Real Estate Agent Referrals – They’re Not What Consumers Think They Are!

Posted on November 11, 2014 by | 0 Comments
“No one refers more clients to other businesses than real estate agents, so top agents understand the importance of capitalizing on this power by developing real estate referral networks.” So begins an article about the value of using referrals as a lead-generation strategy. What’s forgotten is that the consumer is reduced to being a mere commodity, to be bought and sold by those whose interests are not necessarily the same as those of the consumer....

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Deceptive, unscrupulous techniques in property marketing

Posted on November 11, 2014 by | 2 Comments
An article by Jonathan Barrett – AFR Asking prices for houses in the ­Pilbara town of Port Hedland have dropped 40 per cent, but a local agent tells investors “demand for new dwellings will continue unabated”. In Collins Street, Melbourne, a commercial agent reckons buying the office he is selling represents the “best investment” in the city. Both statements are probably untrue, but are they illegal? Stephen Meagher, from the West Australian government’s Consumer Protection department,...

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ASIC commences proceedings against property promoter Park Trent Properties

Posted on November 11, 2014 by | 0 Comments
An article by JENNIFER DUKE Park Trent Properties Group Pty Ltd, known as Park Trent, is under scrutiny from ASIC. ASIC has commenced proceedings in the Supreme Court of New South Wales, where they seek interim and final orders that will stop the property promoters from carrying on an unlicensed financial services business. Park Trent’s property promotion includes the use of SMSFs to purchase property. ASIC alleges that they are unlawfully carrying on a financial...

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Couple charged for alleged $1.5 million “Ponzi” property development fraud

Posted on November 11, 2014 by | 0 Comments
An article by JENNIFER DUKE Carrum Downs couple Maureen Gael Johnson, 58, and Douglas Gordon Johnston, 71, have been charged with more than 70 offences relating to an alleged $1.5 million property development fraud, following an investigation by the Australian Securities and Investments Commission (ASIC). ASIC investigated two companies: Investman Nominees (USA) Pty Ltd and Small Business Management Pty Ltd, of which Maureen Johnston was a former director and current director respectively. Douglas Johnston was the...

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Victorian politicians’ $136 million of property: What hope is there of housing policy reform?

Posted on November 11, 2014 by | 0 Comments
An article by LINDSAY DAVID , PAUL EGAN & PHILIP SOOS Following our analysis of Commonwealth Parliamentarians’ real estate holdings, our attention now turns to Victoria’s parliament, which is set for an election in November 2014 under its fixed four-year term. Victorians are entitled to ask: what sort of policies and forward direction will politicians and their parties promise with respect to housing? Australia, including Victoria, is in the midst of a chronic housing affordability crisis....

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Are real estate agents overpaid?

Posted on November 11, 2014 by | 2 Comments
An article by Edwin Almeida Over the weekend I saw many social media posts of the number of homes auctioneers auctioned off on the day. Some numbers came in between seven to 11 properties sold by a single auctioneer. Then there were the articles and reports of properties being on the market for as little as 13 days on average across Sydney. I began to once again ponder on the costs involved in selling a...

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Australia’s white collar criminals are doing the crime, but not the time

Posted on November 1, 2014 by | 0 Comments
Recently, the head of the Australian Securities and Investments Commission, Greg Medcraft, called Australia a “paradise” for white-collar criminals. Soon after he recanted, claiming he didn’t want the country to become a haven for financial fraudsters. This rephrasing likely followed when Finance Minister Mathias Cormann leaned on Medcraft. The mass media has done an admirable job bringing the CBA financial planner scandal to light, forcing ASIC to finally investigate, the Senate to inquire and the...

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Secret agents’ price ploy exposed as underquoting ‘rife’ in suburbs

Posted on November 1, 2014 by | 0 Comments
REAL estate agents in popular Melbourne and Sydney suburbs routinely underquote by up to 30 per cent, new research lifting the lid on one of the industry’s dirtiest secrets has found. Data from property pricing app realAs shows that underquoting of properties going to auction ­remains rife. A study identifies Melbourne’s outer east — where a flurry of ­Chinese buying has sent prices soaring — as Australia’s epicentre of the practice. On ­average, properties in Blackburn...

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The other factor behind our skyrocketing prices

Posted on October 14, 2014 by | 2 Comments
Apart from loose monetary policies, such as negative gearing, real estate by self-managed super fund (SMSF) and foreign investment, excessive increases in house prices is also caused by the unreliable estimates of fair market value price. To explain in more detail, real estate sales data has its flaws due to settlement prices not being triggered from actual pre-sale valuations – which remain unchecked throughout the sale process. Furthermore, some results can be triggered from listing prices...

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Malvern East buyer dobbed in to FIRB was Australian citizen

Posted on September 24, 2014 by | 0 Comments
The crusading Melbourne buyer’s agent David Morrell has been told his suspicions regarding the $2.75 million sale of a Malvern East home were misplaced. Following the 20 September auction, Morrell lodged a complaint with the Foreign Investment Review Board (FIRB) asking it to investigate what he believed had been a breach of FIRB rules. But John Bongiorno, director of Marshall White, has advised the buyer was an Australian citizen. He said Morrell was being divisive. “Just because...

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