Hi, wondering if anyone has had any dealings with Metropole, in particular their property development section. What was the experience like, would you recommend, would you use again, are their services value for money.
From their website;
Become a developer – If you would like to become what we call an "armchair property developer", we will provide all services for you from finding the right property, project management to construction.
What do people think of getting them to project manage a development from start to finish. Of course I know you will be paying them a fee to do this, but having never done any property development would this be money spent wisely especially for the first development. Than maybe go it alone on future developments.
Also if anyone has got any other company's that do a similar service to Metropole developments that they can recommend that would be great.
Anyone ???????………………… maybe know one has used metropole before………………..from this forum anyway…………………Michael Yardney……… anyone……….MJMParticipant@mickloJoin Date: 2010Post Count: 9
I am also interested if any one has any comments on this topic!?
CheersDWolfeParticipant@dwolfeJoin Date: 2009Post Count: 1,253
Haven't done anything with Metropole. I get Michael Yardney's newsletter and have read books listened to his webinars etc. I have to say what he is offering is similar to services offered by Metricon (builders) and also by quite a few independent architects. Personally, I would ring a couple of architects/development companies in your area and ask them if they can offer you something similar. Get quotes and compare what you get.
Let us know how you go.
DcrustyParticipant@crustyJoin Date: 2010Post Count: 127
Yeh Pascoe , I went to Metropole with the intention of doing a development, but instead they insisted I should by a rental property. The finance broker they set me up with was a dud and wasted months getting a loan that was just way too expensive to sign up on. In the mean time prices went up 20,000k, two of the staff were very friendly and enjoyable to liase with but I was always getting some-one different to deal with and I found it impossible to develop a repoire or relationship with them. I felt just like a nuissance to them and they just wanted to get their job done as quickly as possible and get me out of their hair. I could go on and on. I found out I paid top of the price range, found minor faults they could not detect even when pointed out , and I was not happy with the leasing of the property as it was vacant for too long and the promised yeilds could not be acheived. Just a shame their performance is not as good as their self promotion. But I am sure they probably have many happy customers. Do a search on Metropole you should get more info.
Thanks D and Crusty, I know what you mean. If they could gaurantee that their performance is only half as good as their self promotion I'd be happy.
I did a search on this forum on "michael yardney" and "metropole" and read all 364 or so topics. Most of it is fairly old though, around 2005, hence starting this topic to try and get some more up to date info (and more relevant).
Will keep investigating…………………….both metropole and other companies………………….
Pv8ghiaMember@v8ghiaJoin Date: 2005Post Count: 871
Someone I know quite well found the main problem when asking them to assist in a buyers agent capacity, was not so much the huge amount they wanted up front – but that they seemed oblivious to what what the customer wanted, and seemed to push for 'project management' and coordinating the proposed renno, as well as the high pressure 'speel' and drawing on the whiteboard while going the big speel/sales lecture (very amwayish he said). …
I'm guessing that they push the development side now because they would be unable to save prospective purchasers even the amount of their fees in the Melbourne market, as it is pretty hot, with a lot of stuff only going to auction, and no interest in offers first.
May be a different story for you though if you are wanting them to use your money to do a project they want.. All the best.christianbParticipant@christianbJoin Date: 2009Post Count: 386
If you are looking to enter into a property development, either for long term investment or short term profit, you need to do your research. I haven't heard anything particularly negative about Metropole, and they are certainly well known.
Having a plan for your prospective project – right from the outset – and understanding what is involved in the process is vitally important. There are a lot of elements that have to come together (in the right order) for the process to work efficiently and so for your project to generate the profits you are aiming for.
The first step is understanding what sort of development you would like to undertake, as this will determine many of inputs around cost, complexity and risk. From there the right property needs to be found and the process of conceptualising, making application for development and subdivision, putting together the project documentation, and then having the development built and either sold or tenanted (or maybe a mixture of both) is undertaken.
Developing property is not without risk, but the right structure, aligned with the right project, and the right delivery team, can make it rewarding. The rewards are not only financial, a development project can also be involving and engaging.
Best of luck with your research.crustyParticipant@crustyJoin Date: 2010Post Count: 127
Pascoe if you buy a property through metropole it would be a good idea to lodge a caveat on the title, it only costs about $120.00 and could save you tens of thousands. They probably wont advise you to do this. Must agree with V8ghia I think they will push whatever property they want to unload, and only buy in expensive suburbs I guess so they can get more commision and ignore perhaps better deals in other suburbs. I have noticed some areas they warned about buying in have performed better than where they recomend, at least in the short term.