Unhappy buyer's agent client

[Jacque]

But 99% do.

Really Evan? I'd love to know from what reliable source you base your stats on here

And if 99% of home sellers out there do have the disposition, knowledge, experience, confidence and time, then why are they hiring agents instead?

Honestly, sometimes I think you just like to stir the pot on this forum for your own amusement

 

[evand]

I was not stirring the pot. I don't know about 1% of buyers using BAs but it would be a very very small amount of total properties bought.

Sadly, most unwitting buyers use the listing agent as their source of info.

Really Evan? I'd love to know from what reliable source you base your stats on here

And if 99% of home sellers out there do have the disposition, knowledge, experience, confidence and time, then why are they hiring agents instead?

Honestly, sometimes I think you just like to stir the pot on this forum for your own amusement

 

[Scott No Mates]

Sadly, most unwitting buyers use the listing agent as their source of info.

And you can always rely on the selling agent

 

[DavidMc]

I myself used a BA and am not happy with the results.

This was a prominent 'Property Advisory' that "has a track record of consistently delivering 8 to 10 per cent capital growth per year on properties our clients buy with our assistance."

My property has averaged 1 to 3% CG over the last 5 years and shocking cashflow (neg $20k pa). It's been my worst investment so far. At the time (2007) I was considering two properties in Frankston which would have performed FAR better and have been CF+. Just the other day I received an email about 'how resilient' the inner market is having fallen less than 10% - ahem... my outer burb 'low quality' investments have actually grown over this period.

But really, there is only one person to blame for this one though - and that's me. The advertising will have you think you can just 'leave it all to them' but let's face it, if you don't have ANY recourse, then leave it all to them at your peril.

 

[Jacque]

I myself used a BA and am not happy with the results.

This was a prominent 'Property Advisory' that "has a track record of consistently delivering 8 to 10 per cent capital growth per year on properties our clients buy with our assistance."

Hi David

Sorry to hear of your experience, but, as with all things in life, one needs to take such "track records" with a grain of salt. Perhaps they need to update this to reflect the current market, as pre-2007 clearly saw some boom years and price increases compared to the period since. 8-10% p/a may have been a reality then, but times have changed, as we all know.

No-one can predict future growth.

 

[DavidMc]

8-10% p/a may have been a reality then, but times have changed, as we all know.

No-one can predict future growth.

Yes of course, but it's a bit rich to have that claim up on their website when the last 5 years have clearly been nothing close to 8-10% for the property selection criteria they promote.

 

[Andrew_A]

Hi David

Sorry to hear of your experience, but, as with all things in life, one needs to take such "track records" with a grain of salt. Perhaps they need to update this to reflect the current market, as pre-2007 clearly saw some boom years and price increases compared to the period since. 8-10% p/a may have been a reality then, but times have changed, as we all know.

No-one can predict future growth.

A google search reveals that exact phrase "has a track record of consistently delivering 8 to 10 per cent capital growth per year on properties our clients buy with our assistance."

A little disingenuous from the 'advisory' with that claim about delivering 8-10% growth for clients, really the market doing that on it's own accord.

 

[Jacque]

Yes of course, but it's a bit rich to have that claim up on their website when the last 5 years have clearly been nothing close to 8-10% for the property selection criteria they promote.

I agree 100% in that it's false advertising. Why not take it up with them, David? At least get them to revise the figures to reflect the reality of the last 5 yrs or so...

 

[Ginger]

What specific service do you provide Jacque

With all due respect Bayview, people don't outsource to services because they're simply "lazy". Otherwise, why wouldn't everyone sell their own homes or investment properties, do their own book-keeping, conveyancing etc? Not everyone has the disposition, knowledge, experience, confidence or time to learn the ropes or conduct their own DD when buying or selling property.

Hi Jacque,

I am new to ths and interested in learning about the service your provide as a Buyers agent. Do you mostly source properties through domain and realestate.com ? Do you also provide an investor sheet with the numbers properly crunched so that the investor can see on paper why he should buy a particular property that you are recommending to him.

