Austria’s fair-finance fund moves to decrease bond sensitivity

first_imgThe €230m fair-finance fund – the youngest Vorsorgekasse, or ‘provident’ fund, in Austria – has reported a 5.95% return for 2014, outperforming the market average of 3.98%.Markus Zeilinger, founder and chairman at fair-finance, cited the held-to-maturity bond portfolio, as well as the Vorsorgekasse’s own bond fund, as chief contributors to the performance.The bond Spezialfonds was set up in 2013 together with ESPA, a subsidiary of Austrian Erste Bank, which still manages this part of the portfolio.Zeilinger, speaking at an event marking fair-finance’s fifth anniversary, also pointed to “large amounts” of monthly inflows (approximately €4m), which enabled the Vorsorgekasse to shift into longer-duration bonds. He added that only one-quarter of the new mandatory contributions each company must pay to cover severance pay for staff is re-invested in non-held-to-maturity bonds.Currently, the held-to-maturity portfolio comprises one-third of the overall portfolio, while other bond investments make up another half.There are no high-yield bonds, emerging market debt or bonds from Cyprus or Greece in the portfolio.To reduce its dependency on bonds, fair-finance has set up a fund to invest directly in real estate, to which it plans to commit 10% of its portfolio by the end of 2015.“This is all we are allowed under the law, which does not make sense,” Zeilinger added, describing the asset class as a stable, long-term investment.He said the maximum equity allocation would be 30% but added that fair-finance only invested approximately 6% of its assets in listed shares.The real estate investments will mainly be into Viennese multi-tenant assets, so-called Zinshäuser.Another new investment was made in the field of microfinance, which now makes up just under 3% of the portfolio.Zeilinger acknowledged that it was “difficult for a Vorsorgekasse to invest in this asset class”, due to regulatory hurdles.But he said he and his team had identified a bond and certificate based on a fund that complied with both the legal framework and fair-finance’s “strict” sustainability criteria.This year, the three-time winner of IPE’s country award for Austria said it aimed to get its complete portfolio certified under the country’s environmental standard, the Umweltzeichen.Its investments are checked regularly by oekom research, as well as the Austrian ÖGut, which awarded three Vorsorgekassen in the market, including fair-finance, gold certificates last year.last_img read more

UK should consider shift to collective individual DC funds – report

first_imgThe UK should consider the launch of collective pension provision based around the more individualised approach being debated in the Netherlands, a wide-ranging report on the future shape of the pensions industry has urged.The 600-page report, written by David Blake of the Pensions Institute at the behest of the opposition Labour party, also suggested the National Employment Savings Trust (NEST) be allowed to provide income-drawdown products to all savers in an effort to lower costs.The suggestion was made after recent changes allowed savers to access pension pots from 55, and ended a previous requirement to annuitise.Blake’s report, likely commissioned in 2014 to function as a policy blueprint had the Labour party won the 2015 election, also proposes an overhaul of the UK’s regulatory architecture, merging the Financial Conduct Authority with the Pensions Regulator, while introducing ‘safe haven’ pension providers that could be recommended without risk of later lawsuits over mis-selling. The academic said the Review of Retirement Income (IRRI) report was necessitated by the shift in retirement provision caused by the liberalisation of pension savings, labelled pensions freedoms.The shift away from annuities to pay out income in old age marked a “monumental change” for a market that was previously home to around half of the world’s annuities, Blake said.The report set out to examine how the risks associated with drawing down retirement income – rather than having a guaranteed income stream for life – should be explained to savers.Revisiting defined ambitionBlake touched on the role of collective defined contribution funds – part of the defined ambition agenda introduced by previous pensions minister Steve Webb – and argued that the idea of risk-sharing was still feasible in a world where members had access to savings from age 55, as long as the scheme allowed for individual accrual.The report examined a number of risk-sharing approaches employed across the world, including the use of deferred annuities by Denmark’s ATP, and recommended the introduction of collective individual defined contribution (CIDC).CIDC funds, the report said, would exploit economies of scale and allow risks to be pooled.When asked, Blake said the approach could be modelled on discussions occurring in the Netherlands, where policymakers have sought to avoid a shift towards individual DC funds as used in the UK.Benchmarking decumulation strategiesThe report further recommended that a vehicle akin to the National Employment Savings Trust (NEST) be launched to act as a benchmark for decumulation strategies, able to set standards and cost levels other providers would need to match to remain competitive.The focus on NEST was also in line with Blake’s proposal to see retirement income offered by institutional investors, rather than savers previously auto-enrolled into institutional providers being asked to access the retail market on retirement.“In many respects,” the report said, “scheme drawdown is a natural extension of the default fund used by modern multi-trust, multi-employer schemes for the auto-enrolment accumulation stage.“It is also a natural extension of the trustees’ governance role and fiduciary duties, which, prior to [the introduction of pension freedoms], ended very abruptly when members were steered towards the purchase of [lifetime annuities] at the point of retirement,” it said.One of the report’s key proposals also built on previous work by the Turner Commission, which recommended the introduction of auto-enrolment in 2005.The launch of a Pensions, Care and Savings Commission would provide independent scrutiny of the pensions freedoms, Blake suggested, and help establish what he saw as the absence of a national narrative around retirement savings.The idea was previously proposed by the National Association of Pension Funds, the Association of British Insurers and the Trades Union Congress.last_img read more

