What’s are the costs of your services?
We have two price points for our Buyer’s Agency service. These can be discussed when you make a time to have a chat with one of our team, so we can properly diagnose which is best for you
Do we have to use your mortgage broker service for the finance of the investment property?
We have two companies that fall under the wHeregroup banner, our Buyer’s Agency company plus a Mortgage Broking company (Runna Associates Pty Ltd). When we purchase properties on behalf of clients, yes we insist that we do the finance. But this is for one very important reason – sure we want the business but far more importantly, we need to control the entire process and ensure 100% of the time that the finance isnt delayed due to another broker or bank manager. In the past we have allowed clients to obtain their own finance and we have had deals fall over due to the inability of others. As we purchase predominately distressed sales from vendors that need to liquidate in quiet property markets, Real Estate Agents offer us the properties before first going to market. They also tell us about vendors who need to liquidate along with price reductions. This information means we must us to act quickly before other purchasers beat us to the deal. So we must ensure that the finance remains on track throughout the entire purchase. If not, we potentially lose the trust from the agent to offer us the deals first. We feel so strongly about this that we are happy to let a client walk away from doing business with us, rather than letting them get their finance elsewhere. One lost deal verse a possible 30 lost property offerings from a great real estate agent. From our side it’s a no brainer.
When do we pay your fee?
We first obtain pre approval with your lender, then you sign our contract and then half our fee is paid. The balance is paid at settlement as part of the settlement proceeds.
Why do you not tell us where we are investing until we have signed a contract and paid our deposit?
The answer is simply, we are protecting the locations so that we as investors, along with our clients get all the deals. If we were to broadcast openly to the media and anybody that calls our office where our secret investing locations were, then they simply wouldn’t be secrets anymore. Then we would have hundreds of investors competing for the exact same properties we are trying to secure for our clients. That doesn’t make sense does it? So if a client signs our contract and pays half our fee in advance and then decides to go and buy their own property there for themselves, then we can live with that. After all we now have half our fee paid for doing nothing.
Do you have conveyancer’s that we can use?
Yes we have preferred conveyancers and solicitors we use in each state. Conveyancing is a state bound legislation, so we must use conveyancers or solicitors in the state in which we are purchasing. QLD legislation does not allow for conveyancers, but solicitors do the conveyancing at conveyancers costs. We do not receive any kickbacks from them. We use them simply because they are good.
If I had a conveyancer in the state we are purchasing in, could we use them?
Yes, as long as they are happy to keep us up to date with your deal as its progressing. This generally requires a signed waiver by you. This is generally more expense for you though, as we tend to get bulk discounts.
Do you have property managers in each location or offer a property management service?
We sure do! Before buying any properties in each new location we interview almost every property manager that we can find. This is a time consuming exercise and no fun at all. But we do know the questions to ask to find good managers. Thats all apart of the service, us putting you in the contact with the best property manager in the area to ensure you property is achieving the best results possible.
Do we get a depreciation schedule?
Absolutely! Once your property is unconditional, we order your depreciation schedule. This usually arrives a few weeks after settlement. We insert that into one of our wHeregroup property folders, designed by us… investors. We put all of your other paperwork we have in there for you in specific areas easy for you to see. This is the folder you put all your loan statements, property related receipts into along with rental receipts and then you simply give this to your accountant at tax time. They will love how organised you are
What happens after settlement?
The fun doesn’t stop there. In fact this is where you will see our customer service continue to shine through. Now although we don’t manage the property, you have us, as a secondary backup service, should you need to ask any questions at all. Property management is a tough industry; all day long property managers only get negative phone calls from tenants and landlords. And sometimes they simply get too busy to look after things the way you would like. So we can help here… but some words of wisdom, he who has a good working relationship with their property manager has less problems than those who yell. And a bunch of flowers to your manager once a year to say thank you goes a long way…
Do we receive updates on the value of our house?
You sure do. We do these from time to time. As we buy in depressed markets and we don’t control the market we will arrange these when we see some good gains starting to occur. We also do area recaps on Facebook, Twitter and our Blog. So if you want to know the latest, the get aboard and stay tuned in. We put a lot of info out there for everybody.
What happens when we sell?
We let everybody know when an area is coming to the top end of the upward cycle. You will know in advance so you can make the decision on whether or not to sell. Some investors use a Buy/Sell strategy whilst others are in a Buy/Hold strategy. We will have negotiated rates with the best agents in that area who can then sell your property on your behalf. But make sure you let us know so we can put you in touch with the right people. Money is made in property by buying it right and also selling it right. You were smart in the start by using us to help you buy, so don’t make the mistake by trying to go it alone when you sell.
Should I fix my loan?
This is different for everybody, so touch base with us directly and we can work out what is best for you?
Do you set up SMSF’s?
No we don’t. We strongly recommend that you obtain financial advice from a qualified Financial Planner prior to heading down this path. We can however recommend some firms who do set them up. Our only advice here is to use companies who do a lot of these. All too often clients have their SMSF’s up with their accountant who has never set one up before and they are done wrong or get bad advice. If your fund is non compliant, the fines are huge. This is one avenue that you don’t want to get wrong!!!