 

[china]

At the end of the day, it is your hard earned dollars that you are spending. A BA should be considered one of many sources of advice but not the be all and end all. Therefore, before committing $$$s, you must conduct your own due diligence in any scenario.

 

[Jacque]

Hi Jacque,

I am new to ths and interested in learning about the service your provide as a Buyers agent. Do you mostly source properties through domain and realestate.com ? Do you also provide an investor sheet with the numbers properly crunched so that the investor can see on paper why he should buy a particular property that you are recommending to him.

Hi Ginger

Have sent you a PM.

 

[Ginger]

Unhappy so far with BA

I myself used a BA and am not happy with the results.

This was a prominent 'Property Advisory' that "has a track record of consistently delivering 8 to 10 per cent capital growth per year on properties our clients buy with our assistance."

My property has averaged 1 to 3% CG over the last 5 years and shocking cashflow (neg $20k pa). It's been my worst investment so far. At the time (2007) I was considering two properties in Frankston which would have performed FAR better and have been CF+. Just the other day I received an email about 'how resilient' the inner market is having fallen less than 10% - ahem... my outer burb 'low quality' investments have actually grown over this period.

But really, there is only one person to blame for this one though - and that's me. The advertising will have you think you can just 'leave it all to them' but let's face it, if you don't have ANY recourse, then leave it all to them at your peril.

The neighbour and I got chatting and he is unhappy with the progress of BA. He has paid the deposit and the BA has shown him the worst properties and no research as to capital gains or/ if a good investment. Now he has to do his own DD. The BA advertises themselves as a premier company but all the poor guy is being made to do is see low quality poorly located properties. Worst he wanted a 4 bed place but before contracts were signed with BA, the BA didnt tell him that the max price he could afford was too low. So now the BA is trying to get him to buy 3 bed places in the worst locations. Can he get out of BA contract before the 6 mths are up?

 

[Propertunity]

Can he get out of BA contract before the 6 mths are up?

3 thoughts:
1. Why would he want to "get out" of the BA contract before the 6 months are up? All he has to do is reject everything the BA comes up with.
2. He should read the BA contract he signed. It will specify the arrangements regarding a termination by the client. He may have a termination fee to pay, however that is likely to be waived if the BA is not sticking to the brief.
3. Either the BA is unscrupulous and trying to condition his buyer up in price or your neighbour has unrealistic expectations. (or a bit of both??)

 

[Ginger]

3 thoughts:
1. Why would he want to "get out" of the BA contract before the 6 months are up? All he has to do is reject everything the BA comes up with.
2. He should read the BA contract he signed. It will specify the arrangements regarding a termination by the client. He may have a termination fee to pay, however that is likely to be waived if the BA is not sticking to the brief.
3. Either the BA is unscrupulous and trying to condition his buyer up in price or your neighbour has unrealistic expectations. (or a bit of both??)

here's what N (neighbour) says:

1. Yeah "get out" so that he can get a better BA than waste 6 months.

2. BA is not sticking to the brief this is the problem. The BA recommended a suburb wherein N would be able to purchase a 4 bed for N's budget.
The amount of money needed for a 4 bed is insufficient: I think this is the first thing the BA should know- How much is needed to buy in a particular suburb.

3. Very unscrupulous dont you think for the BA to show him 3 bed props in suburbs further away and on the main road ,after BA has got the deposit?

Not sure what you mean by unrealistic expectations. N says the brief was simple - well located, (so CG and not on main road ) and 4 bed 2 bath,
renovated and stick to budget and suburb.

In addition N is trying to figure out who is responsible for checking the strata report. At the start he was told that the BA will check all of this but now was to get the lawyer to look at it.

And again. For one property the BA said if you are interested we should offer $ XX. N didnt like the property to they let it go. Now the property has sold $60,000 less than the offer.

N checked with the RE who said that this was around the comparable price and to begin with the asking price was high (WTF!!!!) The BA should know or at least have some idea of market price.

I was looking for a BA myself but I think I would be more concerned about checking on whether the BA knew his job - time wasted IMO better to check the market oneself.

Propertunity you are a BA what do you think is this one BA who shouldnt be a BA?

All BA's on the forum what to do with a careless BA? How do these guys get to operate like this.