James Hayashi

So just understanding and respecting what the auctioneer has to say, it's a mutual engagement.

You respect me, I'll respect you.

Yeah.

Well, I've just got clear instructions from my seller about what increments I can take at what level.

Starting at the auction, they've asked me to keep the bidding increments quite high.

I appreciate you bidding your interest.

I'll keep it in mind, but I have to follow my vendor's instructions and only take bids at this level right now.

People will typically respond well to that because, again, it's not like I'm being arrogant saying, no, I'm not going to take your money.

I can respect them making a bid.

They need to respect that I'm trying to control the auction and run the process.

You know, making sure the buyers do their research.

not just the comparable properties that they've seen sell recently, also measuring what's currently on the market, what else they can buy, but doing research within themselves and asking themselves the question, do I actually like this property?

Does it fit my requirements?

Can I see myself or potential tenants living here?

And then where do I see value?

Because I find a lot of buyers that get caught up in saying, look, next door sold for X, so this should be Y.

where pricing and property, it's so subjective that you don't know what the next bid is prepared to pay.

I talk about, can I see myself living here?

Is this a long-term hold?

Because if you look at the markets that we work in, it's prime global real estate.