Our "No foal, no fee" service offers an innovative new method of purchase designed to save money for home buyers or property investors.
A specialised service for property purchases in the Sydney area, it is only available for properties which are for sale by Private Treaty with a published price of over $1 million.
Buyers’ agents (or advocates) in New South Wales normally charge either a fixed percentage fee or sliding scale fee based on the purchase price.
This unique new service now allows buyer’s to target a particular property and engage PrimePropertyBuyer to negotiate its purchase on their behalf at the lowest price possible under the asking price.The final fee payable by the successful buyer is not fixed - it is a percentage of the saving negotiated by us.
The service has the value-added benefit to the buyer that if a saving cannot be negotiated based on the original price, they pay no final commission to PrimePropertyBuyer. *Please see Terms & Conditions in our Buyer Agency Agreement.
It is ideally suited to a range of buyers including:
- Home buyers who have identified their dream home or investment property but are limited by their own budget or by a maximum loan amount specified by their lending institution.
- Property investors who have set specific buying criteria such as a maximum price to achieve a minimum ROI.
- Time-poor or inexperienced property buyers who wish to engage an independent professional agent to secure a particular property under the asking price.
- Overseas buyers who need the service of an experienced local buyers’ advocate.
- Corporate and institutional buyers who wish to demonstrate a successful purchasing strategy to their Board of Directors or shareholders.
The service includes:
- Initial briefing and strategy
- Physical inspection of the target property
- Market appraisal including current comparable market listings and recent sales
- Conducting due diligence in relation to market value
- Negotiate lowest possible price
How does it work and what do we charge?
Buying a property at the best possible price is not just about making an offer under the asking price. It is about expert negotiation, in-depth market knowledge and many years of experience.
We use all of these skills to negotiate the lowest purchase price for you as our client, and in return we receive a percentage of the saving to you.
We charge an initial non-refundable 'engagement fee' at the time of entering into our Buyers' Agency Agreement which covers our time and costs in market research and face-to-face negotiation with real estate agents or private sellers wherever they are located in Sydney. This fee is deducted from the total commission percentage agreed in advance for the saving achieved, and is payable within 7 days of unconditional exchange of contracts.
Engagement fees are:
- Appraise & negotiate the purchase of a single property - $950
- Appraise & negotiate the purchase of up to two separate properties - $1,600
Remember the old saying in real estate "You make your money when you buy, not when you sell."
Please read an article about this by clicking here
We love a challenge so start the purchasing process now and buy the property you want at the lowest possible price!
To find out more about this service please contact Tim Mansfield any day of the week on 1300 536 810
The concept of buyers’ agency is a relatively new one in Australia. The first of these agencies only surfaced here in the mid ’90s, and there are only about 100 in the whole country.
As a result it’s not surprising that I am often asked the question “What is the difference between a buyers’ agent and a real estate agent; aren’t they the same thing?”
Curiously the answer lies somewhere in between, but the simplest definition in layman’s terms is:
It is important to note that real estate agents (selling agents) in New South Wales charge a commission on the sale of a property to their sellers, and buyers’ agents charge a separate fee for the successful purchase of a property to their client, the buyer. Each is bound by their respective ethical and fiduciary industry regulations, and there is no conflict of interest.
- A buyer’s agent is a licensed real estate agent who acts exclusively for the buyer in real estate transactions. His or her duty is to negotiate the best or lowest possible price for a property while acting in the best interest of the client.
- Real estate agents (known as the listing or selling agents) act exclusively for the seller of a property. His or her duty is to negotiate the highest possible price for a property while acting in the best interest of the client.
Most buyers’ agents previously worked the “other side of the coin” as real estate agents, so clearly they know the tricks of the trade. In most cases they have also worked in specific suburbs and areas for many years. The relationship between the two is symbiotic (of mutual benefit) and results in a win-win outcome for all stakeholders involved in real estate transactions.
Successful buyers’ agents have close working relationships with a large number of real estate agents whom they have known and dealt with personally over a long period of time. They are constantly in touch with them in the search process for their clients.