APG CEO: Returns could suffer from mandatory positive buffers

first_imgHe said this would depend on pension funds’ future choices, such as their pensions target and the desired level of risk.“Smaller financial buffers would create more potential for better investment results, but would also increase risks,” the CEO said. Van Olphen indicated that APG’s preparations for the introduction of a new pensions system included a focus on simplification of pension arrangements.“During the past 40 years, collective labour agreements and transitional measures have created an accumulation of well-meant schemes and exceptions, which have caused complexity, costs and risks,” he said.“Together with our pension fund clients, we are now trying to push back the multitude of arrangements.”APG carries out the pensions administration for nine pension funds in total, including the €403bn civil service scheme ABP.In October, ABP agreed with workers and employers at the Ministry of Defence that it would replace the final salary scheme for defence workers with pension benefits linked to employees’ average salary, from 2019. Pension funds’ returns could suffer if, in a new Dutch pensions system, their financial buffers were not allowed to temporarily turn negative during times of economic stress, Gerard van Olphen, chief executive of the €453bn asset manager APG, has warned.The Dutch government has said that pension funds’ financial buffers must remain positive at all times as part of a new system currently being negotiated. APG’s CEO said this meant schemes would have to implement rights discounts earlier.“The risk would be that pension funds would want to increase their focus on certainty, which would limit their investment options,” he said.In an interview in IPE’s Dutch sister publication Pensioen Pro, Van Olphen said that a new pensions system with less concrete promises and less fixation on schemes’ funding ratios would in principle offer more freedom for investment, as well as potential for improved returns.last_img read more

ECB adopts ‘streamlined’ pension fund data reporting regulation

first_img“To this end, and taking into account the proportionality principle in particular, the reporting requirements as set out in the initial proposal have been significantly streamlined, especially for smaller pension funds,” it said.There were four main changes to the initial proposal, according to the ECB.These included a postponement of the first reporting deadline, a phasing-in period to align the ECB regime with supervisory reporting requirements from EIOPA, and a clarification of the term “pensions funds managers”. The European Central Bank (ECB) has “streamlined” its proposed regulation on statistical reporting requirements for pension funds in response to feedback.Some pension fund associations had expressed concern about the reporting burden and costs that compliance could entail, in particular given that the European Insurance and Occupational Pensions Authority (EIOPA) was also planning reporting requirements.The final regulation was adopted by the ECB’s governing body late last month, and published on its website last week. The draft regulation was published and put out for consultation in July.In a feedback statement published in connection with the final regulation, the ECB said that, from the outset, it paid attention to the issue of containing costs. ECB headquarters in FrankfurtSource: Source: ECB The ECB said it and EIOPA had cooperated closely and had achieved a “very high” level of convergence between the reporting regimes.“This will allow a single data flow for reporting by the industry, should this be decided at the national level by the respective national central banks and national competent authorities,” said the ECB.This means that, should a national supervisory authority decide, a pension fund would be able to report one set of data to that authority, a spokesman for the ECB confirmed. The authority would then report to the national central bank, which would pass the data to the ECB.Germany’s occupational pension fund association, aba, said the ECB had taken on board several of the requests for change made by German pension associations and PensionsEurope.It said the final regulation was not conclusive about which of Germany’s multiple pension financing vehicles would be subject to the ECB requirements, and that it would be down to the German central bank to make this clear.The new regulation is binding on euro area countries, but non-euro area EU member states are supposed to implement measures that would allow the collection of statistical information needed to fulfil the ECB’s requirements.The purpose of the new reporting and data collection regime, according to the ECB, is to “increase the transparency of pension funds for the benefit of their members, the general public and the economy as a whole”.The new framework would produce enhanced statistics that would “better support the European System of Central Banks in its monetary and financial analyses and its contribution to the stability of the financial system,” it said.last_img read more

