Anyone heard of ParkTrent Properties

I would think otp unit in Melb or any state for that matter would not be the best investment unless it's the guys selling them seriously how many new apartments are they building that are half empty run run away

 

Hi, I'm a reporter with The Daily Telegraph. This morning we published the story at the link below. It's on one couple's experience with ParkTrent. I thought you and others may find it interesting. I'm trying to bring it to the attention of as many people as possible. Can anyone suggest other forums or pages I post it to? It can also be shared from my facebook page: www.facebook.com/publicdefendercolumn
Thanks, John

No Cookies | Daily Telegraph

 

John

Try www.propertyinvesting.com too as i think there is a thread about them on there.

 

I began my career in a company just like this one. I think there are much better ways forward.

I believe their commissions used to be anything from $20K- $80K. I am not sure if this is correct as I heard it second hand, but I know the company I worked for were earning $25K-$40K (sometimes more, but rarely), so that is ALOT to pay for "free advice".

EDIT: Typos

 

Tricked up selling agents peddling "advice" that results in sales with big fat commissions earned on the OTP and new properties that they push..... caveat emptor at all times.

 

Its the free advice that costs the.most.

 

Shared on our FB and Twitter accts John. We always spread the word about rogue operators where possible.

 

PTP is one of many firms that demonstrate these behaviours. They prey on the vulnerable and work with others who all devour secret or poor described commissions on property sales, finance and countless other products. These can really range up to $100K as the buyer is buying well overpriced property without a clue. The buyer is left with poor value and a substantial loan. Just some of the signs:

• The wealth creation firm provides a financial plan with ONE variant strategy. Buy a property.
• The wealth creation firm also suggests enhanced value by buying two or even three properties.
• They ask questions about super balances. Encroaching on licensed financial advice but luring punters to a danger.
• They can facilitate a loan. Suprisingly !! the valuation is never questioned or independently assessed. The developer has ensured valuations are top heavy. How do they do this ?? The secret is in the client qualification - They are seeking people with unencumbered homes or decent equity in their own home. Its worse than a 100% LVR loan. So they take security over your home AND the new IP...Bingo. ASIC and APRA should change disclosure so that lenders must disclose their valuation and compare this to their loan. Its good lending practice and yet its not presently a obligation. If borrowers knew a bank was lending $800K for a $700K property they would not sign the mortgage and it would impose ethical standards on lenders to NOT participate in these scams. (ie Storm Financial all over again and again)
• They introduce / facilitate others in the chain who also nurture the scam. They can include mortgage brokers, accountants and even use of a friendly law firm
• Property inspections are heavily controlled perhaps off the plan. You only see what they want you to see. A simple check with a local real estate agent may identify the pricing is a bit high. A lot high.
• Property "quality" is generally poor. The developer seeks max price and operates a fee share for the enhanced price rather than using a REA. A REA may honestly tell a client the price is high and show them something else. There are firms out there that act as agents who aren't. And in some states its not illegal !!
• Location = Qld in 90% of cases but not all.

We recently encountered a couple who sold their four IPs acquired in such a fashion. They had to sell their own home too as the low rents didn't come close to the loan repayments. They went from an unencumbered home in a good Sydney suburb (value $1m+) to being renters. Aged in late 50s. And yet Sydneys price growth was solid.

Fortunately they didn't do as they were (illegally) told and didn't establish a SMSF. Their ********e radar had already gone off. They came to us for financial advice and reality is they need financial counselling services to repair their shattered financial position.

Tip for property buyers. Use social media sites like PC - PCs open framework discourages spruikers and other sorts of scams.

 

Has anyone here been to one of Park Trent's offices? If you have, were you offered alcohol at any time throughout your meetings? Are you happy with their services or not?

 

If you want alcohol and bad property advice at the same time, just go to your local pub. Everyone is an expert!

 

Is that the same guy as Ron the Con ?
I thought he was on the Gold Coast ?

 

I remember parktrent in the last bank I worked for. Credit department will not accept their rent appraisals. And now I know why

 

If anyone has had any experiences with Park Trent Properties Group, I would love to hear about them. We currently have a Court case pending against them. My email address is [email protected]

 

Separate to the legal action from ASIC?

 

Credit would use the independent valuation from a qualified valuer not the property manager.

 

Yes it is separate to the ASIC case

 

Keen to hear what is happening with this. Email me at [email protected] if you don't mind chatting with the media. (I'm from Domain/SMH)

 

Here's some existing coverage worth a note Court upholds request for restraint by ASIC against property spruikers Park Trent Properties

 

Thanks Jennifer, we have found that case and also one from Qld from 2006. Do you know of any others?

 

They are a property marketing company and have been around for over a decade I know of.