Hi all,
Does anyone out there have any experience with using buyers advocates to source investment properties? I recently had a chat with one of the principles at Domain (they cover Melbourne metro) and whilst what they offer appears like an attractive proposition i've got concerns around them having a lack of flexibility (i.e. narrow search area.) In terms of fees they stated 2.2% of the purchase price with $1,500 upfront.
I'm not looking specifically for comments on Domain (however if you have used them feel free to express an opinion,) but am interested in whether the forumites think that this type of service is useful.
Hi Bob, when buying through a buyers agent you are going to pay hefty fees for their services as you mentioned in your email. Whether you get to buy below market value or not depends on certain variables. In my opinion they could be useful to you if you don’t know how to research a property, or don’t have the time then you pay for someone to do it for you..
It all boils down to the reason why you think you need a buyers agent.
if you decide to do it yourself then in a nutshell heres some simple steps to take when buying established older properties: 1: research the area you are interested in by perhaps buying Terry Ryder’s hot-spotting report so you know theres possibility of good growth ahead. 2: narrow down to an area and get to know it, research realestate.com.au for listed prices and see what price your ideal property is listing for 3: call every real estate agent in the area and ask them to send you lists of properties that match your criteria. 4: make offers on the ones that stack up, and always offer 15% to 20% below listed price. I recently bought a 2yr old 3 bdm house in Coomera QLD that was listed at $429k … I offered $360k and got it.. this way you build equity into the purchase early on.
Regards
Tony Born
Senior Mortgage Consultant
Member PIPA
Email: [email protected]
Mb: 0407 617 141
Ask me about a free Property Investor ToolboxBob
Too expensive… 2.2% buyers agent fee..
Unless you are securing A DEAL OF CENTURYIt's always been a turn-off for many people that they charge a percentage of the selling price. Where is the incentive to get a lower price for you? The higher price you pay the higher their commission. Weird.
tonywwp wrote:………….. I recently bought a 2yr old 3 bdm house in Coomera QLD that was listed at $429k … I offered $360k and got it.. this way you build equity into the purchase early on.Regards
Tony Born
Senior Mortgage Consultant
Member PIPA
Email: [email protected]
Mb: 0407 617 141
Ask me about a free Property Investor ToolboxHi Tony,
How’s it going ?
I was suggested by JDL strategies to buy my investment property in Coomera, QLD, 4209 for a townhouse unit $ 435k 2x2x1
I wonder if this is a good place to buy this year according to this report it is still going down : http://www.investsmart.com.au/property-research/QLD/4209/Coomera.aspHenry,
I would be worried, extremely, if they are selling their own properties. Make sure you get an independent valuation done on this – ie from a valuer which you chose and order yourself.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I'd be thinking $435K for a 2 x 2 x 1 in Coomera is too expensive.
Coomera is struggling a the moment but having said that a longer term point of view is required.
Singer wrote:It's always been a turn-off for many people that they charge a percentage of the selling price. Where is the incentive to get a lower price for you? The higher price you pay the higher their commission. Weird.Fixed fees are popular for this reason.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
