Student, 24yr, loses $60k deposit on apartment

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Geektastic

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#2295170 12-Aug-2019 22:20

Batman:
gzt:
surfisup1000: A whole generation of aucklanders who have grown up thinking house prices will increase 20% or more a year.

As you know apartments are not the same market which is one of many reasons that banks require 20%. Imo if deposit requirements on apartments were lower this would solve a lot of problems. And create a few more to solve naturally.

What kind of 1 bdr apartment costs 600k?

A nice one in Wellington, for a start.

Geektastic

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#2295173 12-Aug-2019 22:26

Real Estate agents require very little training and are vastly overpaid in a good market for what they do especially given the unique idea that the client should pay their advertising costs...as well as a huge percentage.

They are not really a significant intellectual step up from double glazing or used car salesmen.

If you work out the price Auckland houses were selling for at the top of the market and the short amount of hours an agent needed to put in to get the sale, they were being paid better than a QC.....

lNomNoml

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#2295186 12-Aug-2019 22:46

Geektastic:

Real Estate agents require very little training and are vastly overpaid in a good market for what they do especially given the unique idea that the client should pay their advertising costs...as well as a huge percentage.

They are not really a significant intellectual step up from double glazing or used car salesmen.

If you work out the price Auckland houses were selling for at the top of the market and the short amount of hours an agent needed to put in to get the sale, they were being paid better than a QC.....

I'm sure my mother would disagree, she has to undergo training just to keep her license and while she is at her course that constantly remind them of all the ways they can lose their licenses, there is quite a lot she can get in trouble for if she doesn't do everything by the book. She isn't vastly overpaid, I don't think most agents are, in my experience there is a small percentage of them that do earn much more than the rest (around the 20% mark). For the company she works for in Auckland she has to pay all advertising costs, usually Trademe will charge around the $700 mark. I've personally seen her spend hours upon days upon weeks to get a deal through and at the end of the day no one cares about her time or the fact that she is missing out of family time just to make a living, more often than not a deal falls through due to the people being too greedy.

So yeah I would have to disagree with that statement as most of it simply isn't true.

FineWine

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#2295233 12-Aug-2019 23:35

Geektastic:

Real Estate agents require very little training and are vastly overpaid in a good market for what they do especially given the unique idea that the client should pay their advertising costs...as well as a huge percentage.

They are not really a significant intellectual step up from double glazing or used car salesmen.

If you work out the price Auckland houses were selling for at the top of the market and the short amount of hours an agent needed to put in to get the sale, they were being paid better than a QC.....

LOVE it 😀 - so true 🍷

Whilst the difficult we can do immediately, the impossible takes a bit longer. However, miracles you will have to wait for.

eracode

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#2295242 13-Aug-2019 03:59

lNomNoml:
Geektastic:

Real Estate agents require very little training and are vastly overpaid in a good market for what they do especially given the unique idea that the client should pay their advertising costs...as well as a huge percentage.

They are not really a significant intellectual step up from double glazing or used car salesmen.

If you work out the price Auckland houses were selling for at the top of the market and the short amount of hours an agent needed to put in to get the sale, they were being paid better than a QC.....

I'm sure my mother would disagree, she has to undergo training just to keep her license and while she is at her course that constantly remind them of all the ways they can lose their licenses, there is quite a lot she can get in trouble for if she doesn't do everything by the book. She isn't vastly overpaid, I don't think most agents are, in my experience there is a small percentage of them that do earn much more than the rest (around the 20% mark). For the company she works for in Auckland she has to pay all advertising costs, usually Trademe will charge around the $700 mark. I've personally seen her spend hours upon days upon weeks to get a deal through and at the end of the day no one cares about her time or the fact that she is missing out of family time just to make a living, more often than not a deal falls through due to the people being too greedy.

So yeah I would have to disagree with that statement as most of it simply isn't true.

I couldn’t agree with @Geektastic more. Yes they have to do some training - but it’s nowhere near the amount that people in the ‘real’ professions have to do (3-5+ year university degrees), or the amount of learning required to become a tradie via an apprenticeship for that matter.

You do not need to be of above-average intelligence to be a REA.

So IMO it’s correct to say “Real Estate agents require very little training and are vastly overpaid in a good market for what they do.”

Sometimes I just sit and think. Other times I just sit.

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