​ATP picks BNY Mellon to replace Northern Trust as global custodian

first_imgDenmark’s statutory pension fund giant ATP has selected BNY Mellon as its new global custodian, replacing the current mandate holder Northern Trust.The appointment follows a public tender process the pension fund started in December last year.BNY Mellon said it had been appointed by ATP, which runs Denmark’s labour market supplementary pension scheme, to provide custody, trade support and collateral management services for the pension providers’ $100bn (€89bn) of assets.Kenneth Hallum Knudsen, senior vice president of business support at ATP, said: “ATP wants strong and competitive partners, which is why – from several competent bids – we have chosen BNY Mellon as global custodian based on both quality, services and price. “With this new agreement we get a fair financial saving combined with even better solutions and services,” he added.BNY Mellon described the public procurement process as having been “very focussed and detailed”.The contract will start in October, after the end of the ATP’s current custody agreement with US financial services firm Northern Trust — which it selected for the position in 2013 — and will last four years, with a possible renewal of up to two years.ATP said BNY Mellon currently manages $34.5tn under custody and administration with $1.8trn in assets under management, providing investment management services in 35 countries.last_img read more

Private markets roundup: bfinance sees increase in Q1 manager searches

first_imgRecent research conducted by investment consultancy bfinance shows that rather than a slowdown in manager search activity, the first quarter of the year brought a rise in new mandates launched by the firm’s clients.This was particularly true in private markets, which represented 52% of all searches initiated in the quarter.The data is from a recently completed quarterly report assessing how different diversifying strategies have performed in Q1 2020, alongside equity, fixed income and private markets.Most equity searches in 2019 had a quality or defensive undertone and these styles were strongly rewarded in Q1: a composite of quality-focused active equity managers outperformed the MSCI World by almost 8% and also beat quality-tilted indices, the research showed. Private markets – which include private equity, real estate, infrastructure, private credit and others, accoding to bfinance – represented 43% of all searches initiated in the 12 months to 31 March 2020, and a record 52% of those initiated in Q1.“Indeed, Q1 has not only seen a surge in private markets activity but a surge in search activity overall,” bfinance said. The quarter saw 32% of the year’s new mandates, and the number of searches was up 17% against Q1 2019.“This activity falls into two main categories: investors proceeding with their previous plans across all asset classes despite the COVID-19 turmoil and investors seeking to position themselves appropriately for a new environment, although the latter is still at a very early stage and we have not yet seen activity based on terminations,” the firm said.It added: “Private markets strategies are a logical beneficiary of current conditions, given the historically outstanding results of post-crisis vintages and the lower sensitivity to market timing: the date of the commitment does not determine the date of entry, since – depending on the strategy – it can take months or years for money to be deployed.”Investors await valuation “capitulation” in private markets, with the buyer-seller expectation mismatch likely to take a further one or two quarters to resolve, bfinance disclosed.The study has found that it was a ”rough quarter for investment grade credit managers who struggled to beat their benchmarks due to high credit risk exposure”. Only 32% of European active managers beat the benchmark in March, as did 40% of US active managers.High yield bond managers, on the other hand, benefited from being conservatively positioned relative to their benchmarks, the consultancy found.The research also showed that multi asset strategies continue to dominate new mandates in the liquid alternatives sector, in part due to the trend towards “outcome-oriented” or “sector-agnostic” manager searches.Certain sectors within multi asset showed impressive resilience in Q1, with the global absolute return strategy (GARS) cohort down just 2.1%.Setter Capital survey shows managers expect a 18.5% decrease in fundraisingAdvisory firm Setter Capital has produced a special report that shows that fund managers expect fundraising in 2020 to decrease by 18.5% from the record level raised in 2019.Debt-related fund managers were the most optimistic, as they expect fundraising to increase by 5%, while venture managers felt it would decrease by 29.1%.The firm’s report summarizes the results of a 12-question survey completed by global managers of alternative investment funds conducted in mid-April 2020.“Given the recent market turbulence, we wanted to ascertain the likely effects the coronavirus pandemic will have on private market fund investors and managers,” the firm stated.Setter Capital asked general partners (GPs) the same questions that GPs, limited partners (LPs), and secondary buyers and sellers have asked the advisory firm directly relating to fundraising and capital calls under the current volatile climate.The firm received responses from 72 fund managers, who agreed to share their confidential views.According to the research, 94% of respondents thought “we are heading into a recession”, while only 1% were unsure and 4% thought a recession would be avoided.Results also showed that 69% of respondents expected public markets would retest March lows, sometime in the next six months, and respondents predicted that the public markets at the end of 2020, would be down 12.6% from the start of the year.Respondents on average felt capital calls would not change much in the coming nine months, as they estimated a 0.7% decrease versus the prior nine months.Debt-related fund managers were the exception, as they expected capital calls to increase by 20% on average, the study revealed.Over the next nine months, 35% of all capital calls would expected to be used to support existing portfolio holdings and the balance to make new investments, it showed.While this is the average across all strategies, venture capital (VC) fund managers expected 48.9% of capital calls would be used to support existing holdings, while buyout funds expected that figure to be 28.7%.The study also showed that respondents expect distributions to fall 34.3% over the three quarters, as compared to the preceding nine months.VC fund managers were most bearish, as they estimated distributions would drop by 43.5%, while debt-related fund managers felt they would only drop by 22.5%.Setter Capital also found that fund managers, across the board, expected an increased need to tap the secondary market over the next nine months, as an alternate source of financing and liquidity.To read the digital edition of IPE’s latest magazine click here.last_img read more

