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I honestly believe if you are getting good personal service from an agent or property club there fee is not important! i have on most occassions paid 2% on the gross value.
I have also aquired some really good property in the North East. One company i deal with on a constant basis is: Links Property UK - 0191-4047199 they always have good deals nationally. |
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Len,
How are you associated with this company? |
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I was purchasing property from Links about 6 months ago and i had an opportunity to invest in the company, so i did! as simple as that.
I believe in good customer service and i do not have a problem as an investor paying 2% for good service etc..or asking for a fee where a service is justified.
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...would you give a tip to a waitress before a meal? |
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May be not Jack, but you have to pay for your food in Tesco's before you eat it!! |
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Jack but you pay for the food anyway knowing roughly what you are going to get and a tip is an expression of satisfaction of service OVER AND ABOVE the cost.
With property you are generally provided with all the information and costs and it is down to individual to weigh up whether the deal is worth pursuing.
If you cannot get a GENUINE discount without paying the finders fee are you willing to pay the full asking price for the ones for sale directly with the developer?
I am in the property business and I can tell you that these deals can take months to arrange, negotiate and prepare and this costs money. Is it therefore not fare to charge a introductory fee?
Look forward to hearing more views.
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Rupert, I'm also in the property business and know exactly how long these deals take to put together. I've never paid a finders fee and never will, I recently used a company called Gemini for the first time, they took their commission from the developer once the deal had gone through. Seemed a far more satisfactory way of doing business. |
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Jack whichever way it works you pay the same price as the developer is only prepared to give so much away. Which one of these do you prefer:
1) Company offers 15% discount and no finders fee but takes 2% commission off the developer
2) Company offers 17% discount and you pay 2% finders fee.
There are exactly the same cost wise but it is just a different way of manipulating the figures. Pschyologically number 1 may look like a good deal for you but in reality number 2 is no different.
I am refering solely to genuine discounted new build here and not other forms of property investment where lower fees may apply.
Rupert |
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Rupert, completely agree with you, the Net outcome is the same, however, scenario 1 means that I do not outlay my own cash to get the deal through and have 2% less equity in the property. That seems a far better option to me. |
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Can I just say that i get really angry with all these people that want something for nothing.
I have recently bought my first three properties. I paid RW PROPERTIES a small fee of £400, and they have been invaluable. The lady I dealt with knows all there is to know. I would much rather pay her £400 and save myself from loosing shed loads of thousands because I got it wrong or listened to free advise usually from people who've no more than a couple of properties themselves.
I bought one property through this company and two through others but all the way through i was helped and made to look at things realistically. I wasn't pushed into taking anything through them, i was and continue to be given brilliant advise, about all my investments which seems to work so far, irrespective of where i get the properties or the mortgages from.
I would advise anyone to speak to them. I'm not going to say give me your details and i will put you in touch, because to be honest there is no prize for me!!!
I just think people ought to contact them.
Sorry I went on a bit
Ed
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hi Ed, I take it you are on commission from RW as this is the second time you've posted the same message espousing their virtues. |
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HI Jack
Just to let you know I am one of the directors of RW Properties and I take offence at your remark.
I don't need to pay anybody anything for business. I certainly do not pay people commission!
REgards |
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Can I just say that I have also recently bought my first property after having enlisted the services of Teresa at RW Properties. I also found their service highly useful and extremely good value.
Incidentally, I'm not on commission either (unfortunately!) |
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Teresa,
may i have your company details please, as i am looking for properties.
thanks
Roy |
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Roy
Certainly
www.rwproperties.co.uk
teresa@rwproperties.co.uk
Tel: 01460 55593
Regards |
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Teresa.....1) My comment was not aimed at you 2) You offend too easily, chill out ffs. |
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Jack wrote
"scenario 1 means that I do not outlay my own cash to get the deal through and have 2% less equity in the property. That seems a far better option to me."
Yes but getting an 87% BTL mortgage instead of an 85% one will probably mean much higher up front costs or a higher interest rate from the lender/broker for the privilage of going over 85% LTV. Whilst many lenders are happy to lend 85% not many will do 87%+.
Scenario 1 therefore could cost much more money!
Rupert
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....Not the way I do it Rupert. All the lenders I have used where I haven't done an 85%'er have been happy to give me upto 95% LTV with absolutely no hike in interest rates. The result is cash flow wise I am considerably better off doing it my way with the extra 2% in my sky rocket thanking you very much. |
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Jack - if your mortgage costs exactly the same - fee wise as well as rate payable - with a 95% LTV in comparison to an 85% LTV please pass on the details as I for one would be really interested. Also what rent/payment ratio are they working on: 125%?
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Rupert, I have found lately that BM Solutions charge the standard 1.5% arrangement fee for 85% LTV, The Mortgage Works do 90% LTV with 1% fee and CHL are doing 90% and I think its for a 1.5% arrangement fee. I know that Mortgage Express also are working to a 90% LTV with similiar sort of fees for arrangement. The rent/payment ratio is similiar to the standard 85% LTV |
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Hi guys
The problem with borrowing 90% of course is that you end up paying more each month and then you will find it difficult that your loan / mortgage ratio will right.
Regards
Teresa |
