Jenman Method of Real Estate

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From: Anonymous


I am thinking of purchasing an investment property marketed by a Real Estate Agent who has a Jenman franchise. The Agent is very low-key and at this stage it all seems 'too easy' - the expected price of the vendors has been quoted to me at $30,000 less than the marketed price and I am told that there have been no other offers and that there is nobody else looking. I have not yet put in an offer but am planning to. This feels like the 'calm before the storm.... what can they do?... tell me that there is another buyer who has offered more immediately after I make my offer? ... any ideas? Help would be appreciated to make me wiser before the possible bombshell!!
MHC
 
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Reply: 1
From: Asy .


Hi MHC!!

What an interesting conundrum...

(I won't get into my views on 'jenman' agents... that would take too long to type)

My suggestion to you is to ask yourself
1: Do I want the property?

2: What is it worth, is it a good prospect at this price, have I done my due diligence?

3: What am I prepared to pay for this property?

Once you have asked yourself all these questions you are in a position to make an offer. I must add, obviously, irrespective of what you are prepared to pay, DO NOT offer more than about 10k less than what the agent has suggested the vendor will take.
For example, if the property is marketed at 280k and the agent has suggested the vendors are expecting 250k, offer them 230k. I understand you may have a cutoff of 260k, but hey, ya don't ask, ya don't get. :eek:)

Make the offer, subject to the usual, finance, building insp, pest insp and whatever else is required. Wait for a counter offer.

If the counter offer is within your parameters of affordability (from a return point of view) tell the agent to get the vendor to sign first, so you don't step up the ladder.

This means, if you offer 230, and the agent says they will accept 250, make a counter offer of 240. If the agent then comes back and says, no, they are adamant at 250, tell the agent that you are not willing to play games, and that you want to see that the vendors are seriously going to accept 250. Tell the agent that you will CONSIDER it if he can furnish you with a signed contract from the vendor at 250. When you get the signed contract at 250, you are home and hosed. Sign the contract and sit back and laugh.

Always be prepared to walk away. I had this happen to me this week negotiating on a property for a client. we offered the advertised price, as we knew it was under value, and had some interesting conditions put in, but they came back wanting more. I have told the agent to bring me a signed contract at what they will accept, and we will go from there. I will probably alter the price on the signed contract, and have my client sign it and send it back for ratification. See if that works.

I'm sorry, but I can't help reminding everyone that jenman's motto is "ethics in real estate" and they are supposed to be working for the vendor. What a joke.
(Disclaimer, this is my OPINION!!! and I am sure not all jenman agents are this silly. There has to be one good one out there somewhere.)

Anyway, I hope this helps. And thanks for signing the anonymous :eek:) Makes it much easier!

asy




"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).
 
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Reply: 2
From: Anonymous


Jenman real estate agents don't advertise their listings.

It doesn't sound like a Jenman agent though because to disclose the vendors expected price would be going against their whole 'Ethics in Real Estate' thing, wouldn't it????
 
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Reply: 2.1
From: Felicity W.


Hi Anonymous
I'm not sure what you mean by "Jenman agents don't advertise their listings". As far as I know they still do, they just don't tend to do it with big glossy ads advertising their own agency instead of the houses.
I use one Jenman agent a lot for buying houses, and they're FABULOUS. I have never been told a vendor's expected price, even when I've made a suggestion as to what I might offer. Also, if I've made a genuine offer, it's always been treated as one, not gone back and forth negotiating, they either take it or they don't.
I've been well looked after, and I honestly don't believe that the vendors have been badly looked after either. Houses are listed at realistic market prices, unlike other agents in the area who list houses at ridiculous prices and I then watch the price gradually trickle down. I think that's the worst thing you can do to a vendor. Mind you, it was probably that high price that made the vendor list with the agent in the first place.
I think in the end it's like any franchise or network or group of people - you get good ones and you get get not so good ones. I always work on the theory that one bad apple doesn't ruin the batch, so if I've found a great Jenman agent, good for me. If I've found a bad one, I'll go elsewhere. Just the same as I would with any other RE agency.
Keep smiling
Felicity :cool:
 
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Reply: 2.1.1
From: Darren B


I've bought several houses through various Jenman agents and have found, like Felicity, that prices are more realistic and not inflated. I had no problems at all.
 
