Now this really cheeses me off, and is something for all new punters to be aware of.
Early in 2007 I thought I would get 'professional' and employ the services of a property advisor/buyer advocate. I went straight to the top, the most seemingly professional and 'big name' group in Victoria. Now their sign up fee was $900, and about 2% of the purchase price of the property.
With these fees in mind I was expecting them to be able to provide me with research, stats figures…heck even a flippin tarot card reading to support their advice to buy their recomended property in their recomended town. What I got was nothing but sarcasim, and a 'we know better than you' attitude and NOTHING to support their views except from what I could tell a 'gut feel'.
The real impression I got was that all they were really interested in was buying a house on my behalf so they could pick up the quick $20k in fees. Every time since the sign up fee time they have been spruiking the 'never a better time to buy than now' line, and when faced with my questions of 'what are your feelings on the impact of growing debt, the larger financial crisis, inflation and increasing interest rates' they would look at me blankly…..and then go back to the ole 'but history shows the property will double in 7 years' line.
Now what has really got my knickers in a knot-at the time I asked him what his veiws were of Footscray, as at the time I could see huge value and potential in the area-Victorian style houses within 5 k of the city for $350k odd. His reply-well after laughing at me and saying 'why on earth would anyone want to live there' he then went on to belittle me some more going on about the industrial nature of the place, growth will be very limited if at all bla blah blah. I bet he had never stepped foot in the area and knew no more than his eastern side local that he was trying to get me to buy in.
Now the real gripe-I dont mind paying professional fees for professional services. But this joker just had no idea, and no data/research or analitical analysis to support any of his claims or substantiate his $20k odd in fees. Any chump in the street could tell me to buy in Brighton, but I would have expected him to be able to tell me about hot sports/undiscovered gems like Footscray just waiting to explode. But nope, he knew nothing.
Anyway the icing on the cake-at the time he was urging me to buy in Brighton, all the time mocking me for even considering Footscray. Read in todays Property Investor Magazine the experts urging people to buy in 'inner city hotspots like FOOTSCRAY' LOL. And the real clanger-since I first saw him Brighton has achieved 16% total growth with a NEGATIVE 17% in the last 2 years whilst Footscray has ACHEIVED 38% WITH 15% IN THE LAST 2 YEARS!!!!
BWHAHAHAHAHA WHAT A TOOL. Glad I only wasted $900 on him and not the extra $20k like so many other punters would have for his 'expert' advice…..
- As I am considering using a buyer's agent (see separate post under general), what did they promise, what advice/research etc did they deliver (other than zip)?
- Was the agent affiliated with an real estate/spruiker, tied to various projects or were they truly 'independent'?
I.P, they promised nothing as they couldnt garauntee anything (as with all finacial investment advice). Research-ZERO, absolutley nadda. I actually argued with him about this when signing, but he pushed me on the line -'we have been doing this for years, we know what we are doing' again belittling me. I should have ran on the spot BUT I gave him/them the benifit of my doubt as they are extremley well known in the game. Not affiliated with anyone that I know of.
Very dissapointing. I tell ya what. If there is a advocate out there that supplies the type of analysis that guys on this forum do then they would clean up. His basic reply when I asked 'what do i get for my $20k' was typical in his arrogance = 'well if you are sure you can buy a property without over bidding $20k by all means do it your self'……grrrrrrrrrrrrrrrr
blogs, were they an advisor (what sort) or were they licensed real estate agents? In NSW, buyers reps are required to hold a restricted real estate licence. Is this the case in Victoria?
Scott, they are advisors/advocates, not sure of their license-from their site..
xxxxxx, with over 50 years combined experience and unrestricted access to the Melbourne property market, ensures you get all aspects of the planning, selection and negotiation process right. Through our complete independence and expertise, we protect our clients from high risk strategies and speculative investments.
We will work closely with you to:
Plan your property purchase in an effective and conservative way
Undertake an extensive process of searching for, inspecting, selecting and evaluating
Assess the location and style of building according to your objectives
Independently and objectively provide an opinion of value on your chosen property
Recommend and implement the most appropriate purchasing strategy
Undertake research into the property’s record of capital growth and rental value
Convene a detailed discussion with you on the completion of the assessment
If applicable, co-ordinate legal contract checks and building inspections prior to purchase
Attend the auction and/or conduct negotiations
If applicable, appoint the most experienced managing agent on your behalf
At xxxxxxxx we focus on putting you, our clients, in the driver's seat on all residential real estate matters. Our advice is truly independent, based on extensive, expert knowledge and not coloured by commercial interests in other companies or service providers.
Book a Speaker Meet the TeamProperty is a very emotive subject and represents the largest single financial commitment many people will make. It has become synonymous with our achievements and aspirations. It also supports our lifestyle and enables us to attain financial security.
When we advise on residential property – whether it’s a home or investment – we ensure you make rewarding property decisions based on sound, tried and true investment principles and expert market knowledge.
Our clients benefit from:
An intimate knowledge of the Melbourne property market
Daily and preferential access to quality property (often including off-market transactions)
Years of experience in professional, unemotional negotiation
High quality service that fulfils your property needs completely and exactly
An ongoing partnership with a company that truly has your best interests at heart
If you are finding it difficult to access service providers such as financiers or solicitors, we are able to provide a referral. xxxxxxxxx does not accept any remuneration or incentives for referrals to other service providers during the property search and negotiation process.
Wakelin property???
Are they related to wefindhouses.com.au?
just curious
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