Coronis Real Estate Agents asking for Veda Check before submitting offers

I appreciate the opportunity to discuss this with all of you and you have raised some valid concerns. I will be speaking with the Director of Financial Services about this in greater detail and will relay all concerns to him.

I will be back to reiterate the information provided to us by Veda. Thank you again guys. It's been great to speak with all of you. :)
 
skater said:
Next thing the potential purchasers will have to fill in a full application form so they can check if they can afford the property, before they can put in an offer including a full run down of the income, expenses, assets & liabilities & savings.
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There is a big agency in the UK who do just this, no offers accepted unless you sit with their finance guys and people actually submit to it. Like a car yard!
 
How to put people off...... the Coronis methodology

Rolf Latham said:
Talk about stoopid and no idea of impact on credit files

For an agency which are somewhat a stand out, this seems like a really silly idea

Imagine ......... 4 offers 4 credit enquiries.......... no property

ta
rolf


As discussed attached are the documents you need to complete to submit a formal offer for the above property. Also have attached the credit check which needs your signature at the bottom with a copy of your licence both front and back.

Form 8
Sign first page under your name and date.

Contract initial the bottom of every page
Page 3 at the top where it says purchase price write your offer.
Page 5 Needs full signature and witness

I look forward to trying to help you buy this property. If you have any questions call me on
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Oh dear :eek:

Surely somewhere there has to be a law that prevents this sort of behaviour. This will absolutely ruin those unaware na?ve buyers who are (gently) forced to have a credit hit just to have an offer drawn up. Is this fair trading territory?

I wonder if the REIQ are aware of this.............indeed that is if they actually would give a toss. Perhaps they should be made aware of this Coronis firm(s) dubious tactics to (supposedly) help poor unsuspecting prospective purchasers ascertain their credit standing........yeah right. :rolleyes:

Then again reporting an agent to the REIQ (or any state based real estate body) is akin to me reporting my wife to my mother-in-law.

Joe, you have joined this great forum and community today (the very day this thread appears) to undertake damage control. As you are involved Marketing and Customer Care for Coronis, here's some free advice..........the members here, who aren't your average penguin, have given you their feedback. Take it on board and stop justifying and validating your company's stance on this questionably unethical behaviour. Remove this policy; don't just purport that the buyer can always refuse to do it. The Joe average buyer wouldn't know any better. If it is your way of weeding out alleged "tyre kickers" then shame on you. No real estate agent should need to resort to privately invading customer's details and jeopardising credit file hits and future borrowing capability when lenders question the number of enquiries on file. You don't know who or what the customer is worth. Credit file details will tell you nothing. You will never see me bidding at auction or turn up to inspections for residential or commercial properties looking like a multi millionaire. I am usually unshaven, fairly dishevelled and in thongs. Don't judge a book by it's cover or it's credit rating which tells you absolutely nothing about their serviceability or equity position. I am certain there are plenty more members of this great community who are the epitomy of the "millionaire next door". That is, you can't pick them.

The crowd has spoken..........take that as a very important and free lesson for you in your marketing role for the company. This behaviour does nothing to enhance the Coronis brand. :cool:
 
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Player said:
I am usually unshaven, fairly dishevelled and in thongs. Don't judge a book by it's cover or it's credit rating which tells you absolutely nothing about their serviceability or equity position. I am certain there are plenty more members of this great community who are the epitomy of the "millionaire next door". That is, you can't pick them.
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Yep! Hubby is usually in a paint spattered Bunnings top & old joggers. As soon as you start judging people by the way they look, you've lost a lot of buyers & could be sucking up to the next tyre kicker.

Oh, don't judge the cars they drive either.;)
 
ahodges said:
I just received a hand written note in the mail from a Coronis agent informing me they had quality tenants that may be interested in renting my property.

Bit cheeky.
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This is absolute rubbish trick. I purchased my IP via Coronis and they said they had tenants interested in the IP with higher rent than market price. After settlement, they said thT that tenants rented somewhere else. Finally, IP was rented at lower price and managed poorly by Conronis. I got out coronis after 1 year. Never want to deal with Coronis any more.
 
I said it earlier in this post, that although I consider it absolutely ridiculous for an agent to ask for a credit check and permission should never be granted.

However to clarify the misinformation on credit reports in this post, it is easy to do a veda credit check that is invisible , no mark is left whatsoever on the file, anyone else doing a check would never know you have looked at it.

