Hi all, First post.
Has anyone had any dealings with NPA Property Group? They are a property group that "helps" acquire new properties Australia wide. I've seen the other post on New Projects Australia, but was just after some more recent and detailed experiences with NPA.
I attended one of their Needs Analysis meetings today and they were very professional in listening to my needs/goals etc. The appointment lasted an hour.
Next step is getting their statement of advice in a week or so. I was adamant that I wasn't interested in negative gearing. Let's see what they come up with!
One concern I do have is that apparently their service is free. The consultant was adamant ( I questioned this more than once) that they get their fee "out of the builders profit margin". The consultant assured me that the sum was modest and that it wasn't some 20-30k as some others get. Apparently being nationwide gets them some good volume discounts.
I then asked for a financial services guide/schedule of fees and she stated that they didn't have one but she offered to show me a generic breakdown of costs. I am finding it hard to believe that they would go through the initial free consultation and offer a statement of advice for free. There must be a large margin on the property?
Any thoughts?Andrew_AParticipant@andrew_aJoin Date: 2003Post Count: 392
Don't settle for anything less than fully documented and verified information about their compensation, then you can compare the sales person's conviction with some reality. 'Free' can be a very expensive option in some cases!
Birds of a feather marketeering companies; but very generally you are looking at 25-40k margins on top of the developers profit, I have seen as much as 100k though when they are squeezing this much the valuations are understandably harder to make stick. Some 'clubs' operate off 6.6% commissions, whatever way you slice it the markups tend towards intolerable.Nigel KibelParticipant@nigel-kibelJoin Date: 2005Post Count: 1,425
Hi I would agree with Andrews comments free meeting working out what they can sell you. Frankly you will get a lot further dealing with someone like Andrew because he will charge you a fee but he is working in your interests
You could also consider our club if you are after quality education
Thanks for the response guys.
I will definitely be asking for something concrete in regards to their payments before I would go any further with them. I will also make sure I do some due diligence in regards to the property and any areas that they recommend.
On the plus side, there was no hard sell, no pressure. I was pretty forceful in telling the consultant what I wanted and didn't allow any BS.
I will see what they come up with in their Statement of Advice and will post excerpts on here if anyone is interested to see.
Has anybody dealt directly with NPA?
keep the comments coming!TheFinanceShopParticipant@thefinanceshopJoin Date: 2012Post Count: 1,271
Gosh these groups just keep popping up im losing count. Andrew's comment above is great – I personally like to see a track record and talk to people who have used their services before.
ShahinBigCubezParticipant@bigcubezJoin Date: 2012Post Count: 48
I had an initial meeting with NPA also. They think that negative gearing is the only way to go due to tax savings, and because of the cost of the builds I would be interested to see if they could find you anything positively geared. My guess is that they will probably try harder to sell you on negative gearing.
Where abouts did you meet up with NPA?
Did you end up going with another mob or did you go DIY?BigCubezParticipant@bigcubezJoin Date: 2012Post Count: 48
In Mackay. I'm going to look elsewhere as I already have a negatively geared property and I'm looking to boost my cashflow.DerekMember@derekJoin Date: 2004Post Count: 3,544
I expect statement of advice will be heavily biased towards a new property with depreciation to save tax.
If you feel a few sharp thumps in the back that is you being bashed into a position that suits their model.
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