Buying blocks of flats/apt's/units

From: Iggy V


Hi,

I am looking to buy a block of apartments at the moment (Melbourne or Brisbane). Now the problem that I am finding here is that the agents don't seem to want to find them all too quickly. Somoene in my family works as a RE agent (newbie tho) and has told me that they usually buy the blocks themselves, or they have 2 or 3 buyers constantly buying blocks.

Any ideas on how to approach this little matter?

Thanks,

Iggy
 
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Reply: 1
From: Property Investor


Hi Iggy,

I work as a property investment consultant here in Melbourne.
I can definitely get you what you are after, however I need more information from you as to:
the number of units, area, size, price, etc.
We have numerous developers walking in to our offices with projects and developments every week that wish for us to market for them.
You can email me direct or call me on
0414 364084.

Regards,
Mannie.
 
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Reply: 2
From: Geoff Whitfield


It can be that blocks are just very hard to come by.

I've just exchanged on a local block. There are a lot of blocks around- but not many come on the market- when they do, they're snapped up.

I tried hard for 6 months a while back- going to all agents, leaving phone numbers, the lot.

Nobody called- they didn't have to. Anything on offer was snapped up.

Properties did not even reach auction- offers were accepted before.

So many properties were on strata title, single title properties were rare.

I'm talking about a very small market- so there was not a lot available.

But I suspect that in a larger market, the only difference is more people competing- so the ratio of buyers to available properties may well be the same.

Geoff
 
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Reply: 3
From: Ross Sondergeld


Hi "Iggy V",


Buying blocks of flats/apt's/units



You said, "I am looking to buy a block of apartments at the moment
(Melbourne or Brisbane). Now the problem that I am finding here is that the
agents don't seem to want to find them all too quickly."

I think you'll find that the market is HOT... and the listing agent is never
going to chase the buyers. You better start chasing the listing agents... if
you want half a chance.


You also said, "Someone in my family works as a RE agent (newbie tho)
and has told me that they usually buy the blocks themselves, or they have 2
or 3 buyers constantly buying blocks."


TRUE... therefore you better make a few real estate agent friends... (i.e.
just chase them and maintain contact.)




Ross Sondergeld (yeh, yeh... I've changed my name...)

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"Buy, sell or invest in real estate on the Gold Coast"

Creative Real Estate Solutions Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
Join the world’s largest e-mail service with MSN Hotmail.
http://www.hotmail.com
 
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Reply: 1.1
From: Ross Sondergeld


Hi Mannie,



Buying blocks of flats/apt's/units



You said, "I work as a property investment consultant..."



What is a property investment consultant?

I absolutely HATE that description !!!

Do you represent the buyer or the seller ????

I want a reply !!!




Ross Sondergeld

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Creative Real Estate Solutions Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
Join the world’s largest e-mail service with MSN Hotmail.
http://www.hotmail.com
 
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Reply: 3.1
From: Ross Sneddon


Hi Iggy

I am a Licensed Agent (Real Estate and Strata Agent) and can assist with the purchase of Real Estate in the broadest sense. I work from Sydney and I specialise in Brisbane property.

Most of my work is as a Buyers Representative assisting investors to buy for long term wealth creation . I can only represent the seller OR the Buyer, not both, and always declare this upfront. I have to.

The question which confuses most people is "Who Pays?"

Built into the sale price of all property is a "marketing fee". There has to be. If the purchaser pays the agents fee, then that fee at least must be subtracted from the sale price of the property.

But if a "marketing fee" is obtained from the vendor, and the purchaser knows this in advance, a clear agreement can still be effected and the purchaser's affairs protected.

Regards

Ross Sneddon
 
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Reply: 1.1.1
From: Property Investor


Hi Ross,

So you don't like my job description?
Are you a Buyers Advocate? because I don't like that description - hehe.
I represent both the seller and the buyer.
Both have needs that I endeavour to achieve for them.
Most of my work is helping and educating clients on property investing.

I hope I have answered your questions.

Regards,
Mannie.
 
