Business Idea...

[shimi]

Here's one for you...

I'm working in the IT industry and would like to invest in RE, I don't have the time to go and look for places not I have the time to go for a drive with a RE agent that think that his unit his the BEST investment " and we should move quickly...I can take holding deposit now.. ..idiots )

I wish there will be an investment real estate agent that you tell him what you are after (+ve, CG..) and he'll do the hard work for you and will come with proper suggestions...obv he will get paid well...

What do you reckon? do u knon on any service like that...?

oh, and u might be asking why would'nt he buy the inv himself....well there is a limit to what one person can buy...oh maybe getting rich is not his priority...?

Anyway, if there are any RE agents here that have a valid +ve investments or neutral ones ( pref around the eastern sub)...please send me a private message or reply to this thread...

Cheers

Shimi

 

[Simon]

Buyers Agents

Shimi,

They exist - they are called Buyers Agents. I guess if you pickan area and ask for recommendations on this forum you will find one.

I know one here in Newcastle if anyone needs his number just ask.

Cheers,

 

[Kristine..]

G'day Shimi

The easiest way is to 'let your fingers do the walking' and consult the Yellow Pages for property consultants, buying advisory services etc, or go to www.anzwers.com.au (search engine) and type in 'buyers agents'. This will give you heaps of references including web pages.

I worked as a buyers agent for 15 - 18 months (I hold the full Victorian Estate Agent's Licence), and let me tell you, it is hard yakka.

It is very hard to really understand what someone else's priorities are, what will appeal to them, and why.

I covered literally thousands of kilometres, made hundreds of phone calls, spent hours on the internet, and plodded through scores of properties.

Then, I scanned in the photos, did the due diligence, wrote the reports, included sales histories of the areas, rentals, socio demographics etc, sent the reports to my clients, and had lengthy converstions regarding the feasability and suitability of the properties, took them out on inspections, attended auctions, in other words, whatever it took to find them the ideal property.

Ideal also included rates of return, not just the physical aspects of the property.

There is also a limit to what the client will pay. My principal Agent and I agreed that as this was a new service and new facet of the industry, we should price it as low as possible. However, we did ask a deposit on services, and that frightened many people away.

At the end of the day, even though my clients said (and I know they were) that they were very happy with the service and ultimately the properties, myself as the agent, once all expenses were taken into account, actually got paid very little for a highly professional service.

This is not, by the way, a winge, merely a statement of fact.

And as someone currently going through the search process, you know how time consuming and costly it can be.

Should you contact any of the buyers agents in your area, you will find that they are all licensed estate agents (must be by law) and will most likely charge by % commission, just as a selling agent does. Expenses will be separate, just as advertising etc is when you sell. They might also ask for a deposit, and for you to sign an authority form.

Buyers agent work is not, after all, limited to a postcode or franchise patch. They will have to cover a wide geographic area and do a lot of research in order to make valid and independent recommendations to you.

It is also illegal, without your prior knowledge or consent, to receive commission or payment from both parties ie vendor and purchaser, and you will find that bona fide buyers agents do not represent a vendor, whether that be a developer, marketing company or whatever, but will genuinely go out and find you properties which will fit your criteria.

Shimi, it is good to see that you are thinking outside the square. There is an old saying 'the road to hell is paved with good intentions', and the hell of not doing what they really want to do is where most people end up.

By seeking to find ways of achieving your goals means you will undoubtedly achieve a great deal throughout life.

Good luck

Kristine

 

[wheretobegin]

buyers agent

hi everybody says do your due diligence but what questions are on the list and how long should it take to make a decision on a property thanks

 

[Biz]

12 years ago, in a galaxy far, far away....

 

[knightm]

hi everybody says do your due diligence but what questions are on the list and how long should it take to make a decision on a property thanks

That really depends on you.

1 What are your goals
2 What is your timeframe to achieve 1
3 How much ($ and energy) are you able/willing to put in to achieve 1 by 2

Due Dilligence is what you do on individual properties to make sure that aint lemons. First you need to know what to look for and why.

 

[jpcashflow]

Hi

Hi Shimi,

Apologies for my honesty, but if you are saying you have no time to research or no time to see houses it points out a couple of things.

1) Either lazy - no offense
2) Don't want to commit
3) overwhelmed by the idea of investing

In life if you really want to do something you will make time for it. I have clients who work multiple jobs, kids and still put in effort to invest.

Also Due diligence requires time and if you are going to appoint a buyers agent a buyers agent will be asking you questions which will take time as well.

Investing is not about doing things quickly but doing things smartly

 

[hugh72]

hi everybody says do your due diligence but what questions are on the list and how long should it take to make a decision on a property thanks

A good starting point might be Margaret Lomas's 20 must ask questions.

 

[AMB]

G'day Shimi

The easiest way is to 'let your fingers do the walking' and consult the Yellow Pages for property consultants, buying advisory services etc, or go to www.anzwers.com.au (search engine) and type in 'buyers agents'. This will give you heaps of references including web pages.

I worked as a buyers agent for 15 - 18 months (I hold the full Victorian Estate Agent's Licence), and let me tell you, it is hard yakka.

It is very hard to really understand what someone else's priorities are, what will appeal to them, and why.

I covered literally thousands of kilometres, made hundreds of phone calls, spent hours on the internet, and plodded through scores of properties.

Then, I scanned in the photos, did the due diligence, wrote the reports, included sales histories of the areas, rentals, socio demographics etc, sent the reports to my clients, and had lengthy converstions regarding the feasability and suitability of the properties, took them out on inspections, attended auctions, in other words, whatever it took to find them the ideal property.

Ideal also included rates of return, not just the physical aspects of the property.

There is also a limit to what the client will pay. My principal Agent and I agreed that as this was a new service and new facet of the industry, we should price it as low as possible. However, we did ask a deposit on services, and that frightened many people away.

At the end of the day, even though my clients said (and I know they were) that they were very happy with the service and ultimately the properties, myself as the agent, once all expenses were taken into account, actually got paid very little for a highly professional service.

This is not, by the way, a winge, merely a statement of fact.

And as someone currently going through the search process, you know how time consuming and costly it can be.

Should you contact any of the buyers agents in your area, you will find that they are all licensed estate agents (must be by law) and will most likely charge by % commission, just as a selling agent does. Expenses will be separate, just as advertising etc is when you sell. They might also ask for a deposit, and for you to sign an authority form.

Buyers agent work is not, after all, limited to a postcode or franchise patch. They will have to cover a wide geographic area and do a lot of research in order to make valid and independent recommendations to you.

It is also illegal, without your prior knowledge or consent, to receive commission or payment from both parties ie vendor and purchaser, and you will find that bona fide buyers agents do not represent a vendor, whether that be a developer, marketing company or whatever, but will genuinely go out and find you properties which will fit your criteria.

Shimi, it is good to see that you are thinking outside the square. There is an old saying 'the road to hell is paved with good intentions', and the hell of not doing what they really want to do is where most people end up.

By seeking to find ways of achieving your goals means you will undoubtedly achieve a great deal throughout life.

Good luck

Kristine

Kristine
Thanks for posting. This was really useful.

Cheers
Andy