iNBiB ... Yes, no or maybe?

Has anybody had anything to do with these guys - iNBiB : International Business and Introduction Brokers, www.inbib.com

A relative is thinking of listing a huge parcel of subdividable land with them, $1200 upfront (refundable in some circumstances) then about 2% commission on sale.

I have done a number of searches on this forum (and Google) and haven't found anything bad mentioned about them yet.

They look OK... but there's nothing like word of mouth. :)

Thanks.
 
Where is this block located?

Small river-side town just outside a large country centre. Asking over $4M for about 40ha of lovely views. Buyer would have to hold for a couple of years (maybe less) until infrastructure is upgraded and re-zoning complete (underway now). Over 250 blocks achievable @ >$100K each, in stages. Owner has relocated (to a wheelchair) and wants to get his cash out now at an acceptable discount.

Anyway, iNBiB reckon they can get the 'big money' from overseas, but this forum's opinion is preferred over any fancy sales pitch.

Thanks. :)
 
So your friend is selling a commercial development site? Shouldn't you try the normal commercial websites like realcommercial? I can't really see international investors interested in buying country land UNLESS it is for farming - and 40 ha isn't enough for that.
 
So your friend is selling a commercial development site? Shouldn't you try the normal commercial websites like realcommercial? I can't really see international investors interested in buying country land UNLESS it is for farming - and 40 ha isn't enough for that.

Yes, that's what I thought: Why bother with these people whom nobody has heard of?

Thanks. :)
 
They may be ok I am on similar brokers email list and they send me a monthly email with development sites listed all over the country. I assume these people have a list of developers to send the properties info to. Rather than posting on RE.com and hoping for the best these guys might actually be trying to work for their conms!

While I have no idea if they are legit or not the outlay seems reasonable for the size of the transaction. Do you due dillegence as you are doing.
 
I've seen plenty of overseas investors look into commercial properties and I can tell you that they're not interested in country town investments. They usually have a large consortium of overseas money and purchase large CBD properties. Just the other week a Malaysian/Singaporean group bought an entire CBD office building on Exhibition St for ~$8m.
 
Actually, Theresa

Quite a few people have certainly heard of inbib - just because, to date, you have not does not make them a shonky or fly-by-night organisation, it just means that you have not previously heard of them.

Your relative obviously has, for him / her to have contacted them with regards to marketing the property to the widest possible audience.

Of course, If Aaron has expressed an opinion, if he ... can't really see international investors interested in buying country land UNLESS it is for farming ... well, then, of course he must be right!

But perhaps you are thinking of 'advising' your relative to list with the local Dodgy Brothers Real Estate Agency which will take a photo, put it in the window and wait for the buyers to walk in, rather than list the property with an Agency which obviously markets to the widest market possible???

Or do you have some other, more pro-active suggestions?

A friend of mine's Grandmother died a couple of years back.

The Executor of the Estate was really 'far too busy' to pay much attention to the research and marketing of the 5 acre property on the outskirts of Melbourne, so just went with the local Agent who got a reasonably quick sale for the Estate, at about $750,000, and even though there was some mutterings amongst the other beneficiaries, the Executor signed the Contract and that was that.

Except that the new owner had the twenty or so pine trees felled, sold them for timber, and resold the property within six months for more than $1,000,000.

The beneficiaries, as you may imagine, felt somewhat short changed when they heard of this subsequent sale.

Be very careful what you 'advise' your relative to do, assuming, of course, that they would rely and act on your 'advice'. Let them make their own enquiries and their own decisions - unless they specifically ask you to contribute your efforts and expertise.

Moving into a wheelchair does not mean that they are also suffering from a softening of the brain. They should and no doubt will do sensible due diligence prior to selecting an Agent and agreeing on a marketing program for the sale of this considerable asset, possibly including having an independent Valuation of the property done so that whatever they decide to do there are no mutterings later - and you would certainly not want any other family members saying that you had exerted any undue influence on the owner because Aaron on an internet forum, told you so!

Hope this helps
Kristine
 
Thanks everyone.

I was initially wary of this agency because of the small cheap ad that they placed in the classifieds section of the local paper, plus the fact that the other 'regular' agents don't ask for $1200 cash upfront as well as the commission on sale at the end, and also because of the unknown nature of organisations with overseas connections.

I was particularly interested to hear of any negative feedback about them, but, as you say, the absence of positive feedback doesn't mean the same thing of course. Every member of this forum doesn't have time to read every post, now do they. :)

As I said in my original post, they look OK and I haven't found anything 'bad' about them so far. Aaron thinks that country centres are not of interest to the overseas investor, but then again $1200 isn't all that much to pay for some extra exposure, and all assuming that the fine print on their agency agreement checks out.

I will put more hours into it.

Thanks again, I appreciate your time greatly.
 
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