AP7 calls two-product plan for premium pension ‘counterproductive’

first_imgBut under the new plan, investment risk in the disbursement phase is to be lower than in the savings phase, and the traditional insurance currently managed by the Swedish Pension Agency (Pensionsmyndigheten) is to constitute the default’s payment option.AP7 said it agreed with proposals that an overall goal should be formulated for the whole of the default alternative, and that the investment rules should be broadened.But given that an overall goal was needed, the pension fund went on to say it was “counterproductive and surprising” that the plan involved breaking the default option into two separate products with two different principals.“This will lead to fragmentation that complicates the holistic approach and long-term view that an effective default solution needs,” AP7 said.“This will lead to fragmentation that complicates the holistic approach and long-term view that an effective default solution needs”AP7On top of this, the fund said, deciding to abandon a functioning product for an alternative where neither the parts nor the whole had been worked through entailed unmotivated risk-taking.“Risk-taking between the savings and the payment phase must be balanced and the total risk-taking needs to be adjusted to the system’s overall goal of clearly exceeding the development of the income index,” AP7 said.Splitting up the different management phases risked leading to sub-optimal decision making with insufficient regard for the whole, it said.“The consequence will then be that future pensions will be lower and that pension savers will be exposed to unnecessary risks through an abrupt transition from the savings phase to the payment phase,” the fund said.Meanwhile, the Swedish Pensions Agency, which currently manages the premium pension system’s funds platform as well as running the traditional insurance payout phase of the default alternative, said in its response to the consultation that it approved of the plan to let AP7 invest in alternatives for the first time – although the proportion of these assets suggested was too high.But it did not agree with having an overall target for the default option in the premium pension system, because in practice, it said, there would be two state default products with different purposes and designs.“We, therefore, propose two different goals that are adapted to the purpose of the saving and disbursement phase, which provides better conditions for control and follow-up,” the authority said.In other feedback, the pensions agency also said it was positive about the idea of transferring default option savers to traditional insurance automatically before disbursement.However, funds which were switched in this way should then be transferrable back to unit-linked insurance, it said.“Otherwise, the proposal entails unreasonable lock-in for pension savers,” the pensions agency said.To read the digital edition of IPE’s latest magazine click here. The largest of Sweden’s national pension funds has warned against a key element of the transformational plan to modernise its role as the default option in the premium pension system.In its response to the consultation on a proposal to reform the default provision in the first pillar system of individual accounts, AP7 said the idea of splitting the product into separate savings and payout phases risked losing sight of the whole – and ultimately reducing pensions.The memorandum “Förvalsalternativet inom premiepensionen” was published in February, and is based on a government-commissioned proposal drawn up by pensions expert Mats Langensjö.As things stand, the SEK670bn (€63.4bn) pension fund’s balanced Såfa pension product – automatically allotted to people making no active provider choice in the defined benefit premium pension – can continue from savings to payout phase.last_img read more

