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Unhappy Client of an Australian Property Buyers Agent
Topic Started: 15 Jan 2017, 07:42 PM (916 Views)
Deleted User
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For those of you thinking about investing with this company, please let me tell you my experience so you can make an informed decision.

Hello All,

Please let me tell you about my experience.

I signed up to X with a fee amount of $14,900 with an agreement that X would present (as per my brief) properties that are positively geared.

Of the 9 properties put forward, only 3 met the brief with the first being passed as I felt it was not right/overpriced, the second I placed an offer, only for it to be knocked back and what I believe taken off the market by the vendor (this property I found later was actually listed on the open market for all to review and offer anyway, therefore why was I paying X for something I could have found myself) and the third was a new build that was supposed to be ready in July 2016, only to find out by contacting the agent/developer direct that the property has not been started and would not likely be ready until December 2016!

Moral to the story … As an amateur property investor, and owner of 4 properties, I feel that the X staff and/or service provided to me was substandard, and showed how very little the property team I was assigned understood my brief (which was not hard – positively geared!).

Further concerns I have on this company is that many reviews on their Face Book page have had poor reviews removed by X (which is illegal according to fair trading and being looked in to) and to add to this, clients who have requested such refunds that have been given by X, come with conditions that any poor feedback is to be removed.

So when you look on their website and Face Book page, when it is possible for X to manipulate the review system, if a company has to go to that sort of length, what else do you think they are hiding?

Many of their staff are also active property investors which was never disclosed at the time I signed up either, which looking back, if I knew this, I may not have signed up, as to me this is a conflict of interest.

I have requested a portion of my money Back, X have offered what I deem as fair, but it comes with an 11 page deed which is basically an 11 page gag order in my opinion, which means they will not give the refund unless I remove all reviews I have placed in forums and/or social media sites. I have chosen not to accept the deed, as I feel that it is not right, as a review system is designed to provide the consumer with an insight on the general satisfaction people are having with the business so they can make an informed decision.

My wife found X via a Face Book advertisement, and when you visit their page, the rating is always around mid to high 4 out of 5 stars. With that rating, who wouldn’t make contact seeking further information right.

Since posting my initial poor review on their Face Book page, I have been inundated by many other unhappy current and/or ex X clients with various stories of their own.

Thank you all for taking the time to read this, I will continue to post my experience in the hope that Mr X will change his mind about removing what I call the “gag” clause (clause 4.5 if I’m not mistaken)

Would love to hear anyone else’s story on their experience and the length you have had to go to in an effort to get your money back, please feel free to private message me also.

In closing of my story, I have lodged a formal complaint with the Department of Fair Trading, NSW Consumer & Administrative Tribunal (NCAT) and also the Property Investor Professionals of Australia (PIPA). Fair Trading have already been to see them in December, and are returning again in February 2017.

The review is not about me saying to people to stay away from this company, it is just my experience and you need to review and make your own decision based on your circumstances.

All I can say is that my experience with these people was unacceptable, and I want my money back!

Stay safe investors!

[Name of company removed by Admin for legal reasons]
Edited by Admin, 19 Jan 2017, 08:02 AM.
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Rufus
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You own 4 properties and you seem to be able to do your own research - then why did you engage a buyers agent?

Buyers agents are wonderful if you live in London and want to buy a house in Melbourne and you need someone to do the research and legwork for you, and make sure you get a reasonable buy and aren't ripped off because you don't know the state of the market being thousands of miles away.

Or if you are a complete Newbie who lacks confidence and market savvy - then you engage a professional who has the qualities and market savvy that you don't have.

Do you think buyers agents have this secret store of properties that no one else knows about.

Seriously......
Take risks - if you win you will become wealthy, if you lose you will become wise
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Foxy
Member Avatar
Zero is coming...

Very brave of you,

There is an old proverb, i can not remember it just at the moment.

But, if they knew that much about investing, why would they do it for someone else???

Just use logic.

Good luck in the future.

Peter

http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Blondie girl
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OMG OP

you honestly were your own enemy :o

Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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Mallard
Default APF Avatar
Thread killer

This is one of the stupidest posts on here ever. It's only Terry/katweasel that has ever made less sense
Collecting desperation.
Ex-Bp Golly April 2 2015. "I see with a slight overshoot -70% [fall in Sydney house prices] as being well within possibility"
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Sydneyite
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Ben-J-Man
15 Jan 2017, 07:42 PM
My wife found X via a Face Book advertisement, and when you visit their page, the rating is always around mid to high 4 out of 5 stars. With that rating, who wouldn’t make contact seeking further information right.
This is the best bit!! :lol It was on the internet - even better, facebook, so it must be true, right??? :lol

Also, don't most buyers agents only charge their fee (less a retainer perhaps) once you successfully close on a sale?
For Aussie property bears, "denial", is not just a long river in North Africa.....
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Will
Unregistered

I wouldn't use a buyers agent because I'm clever enough (only just!) to do my own research.

Look, you shouldn't ever assume a BA somehow has access to "off market" properties. Play devils advocate for a bit and ask yourself, if you had a property to sell, why would you have a special price you're happy to accept from a buyers agent.
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