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Reply: 3.1.1
From: Iggy V


Thanks for the replies so far. :)

Just to answer some points raised above:

1. I am looking for blocks of 4 and above. I was looking for packs of UNRENOVATED and NOT NEW units. Would prefer 12+ units. I want a big deal. (Yes I can raise the capital). We're talking 1M+ type of thing. Within a 7km radius of Brisbane or Melbourne CBD. BTW for Melbourne I am only looking for a 4pack as 12+ would set me back over 2.5M and I cant raise that much.

2. I am looking to find more "friends" in the RE business. I have 2 or 3 at the moment, but I can't say that this has been fruitful so far. Mind you I've only been in the "game" for 9 months or so. So it's not like I am "waiting" for a phone call... I am out there looking and looking hard. I've called more than 30 agents last week I think. I don't know how that compares with other people's efforts, but for me that's a lot ;) (damn that J.O.B. ... I wanna QUIT! ;) )

And I have tried to be a bit creative with finding deals. I did a search on this site for info on blocks of flats. Over a year ago someone asked who to talk to in Brisbane for a block, and someone replied with a name and number of an agent. So I called them... unfortunately she (the agent) no longer works at the agency (she had a baby) but her dad still does. So now he's hunting for a deal for me and I am keeping in regular contact. Fingers crossed!!! ;) hehe

Thanks again for your thoughts.

Iggy
 
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Reply: 3.1.1.1
From: Property Investor


Iggy,

I will look for an unrenovated block of 4 here in Melbourne. I had come across one for you today, however it was a block of 12 and in the suburb of Footscray.
Does an incomplete refurbishment interest you?

Regards,
Mannie.
 
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Buyer Agent in Sydney for Brisbane ???

Reply: 3.1.2
From: Ross Sondergeld


Hey Ross, (love ya name)




Subject: Buying blocks of flats/apt's/units

----------
You said, "I am a Licensed Agent (Real Estate and Strata Agent) and can
assist with the purchase of Real Estate in the broadest sense. I work from
Sydney and I specialise in Brisbane property.

Most of my work is as a Buyers Representative assisting investors to buy for
long term wealth creation . I can only represent the seller OR the Buyer,
not both, and always declare this upfront. I have to.

The question which confuses most people is "Who Pays?"
---------


Interesting.... very interesting..... (i love to quiz the NEW buyer agent
guys when they pop up... (It's a good test for everybody...


Ok...

Q1. Do you have a queensland r/e license ?

Q2. Do you you a written buyer agency agreement ?

Q3. How do you get paid? And what does your compensation clause say?


Please reply...







Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Creative Real Estate Solutions Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx
 
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Buyer advocate ? You sound like your in Melbourne!

Reply: 1.1.1.1
From: Ross Sondergeld


Hi Mannie,


Buying blocks of flats/apt's/units


You said, "Are you a Buyers Advocate? because I don't like that description
- hehe."

Advocate? Agent! I represent my client 100%.




You also said, "I represent both the seller and the buyer."

Yeh, I know... You should have said the buyer OR the seller, but NEVER both
parties in the same transaction. (i.e. single agency operating structure for
licensed real estate agents.)


If you do represent the buyer... please answer this simple quenstions!


Q1. Do you use a written buyer agency agreement?

Q2. What does your compensation clause say ?

Q3. Are you a seller agency, buyer agency, single agency, non-agency or dual
agency real estate office ?


Thank You... ( I'm just trying to find out who you really represent.)






Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Creative Real Estate Solutions Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
Join the world’s largest e-mail service with MSN Hotmail.
http://www.hotmail.com
 
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Buyer advocate ? You sound like your in Melbourne!

Reply: 1.1.1.1.1
From: Property Investor


Hi Ross,

I don't know if I'm going to be able to satisfy your curiosity.
When I say that I represent both the buyer and the seller - in which my meaning would probably be different to your understanding because I think you are getting too technical on me.
However where I represent the buyer is when a buyer makes a request for a specific type of property that may not be on our listings - which I will then endeavour to find for them. I also develop an undergoing relationship with the clients before and after they have made a purchase. I make myself available to these people when needed for advice.

You probably still won't be happy with this answer but that's the best I can offer.

Regards,
Mannie.
 
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Buyer Agent in Sydney for Brisbane ???

Reply: 3.1.2.1
From: Ross Sneddon


Hi Ross

(yep! not a bad name although following with Sondergeld or Sneddon makes three "S" in a row and sometimes creates a problem - Agree?)

