Buyers agent perth
- Thread starter tyrone
- Start date
A few here have been recommending Momentum Wealth in East Perth, so may be worth giving them a buzz and seeing if they suit you.
Personally I haven't used them so can't comment too much. I did go and visit them and wasn't keen on proceeding but your mileage may vary (eg if you talk to someone different or if your situation warrants it eg from trying to buy from overseas)
Personally I haven't used them so can't comment too much. I did go and visit them and wasn't keen on proceeding but your mileage may vary (eg if you talk to someone different or if your situation warrants it eg from trying to buy from overseas)
There are a few REBAA BA members over in Perth.
http://rebaa.com.au/members/
Best of luck with your impending purchase
http://rebaa.com.au/members/
Best of luck with your impending purchase
Just remember when it is a rising market it is also a tough call for BA to secure property.
I found myself competing with my own BA to secure a property, I got it, he was not purchasing for me but for his client in Melbourne, that's another story which I wont go into here
If you have the time... the best way to secure a property is networking and more networking, make RE agents your best friend.... a terrible thought I know, but hell it's not for long
I agree with this.
Despite their flash suits and new HP cars, in my experience, buyers agents really have no idea. Once they have made a sale, they will abandon you. Bad luck if you don't make money in the long run.
OP its YOUR hard earned money and , hard as it is, YOU need to do the homework. Not easy, I know. If done right, it need not take more than an hour of your time each day after dinner.
If you care to look, there are plenty of accounts of people on this forum who have bought through BAs and made little or no capital gain. They could have saved the $8,000 commission and gotten better capital gain by doing it themselves.
We live in a Darwinian world. Put politeness aside. Before you hire a BA, ask him or her what their net worth is and exactly what they own. As offensive as it is, that should give you an idea of how effective he or she is.
You don't want to be taking advice from people who are incapable of making money from their own investments.
I have come to the conclusion of using a buyers agent because simply cannot put a strategy in place for myself as I keep doubting it will work. I am more then less using it as a mentor? ...... I have spent hours on this forum researching but having someone that knows a lot more than me and talking to them face to face will give me a better understanding of things.
I think that's a fair enough reason to use a BA.
At a guess 10-20% of our clients would use our BA services as a mentoring exercise. Ultimately we do ourselves out of a job with them - but that's fine by me.
Of course we have plenty of time to do this as, to conduct a search, we only need to spend 1 hour after dinner - what could be easier
I jest. Most of our mentoring is done late at night / weekends and via email as we are just too busy during the day.
the problem is you still need some kind of strategy to brief your BA on what it is you want.
I have an idea if what I want to do. It's just making it happen is what I suck at......plus I don't know any investors I can ask if these are the right moves to make... A bit of experience I need on my side.
Wow 'One World' not sure which buyers agent's you've been dealing with to have formed such a poor opinion? But I'm sure the buyers agents on here would agree, its an industry built on good referrals so if you don't do a good job by your clients then its only a matter of time until your business dries up for good.
I certainly agree with only engaging a buyers agent who is an active investor themselves however and can demonstrate a track record of success.
The purpose of a buyers agent is to source cheapies that you or I could not find ourselves. Sadly most BAs fail to spot the sort of bargains that would result in really decent capital gain. Truth be told, they have no more sources of information than you or I.
In all fairness, I don't want to put down all BAs. Maybe some of the more ethical ones who have been in business for more than 5 years can give the OP some examples of what they have sourced for their clients in the past?
Just a pointer for the OP. Most BA's don't last more than 2-3 years. Once you've paid your money they disappear. You never hear from them again. Unless they own a swag of property that they bought themselves, its highly unlikely that they can mentor you.
On my part, I was approached by a BA who sold one of my IPs. I did not have to pay him a commission. I was very happy with the price he got for me. Five years later, the new owner sold it for $5k less than what he had paid me. Ask yourself OP, do you want to be in that situation?
OP, in my limited experience, unless you are prepared to put in the work, your money is safer under your mattress. Stick around these forums. It will take a bit of time but you will eventually learn to differentiate value from junk.