Do you remember your natural science classes and the bit about the bees and the flowers and how they help each other? In this case the different agents dance to a constant tango of communication involving “I’ve got a buyer to $1 million, what have you got for me?”, and “Just listed a beauty and it’s a perfect match for your buyer”.
At the end of the day the buyers’ agent who has great connections in the industry and the real estate agent who works closely with them are both going to benefit in favour of their respective clients.
I have to admit that I prefer to work with real estate agents I know personally. This is especially important when negotiations begin on a purchase because it cuts out a lot of BS and so called “killer tactics”. I’ve been there, done that, and just want the best possible deal for my client! Tim Mansfield is founder and principal of Sydney-based buyers' agency PrimePropertyBuyer.
View the original article at:
The wide diversity of people’s trades and professions ensures that everyone can earn a living in their own way.
Each of us has something different to offer, from the carpenter to the doctor. We have our tools of the trade and we have our special skills, and we use these in daily life to earn our bread and butter.
When the carpenter uses his hammer, the doctor his stethoscope or the writer his pen, they offer specialist skills which others do not have. They also have the benefit of years of experience and are talented in what they do. They have all learnt their skills “the hard way”. That is, they have gained experience by learning from their mistakes along the way.
It is not enough to hold a hammer in your hand or wear a stethoscope around your neck unless you know how to use it. And in the case of politicians if their tongue is their skill, let them be silent unless they know when and how to use it.
One of the greatest skills of all is the art of negotiation.
We learn instinctively to negotiate from the time we are born and we build and hone this skill as time go by. But let’s face it: negotiation is not everyone’s forte. You have to learn how to negotiate. You need to have competed and lost and won many times over before you have the advantage over an opponent through experience.
In real estate transactions win-win negotiation is paramount. When the stakes are high and you have to admit you may not be the best negotiator in your own interest I recommend you engage a buyers’ advocate (or buyers’ agent) to do the job for you.
Buyers’ agents (or Buyers' Advocates) know their stuff. They have learned the hard way how to close a winning deal and they have earned that special skill of successful negotiation._____________________________________________________________________________________ Tim Mansfield is founder and principal of Sydney-based buyers' advocates PrimePropertyBuyer.
Article originally published in Property Observer
From the moment we are born we learn to trust those around us, just as we learn not to trust them. We trust the hand that feeds us, but not the hand that steals from us.
The concept of trust forms part our DNA wiring.
Trust can be defined as “confidence in the honesty or integrity of a person”, and the synonyms associated with the noun are confidence, dependence, belief and credence.
Trust is about both character (which includes integrity) and competence (your strengths and your weaknesses).
There is a saying that “Nothing is as fast as the speed of trust”, and this can refer to every real estate agent’s most valuable asset: recommendation by word of mouth. The thing about trust is that if you lose it, it is gone forever. But if you have it, it spreads like wildfire from person to person.
The maxim “Know me, like me, trust me” is often used in real estate training to explain the process of gaining trust. It doesn’t happen the minute you first meet someone. To be recognized as “trustworthy” you have to earn it first by demonstrating your honesty and integrity, and only then will you gain a person’s confidence.
It’s no secret real estate sales agents are held in low regard in the public perception. In fact, in one recent poll in Australia they ranked at the bottom after doctors, firefighters and prostitutes. The main reason appears to stem from the initial meeting with a property seller when the agent gives an estimate of market value, but there are also accusations of agents being inexperienced, unqualified or downright dishonest.
From the very beginning of the seller/agent relationship there is an element of mistrust, often compounded by an over-inflated “valuation” of a property. This is the greatest dilemma faced by real estate agents every working day. If they under-appraise they may lose the listing, and if they over-appraise they may lose trust and their own reputation. Over-appraising is often referred to as “buying a listing”.
The crux of the issue appears to lie somewhere between an understanding of the industry code of ethics and good real estate training, and generation Y real estate agents may get caught up in material values rather than traditional fundamental ones.
In an article entitled “Can you trust a real estate agent”, Kevin Turner of Radio 4BC’s Real Estate Talk predicted that 60% of the people in real estate at the start of 2009 would be gone by the beginning of 2010.
In the current climate of uncertainty in the real estate industry in Australia, Turner’s predictions may also come true in 2012. Aspiring young agents are leaving the industry in droves, while principals of real estate agencies are going back to listing themselves to cut down on overheads.
