Hi,
Many years ago I bought a property from an agent.
It was a 2 BR home with 2 living areas, which I renovated and turned one living area into a 3rd bedroom.
I secured early access to do the work, and shortly after I settled I onsold it on terms for about $25,000 more than I bought it for.
When the agent heard he flipped his lid and rang me and accused me of having no integrity.
Stunned, I asked what he meant. He indicated that he had sold me the property too cheaply, but if I paid him $5,000 extra then all would be forgiven.
What would you have done?
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
I’d have asked him if he had any more properties for sale[^]
If I knew then what I know now……….you know how it goes
Hi Steve
This is what I would have done lol.[^]
Regards
I would have laughed very loudly at him, asked why he didn’t buy it himself if it was such a great buy, asked if he was incompetent to judge a price since he sold it so cheap, asked if he could spell “leech,” then hung up on him.
The word “leech” certainly would seem to fit that man. I certainly would not want to do business with him. From the information in your post, you did nothing whatsoever unethical.
Not dead yet.
Lo there do I see my father.
Lo there do I see my mother and my sisters and my brothers.
Lo there do I see the line of my people back to the beginning.
Lo they do call to me, they bid me take my place among them.
In the halls of Valhalla.
Where the brave may live forever.Ask him who would be pocketing the $5000, himself or his vendor?
Cheers
MelProbably would have said yer no probs you give me half the costs for the renovation that allowed me to make a profit and ill give you the 5ooo.
I thought i was wrong once, but i was mistaken !
Well, we can all have tales of people with no integrity. Amazing how some people have no ethics!
kay henry
Yep..
It’s amazing how some people want part of the profits but none of the risks.
The property was there for the taking for him also, me i’m glad you did well out of it, the agent should be too, if i was him i’d be calling you with the next property on my books, because if you do well so does he, now- he just lost ‘all’ of your business..
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Steve,
I will give him $5000 that he ask for provide that he can find 3 more properties.
I also offer him $1000 if he find just one property, $3000 if he find just 2 properties.
Anything less give him a finger or two.
Warm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]I’d just laugh in his face…
Cheers
rTell him, that you’re nothing but a poor uni student and dont have 5000 dollars to give him. Then turn up on his door step 6 months later in a porsche looking for more property.
He was the one who advised the vendor. he and the vendor where happy with the price you paid at the time. if they had been willing to do the reno, then they could have gotten the extra $$$.
They choose not to. You choose to.
Jas
Why do companies offer you “free gifts?” Since when has a gift NOT been free?I thought that the point of Steve’s story was that he did buy the property for fair market price, and it was Steve’s pre-settlement renovations that increased the value. As such, I didn’t get the impression that the agent was incompetent, just shamelessly unreasonable. An extra bedroom and renovations do make a big difference in the price, you know. Other forumites have told stories of much bigger profits than $25,000 from buying, renovating and selling. And without having added an extra bedroom at that!
What would I have done? Just said: “Thanks for your proposal, but no thanks, and goodbye.” Then hang up.
Then again, if he was clued-on, he could have got a better deal for his client by asking Steve to pay rent for the early possession period. Of course, given that the rent idea, whilst clever, isn’t going to get him an extra commission, maybe he did think of it and didn’t bother.
Cheers
Elysium-MTo his request for $5,000??
I would’ve said………….let’s see……… how do I put this, err………………….NO!!!!!
You made an offer, the vendor accepted, you paid up, how much more integrity does he want
Originally posted by Chan$:Steve,
I also offer him $1000 if he find just one property, $3000 if he find just 2 properties.
Warm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]I think Chan$ is right. If he find more property like that which can provide profit like this in the future. You can offer him to share the profit if he also take some risk.
Cheers
[
]
PropertyGuRu
Who want to be billionaire?I would find out what car he drives, and then slash his tyres, after that i would walk back into his office and …..
lol.. nah honestly i wouldnt care and worry anymore, dont have time for small worries and problems, his loss my gain…
Life goes on…
Cheers,
sisAfter picking myself up off the floor, I would ask whether he was serious about what he just said.
When he says yes, I would ask him whether his client was happy with getting the sale on the house and happy with the money they received.
If the answer was in the positive, I would ask what the problem was and prompt whether he was disappointed at not receiving more commission.
I would then ask how he justifies $5,000, when the commission he would have earnt on a sale price of $25,000 higher would have only been an extra $625 (Qld).
Finally I would ask whether he would be so upset, if it was him who made the subsequent sale.
Ron
Steve,I will give him $5000 that he ask for provide that he can find 3 more properties.
I also offer him $1000 if he find just one property, $3000 if he find just 2 properties.
Anything less give him a finger or two.
Warm Regards
ChanDollars
I wouldn’t give him a cent more even if he found me more deals, stupidity is not rewarded, and he got/gets a commission anyway.
Nothing irritates me more than incompetence and obviously he realised he had been incompetent.
I like ACTodays idea, laugh and ask for another deal, maybe incompetence is not so bad after all!
Cheer
Leigh K[]Carve your own path and lead the way …
I thought the point of renovating an IP was to add value to it. [?]
Assuming the renovations didn’t cost $25K – well done! [^]
Did you use this real estate agent when you resold the property?
Shushar
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Ask him why as the selling agent he so irresponsibly sold the place for less than it was worth… And ask him had he returned his commission because he felt so badly about losing money for the vendor…
And then tell him you have a bridge for sale if he is interested… [:p]
Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
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