Anyone who does a credit check without there being a credit application attached and leaves a mark is not using the system correctly, it is a very easy process
 
Hooray said:
And why would you trust an agent to do it properly?
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I wouldn't trust them and I wouldn't ever let them.

I am just letting people know that if brokers, employers, financial planners etc do a check it can be invisible. It can be very valuable especially for brokers prior to submitting a loan even more so as positive credit reporting becomes more prevalent. If credit check leaves a mark it can impact the loan application but when invisible it can be very beneficial
 
Coronis said:
The only information the agent receives is whether or not Coronis Financial Services deems them suitable for finance, which assumes that other lenders would also. If you have a $30,000 credit card bill it will be kept between Coronis Financial Services and the buyer. If you don't wish for that information to be divulged to anybody then refuse the credit report and make your offer as it's not mandatory.

Ultimately, this service is offered, not insisted upon, so that vendor and buyer alike can be confident that any offer made is bonafide and ensure that nobody goes through the frustration of a contract fallover because of failure to receive approval on finance.
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Ah so the real reason is let slip. Its so Coronis Financial Services can get a stab at the finance on the deal.

One less reason for a purchaser to pull out on a "subject to finance" clause, when your in house finance can get them a tier 3 lender loan at 8%. "Hey you can get finance, you have to proceed".
 
DaveM said:
Ah so the real reason is let slip. Its so Coronis Financial Services can get a stab at the finance on the deal.

One less reason for a purchaser to pull out on a "subject to finance" clause, when your in house finance can get them a tier 3 lender loan at 8%. "Hey you can get finance, you have to proceed".
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Good morning Dave.

Coronis Financial Services does the check as the authorised Veda representative in our company. If they deem them suitable for finance then the assumption is that others will to and that their offer is likely to be more legitimate. I do believe I've said this several times now.

Coronis Financial has no interest in using this as a lead generation tactic. Coronis Financial look for leads much earlier in the process than the offer stage. By the time this credit report is requested a buyer will have received information from Coronis Financial, maybe even a call already.

To be clear our in house mortgage and finance department broker loans with 40 lenders including Big 4 banks and other major lenders. I would encourage you to speak with your local Coronis broker and learn more about our service offering so you can make better educated claims about what it is that we do. :)
 
Coronis said:
If anybody wishes to make an offer on a Coronis listing and does not wish to do a credit check and you have been blocked from making an offer on a property please email [B][email protected][/B] and notify me as this is not policy. We will work to ensure your offer is processed. :)



I would encourage you to email me at [B][email protected][/B] with the name of the agent if you are told otherwise by anybody.


I would encourage you to speak with your local Coronis broker and learn more about our service offering so you can make better educated claims about what it is that we do. :)
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You continue to put references for us to email or phone to clarify or 'learn more'. I don't think you understand that most of us on these boards are just not going to do that. Why would we want to go out of our way to 'qualify' your company as an agent that we are willing to deal with, when there are plenty others that we can deal with without jumping through hoops. We don't NEED agents that make life hard. It is you who need US. Without investors you don't sell as much, nor do you list as much. You also don't get the management contracts. It's not rocket science!

Hooray said:
Why waste my time? There are other agents.
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Yep!
 
I ONCE was asked by an snooty agent to demonstrate I had capacity to make a offer. They tried to encourage my wife & I to comply and disclose WAY TOO MUCH information. We didn't know who these ********s were and what business of their it was to ask. So we got up and walked out. I did leave a note in the vendors letterbox explaining my disgust and hope that they ripped the agent a new one. Months later the agency was closed. A failed experiment at reinventing the wheel perhaps.

These "new generation" agents appear from time to time and disappear into oblivion when the basic heart of the client / buyer experience is unpleasant or a blatant attempt to make $ from a vulnerable buyer.

The ACCC might consider such behaviour predatory too.
 
Hi Coronis,

Thank God your not the only agency.. But seriously, I recommend you bring this feedback as an attention to your board.
This is worse idea, people already write off your agency. Veda record can stay for 7 years. Imagine how destructive property offer is, and most of potential buyer didn't understand the impact.
Yes you mentioned its not mandatory, but since people not educated how the impact is. They still agree to veda check, until they realise they can't get loan.
And why we should write to your email, why dont Coronis introspective. Personally I dont like wasting my time for your own good.
 
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