

Information

Do you know the rental vacancy rate in the suburb you are looking at buying in?

Yes No

Based on the book Property Prosperity - 7 Steps to Investing Like an Expert
By Miriam Sandkuhler

Information

Do you know if the rental returns have changed in the last 3 years?

Yes No

Information

Do you know which property types are in low supply and high demand in your area?

Yes No

The Rules

Have you found out how to discover what the vendors' actual reserve price is?

Yes No

The Rules

Can you name the 3 most used tactics agents use to sell real estate?

Yes No

The Rules

Would you say you are a highly experienced and skilled negotiator?

Yes No

The Rules

Have you thought about what questions to ask an estate agent to determine the real level of competition for a property?

Yes No

The Rules

Do you know the rules governing buying property via private sale?

Yes No

The Rules

Can you name the 5 rules for bidding at an auction?

Yes No

The Rules

Do you know the rules governing what happens when a property passes in at auction?

Yes No

Portfolio

Do you own more than 1 property?

Yes No

Portfolio

Do you have a portfolio plan?

Yes No

Portfolio

Do you review your properties' performance annually?

Yes No

Portfolio

Does your portfolio plan include a review of drivers for rental demand in the areas where you own property?

Yes No

Portfolio

Would you say all the properties you own are ares with high demand but low supply of property for sale?

Yes No

Portfolio

Would you say your investment decisions have been made on an objective, non-emotional basis?

Yes No

Portfolio

Would you be prepared to sell a property in your portfolio if a review told you that the permanent drivers in an area have turned negative - even if it means you may lose money?

Yes No

Property Guru Quiz

Do you know where the following are located in the area you are targeting? Public transport

Do you know where the following are located in the area you are targeting? Shopping centres

Do you know where the following are located in the area you are targeting? Schools

Do you know where the following are located in the area you are targeting? Parks

Are you considering areas designated by commentators as property hot spots in your plan?

Do you know the comparable sales price range for the property type you are considering?

Have you determined which property type you would like to invest in?

Are you attending open inspections?

Have you reviewed the title and contract note of a property for sale?

Have you bid at an auction or made an offer on a property?

Do you know how to tell if a property has structural faults?

Do you have a written plan outlining your property investment strategy?

Does your plan include the outcome that you want to achieve i.e. your financial goals?

Does your plan include a calculation showing how you will reach your financial goals?

Do you have strategies in your plan for minimising risks?

Does your plan include entry, hold and exit strategies?

Have you considered how life changes e.g. getting married, having (more) children, retirement may affect your plan?

Does your plan take account of your current debt and borrowing capacity?

Will this property be largely responsible for funding your income in retirement?

Have you met with a property expert?

Is your expert related to you or a friend?

Is the advice your are receiving free of charge?

Is your advisor suggesting you buy a property in a specific development or project?

Do you know the qualifications an expert property advisor should have?

Do you know the 3 questions to ask to ensure the advice is unbiased and only has your best interests at heart?

Do you know 5 'marketing' methods commonly used to sell a non investment grade property?

Do you know what your investor risk profile is?

Have you thought about how you can keep your investment if you were to lose your source of income?

Can you name the 5 different risks an investor may face?

Would you say the risks of buying property off the plan are high?

Would you say the risks of investing in house and land packages are moderate?

Do you agree that you should engage experts only when you have begun inspecting properties for sale?

Have you consulted your accountant or financial planner about your investment strategy?

Have you engaged a Buyer's Agent or Advocate to help you research, source, select and negotiate a property for you?

Will you arrange for a solicitor or conveyancer to check the sale contract before finalising your purchase?

Have you shortlisted building and pest inspectors to ensure the property has no issues?

Have you found a quantity surveyor to help you draw up a depreciation report for your investment property?

Do you know the 6 macroeconomic drivers of property?

Do you know the 4 micro economic drivers of property growth?

Can you identify 4 drivers which stimulate rental demand?

Do you know the rental vacancy rate in the suburb you are looking at buying in?

Do you know if the rental returns have changed in the last 3 years?

Do you know which property types are in low supply and high demand in your area?

Have you found out how to discover what the vendors' actual reserve price is?

Can you name the 3 most used tactics agents use to sell real estate?

Would you say you are a highly experienced and skilled negotiator?

Have you thought about what questions to ask an estate agent to determine the real level of competition for a property?

Do you know the rules governing buying property via private sale?

Can you name the 5 rules for bidding at an auction?

Do you know the rules governing what happens when a property passes in at auction?

Do you own more than 1 property?

Do you have a portfolio plan?

Do you review your properties' performance annually?

Does your portfolio plan include a review of drivers for rental demand in the areas where you own property?

Would you say all the properties you own are ares with high demand but low supply of property for sale?

Would you say your investment decisions have been made on an objective, non-emotional basis?

Would you be prepared to sell a property in your portfolio if a review told you that the permanent drivers in an area have turned negative - even if it means you may lose money?

Do you know where the following are located in the area you are targeting?
Public transport

Do you know where the following are located in the area you are targeting?
Shopping centres

Do you know where the following are located in the area you are targeting?
Schools

Do you know where the following are located in the area you are targeting?
Parks