I'm bemused by your apparently self appointed role of "Quizzing the NEW guy on the block."

But for your answers.

Q1. I have a NSW R/E License. I and my colleagues make up a small group of people in SYD who also have NSW R/E Licenses or are Certificated Sales people under the NSW Acts. Others who work with me are qualified in a variety of fields including Law, Financial Planning and Mortgage Lending.

As my license stops at the NSW/QLD border, which is the real point you are alluding to, my fellow associates in QLD are locally QLD licensed in R/E. To strictly comply with the law, we conjunct.

Q2. I have used a variety of agreements and generally find the standard buyers agreement prepared by the Law Society and the Real Estate Institutes in NSW and QLD to be more than satisfactory.

Q3. Payment in QLD is clear in law, particularly since July 2001. Basically an agent may receive a single commission calculated at 5% for the first $18,000 and 2.5% thereafter of the sale price.

The local QLD agent handles the QLD affairs and I receive a share based on the agreed agency conjunction. It is straight forward.

Compensation Clause. I believe that the Law Society and the RE Institutes are more knowledgeable than me and as I use their stationery, clients are covered by that agreement plus professional indemnity.

This is a practice that I have been using for the past decade or so and it hasn't created any problems. Does that still make me the "NEW kid" on the block as you seem to imply. In our modest group, between us we have over 45 years of R/E and mortgage lending experience.

No doubt you appear to have a particular point to make in this area. Perhaps you may care to enlighten us with your wisdom. Are you licensed and in what area etc., and all the rest? We'll leave it to you.

We often use the expression "buyers agent", sellers agent, or Mannie's buyers advocate or property investment consultant which you HATE but they all seek to tell a story. You even sign off your comments to the WebBoard as buyers agent, but we all know that there is really no such licensed person or job classification. It is only a job description.

You may be a licensed real estate agent and represent a vendor OR a purchaser (not both simultaneously)and this may change from client to client to satisfy their specific needs.

Regards

Ross
 
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Buyer Agent in Sydney for Brisbane ???

Reply: 3.1.2.2
From: Kristine .


Hi Ross et al

Has the thread changed from 'Buying blocks' to 'Buyer Agent'?

This topic has been thoroughly examined previously, but I guess there are always newcomers to the forum (Hi,Ross) or newcomers to a topic so we go through it again.

New Ross, you may not appreciate that there has recently been a 'buying / advisory / consultant' company contributing (?) to the forum who, after much fanfare, seem to have gone missing in action. So Ross, if you think Ross is being mean 'n ornery, wait a bit, 'cos those of us who have been following recent events realise that a few people from the forum had engaged that particular very sincere and very experienced 'property consultant' and certainly look to lose their fees.

Buyerside Ross has been actively participating in the forum for at least a couple of years (as have I and plenty of other people)and we have seen quite a few 'Hey! Here I am, folks!' posts come - and go!

Real Estate, and never mind the gimmicks and fashions in nomeclature, is a tightly regulated industry, requiring study and experience to gain a licence and state regulation. However, it is interesting that there are always mavericks emerging from the non-real estate general public who think they can do the job better or, at least, earn themselves some money, without bothering with trivialities such as licencing requirements, insurance, trust accounts etc.

Unfortunately, it is often the behaviour of the mavericks, who lead the public to believe that they are either genuine estate agents or 'better than' estate agents, and then let the customer / client down, that cast doubt and mistrust upon the licenced agents.

And if I may make a comment on the 'serving two masters' issue - by law you cannot serve the interests of opposing parties. Whoever pays the fee is the client, and it is their best interests which are paramount.

If an agent is engaged by a vendor to sell a property, then with all the best will, warm fuzzy feelings and heartfelt rapport with the prospective buyer in the world, it is the vendor's interests which the agent must serve. To do otherwise is fraud and is a jailable offense. Never mind the 'Penalty Points' - fraudsters can, and often are, jailed.

If an agent is engaged by a purchaser, they are the agent's client, sign a contract to that effect and usually pay a deposit to the agent. That agent then represents the buying client's best interests and to do otherwise is fraud.

Would you engage the same solicitor as the vendor? Obviously not. Whom would they represent?