MP Pension favours wider coal exclusion over divesting gas

first_imgAsked by IPE to comment on the issue of gas divestment, MP Pension CIO Anders Schelde said the fund was currently having a debate with Ansvarlig Fremtid on the significance of gas as a transition fuel.“They say that ultimately gas must be taken out of the energy mix, and thus we should transition out of it now already today,” he said.“We say that we agree that gas should ultimately be phased out – so we agree that ultimately it is a transition fuel – but now and for the next 5-10 years or so, gas is still needed,” Schelde said.Gas was necessary both to phase out coal, but also as a flexible backup energy source when there was little or no production of green energy – no wind, no sun, he said.“So until we can better store green energy, we still need some gas production,” Schelde said.“Until we can better store green energy, we still need some gas production”Anders Schelde, CIO at MP PensionIn light of this, he said, MP Pension found that when it balanced investment return considerations and responsibility, it was too early to include gas in delimitations of its fossil fuel exclusion.“On an ongoing basis we are evaluating these delimitations, and here and now we would rather tighten them elsewhere,” he said.“No formal decisions have been made, but we are for instance considering if we should expand the value chain delimitation with regard to coal, to give one example,” Schelde said.Meanwhile, Thomas Meinert Larsen, campaign coordinator and spokesman for Ansvarlig Fremtid, told IPE that while it was good that MP Pension had divested a large part of its oil company investments, the fund should also sell off certain natural gas companies, unless they presented “credible Paris-aligned business models”.Among gas stocks the campaign group highlighted in MP Pension’s portfolio are Russia’s Novatek and Italian group Eni.“We basically think the statement that gas is a transition fuel is heavily overstated and many of those companies are actively exploring more gas reserves, and they should not be in a Paris-compatible portfolio,” he told IPE.Separately, MP Pension this week announced its participation in two multi-investor ESG initiatives.Alongside other Danish investors AP Pension and Nordea Asset Management, MP Pension joined a group of 29 investors urging Brazil’s embassies in 10 countries to stop the rapid advance of Amazon rainforest clearance.The fund also said it was teaming up in a group of major international investors to put pressure on Japan’s Mizuho Bank to stop providing large loans to coal companies around Asia.Looking for IPE’s latest magazine? Read the digital edition here. Danish pension fund MP Pension said it is too early to excise natural gas stocks from its portfolio because gas is a necessary transitional source of energy, and would prefer to widen its exclusion policy for other fossil fuels instead.At the scheme’s annual general meeting last week, members rejected a proposal put forward by campaign group Ansvarlig Fremtid (Responsible Future) for the fund to divest from gas stocks.Prior to the vote, the board of MP Pension – which is in the process of re-naming itself “AkademikerPension” – had expressed its opinion that while agreeing with the spirit and intention of the proposal, it did not find the timing right.The vote came against the background of other fossil fuel divestment decisions by MP Pension in the last few years, including the vote at last year’s AGM to sell off bonds in companies that extract coal, tar sands and oil, in addition to their equities.last_img read more

Prices revealed for Gold Coast ‘super tower’

