Why Estate Agents Will Trash Your Investment Decision!

Video Transcription: 

Hi, guys. So I just wanna deal with one of the offline questions that we get quite regularly, which is, you know, "You sold me a property and now, it's overpriced, because I spoke to a local agent, and they said they can get it cheaper." And it's like of course, they're gonna say that, you know, are you stupid? You know, of course, if you go to a competitor, you go anyone in the marketplace, they're gonna say they can get it cheaper, all right?

And you know what? What they'll probably do is... and they may well be able to get it cheap. You know how they'll do it? They'll probably go to an investor that bought early on in the phase and say, "Hey, I can sell this to somebody else, you know," and maybe they can get it. But in the most part, you know what? Ask them to get you one, you know. Say, "Great, I wanna buy another one," and then find out if they can really, and if they have got that relationship with the developer if they have got a relationship with vendors.

You know, because a lot of times what salespeople do is they'll feed you all sorts of bullshit about the market, and how terrible it is, or how great it is, and how fantastic it is. And then they'll look at somebody else who you've been working with, and they'll say, "Oh no, they'll terrible, bad reputation in the market. Oh, I've heard bad stories about them." And of course, they'll trash the opposition. It's a commonly used tactic that salespeople do.

You know, it's interesting we don't get involved with our competitors, we don't get involved with other people. You know why? Because for me, that's the negative side of things. If you wanna go out and you wanna research and go to every single different person offering whatever, fantastic. I recommend that. You should be doing that level of detail to really get things sorted, you know. But the reality is whenever you talk about somebody who you've been working with, with another competitor, you will find they're gonna rubbish them in the market.

So you know, can you actually sit there and believe what they're saying? Well, you know what? Take it with a grain of salt because it's salesmanship, you know. That beautiful word salesmanship because that is what they're doing to you unless you are aware of the sales tactics. You know, and , we have clients come back to us all the time and say, "I bought this off you, and it's way overpriced because I spoke to this local agent and they can get it cheaper." It's like, "Well, go and speak to them and get it cheaper. Because I can tell you they can't deal with this developer or that developer, or they don't have access to these properties. They're full of shit, and they're just taking you for a ride."

You know, and unfortunately, we deal with this all the time. Very rarely, very rarely can somebody beat us on price. Why? Because we do so much due diligence. We negotiate so much, and we're doing a volume of property. You know, we're not like a local agent that sells one here and one there, we can sell 5, 10, 15, 20s, 50s, you know, and that gives us a lot of weight when it comes to dealing with developers.

Now, that's on in all cases. If you say to me "Brett, I want this house in the middle of wherever and blah, blah, blah" and we want one of them, well, then we're like every other agent. But you know what? That's not our USP, that's not what we do. So guys, just be aware when people are saying to you, you know, "That company is crap. That company is garbage." You know, it's probably them trashing the opposition rather than that being the reality of the case.

Look, and what I recommend you do whatever they say, go and check it with that company, go and check it online, you know. I mean, there's Google reviews now, there all sorts of reviews that articulate the good and the bad about companies. You know, by all means, go to their good, read all their good. Go to their bad, read their bad, ask questions about their bad. A lot of times, those bad reviews are more emotional things, and people who, you know, we're heading in one direction then changed the goalpost.

So a lot of times, we'll be talking to someone, and we'll be saying, you know, right long-term, long-term, five years, long-term, five years, yep, yep, yep, yep, definitely term long-term, long-term. And then all of a sudden, they want short-term, "Oh no, no. I wanna flip it. I wanna make money now." It's like, "Oh, hold on a sec." That's changed the strategy, that's not what we talked about in-depth. That happens.

So there's all these sorts of things that you have to take into account. But a lot of times, it's just straight up, you know, salesmanship, trash the opposition. It's not very gentlemanly like. And you know what? I most prefer to run a business as a gentlemanly like. So anyway, that's it for today. Have a great day, and remember, live with passion. Oh, and comment and subscribe.

Brett Alegre-Wood
November 15, 2018

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