Comments on Park Trent



From: James Wallner

A novice in the IP scene and chat room scene.
I attended a seminar and had a brief interview in Canberra the other day from a Park Trent representative.

Does anyone have any views on the PT group?
They pushed Gold Coast of course, poo-pooed Canberra and thought a serviced apartment in CBD Melbourne might do the job. I liked the sound of Melbourne, but have no knowledge of that market. Any thoughts?

They suggested my next step is to pay them $795 to fly to Melbourne for a 2 day whirlwind shopping spree. I thought it sounds a bit to brisk so would like some more research tools before embarking. Any good tips where to start?
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Reply: 1
From: Michael Croft

Hi James,

My earlier comments stand about investment seminars/promoters that have property to sell. Every city in Australia is a dog except in the city/suburb/street they have something to sell.

Do some digging in the archive on two tier marketers and you will get the drift.

Michael Croft
"The best parachute folders are those who jump themselves."
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Reply: 2
From: Brendan S

G'day James

We were suckered in by Park Trent about 18 months ago after attending their free seminar. It all sounded so good, we had one of their consultants call on us the next day and before we knew it we were on the Gold Coast expecting to be shown around several potential IPs. We were taken to a financial investment company to assess our borrowing capacity, Then we were driven all over the Gold Coast doing drive by's past all sorts of "equivalent" properties to what was being offered. However when it came time to view the actual properties we were shown only one 3 Bedroom townhouse in Southport, that was not yet complete and we had to look through an already sold, similar townhouse across the road.

We went with the mindset that we wouldn't be pushed into signing anything that day. But they were very good at convincing us that this was a great deal at a reduced price as it was the last one left in the block and the developer just wanted it sold to finalise the project. Oh yes the hard sell is all so transparent now, but on the day we were worn down by a team of clever and convincing sales people. We found ourselves in a solicitors office (unknown to us)at 10pm, signing a contract worth $185K.

Now we don't consider ourselves stupid by any means, but we were naive.Driving home that night, we realised we had done a very stupid thing.We had not slept on it like we said we would. We did not know the area or the real value of this property (and still don't).

The conclusion is that "our" solicitor got us out of a very dicey situation (remembering QLD has no cooling off period). Altold we were out of pocket a few hundred dollars and a few nervous days. Our opinion, stay well away, you don't need these companies, you are better off to do the research yourself.

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Reply: 2.1
From: F. F.

As from July 1 - 2001 Queensland now has a 5 day cooling off period for all real estate purchases apart from property bought at auction. The Property Agents and Motor Dealers Act attempts to address issues associated with marketeers. Visit the website and follow the link called 'property probe'. The series of articles attempts to highlight the typical operating procedures of marketeers. Similarly there is an article in this months edition of 'Money' about marketeers. No names mentioned but a summary of marketeers.
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