Episode 67: The Untapped Value of Knowing Your Property Numbers with Mike Mortlock
In Episode 67, Sam delves deep with Mike Mortlock of MCG Quantity Surveyors into the benefits of working collaboratively with other professional services providers to deliver a more holistic customer experience. Their conversation today provides a compelling take on two technical property related topics, demonstrating the value that often gets left behind and what to do about it.
Based in Newcastle and with offices and representation around the country, Mike, with his business partner Marty Sadlier, joined the ranks of the AFR Fast 100 in 2018. Mike’s comprehensive approach and detailed knowledge of property investment is clear as he shares the insights that have enabled him to grow a thriving business.
In one of the fastest growing property markets on record, Mike explains why property is a “team sport” and how working collaboratively with other experts in the field can elevate the industry and generate greater outcomes for all involved, and most particularly a better return for the investor.
Mike details his mission to change how tax depreciation is viewed, in order to maximize deductions and protect assets for his clients. Mike and Sam raise the question of what problems can be solved by taking a different lens and Mike shares startling statistics in relation to the money left on the table in many property investments.
Finally Sam shares her own experience of learning about the Cost Replacement Value of her family home and the exponential value she obtained from her report. Mike reveals the silent epidemic of underinsurance in Australia and outlines simple steps to ensure protection of your clients’ assets.
Listen to an excerpt
What we cover in this episode
How we, as professional service providers, can expand our view of standard accounting applications as a means to building deeper relationships with our clients
Tips to look more holistically at the client experience and grow a thriving business around it
Examine the statistics around property investment and replacement cost estimates
Understanding the value often left behind in property investment and simple steps to claim it back
How we can work more collaboratively with other experts and why it matters
The epidemic of property under-insurance in Australia and what it means for your clients
Mike’s three tips for succeeding in life and in business
As an added bonus, Mike’s top tips for getting onto the AFR Fast 100, featuring the fastest growing companies in Australia
Quotes
“Most investors don’t achieve the goals that they set out for themselves in getting involved in property. If you’re getting involved in investing in property your idea is to really fundamentally change your future outlook, whether that be when you retire, or the amount of retirement income you have” - Mike
“One of the problems that we solve is the cashflow. People don’t realise how much it can take out of their pocket, and the majority of people are also negatively geared. Our job is to lessen that burden” - Mike
“There’s some good opportunities in the next three months to drum up new clients but also to take the focus away from the last eighteen months and focus it on property and things that people like to talk about from a tax planning point of view” - Sam
“Property investing is a team sport and you need to treat it like a business so you need all of the individuals as part of your team and you’re the CEO” - Mike
“People will spend money on what they value, and what they value is their house. We can educate around this in our practice. It’s about how we make our clients feel” - Sam
“Insurance brokers are late to the party understanding construction costs. It’s not their area of expertise. As Quantity Surveyors, it’s our bread and butter” - Mike
“It’s that silent epidemic of underinsurance. The education just isn’t there and we want to tackle our mission of those two prongs of getting the deductions for people and also giving them peace of mind that they are protected” - Mike
Links mentioned
Connect with Mike at MCG Quantity Surveyors
Accountants looking to refer clients to a depreciation specialist - click here
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