Hi all,
I’ve heard to pros of using a buying agent…but can anyone tell me the downside of using one?
Any horror stories?
Thanks
TCthere are a number of buying agents who do not really understand property investment. Make sure that the person you use has a reasonable knowledge base. It is important to listen and ask question. I always suggest when people are dealing with me that they question my advise as at the end of the day its their money.
Nigel Kibel
http://www.propertyknowhow.com.au
check out my new web siteAustralian and New Zealand The United States Property Researcher and education
One Day property investment research workshop The United States. Please register your interest
http://www.changingplaces.com.au Buyers advocate.Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
The downside is not getting what you want.
Figure out what you need from them and then meet with a few and see if they are comfortable with your needs.
For example I would only use a buys agent if they find property that matches my criteria. That is Im using them only to save me time (eg interstate purchases). It works better than me talking to 10’s of selling agents.
Others use buyers agent because they dont know how to assess a deal or they dont know where to start or they want to learn along the way.
Hope this helps.
If you want to understand the benefits of using a buyer’s agent have a look at the following article:-
http://www.propertyupdate.com.au/articles/12/1/Agent-on-your-side—how-buyer%26%2339%3Bs-agents-work
I must declare a vested interest – I am associated with Metropole Buyers Agency with office in Melbourne and Brisbane – so I am biased, but I have seen many investors purchase some great investments by using a buyer’s agent.
Many people on this forum know enough and have the time to do the leg work themselves, but others are just to busy or don’t have the experience – especially in engotaition – they get emotionally involved.
As Nigel Kibel correctly mentioned – find someone who understands investment property – you would think they all would – but that’s not the case.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 15,000 readers each month.
FREE subscription http://www.PropertyUpdate.com.auYep, I have a horror story…NZ Bird Dogs just sold me a lemon! Barb Griffin, aka Mini Mogul, found a duplex in NZ that looked great in the pics…only her people on the ground had failed to do a proper inspection and discover (or if they did they didn’t tell me) the downpipes stuffed full of congealed leaves; the carpets crawling with bugs eating them; the fact that the flats get no sun.
For these reasons, one flat has had no tenant for two months.
And yep, when I pointed all this out to her and asked her what she was going to do about it, she said “good luck”.
Good luck alright.
Be very very careful about using agents. Check everything. And never, ever use MiniMogul.I cannot say what other people do. However I have purchased property for clients in Australia, New Zealand and now the United States. I have one firm rule. I never buy anything without inspecting it in person. Whether the property is for me or a client. Whenever I buy a property it is normally subject to finance, a building inspection and if it is New Zealand a Lim report. I do not make mistakes with other peoples money. That is why they employ me in the first place.
Nigel Kibel
http://www.propertyknowhow.com.au
check out my new web siteAustralian and New Zealand The United States Property Researcher and education
One Day property investment research workshop The United States. Please register your interest
http://www.changingplaces.com.au Buyers advocate.Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Make sure the person you are considering using is:
1. A licensed estate agent and has professional indemnity insurance – this could protect you if things go wrong – “bird dogs” are not licensed
2. A member of the local Real Estate Institute – theoretically this shows they have professional ethics.
3. Is not a “one man band” – to look after your clients at the least you need a dedicated researcher and a buyers advocate/negotiator
4. Understands investment properties and owns a few – most buyers agents dont!
5. Has been around for years and has a good network of contacts – to access the silent sales.
Michael Yardney
METROPOLE PROPERTIES
Publisher of Australia’s leading property e-magazine.
Join over 17,000 readers.
FREE subscription http://www.PropertyUpdate.com.auHi CRUISER wasn’t minimogul a member of the forum, did you get her from here and if you did do you have a collection of her correspondence.
Keys;
Only deal with licienced individuals.
Get a copy of their drivers licience.
Get a copy of their PI cover
Get everything in writing spoken about “signed”
Opinions are like belly buttons “every one has one”
In the end you must take 50% of the blame and responsibility because you made the choice to proceed with out inspecting.
Caveat emptor
D
Hi
The buyer’s agent job is only to find put forward a reccomended property that fits your criteria
It is still your responsibility to do your own due diligence such as employing a building inspector to check for defects
However in saying this I’m not sure if an inspector would check blockages such as in the down pipes.
Yes also Mini Mogul is a long time poster to this site.
Good luck
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