At the end of the day a real estate agents reputation is everything, and his or her success or failure depends on it.
—————————————————————————- Tim Mansfield is CEO of Sydney-based buyers’ agency PrimePropertyBuyer, and author of a personal blog where he writes about business and life under his Nom de Plume Jack Hammersley.
We can’t all be Mark of FB with his billion members, but you have to admire the guy. He is now one of the wealthiest entrepreneurs in the world and is still only 28 years old. And we should be inspired by him. He realised only a decade ago that new technology and the Internet was the way to go in the 21st century, and has built his dream from there.
He used the world wide web to do something that we can all do today - we can communicate directly either by email or through our websites and blogs to a targeted audience that is interested in what we have to say. It is still all about old–fashioned ‘networking’. And it is still about communicating with other human beings and getting our own message out to them. But nowadays it is also very much about using new age media as well, and it costs absolutely nothing.
The trick is to use ‘social media’, and this can be defined as ‘Social media marketing is the process of gaining website traffic or attention through social media sites’.
What has not changed in so few years is that social and business networking still works very much ‘on the ground’ and person-to-person, and this still means building your own brand by word of mouth and personal recommendations. But it now has to include your own branding on the web. It won’t be very long before you just say a search phrase out-loud like “Find me the best real estate agent in Sydney” and the wall of your living room will light up with the answer from your favourite avatar; mine is a Swedish blonde but you can have anyone you like. And Mr. Google King of Search Engines please take note because this is the way to go in future (and 10% of the idea is fine for me ok . . . ).
According to a comment on Wikipedia this is how the network effect works:
‘Network effects become significant after a certain subscription percentage has been achieved, called critical mass. At the critical mass point, the value obtained from the service provided is greater than or equal to the price paid for the service.’
The mind boggles after reading this quote so what does all this mean for you as a real estate agent?
Read my tips below and decide for yourself . . .
1. It’s a New Year so get your critical m’ass moving! Don’t sit around waiting for things to happen to you. Make them happen instead.
2. Build your own personal brand. At the end of the day it’s your own hard work and effort and you deserve the kudos.
3. Start by building your own network, and don’t just rely on your agency’s database (you don’t control it and they are usually out-of-date anyway).
4. Don’t listen to your boss’s insistence that you stay glued to your desk all day long on the ‘phone. The ‘bums on seats’ theory for real estate agents does not work. You need to get out there in your own market area and work it constantly. Talk to people, buy them a coffee, rub shoulders with them; tell them what you do and how you can help them. The real estate business is a ‘hard contact’ game. If you don’t make an effort to meet and engage with people they won’t know who you are!
5. Work smart. Get rid of the BS in your work-life and use every minute of the day to achieve your own dreams. No-one else can do it for you.
6. Create your own internet blog or website and get yourself up on the web! There are simple and totally free ways to start branding yourself and get promoted on-line almost overnight. 7. Befriend a Buyers’ Agent (also known as Buyers' Advocates). These guys will introduce you to a qualified buyer for your listing and save you a lot of time and effort . . so work with them. You can read an article I wrote last year about this by clicking on the following link: ‘Selling agents and buyers' agents work together but have opposing goals’
8. Be good to people every single day, and help them in whatever way you can. Make an effort to show that you are not just interested in yourself. If you take a genuine interest in other people they will always help you down the track. And do something different so that you stand out in the crowd - here is a suggestion:Stand outside your local newsagents store every other day this month and give a red rose to every lady who comes in or out with a sincere "Happy New Year to you!" This works wonders (but have your business card ready . . .).Of course if you are a girl you can always give the guys a kiss and you will win their hearts!9. Don’t lose your confidence or give up half way through your efforts to build your own network (or achieve your own dreams) . . . it can take months or years. People who don’t want to be in it are not important; it is the ones who are in it who will give you the business.
10. NEVER give up! If you are finding it hard to get listings or a sale doesn’t go as well as you hoped, keep on trying. Your efforts will be rewarded sooner or later so hang in there.Happy New Year!!PS - If you enjoyed reading this article please comment below!
