Warning on 'bullying' estate agents

[Marc]

Hi all,

Buyer Beware!

Auckland real estate agents are accused of using "bullying tactics" with Asian immigrants to get them to buy homes fast.

The man, who was selling a Mt Wellington home earlier this year, says he was embarrassed by the methods agents used with Asian immigrants looking to buy his home.

The bungalow sold for more than $300,000 to a Chinese family with limited English. This was a $100,000 increase on the purchase price when he bought it in 2002.

Read More->

http://www.stuff.co.nz/stuff/sundaystartimes/auckland/0,2106,2733161a6016,00.html

Best Regards

Marc

[LeanneS]

That's nasty, and giving our country a bad name internationally, which doesn't do anyone any favours.

It seems that the original vendor did accept the trumped up price before whistleblowing, though.

[Sooshie]

Hi there,

2 offers I made on properties could have been gazumped if I'd let the vendor's terms in the contract be accepted by us... I will explain this in detail when I get a moment sparte to write about my recent Property Investing trip to NZ.
To say that ALL Real Estate agents act in accordance with a moral/ethical code is questionable at best. Sometimes you'll come across a shifty RE. Most of the RE's I met were nice and forthcoming (for the most part).

For migrants wanting to spend that sort of money, without understanding the language is foolish. I know this sounds harsh, but if I turned up in Hong Kong and wanted to buy property without speaking the language, I would get a buyer's advocate or a translator to do some of the leg work for me. What's a couple of thousand dollars, if your thinking of spending 100's of thousdands?

If I went to MacDonalds, they will always try to upsale me "Would you like fries with that?" That's how marketing works and it does bring in the money. This RE obviously took a very narrow branch and jumped on it.

I don't think what the RE did was right at all, but if he's working for the vendor and he wants to get a name for himself, good commission and also a great outcome for his vendor, then that's what he's done.

I think that Buyer Beware does make a lot of sense in this particular instance.

What are your thoughts?

Night Night
Sooshie