Jenman Sales System Ethical < ?

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From: Anonymous


Sorry to be anonymiss.

Has anyone experienced the system that the Jenman System agents use.
A friend of mine has recently listed a home with one of their agents.
Most of the agents said it was worth around $480000.
Jenman agent said $510000. And they can always get higher prices than anyone else.As they have suck great negotiating skills and so many people on the books that are qualified buyers.

Only a 49 day contract and they will sell it.
But their commission is higher. But what do you want in your pocket $ 460000 or what we will get you $480000.

The agent signs a form that says the vendor will not be conditioned to lower the price.

That the property has not been over quoted along with a pile of other promises.

What has my friend got to loose. She would be stupid not to list with them.

Then after one week the agent rings and wants a meeting in their office. They cannot tell her over the phone she must come into the office. Must need the body lingo.

At the meeting the agent now says that the property is to high a price, needs repairs and other things.

Really it is only worth around $460000 if lucky.

She says hey you said it was worth around the $500000 and you had a page of buyers waiting.
Now you say you only have one buyer at $460000 and if we miss this buyer it will not sell.

My friend says well what advertising have you done. Answer, we don't believe in advertising. that will lower your price you get.

She says but I saw a add for my house 8 years ago in a paper and that is why I bought the home. The agent says, times have changed. Advertising is not worth it.
She says but all the big Sydney agents advertise. All the car dealers. All the home builders advertise. How else would people know they had anything to sell.


My friend then says . So you want a commission higher than any other agent I could Multulist through.You will not advertise and you want me to accept a lower price than any other agent has suggested that I could get.

The Sydney market is at a frenzie and you want me to give my home away.

I will not subject you to the answer my friend gave the Jenman agent.

Is this a typical way that the Jenman system works or has my friend just found a dud agent.

Does anyone have experience using their agents for selling or purchasing from.
 
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Reply: 1.1
From: Gail H


Tell your friend to complain about agent to the local Real Estate Institute (address of which is probably on the agent's agreement).

Gail
 
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Reply: 1.1.1
From: Michael Yardney


The Jenman system is for their affiliated offices to employ new estate agents who have no back ground in real estate or even sales and train them in their ways.
They are taught that they become "top negotiators"
I can understand why your friend chose to sell with a Jenman agent. There marketing material looks very impressive and their sales pitch sounds great.
All I can say is I love buying from a Jenman agent as I seem to get a "bargain" every time, BUT I'd never sell through a Jenman agent.
Michael Yardney
Metropole Properties
 
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Reply: 1.1.1.1
From: Michael Croft


The property I have just purchased was through a Jenman agent. He had two buyers on the property but his ethics would not let us buyers get into a bidding war. His response was "put in your best offer and I will take both offers to my client and he will judge, I will not accept another (higher) offer after this." So I put my best offer in and won.

My question to you is this; do you think the agent could have got a better price for his client? Yes to the tune of $25k!

Michael Croft
 
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A

Anonymous

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Reply: 2
From: Anonymous


i just terminated my agreement with Ian Reid as i thought they were absoloutley terrible at selling our property, they were very plausible at first and i thought there system as presented was a good idea, however i turned out that the market had dropped by 10% in the Eltham area, and they could no longer get the price they first quoted me, along with 60+ people going through the property and 2 offers and i never had a reply when i countered, i suppose i am going to accept the first offer(no Chance), and also the fact that one couple that came through didnt like double storey homes, well i guess i could have changed this too. they just didnt know how to qualify their clients and sell a property.
and i didnt go with them because they gave me the highest price either. they just literally undersold my property after they got the listing, and we never had a meeting with them after we signed the authority (4 months).
Bottom line:
Poorly trained
Terrible follow up
Bad experience.
 
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Reply: 1.1.1.1.1
From: Alan Hill


Michael,

How did you know there was another genuine buyer though?


:)
 
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Reply: 1.1.1.1.1.1
From: Michael Croft


Hi Alan,

It's a long story but suffice to say that I knew the valuer for the other buyers and before you even think it; the valuer did not tell me how much was put on the property. I did however discover which sales were being used as comparables and had a pretty good idea of this particulars valuers M.O. and priced my offer accordingly ;-)

I also discovered via the agent (ain't it grand when an agent discusses your competition) that the other buyers were dependent on the sale of their property happening. This too was added to my calculations. I guessed (after some due diligence) that the other buyers would offer the valuation price + 10K and was spot on. The agent did tell me their offer amount after mine was accepted and before exchange, how stupid was that? If I had offered too high I could have pulled the plug and revised my offer.

The Jenman system, like any human system really, is only as good as those who operate it.

Michael Croft
 
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Reply: 2.1
From: James Doherty


Jenman is a load of bull#$%t. The system is for the principles to get wealthy and the reps to work hard and get nothing.
Regards,
JD
 
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Jenman

Reply: 2.1.1
From: Ross Sondergeld


Hi James,



Subject: Jenman Sales System Ethical < ?

You said, "Jenman is a load of bull#$%t. The system is for the principles to
get wealthy and the reps to work hard and get nothing."


Firstly, i'm anti jenman. When I go to purchase properties from a Jenman
office on the Gold COast. I get nothing but trouble !!!

It's a very slick system. Consumers believe, the owner does well, seller's
loss all teh time... buyer's get bargains.

(For example, jenman office never advertise! They say it doesn't work.)


P.S. But they do get the free PR on TV. But i bet they paid for the 10
minutes profile on TV last night... Ahhh... A Current Affair...


P.S. Gee, I'm a anti traditional real estate and marketeering
organisations... Then again, you've got to really wave your hands around for
things to change...


Ross Sondergeld ~ Buyer Agent

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

Buyerside Real Estate 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
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


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