I don't usually respond to such critical posts about our industry, but in the interests of setting the record straight...
Yes and no. The purpose of a BA is to locate a property for a client (home buyer or investor) based on their brief and budget with the best outcome possible. Of course the aim is to secure for the best price and on the best terms available however the value of using a qualified and experienced third party is that the client ends up with a researched and suitable property that they may not have otherwise acquired by themselves. I think it's important to point out here that the state of the market also plays a role in determining final outcome. In a very active sellers market our job is certainly harder but it also assists that we're out there looking every day, as opposed to just viewing properties on a Sat open. Most of our clients have 9-5 jobs 5 days a week, hence one of the reasons they're using our services in the first place.
If you can find me anyone (including yourself) who can GUARANTEE decent capital gain (and your definition of what "decent" constitutes here would assist) in the quest for property, please feel free to forward me their details. Last time I looked even most longtime property "experts" continue to estimate and forecast and get it wrong.
As for information sources, I beg to differ. Sure, there are many investors who also now utilize similar databases that we subscribe to such as RPData, PDS and APM but this alone is not what sets us apart. It's having the other resources, time and knowledge that makes the difference. Being in regular contact with REA's in specific areas is a huge advantage in building relationships and obtaining useful information, and this is something that can only be built up over time and with continuous buying.
I'm not going to go into detail with my clients purchases, suffice to say that our testimonials speak for themselves and we've had hundreds of happy clients since we started business in 2005. As part of our service when buyers are searching for a good BA, we happily offer references, as I know all reputable BA's do.
I'd be very interested to know what data you have that validates this, but here's a fact for you: The largest body of BA's here in Australia are national REBAA members, 85% of whom have been in business for more than 3 years. Check out the list for yourself http://rebaa.com.au/members/
What follow up service do you think is valid here? I think you will find that most reputable BA's maintain contact with their clients via ongoing newsletters, updates etc similar to real estate agents. Some provide annual appraisal reports or as requested. It does vary from agency to agency however.
Aha now I see the problem A BA who sold your property?! Clearly you weren't dealing with an independent BA but rather a selling agent here- clear conflict of interest.
Yes and no. The purpose of a BA is to locate a property for a client (home buyer or investor) based on their brief and budget with the best outcome possible. Of course the aim is to secure for the best price and on the best terms available however the value of using a qualified and experienced third party is that the client ends up with a researched and suitable property that they may not have otherwise acquired by themselves. I think it's important to point out here that the state of the market also plays a role in determining final outcome. In a very active sellers market our job is certainly harder but it also assists that we're out there looking every day, as opposed to just viewing properties on a Sat open. Most of our clients have 9-5 jobs 5 days a week, hence one of the reasons they're using our services in the first place.
If you can find me anyone (including yourself) who can GUARANTEE decent capital gain (and your definition of what "decent" constitutes here would assist) in the quest for property, please feel free to forward me their details. Last time I looked even most longtime property "experts" continue to estimate and forecast and get it wrong.
As for information sources, I beg to differ. Sure, there are many investors who also now utilize similar databases that we subscribe to such as RPData, PDS and APM but this alone is not what sets us apart. It's having the other resources, time and knowledge that makes the difference. Being in regular contact with REA's in specific areas is a huge advantage in building relationships and obtaining useful information, and this is something that can only be built up over time and with continuous buying.
I'm not going to go into detail with my clients purchases, suffice to say that our testimonials speak for themselves and we've had hundreds of happy clients since we started business in 2005. As part of our service when buyers are searching for a good BA, we happily offer references, as I know all reputable BA's do.
I'd be very interested to know what data you have that validates this, but here's a fact for you: The largest body of BA's here in Australia are national REBAA members, 85% of whom have been in business for more than 3 years. Check out the list for yourself http://rebaa.com.au/members/
What follow up service do you think is valid here? I think you will find that most reputable BA's maintain contact with their clients via ongoing newsletters, updates etc similar to real estate agents. Some provide annual appraisal reports or as requested. It does vary from agency to agency however.
