Depending on a potentially biased strata report could lead to problems later on, like unexpected costs or hidden issues with the property.  Without clarity on what might be omitted or misrepresented in these reports, buyers risk making decisions based on incomplete or biased information, therefore jeopardising their investment.

Today, we are joined by Michael Ferrier, the founder and MD of EYEON Property Inspections — who has been in the property business for more than 15 years now. With a decade and a half dedicated to perfecting property inspections, Michael's here to help us decipher the characteristics of a reliable report and whether or not it's smart to trust them from the seller's side.

Michael explains what needs to be seen in these reports and how they can help you decide if you want to buy a place. He talks about looking for missing info and warning signs that could mean trouble later on.

So, if you're thinking about buying a place—whether it's your first time or not—this episode is for you. Tune in as we break down strata reports and learn how to make smarter choices when it comes to buying property.

Episode Highlights:

00:00 - Introduction

01:03 - Who is Michael Ferrier?

01:57 - Thoughts on the issues surrounding strata companies about potential misconduct

04:50 - Strata managers’ fees haven’t gone up in 15 years

07:27 - Do undisclosed commissions have an impact on strata reporting?

13:15 - Statutory regulations regarding strata management in NSW

14:35 - Who writes a strata report? Do they need to be qualified?

17:06 - What do buyers typically do once they get a strata report?

21:48 - What does a strata report look like?

25:13 - Red flags you need to spot in a strata report

30:05 - Will properties with clear strata info soon fetch higher prices?

32:23 - Determining a good, moderate, average strata report

36:13 - Key factors to focus on when assessing insurance details in strata reports

39:07 - What are the consequences of owners' reliance on underpaid strata managers?

41:46 - How are strata managers handling maintenance issues in aging buildings?

47:26 - Insights on urban development and zoning regulations

49:09 - Michael Ferrier’s property dumbo

About Our Guest:

Michael Ferrier is the founder and MD of EYEON Property Inspections. Michael founded EYEON because he saw the opportunity to turn a cottage industry into a professional level service, offering high quality reports and outstanding customer support to property buyers and sellers. Michael has over 35 years of experience across government policy, financial services, banking, franchising, building small businesses, and, of course, property. A keen golfer and rugby nut, Michael says that finding solutions to common problems is very rewarding. The challenge is that solutions often require a change in behaviour.

Connect with Michael Ferrier:
Website: https://www.eyeon.com.au/
LinkedIn: https://www.linkedin.com/in/mferrier/

Resources:
Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our show, contact us at:
The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Mortgage Broker? https://www.blusk.au
Work with Chris: hello@blusk.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!
Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765