So let us all occupy the same concept of reality with regards to the engagement of an estate agent for buying or selling property. If you buy or sell without paying, then obviously someone is paying the agent, and that someone is the person to whom, under law, the agent owes fiduciary duty and professional loyalty.

I could go on. Stay tuned for my forthcoming seven volume series of 'Let's Cut Through The Twaddle - How to Behave Properly in Property'

And now I think I'll have a cup of tea and a good lie down!

Cheers

Kristine
 
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Buyer Agent in Sydney for Brisbane ???

Reply: 3.1.2.2.1
From: Ross Sneddon


Hi Kristine

Yes I was surprised at the change of subject when it occurred and agree that it didn't really belong here at all.

I am new to this website but not new to the industry or QLD property. I agree with your comments totally and support any group which is trying to maintain a clean environment.

Regrettably, I also note that some of the scammers who previously operated in QLD are creeping back. Still no qualifications, experience, licences and worse, no morals.

The Government slowed them down for a while but they are persistent. Some have been operating in the interim mainly in SYD and MEL but they are back in QLD again and up to their old tricks.

Still Ross decided on a change of subject and a sideswipe without obvious reason. I still invite him to respond.

Regards

Ross
 
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Reply - Buyer Agent in Sydney for Brisbane ???

Reply: 3.1.2.1.1
From: Ross Sondergeld


Hi Ross Sneddon,



Subject: Buyer Agent in Sydney for Brisbane ???



Mr Sneddon said, "I'm bemused by your apparently self appointed role of
"Quizzing the NEW guy on the block."


It's my job. (I meet heaps & heaps of "pretend" buyer agents.)

Some are scammers... some are just starting out... some have NO idea!

And I better know what I'm talking about... (I'm the over-educated real
estate agent and r/e representation expert in Australia).



I think you better talk to your legal advisors.

You originally said... you were a "buyer agent".



Therefore... please check the following...

- your ability to conjunct across the QLD/NSW border.

- review your PAMD Form 22a buyer agency agreemnt (& related annexure)

- review your compensation clause in your buyer agency agreement

- review your buyer agent Contract of Sale clause in QLD (Why? because...
clause 10a says you are the seller's agent?)



I'll leave the discussion at that... but based on your comments... you
really need to review how you operate... I don't think your current
operations are legal... (if you're a buyer agent).





Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Creative Real Estate Solutions Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~




_________________________________________________________________
Chat with friends online, try MSN Messenger: http://messenger.msn.com
 
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RE: Reply - Buyer Agent in Sydney for Brisbane ???

Reply: 3.1.2.1.1.1
From: Duncan M



Come on guys, this has descending into the proverbial pissing competition.

Duncan.
 
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RE: Reply - Buyer Agent in Sydney for Brisbane ???

Reply: 3.1.2.1.1.1.1
From: Kristine .


Hi, Duncan

Actually, Duncan, part of this Forum's benefit is that it is a forum, that is, a place where views, attitudes, opinions etc can be put forward and discussed and, in some cases, criticised.

The Forum is not necessarily a free advertising billboard, though, and if a poster chooses to promote their company they cross the fine line between contributing and seeking to gain benefit.

Something which new participants may be unclear about.

While I cannot speak on behalf of anyone else, my experience of commenting on other people's claims - and there have been some xxxx wild ones - has produced some interesting results.

Some people have taken intense personal offense that I have hypothetically queried their legality. Some have emailed me directly, protesting hotly about how many licences, how much experience etc they have. Some have made no reply, and some have never posted again.

And some have touted for business and then gone out of business.

So who am I, or Ross, or anyone else to question the bona fides of someone who chooses to post on this Forum? Answer: No one, really, just perhaps we've been around the professional traps a bit, have done the hard yards, earned the professional qualifications which make us accountable under the law, identify ourselves here but do not promote our businesses, and perhaps have made a contribution or two along the way.

But perhaps, Duncan, if a post appears to criticise on a personal level (Naah, your mother wears army boots!) it can defeat the purpose of the question simply by deflecting attention from the issue to the (perceived) insult.

However, the study of human nature is a whole new subject whatsoever, and as this post is long enough I'll keep my treatise on that for another day!

Cheers

Kristine
 
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