To all my family and friends at this very special time of the year!
Wishing you a very Merry Christmas and wonderful New Year filled with health, happiness and success.
Hope you enjoy the holiday season... a time for family, a time for giving and a time for reflection.
The print is by my mother Brownie Downing (1950’s). I only found it a week ago as she did so many! This is a special one for Christmas to remind us that who we call animals are really just other beings and they also need to send their Christmas wishes to Santa Claus!
I am delighted to say that my sister Chele is developing a new website for Brownie which will go live early next year. We want to commemorate her life and her work for future generations.
Here is a little quote from her that makes us all think about life and the happiness that she saw in children:
"You see, for a child, for example, a tree is full of pixies, gnomes, fairies and flowers. A child believes - and I also believe - that there is magic in the world, that flowers do feel and understand, and that somehow we have lost touch with so many things. These are the things which I like to put into my paintings and drawings and books."
You see there is still a child in every one of us, and we must always believe in our dreams.
By Jonathan Chancellor
Thursday, 20 December 2012 Yellow Brick Road boss Mark Bouris has had his pad in The Astor on Macquarie Street, Sydney quietly listed for sale for the past few months.
It was in 2006 when he bought the five-bedroom, two-storey north-east corner apartment from then Astor chairman Peter Kernaghan.
There's no price estimate available to Title Tattle from its listing agents, Lisa Steel and David Newgrosh, but it might have $10 million-plus hopes given its lavish renovation, and noting a two-bedroom 11th-floor unit comes with a $3.15 million asking price through McGrath Estate Agents.
It has an estimated 440 square metre space over what were three separate apartments.
Its also been available for rent at $3950 a week.
It's best known for when occupied by entertainer Barry Humphries, before it sold for $800,000 in 1987, and then extended with the addition of another adjoining apartment.
It comes with sweeping semi-spiral staircase to the upper level, where there is a "magnificent master bedroom suite" with private study, walk-in dressing room and ensuite bathroom.
The very private Mark Bouris has resticted internal photos to just the one image, although all who've been through say its a stunning apartment.
Title Tattle last inspected the apartment back in 1986 when its was Dame Edna's possum pit. At the time it was also a split-level triplex. The then selling agent was Tim Mansfield at the Andrew Gibbons agency whose pioneering selling technique included a three minute promotional video. The price back then was $1.25 million for the then seven bedroom apartment, with the apartment split back into two leaving one with the gracious wrought iron staircase for grand entrances.
The Astor is the 12-storey, 1920s company title block that once dominated not only the city skyline but Sydney society.
Despite being the city's oldest apartment complex - and facing serious competition from many nearby new developments – it continues to attract buyers, especially when a modernised apartment comes with parking elsewhere on the strip. Especially after the elegant Iain Halliday-designedrenovation benchmark set in the mid-1990s after style-setters, ad man John Nankervis and wife Amanda bought their $535,000 third-floor deceased estate unit.
Bouris took up his ownership having previously had digs elsewhere on Macquarie Street, in the Bennelong complex.
Over the years the block of apartments has been home to Lisa Rochfort, who was the managing director of Australian couture jewellers Fairfax & Roberts, adman Harold Mitchell, Pioneer founder Sir Tristan Antico, broadcaster John Laws and artist Portia Geach.
Being company title, keeping track of pricing and sales figures is a little difficult, though in 1932 the eighth-floor north-east corner block was passed in at 4300 pounds.
Peter Kernaghan had knocked back $3.82 million when he sought to sell it in 2002.
The 1101 Astor listing, which had initial $3.35 million asking price, is a north-east facing, two bedroom apartment.
Its possibly the apartment rented by the Sydney Harbour Bridge engineer Lawrence Ennis, of Dorman, Long & Co, who would look through his telescope to check on the progress of the bridge's construction.
The Astor was Sydney's highest residential building from 1923 until 1960 and its off-the-plan prices ranged from 1500 pounds to 2700 pounds.--------------------------------------------------------------------------------------------------------To read the full article published in Property Observer please click here.
This article is not about how to prepare your home for an open inspection.
We all know about the recently cut lawn, the new paintwork in and out and the old trick of the smell of freshly baked bread throughout the house.