first_imgThe owner of the mega penthouse will have free reign over its design.Ray White projects director and marketing agent Julian Sutherland said Spirit, without the spire of Q1, would be the tallest residential building in Queensland.He said the pricing was justified with the development bringing “a new level of prestige property” never seen in Australia’s residential market before.“Spirit is the pinnacle of residential high rise living — a generational landmark of the quality we have never seen before in Australia,” Mr Sutherland said.*** THE PRICE LIST 1 BED, 1 BATH (from 91sq m) from $1.166 million More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago 1 BED, 2 BATH (from 100sq m) from $1,274 million 2 BED, 2 BATH (from 125sq m) from $1.576 million 3 BED, 3 BATH (from 174sq m) from $2.141 million 4 BED, 5 BATH (from 497sq m) from $14.255 million SUB PENTHOUSE (1011sq m) from $24.04 million PENTHOUSE (1850sq m) $41.2 million ***The 89-storey Spirit will be constructed on the former Iluka site in Surfers Paradise, and will be split in to two zones. Forise Holdings’ $1.2 billion Spirit tower will rise 300 metres above the Gold Coast when it’s completed, making it Australia’s third tallest residential tower. SuppliedFrom the top down, levels 84 and 85 will be home to two, two-storey sub penthouses from 1011sq m with prices starting from $24.04 million for the south-facing position. Add an extra $1 million to the price if you would prefer to face north. A kitchen in a one bedroom apartmentThe 1850sq m penthouse — a four bedroom, five bathroom ‘skyhome’ over levels 86 and 87 — will cost an eye-watering $41.2 million.It will be almost twice as large as Hong Kong billionaire Tony Fung’s penthouse in the Soul building, and just a fifth smaller than the hyper-exclusive Boyd Residence above ANZ Tower in Sydney — which at $66m is Australia’s most expensive penthouse. The starting price of $1.166 million for an apartment at Spirit still won’t be enough to get you access to the exclusive roof-top.TO get in to the Spirit — the Gold Coast’s newest and tallest “super tower”- buyers will need to stump up at least $1.166 million. And that still won’t get you exclusive rooftop access.At almost $13,000 per square metre, that will get you a 91sq m west-facing one bedroom, one bathroom apartment on level eight at the Foriseland development, which will be launched this afternoon.center_img A render showing the interior of a one bedroom apartment at Spirit, where prices start from $1.166 million Artist impressions of the $1.2 billion Spirit tower at Surfers Paradise. .Mr Sutherland said they will have four bedrooms, five bathrooms and access to three car spaces.He said the “super apartments” were deliberately designed so buyers downsizing from houses didn’t have to sacrifice on space.“As such, they are very competitively priced when it comes to square metre rates, being comparable to beachfront apartments in Broadbeach and considerably better value than you would expect from an apartment in some areas of Sydney and Melbourne,” he said.Four-bedroom, five-bathroom apartments with two car spaces each are available from $14.255 million. “The designers of Spirit have gone to extraordinary lengths to create something of distinction that will be a drawcard for people from around the world,” Mr Sutherland said.Prices drop sharply from there, with a three bedroom, three bathroom apartment starting from $2.141 million and rising to over $6 million.Levels six to 31 will have a total of 199 one, two and three-bedroom residences starting from $1.166 million.How much you pay will also determine how many recreation spaces you can access, with residents on floors 57 and above granted access to all three recreational zones, including the exclusive rooftop with panoramic views, an infinity pool and poolside terraces, a residents’ bar and banquet room, a cocktail lounge and a champagne cellar.For those on levels six to 31 — which will contain 199 one, two and three bedroom apartments ranging from $1.166 million to $3 million — access is to level five, which will have a pool, gym, kids water play area, and a barbecue terrace.Residents on levels 32 to 55 will have access to the level five space and another recreation space on level 56, which includes another gym, a steam room and sauna, and a lounge and bar.In addition, Spirit will come with 24-hour concierge service. Foriseland are currently in negotiations with international and national building groups and is expected to announce the construction start date soon.last_img read more

Gordon Park couple net $100k more after small renovations

first_imgBEFORE: The kitchen was tidy, but dated.Revolutionary Real Estate property marketing strategist David Kaity said by the couple being selective about where they invested their money, they were able to see great return on investment, instead of over capatilising.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019“Local agents were appraising the home in the high fives ($500,000) to the low sixes ($600,000),” Mr Kaity said.“They spent money on strategic cosmetic improvements and the sale ended up being $715,000.“When you spend a dollar, you should only spend it where there will be two or three dollars return.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51A GORDON Park couple netted almost $100,000 more than their house had previously been appraised for by forgoing their real estate agent.Instead, the couple spent a little more than the $20,000 they would have spent on an agent, investing in making a few adjustments to their house instead. AFTER: A quick, strategic tidy up of the kitchen helped net a greater profit.Mr Kaity said he guided sellers through the process of marketing and selling their home, while undertaking the tricky parts – like contracts – for them.“It’s a flat fee of $5,500. There is no contract and people are only expected to pay if they thought the guidance and help was worth it.”last_img read more