Aha now I see the problem
A BA who sold your property?! Clearly you weren't dealing with an independent BA but rather a selling agent here- clear conflict of interest.Totally agree with this
Just the one example to conclude your generalisation?
Its a long term game so holding for five years wont really do you justice.
A ba can be useful for many reasons
- lack of time/ work away
- lack of knowledge
- lack of confidence
- investing interstate or overseas etc
- poor negotiation skills
- use it as a learning experience for next time.
- looking for a nieche
So many reasons. Its true that you can do it yourself and can probably do it better as its your money and risk. But that relies on all the above coming together.
If its stoping you from getting into the market then definatly meet with a ba and come to your on conclusions from there.
Hope this helps
Cheers
I am sorry if I have caused any offence. For me, buying property is about making capital gain. Although this is essentially a property investors forum, I fully accept that others may have other reasons for wanting to buy a house.
Nobody is asking you to name your clients. But the question that must be asked is this: did your buy recommendations outperform the general market, and by what factor?
If you have outperformed the market, there will be hoards of forumites who will put their trust in you and you will be swamped with new business. Including my own, I might add.
Nobody is asking you to name your clients. But the question that must be asked is this: did your buy recommendations outperform the general market, and by what factor?
If you have outperformed the market, there will be hoards of forumites who will put their trust in you and you will be swamped with new business. Including my own, I might add.
Do buyers agents only look at props in there own state?
Looking at the prices of houses in perth ATM, there a bit to expensive.
I would of like to have done a cosmetic Reno job but your paying nearly half a mil for a crappy house these days, I'm don't think there will be much in it.
So I think I will go with a buy and hold strategy for now. Something that doesn't hurt the pocket much and if I was to loose my job I could still keep it.
Looking at the prices of houses in perth ATM, there a bit to expensive.
I would of like to have done a cosmetic Reno job but your paying nearly half a mil for a crappy house these days, I'm don't think there will be much in it.
So I think I will go with a buy and hold strategy for now. Something that doesn't hurt the pocket much and if I was to loose my job I could still keep it.
Again, I think that is a very sensible strategy. As I recenty wrote to one of my clients seeking to a buy, reno, reval and refi out the manufactured equity:
....please also understand that sometimes (for many different reasons) the market can move against the position you take. This is true of the share-market as well as the property market. If by some quirk, the market growth halts for a period, you need a fall-back position. In your case, that fall-back position needs to be to hold the property and rent it out and wait until the market improves. (Again, this is not what I expect to happen, but you need to have your bases covered). Remember, “The market does what the market does, and it does not do it to YOU”. In other words, you have to ebb & flow with the market and if it goes flat, it goes flat for everyone, not just you. Work with it.
Well a house is out of the equation on perth for an investment as prices are to high. ( unless far north like merriwa but that place sucks).
This leaves me with units or villas with good rental yield in areas with steady and surely growth.
I hear a lot of people say they wouldn't buy units or villas for an investment though? Why is this?
A few reasons:
1. Under the impression that land appreciates and buildings depreciate. Small land component for units.
Although to be fair, units grow well too. At the end of the day, I believe you are better off buying what you can afford rather than not buying anything and watching the property game from the sidelines.
2. Dealing with Body Corporates / Owners Corporations - not always easy.
3. Ability to add value to a house is generally greater than a unit. Units you can reno the kitchen, bathroom & do a paint and floor & window treatment. But you can't add a 2nd storey, a garage or a back deck as you can with a house.
Although yields for units/townhouses/apartments can be enticingly good, long term capital gain is invariably less than you'd see in landed property.
It really depends on what you are chasing. A granny in need of a regular retirement income would choose yield over capital gain. An apartment would be fine for gran - no lawns to mow or dodgy plumbing issues to fix, and a decent yield on her investment.
I get the feeling you are chasing capital gain, so your situation may be different.
In all fairness, some people on this forum have done well in units. One fellow, Spiderman, bought a whole block of units and made a killing. And no, he did not use a Buyers Agent either, just so you know. But that was a long time ago and those kind of bargains have all dried up.