This article is about the risk of inviting complete strangers into your home and the consequences.
There is an ongoing and endless debate about whether a property is best shown to prospective buyers through open or private inspection. Some of the factors include market exposure, owners’ privacy and security. But if you do decide to allow open inspections you need to seriously consider some important issues.
At the top of them all is that for many sellers there is a question of security.
Allowing strangers into your home invites the risk of on-the-spot theft of valuables and for potential burglars “to case the joint” and come back days or weeks later when the time is right. They will have noted the floor plan, alarm system, the doors and windows that are easy to enter through and made a list all of your valuables. Most frightening of all is that they will also gather information about you and your family and your daily habits. They will know when you are generally not at home.
If the above scenario hasn’t already started to worry you as a home seller, then think about insurance and public liability.
The fact is that most homes are not insured for theft in the case of open inspections or in some cases for public liability. A thief could steal your Picasso right off the wall, your Rolex watch and several sets of your wife’s lingerie. And to cap it all, a prospective buyer could slip on your front steps and break his leg.
Ergo: the devil hides in the detail, so talk to your insurance company well before you agree with your selling agent to open your house to the public.
If your home is in the million-dollar range and is being widely marketed in the media with an open invitation to the public to inspect it please read on.
What can you do to avoid these pitfalls? You can’t blame the selling agent. You agreed to allow strangers into your house.
Take important steps to counter risk:
- Talk to your home insurance agent and check whether you are covered for theft, damage or public liability during open or private inspections. If you aren’t, add the cover for the specific period.
- Ask your selling agent to welcome viewers at the front door and note the name, phone number and ID details (usually a driver licence) of everyone who inspects your property.
- Remove your valuables from sight, lock them up or take them off the property. Don’t let people see or handle them. You are selling your home, not your personal items of value.
- If you have a large home with multiple levels and entries insist that your selling agent always has several members of staff at the open inspection. A single agent is simply incapable of watching every person who enters your property. The minute he or she turns their back someone can steal your valuables or damage your property.
- Ask a friend or family member to be present at all inspections to watch out for suspicious behavior.
- Engage a security guard who will be present inside your home to keep an eye on possible theft during the open inspection.
Your final decision as a seller to show your home either by open or private inspection is essentially down to the question “Which method will ensure the highest sale price at the least risk?”
---------------------------------------------------------------------------------------------------------------------------------------- Tim Mansfield is founder and principal of Sydney-based buyers' agency PrimePropertyBuyer.
In a previous article published here entitled Selling agents and buyers' agents work together but have opposing goals, I covered the definition of these agents’ respective roles in today’s property industry and how the two work together. But what about vendors’ advocates?
If a real estate selling agent acts for the seller and a buyers’ agent acts for the buyer; where on earth do vendors’ advocates fit into the equation? Surely they must be the same thing as real estate agents? After all, doesn’t the selling agent represent the vendor? So what is the difference?
Actually, they are all licensed agents but have different roles in property transactions. In Australia buyers’ agents have only been around for about 15 years, and their alter-egos, the vendors’ advocates have only recently begun to emerge in their specific role in our property industry. To further confuse the issue in New South Wales, buyers’ agents and vendors’ advocates are often the same person, although by definition they never sell real estate themselves.
Vendors’ advocates are independent agents who act exclusively for the seller of a property. They offer a value-added service including:
- A written market appraisal of the property including local comparable sales and current listings to establish a market value range
- Advice and recommendations for selecting the best real estate agent in the locality
- Advice on real estate agents’ exclusive sale agreements and proposed commission fees
- Recommendations on the best method of sale – auction or private treaty
- Advice on strategy and proposed marketing campaigns
- Vetting and screening buyers' offers presented to the seller through their appointed real estate agent
In the USA advocates have been around for decades and are widely used by both sellers and buyers, but in Australia the concept is relatively new and falls into a grey area that is still unclear to many consumers.
The issue comes down to two reasonable questions:
The answer to the first question is that a vendor may decide to engage an independent professional to advise him or her on the whole process and look after their interests in the sale. They may be based overseas or simply don’t have the time to arrange the sale themselves.