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Reply: 2.1.2
From: Ross Sondergeld


Hi Felicity W,


Jenman Method of Real Estate



Well... i just wish i could remember the saying that is posted inside the
salespersons area in a Jenman office... (It's a classic vendor crunch
scenerio...)

Something.......
then something....
then something else...



I'll post... the saying when i get it from a friend.


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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Jenman - The three S's...

Reply: 2.1.2.1
From: Ross Sondergeld


Got it...


Jenman - The three S's...


Sales people should get teh following every (every week?)...

1. get a SOLE agency listing

2. get a SIGN up

3. get a SIGNIFICANT price reduction


or so words that are similiar...



ethics in real estate... JENMAN
 
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RE: Jenman - The three S's...

Reply: 2.1.2.1.1
From: Duncan M


Ross,

On this thread..

I went to an open inspection last weekend, a Jenman agent. I thought Jenman
people strongly disbelieved in Open Inspections.. I walked in and said to
the Agent "I thought you Jenman guys didnt do open inspections??".. Her
response was "this is a bit different, as its actually MY house"... So it
would appear that this agent at least believed in Open Inspection's for her
own place..

Dont do as I do, do as I say..


Duncan.
 
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RE: Jenman - The three S's...

Reply: 2.1.2.1.1.1
From: Duncan M


Hahah, I also forgot to add that this Agent had actually left the industry
(this was her last listing) to join the Funeral Business.. I guess the
viewing of a loved relative is a bit like an Open Inspection. They still
tart up the commodity to make it look better than it is, spray perfume
around, say nice things even if/they sucked :)

Duncan.

> -----Original Message-----
> From: propertyforum Listmanager
> [mailto:listmanager@bne003w.webcentral.com.au]
> Sent: None
> Subject: RE: Jenman - The three S's...
>
>
> From: Duncan Margetts <duncan.margetts@cispl.com.au>
>
> Ross,
>
> On this thread..
>
> I went to an open inspection last weekend, a Jenman agent. I
> thought Jenman
> people strongly disbelieved in Open Inspections.. I walked in
> and said to
> the Agent "I thought you Jenman guys didnt do open
> inspections??".. Her
> response was "this is a bit different, as its actually MY
> house"... So it
> would appear that this agent at least believed in Open
> Inspection's for her
> own place..
>
> Dont do as I do, do as I say..
>
>
> Duncan.
>
>
>
> To reply: mailto:propertyforum.122422@bne003w.webcentral.com.au
> To start a new topic: mailto:propertyforum@bne003w.webcentral.com.au
> To login: http://bne003w.webcentral.com.au:80/~wb013
>
 
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Jenman - The three S's...

Reply: 2.1.2.1.1.2
From: Ross Sondergeld


Hi Duncan,




Jenman - The three S's...

You said, "I went to an open inspection last weekend, a Jenman agent. I
thought Jenman people strongly disbelieved in Open Inspections.. I walked in
and said to the Agent "I thought you Jenman guys didnt do open
inspections??".. Her response was "this is a bit different, as its actually
MY house"... So it would appear that this agent at least believed in Open
Inspection's for her own place... Dont do as I do, do as I say.."



I agree... the Jenman system is designed to be profitable for the principal
licnesee (i.e. the person that owns the office). A jenman office will
usually NOT advertise, or do open houses... or split commissions with other
agents, etc.


And I really... think Joe Average needs to be told that when they sell.
Buyers can be found hundreds of ways... and people have to learn the tricks
ALL real estate agents use to generate business.





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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