Hi all
I think I get the gist of Bird Dogging but can any one fill me in with details and if anyone does it in Perth?
Celeste
I think this is a term coined by Steve McKnight to refer to people who spot deals and refer them on for a fee to other investors.
Terryw
Discover Home Loans
Parramatta
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Which is actually illegal under the land agents legislation (in SA)
maximum penalty is $20,000 per property that has been “spotted” and fliped on without the relevant licensing!!!just thought I might throw that in.
Investment Property Management
http://www.adprop.com.auSame in NSW I beleive!
Terryw
Discover Home Loans
Parramatta
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This has been a topic of much discussion on these forums, one thing that I did find out is that you can be paid a reference fee from a RE Agent for finding them a buyer, speaking with a local agent here, the fee is generally 20% of their commission, so on a $300,000 property, assuming the agents fee is 3% ($9000) then you’d get paid $1800, not a heap of money but nothing to be sneezed at and certainly legal.
D.
Even that is not legal in SA and the agent offering the 20% commission can get into trouble.
It is a breach of the land agents act, section 4 I believe!Investment Property Management
http://www.adprop.com.auCertainly is a breach of the Motor Dealers and Property Agents Act in Qld without being licensed.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Interesting Dr X, the agent told me that legislation passed in June 05 (in VIC) allows them to pay a 20% referral fee to any person, previously they were only permitted to pay this referral fee to another again.
Not 100% on the date the legislation was passed, but in Vic this is the case.
I suppose its a case of do your DD in your state and check what you can and can’t do
I can only speak for SA legislation but it is not legal for anyone to pay or revieve ANY commissions related to property without a license.
We are licensed and pay referral fees to people that bring us deals (spottors fees), because of the legislation in SA, we cannot pay anyone cash if they do not also have a license.
Gift vouchers are OK[biggrin]
There is always a way around everything !!!
Investment Property Management
http://www.adprop.com.auAdvertising fees? or cleaning expenses?
Terryw
Discover Home Loans
Parramatta
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Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Agent tells me that I can source a property by knocking on doors from Joe Blow up the street that was not already listed on the market in an agentcy and then say to Jack I know where this property is give me ‘X’ amount and I will tell you where it is in Victoria.
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