Depending on a potentially biased strata report could lead to problems later on, like unexpected costs or hidden issues with the property.  Without clarity on what might be omitted or misrepresented in these reports, buyers risk making decisions based on incomplete or biased information, therefore jeopardising their investment.
Today, we are joined by Michael Ferrier, the founder and MD of EYEON Property Inspections — who has been in the property business for more than 15 years now. With a decade and a half dedicated to perfecting property inspections, Michael's here to help us decipher the characteristics of a reliable report and whether or not it's smart to trust them from the seller's side.
Michael explains what needs to be seen in these reports and how they can help you decide if you want to buy a place. He talks about looking for missing info and warning signs that could mean trouble later on.
So, if you're thinking about buying a place—whether it's your first time or not—this episode is for you. Tune in as we break down strata reports and learn how to make smarter choices when it comes to buying property.
Episode Highlights:
00:00 - Introduction
01:03 - Who is Michael Ferrier?
01:57 - Thoughts on the issues surrounding strata companies about potential misconduct
04:50 - Strata managers’ fees haven’t gone up in 15 years
07:27 - Do undisclosed commissions have an impact on strata reporting?
13:15 - Statutory regulations regarding strata management in NSW
14:35 - Who writes a strata report? Do they need to be qualified?
17:06 - What do buyers typically do once they get a strata report?
21:48 - What does a strata report look like?
25:13 - Red flags you need to spot in a strata report
30:05 - Will properties with clear strata info soon fetch higher prices?
32:23 - Determining a good, moderate, average strata report
36:13 - Key factors to focus on when assessing insurance details in strata reports
39:07 - What are the consequences of owners' reliance on underpaid strata managers?
41:46 - How are strata managers handling maintenance issues in aging buildings?
47:26 - Insights on urban development and zoning regulations
49:09 - Michael Ferrier’s property dumbo
About Our Guest:
Michael Ferrier is the founder and MD of EYEON Property Inspections. Michael founded EYEON because he saw the opportunity to turn a cottage industry into a professional level service, offering high quality reports and outstanding customer support to property buyers and sellers. Michael has over 35 years of experience across government policy, financial services, banking, franchising, building small businesses, and, of course, property. A keen golfer and rugby nut, Michael says that finding solutions to common problems is very rewarding. The challenge is that solutions often require a change in behaviour.
Connect with Michael Ferrier:
<ul>
<li aria-level="1">Website: <a href="https://www.eyeon.com.au/">https://www.eyeon.com.au/</a></li>
<li aria-level="1">LinkedIn: <a href="https://www.linkedin.com/in/mferrier/">https://www.linkedin.com/in/mferrier/</a></li>
</ul>
Resources:
<ul>
<li aria-level="1">Visit our website <a href="https://www.theelephantintheroom.com.au">https://www.theelephantintheroom.com.au</a></li>
<li aria-level="1">If you have any questions or would like to be featured on our show, contact us at:</li>
<ul>
<li aria-level="2">The Elephant in the Room Property Podcast - <a href="mailto:questions@theelephantintheroom.com.au">questions@theelephantintheroom.com.au</a></li>
</ul>
<li aria-level="1">Looking for a Sydney Buyers Agent? <a href="http://www.gooddeeds.com.au/">https://www.gooddeeds.com.au</a></li>
<li aria-level="1">Work with Veronica: <a href="http://www.veronicamorgan.com.au">https://www.veronicamorgan.com.au</a></li>
<li aria-level="1">Looking for a Mortgage Broker? <a href="http://www.blusk.au">https://www.blusk.au</a></li>
<li aria-level="1">Work with Chris: <a href="mailto:hello@blusk.au">hello@blusk.au</a></li>
</ul>
Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!
<ul>
<li aria-level="1">Subscribe on YouTube: <a href="https://www.youtube.com/@theelephantintheroom-podcast">https://www.youtube.com/@theelephantintheroom-podcast</a></li>
<li aria-level="1">Subscribe on Apple Podcasts: <a href="https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719">https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719</a></li>
<li aria-level="1">Subscribe on Spotify: <a href="https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765">https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765</a></li>
</ul>

Who's really in control when you buy a property?

The Elephant In The Room is where the things that no one wants to talk about, actually get talked about.  

Veronica Morgan, real estate agent, buyers agent and co-host of Foxtel’s Location Location Location Australia & Chris Bates, financial planner, mortgage broker and wealth coach have joined forces to find out what’s really going on in the world of real estate.

Veronica and Chris talk to property owners and buyers every day in their respective lines of business. They’ve observed a wide spectrum of confidence in people’s decision making ability when buying and selling property, often to the detriment of the individuals concerned. They are both fascinated by consumer behaviour and together they’re going to uncover who’s really making the decisions when you buy a property.

In each episode they get into the psyche of buyers, agents, auctioneers and other industry experts to learn the truth about how buyers are influenced and why they do the things they do. In every episode you’ll learn from the mistakes of a “property dumbo” as well as Chris & Veronica’s “elephant rider bootcamp” training session.

The plan? This property podcast has been created to help us all make better property decisions!

We talk about the things no one wants to talk about in the Property Market

Advertisement