I am always coming across property that seem to be awesome buys, but at the moment I cannot purchase anymore property for a few more months. Can anyone let me know what they charge as a finders fee and how they go about it??
Thanks
Kate [
]Aim for the moon, even if you miss you will end up amongst the stars!
Hi Kate,
If you find out about the finders fee, I’d be happy to discuss the excess properties you have found.
Good luck,
and I know I’m getting cheekier by the minute,Sue[
]Be careful not step on the flowers when you’re looking at the stars
We could have forum auctions.. bidding for the highest finders fee, the spotter gives all the figures, without the location, then the bidders haggle for the best price and then the spotter emails the agents details to the winner (on payment) of course.[
]We can make our own EBay but call it “PSpot”.. “Property Spot”… [
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Hi Arty,
I kinda like that idea! Anyone game to set it up and give it a go?
Keep smiling,
Sue[
]Be careful not step on the flowers when you’re looking at the stars
Admin (Richmond/AD/Sooshie/Steve) [
]Is it worth creating a seperate forum category (in the new system) to cater for this, so the posts dont get bumped off the main page overnight ?
[?]
Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)I think a new forum would be ideal.
Beware of all the sharks it will attract though!
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
love the idea arty 2003. We can post all the figures and see what comes up!
Let us know when, where and how…
regards Kate[
]Aim for the moon, even if you miss you will end up amongst the stars!
G’day all,
After reading Steve’s book, and this thread, I was wondering if there are any “guidelines” as to using this “spotters fee” system.
For example what do people charge for introducing them to a deal (subject to it being bought)?
Is the introducer relying simply on the honesty of the buyer to pay them after they have bought the property?
As it seems there are some active members of the forum whom have the time and energy to souce “good deals”, so I just wanted to see if there were some guidelines to follow
Cheers,
Battz
Hi Kate,
Great to hear you are finding some of these properties, and its definately a good idea to setup a new forum or similar.
In the meantime if you wish to offload the excess properties, obviously for some sort of finders fee then drop me a line on [email protected].
Cheers
Rob [
]Kate G,
You mind giving your email here?Cheers
AmitWhen it comes to finders fees etc.. You charge what you think is acceptable and of course what is acceptable to the purchaser.
What about 1% of the purchase price or a flat fee of $2000.
In regards on how to go about it.
Why don’t you get your solicitor to draw up a Deed of Authority, stating the fee etc… with the purchaser to sign, before you give details.You might need to get an ABN.
I do many referrals, not finders fees though,and it really depends on the size of the deal, to the size of the rate.
The agreements are generally payable by the purchaser upon signing the property contract. However with some you might want to charge upfront, depends on their intentions. As I’ve come across a lot of people who will try to do anything to get out of paying once they have recieved the info, meaning they just get there friend to buy it and avoid the fee.However some clients are happy to pay before they have received any info.Hi there,
Good idea, however…
How do you feel if you have to buy a property at auction? Are you inclined to believe that you’ll be paying an inflated price?
I just organized with a RE this arvo, to give me his sales list before it hits the internet and newspapers…He was thrilled, because he could save time and still sell properties. I was pleased because I can get the choice picks of an area set for capital growth and showing cash flow….but what happens with the ones that I can’t do? Should I auction the list off? Do you think that would be fair? Would I charge the fee up front or at settlement…I prefer a lay-by system of spotter’s fee myself (pay some up front and then pay the rest at settlement)…
I personally don’t think it’s so fair to auction the list off. A set fee is a better way to go.
What are your thoughts?
I started a link on this a while back… of course I opened a bag of worms, a’la Sooshie style…[]
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=2900
or if you want to find this link on your own…[] it’s titled “Pick of the Week” and I found it on page 46. I will try and revive it..Cheers
Sooshie []“small steps make the journey” (SAS)
Kate: I don’t have a lot of time to research properties (12-14 hr working days are nothing unusual lately… [
!] ) and would actually be interested in paying a finders fee for sure…You can email me at: [email protected]
Cheers,
Paul…Hi Guys
I’d be more than happy to agree a finders fee for +ve cflow properties. Preferably in South Qld or Northern NSW, but anywhere considered.
Please email me to discuss
mark(at)brwft.com.au (replace the ‘at’ with ‘@’).
Kind regards
MarkI think the issue of when/ how a finders fee is paid is irrelevent in the long run. If someone gets a deal through this forum and then doesn’t pay what they agreed, I think it would be the last deal they did… a few posts and public naming would sort them out.
It all comes back to integrity, honesty and win/win.
Brett
One of the problems with such an idea is that this site is about sharing ideas and approaches it is not a real estate sales point. There is a certain amount of responsibility with allowing people to advertise, etc. as the sharks do come out to swim and many are unwary. As to Caveat Emptor (Buyer Beware) I know Steve/Dave are not happy to see anyone being mislead especially through this site.
You would be surprised how many posts get removed because of overt advertising on this site. Often what amazes me is by the time they are removed people have already replied asking for more info. I guess everyone wants it on a platter rather than going out in the field and digging it up themselves.
I still firmly believe that the best deals are the ones sourced by you. The major part of the learning is the journey not the end. If time is a problem not being able to get out and find the deals….what are you willing to sacrifice to this end? How important is success to you? We all have problems but how do we solve them. As I heard on the radio today.
“We are all faced with great opportunities wrapped in the packaging of huge problems.” Are you willing to be an unwrapper or would you rather leave it under the tree.Just my thoughts.
Enjoy
AD [:0)]
(Andrew)It is good to have an end to journey toward, but it is the journey that matters in the end.
As a buyer’s agent, I have a reasonable fee structure. I charge $400 for the first $200k purchase price and $200 per $100k after that. You do need to be registered for gst.
Most buyer’s agents work for the real estate agents, and promote much more closely their own properties. They don’t charge the purchaser anything, but instead work on a basis of conjucntion sales – ie they share the real estate agents commission. They must have real estate qualification -as do I-, but since they work on commission basis, they like to sell the higher priced properties. I CHOOSE not to work with agents, tho’ am linked to one if necessary. And no, I’m not after business, just letting you know what sort of fees are out there.[:X]Hi there,
As these are relating to the same topic of sorts, I’m posting this link to tie them together and make access easier (due to the speeding traffic).
As AD mentioned, the concept is fraught with complications. Read more here.
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=2900&whichpage=2&ARCHIVE=Cheers
Sooshie []“small steps make the journey” (SAS)
AD,
Corr, ect me if Im wrong, but doesnt Steve, in his book encourage people to come to this forum to advertise properties for a fee?
Battz
As Hilary said I beleive buyers agents (and spoters) must be licenced real estate agents or hold the real estate sale certificate and be working under a licenced agent (in NSW anyway). Please check with the Dept of Fair trading in your state, as you could be breaking the law if you are accepting fees for finding/introducing property.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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] it’s titled “Pick of the Week” and I found it on page 46. I will try and revive it..
!] ) and would actually be interested in paying a finders fee for sure…
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