Hi, I am planning to start a business up soon and wanted to get some feed back on my ideas and see if people who are planning to buy a property or are active property investor like my services. My business ideas is where I help people search properties in south east Queensland area. I also inspect the property of their choice, where i will do a full report on the property. If they want to buy the property through my business I will reward them with 20% of the commission that I will be getting. So if you was purchasing a $500k property through my business, I will pay you $1000 for using my services. Now my question is would any who is looking for a property use my services and get some back after purchase?Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Firstly welcome to the forum and i hope you enjoy your time with us.
Whilst i take my hat off to anyone who starts their own business (I started mine 26 years ago) i have to say to you that model is alive and well in SE Qld and has been for many a year.
I assume you are a Licensed Agent in order to receive a commission but to be honest any potential client would need to pay Tax on the income you pay them if it was for investment and most would prefer to negotiate a lower purchase price and reduce their stamp duty cost.
Yours in Finance
Richard Taylor | Australia's leading private lender
Thank you for your reply, I really appricate it. Yes I am the licencee of my business. I wasn’t very good selling properties and i believe am much better at being a buyer agent and lower price that would part of the service I would.. I realise there will be tax involve when pay them but have also structure that into the payment. When you say that system is alive and well in S.E. Queensland is a lot of company doing this or just a couple?JpcashflowParticipant@jpcashflowJoin Date: 2007Post Count: 575
Apologies in advance if I sound rude but I only want to be honest. If you felt you where not good at selling properties what makes you think that you will be good at being a buyers agent (which still requires selling).
Some times the problem is not the product we are selling but how we sell.
I love sales and their are two obstacles i faced:
I either did not believe in the product any more or i needed to improve my mind set and skills
Maybe do a course and get some training done!!!
Thank you Johann, firstly I would like to say you didn’t offend me and I prefer someone to honest, so long it is constructive. I have looked at doing different type of course but what I found every time I did a course it’s doesn’t help because of they where set up . What I meant before about being a buyer agent is someone like a family member or a friend and even in past jobs, I have been the person source the product for them and sometimes negotiate a better price for them, so basically that why I want to go down that path.Rental ProfitsMember@rental-profitsJoin Date: 2008Post Count: 28
If you want to be a buyers agent, and there are a few around Queensland, you will need your real estate license and become a master negotiator.
If i don’t get a minimum of $50,000 off the asking price i would be disappointed.
It takes skill and tactic to be a successful buyers agent
Just because someone may be great at selling does not mean they are great at Buying, 2 different skills sets
Thank you for comments, Well I have registered licence and I believe I am very good negotiating but when you say $50,000 off the asking price, it depends the asking price really. I believe if you can save someone a minimum of 20% then that’s more realistic.jmsrachelParticipant@jmsrachelJoin Date: 2012Post Count: 711
Would you really be making 20% off each sale? You could be making $100K a week??
It is possible, Lol $100k a week, Wow that would nice but I’d rather be realistic.jmsrachelParticipant@jmsrachelJoin Date: 2012Post Count: 711
Well it would be fair to say there would be a couple sales per year were commission would be around $100K.