- Why would a seller engage a real estate agent (acting as a vendor’s advocate) to then recommend another real estate agent to sell their property?
- Isn’t there an inherent conflict of interest involved in this process?
The answer to the second question is much trickier and lies in understanding who actually benefits from the transaction.
Brief research of fees charged by vendors’ advocates in the Australian states of New South Wales and Victoria reveals that many do not charge a fee to the seller. They are paid a conjunction fee or “referral fee” by the real estate agent they originally recommended as the best agent to exclusively sell a property.
The issues involved with this arrangement are:
- The vendors’ advocate may be tempted to recommend the selling agent who pays the highest split of the final commission, or choose an agent with whom he or she has a good relationship (but who may not necessarily be the right person for the job in terms of achieving the best sale price for the client).
- There can be confusion about who is actually handling the negotiation process, and in whose interest.
- If the vendors’ advocate is receiving a split of the sales commission the real estate agent’s motivation may be degraded. If offered a listing they will usually take it even if their fee is reduced, but will they then give the sale 100% of their effort?
Other vendors’ advocates charge a fee directly to the vendor (usually between 0.5% to 1% of the sale price). This system avoids a conflict of interest, allowing the vendors’ advocate to act independently and without bias for the client, and it encourages the selling agent to put his or her best effort into the sale for the benefit of all stakeholders.
Either way the fact is the market for vendor advocacy is growing at a fast rate in Australia. If vendors feel they can benefit from this new service by engaging a property professional, then why not?
The service is ideal for vendors based overseas and anyone else who needs independent advice in the sale of what is often their most valuable asset – their home. Tim Mansfield is founder and director of Sydney-based buyers' agency Prime Property Buyer.
Article originally published in PropertyObserver.com.au at http://www.propertyobserver.com.au/residential/why-you-might-use-a-vendor-s-advocate/2012012953144
There is an important relationship between selling agents and buyers’ agents in the property industry, and this association is based on trust and integrity. At the end of the day we work together in the best interests of our respective clients and it is a win-win situation all round.
As a former real estate sales agent I have to admit I sometimes fell into the comfortable habit of “list, market and wait for the buyers to contact me”. This was the equivalent to being a trapdoor spider waiting for its prey to show up and swallow it. But complacency is a fatal mistake unless you are an arachnid.
As well, the other strategy in those days was to offer conjunctions to other agents and hope they would solve my problem for me.
But nowadays there is a brilliant option that real estate agents should use for every property on their books, not just because it will benefit you but because it will benefit your client. And it costs nothing! It is simply to work with a buyers’ agent. In New South Wales buyers' agents charge a fee to their client the buyer so there is no need to share commission on your sale with them.
You can even include this tactic in your marketing pitch for listings and you will be pleasantly surprised to see that vendors welcome this strategy with open arms. After all, it doesn’t cost them anything and hugely increases the chances of finding a cashed-up qualified buyer. And it is a great option to flogging your extensive out-of-date client database to prospects; no property seller ever bought that marketing strategy.
Real estate agents should also recommend prospective buyers to buyer’s agents simply on a goodwill basis, and this is good practice for them.
As an example, imagine that you have been dealing with a buyer who wants a specific type of property but you don’t have a suitable listing currently on your books. This is the perfect opportunity to demonstrate your desire to help them and initiate an on-going close personal relationship in the future.
There are important benefits:
- You have done a favour to the buyer by demonstrating your desire to help them with no personal gain, and they will appreciate your selfless advice and integrity as an agent. Sooner or later they will come back to you.
- The client may go cold on you and begin dealing with another agent (most likely a competitor). So it is better to use the opportunity to refer them to a trusted buyers’ agent who you know will look after their best interests. They will remember you for this.
- The buyers’ agent will reciprocate the favour in future by personally recommending you as a real estate agent as you have now established a relationship based on trust and goodwill.
So talk to your favourite buyers’ agent about your listings and what you have coming up (don’t wait for them to contact you). Build up a close working relationship with them and grow your reputation by recommending buyers’ agents you know and trust.
Tim Mansfield is founder and principal of Sydney-based buyers' agency PrimePropertyBuyer
Please read the original article at PropertyObserver.com.au