Has anybody else seen a general trend that people want a First Class Product/Service but for a bargain basement price?
Like most Property Investors I want to Buy for the lowest possible price and when the time comes, sell for the highest possible price whilst minimising my outgoings. However some people seem to be taking this to mean choosing the cheapest Estate Agent or looking for the Cheap, Reliable and Master of his Craft Tradie (If you ever find him, please let me know).
I’ve always focused on Value in terms of Maximising my returns while the cheapest Agent can get you a sale as quick as the most expensive who can provide the most value and the biggest return to you.I have seen that trend in my work. All the time people ring me up and want to buy me a $3.50 cup of tea so they can extract $500 worth of free advice from me!!
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
Hasn't that trend been around since time immemorial?
And then there are others who see the value of professional service and knowledge and are happy to pay for it – in some ways this is an investment too.
The challenge is trying to work out who can legitimately charge the 'big bucks'
Terryw wrote:I have seen that trend in my work. All the time people ring me up and want to buy me a $3.50 cup of tea so they can extract $500 worth of free advice from me!!ROFL.. come on me ol' son. You know you're giving away $500 of advice for didly so you can maybe sell ém that $3k service.
Agree with Terry.
What i often get is at the end of the coffee meet is "could you email me a list of lenders who will do that or some more detailed information on buying in my SMSF so i can pass it onto my regular Broker / Financial Planner as they didnt believe it can be done".
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Agree with Terry.What i often get is at the end of the coffee meet is "could you email me a list of lenders who will do that or some more detailed information on buying in my SMSF so i can pass it onto my regular Broker / Financial Planner as they didnt believe it can be done".
Cheers
Yours in Finance
That must feel like a kick in the guts!
Unfortunately Richard and Terry all too common and I find with refinancing people tend to focus just on rate and will meet with you see what you can get and then go to their bank to match it. But I still find the good side of the industry outweighs the bad which is a good thing
Oh Joe often comes with the territory.
My usual response is cya later.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes Spiro
I agree with makes me laugh but i must admit the majors do a good job of focusing on bottom line rate and not much else.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Agree with Terry.What i often get is at the end of the coffee meet is "could you email me a list of lenders who will do that or some more detailed information on buying in my SMSF so i can pass it onto my regular Broker / Financial Planner as they didnt believe it can be done".
Cheers
Yours in Finance
With those I say yeah sure.. and who/where do I send the invoice to.
Yes so true Freckle if only it was as easy as all that.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I wouldn't have any issues with paying for quality and using the best!
Jack
A woman walked up to me in a cafe, introduced herself (local Doctor's wife) and said that her friend (who she had been sitting with) had said that I was the person to talk to regarding an investment property transaction (don't laugh yet).
She said "I don't want anything for free and I'm happy to pay you for your time".
So I sat down with her and spent nearly an hour going over the issue she was having.
I ended by saying "I would need another hour to research the details and get back to her later that day", which I did.
Now for the rub.
I emailed her the details as I said I would and called her directly, which went to message bank.
I called her the next day, which went to message bank.
I called her the next and it went to message bank, so texted her.
Two hours later she returned my call. Said she was busy and she would drop a bottle of wine into my office as payment and hung up.
Gosh I thought, it had better be a bloody good wine.
But she never did. She saved $70,000 and I am owed a bottle of wine, go figure? (now start laughing)
Modernity Investing
Email MeMark Coburn wrote:A woman walked up to me in a cafe, introduced herself (local Doctor's wife) and said that her friend (who she had been sitting with) had said that I was the person to talk to regarding an investment property transaction (don't laugh yet).She said "I don't want anything for free and I'm happy to pay you for your time".
So I sat down with her and spent nearly an hour going over the issue she was having.
I ended by saying "I would need another hour to research the details and get back to her later that day", which I did.
Now for the rub.
I emailed her the details as I said I would and called her directly, which went to message bank.
I called her the next day, which went to message bank.
I called her the next and it went to message bank, so texted her.
Two hours later she returned my call. Said she was busy and she would drop a bottle of wine into my office as payment and hung up.
Gosh I thought, it had better be a bloody good wine.
But she never did. She saved $70,000 and I am owed a bottle of wine, go figure? (now start laughing)
OMG. I would be fuming. How rude. I really can't believe some people.
I wish I was the karma fairy.
I am happy to spend time initially with people but if I smell a rat (my sense of smell has become finely tuned over the years) then I request a commitment by having a credit guide signed that enables me to charge for my services. This weeds out the free loaders very swiftly.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
It comes with the territory I guess. I often get it as a triple wammy….I'm a life-long contractor so I always get calls for free advice on projects and most often, projects gone bad! I love the client who had our bid originally, used it to get a lower bid from someone else and then calls us back in to straighten out what the first chap did….nice! With these, I usually take the original bid price and just double it. No decent contractor wants to come back behind someone else and from experience, these are never good projects anyway. I get quite a few investors who want me to tour their property, tell them what they need to do to get it rented and what the costs will be. I do this once and only once for free…unless they sign on with me. As an active investor in my market, I've stopped touring around in a marked vehicle to avoid poaching. I've been at property viewings and had others want me to serve as their tourguide. Like some of you, I get the let me buy you coffee so we can talk about my issue for free. I don't have time for that kind of thing. I will usually still give most anyone 30 minutes of my time. The classic call for me is usually, I saw your video online and would like to know the exact address please! I bet you would is usually my standard response.
In property management, we get almost everyone wanting to pay 8% which is ridiculous, we get 20% and will drop to 15% on multiple properties but remember this is for shared housing where we are usually dealing with 3 or more tenants. The percentage seems high until one gets the results. On properties purchased in partnership with us, we don't earn anything unless the property nets 10% annually. If it's short, we reach into our pockets to make it right.
The broker business is so cut-throat here in the state that I imaging it's the same over there. People want the advice and time and then go elsewhere or to a family member. I'm not sure there is any tried and true way to weed people out. On my end, I value the time of others and am prepared to pay for value. Really enjoying the forum and look forward to sharing!
FMS wrote:I am happy to spend time initially with people but if I smell a rat (my sense of smell has become finely tuned over the years) then I request a commitment by having a credit guide signed that enables me to charge for my services. This weeds out the free loaders very swiftly.It's fair enough. Isn't amazing how that sense greatly improves over time!
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I think every industry goes through this, people want free advice so they can try and do it them selves just to save a couple of bucks.
What is funny thought as soon as they try and do it them selves they either loose more money and create further problems.
That $500.00 saving now cost them tens of thousands of dollars in the long run.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Jpcashflow wrote:I think every industry goes through this, people want free advice so they can try and do it them selves just to save a couple of bucks.What is funny thought as soon as they try and do it them selves they either loose more money and create further problems.
That $500.00 saving now cost them tens of thousands of dollars in the long run.
Ha ha. Yes, I had a client come and see me because they signed a contract to purchase property in a SMSF trusteee name rather than the bare trustee name.
seen another client with multiple trusts all set up incorrectly and the family had structured things completely wrong, It would be costing them $100,000s I think.
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
Terryw wrote:[ It would be costing them $100,000s I think.Well only $99,500 when you take into account that $500 fee that they saved on
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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