Are all property educators "spruikers"?

half way through, its a tough world but sometimes PC has to come first.

 

and that is exactly how it should be!

I recommended something recently that I was enjoying positive results from. Later those positive results diminished and I experienced a lot of negative consequences. I learned a very good lesson that day, wait until you really know if something has worked before speaking about it. I had to go back to people who had acted on my enthusiasm and update them of how things unfolded.

And we never know how something is going to work out for others. Even if it was good for me it doesn't mean it's a fit for everyone.

 

ditto

 

Exactly everyone is equal regardless of choices they made in their own lives.

I do like to support people on here where possible and there are quite a few talented people here who are good at their craft. I couldn't care less about what they own or don't own as long as they look after the clients I send them.

 

Exactly how we operate too Lisa and it's so refreshing to be independent here where SO many others aren't. I truly only recommend or refer others whom I believe and know (from prior good experiences) will look after my clients best interests. It's just a pity that others don't see or view business the same way. I recently had a call from a fellow BA who said he'd like to pass on a particular client to me, but when he found out that I don't pay referral fees (20% is the common norm in the RE industry) he lost interest. His client would have been ideal in the areas we work but he was more interested in what HE would get out of the transaction, not his client.... such is the way some run their businesses.

 

To me, it creates a perception that there is a conflict of interest and, as the old saying goes, 'Perception may not be the ultimate truth, but it is what use to make decisions' (American School of Creative Learning).

 

That is a shame for his client. All commissions need to be disclosed. If I was a client and saw the commission sharing declaration I would immediately wonder if the referral was made in good faith that I would be represented better by the referee organisation or If the referral was made purely due to a prior referral arrangement between the two.

 

Swings and roundabouts. It *is* a conflict of interest, but can be mitigated/addressed. Whether that is to your satisfaction is up to you.

Cheers,
Inertia.

 

Lisa,

I think you answered your original question before you asked it but quite accidentally. The word 'forum' doesn't do justice to PropertyChat and Somersoft.. I think you should always be reading additional material, if not just to dispel myths, but the decent educators that we can help newbies look for are right here. Thousands of case studies of what to do and what not to do, advice on what has worked and what hasn't worked for specific people, debates on the merits of every strategy imaginable and a place to ask questions to further one's understanding.

 

Totally agree and I believe the best mitigation strategy is to be open and honest.

When I was in business selling Project Management software, clients (both existing and prospective) would ask me what was the best PM software tool. I would tell them that we were the exclusive dealer in Qld for Product X (they knew that) and that we believe we have the best product (probably didn't believe me) and why would we sell an inferior product. Then I would ask them about their needs and explain how Product X would meet their needs. Then I would expand on how our company does not just sell software:- we deliver training and consulting on the software as well as PM methodologies. Then as clients matured, we could progress with them onto Program Management (methodologies and software) and Portfolio Management(methodologies and software). Let them make an informed decision.

Before we sold Product X, we were selling another product, say Product Y. In our eyes, Product Y was the best but the developers slowed down their investment and Product Y was losing its spot as the best in our opinion based on technology, functionality, etc. We knew Product X was becoming the better product and it became obvious that Product Y was unlikely to gain its previous spot. So, after much soul-searching, we made the tough decision to sell Product X. The question was:- what do we do with our existing clients on Product Y. We decided to be open and honest. We told them what we were doing and why, we told them we would continue to support/consult with them on Product Y (we couldn't sell the software or deliver training as we would no longer be licenced and we gave them the contact information of where they could buy these), and we told them that we would not try and sell them Product X unless they came and asked us to. I don't think we could have been more open and honest that that. In 12 months, all of our Product Y clients had moved to Product X.

 

That is an excellent post! It is critical to not place yourself in any position with a real and/or potential conflict of interest when offering insights to others and/or feedback - factual, honest data and to encourage individuals to undertake their own research and also connect with like-minded people such as on this forum

 

My impression of mentors was always that they did it out of goodness of their heart or paying it forward. I have had various mentors throughout my life. They never expected a payment from me, they just wanted to advise and guide me in the "right" path. It was up to me if I wanted to take that path or not. I have also rewarded my mentors with things that they like, expensive bottles of wine, cigars, whiskey... each of them different likes but i tailored my gratitude that way.

I also had many "educators" who I paid for, I learned a lot from them but I would never consider them to be mentors. I pay them for a service either because i don't understand something or I want that information in a structured and quick way.

I'm against mentors charging a fee. When there is money involved there are always some kind of interests...

One of the best mentors always told me to help others when i can, you will learn a lot by doing that. I have learned more by trying to pass my knowledge and experience to others than from any educator. Every time i was "passing" my knowledge or experience i was met with questions i never considered before. Which is one of the reasons why i like this forum.... the more you give the more you will learn.

 

How many of us members have had experiences good or bad (more likely) with 'the investors club"?

 

There is more to it too. In the past I dealt with a company I had built up a level of trust (real estate). One of the agents recommended a service with another company, which I made use of because of my trust with the first company. The other service didn't work out well and this eroded my trust with the first company. Actually, I haven't dealt with the first company again.

I know a real estate company in Perth that has set up a trio of buisinesses, real estate agent, finance and conveyancing. If you buy or sell a property through this company, they push their finance and conveyancing services. I don't know if they get kickbacks. Personally, I wouldn't touch this arrangement. I would always get my own, independent broker and conveyancer.

 

I have never paid for a mentor but learnt from many people along my way in life including my children.

I am very happy to share my knowledge with people on this forum for free, it does not mean its correct for them or its even right, its right for me that's all I know, its up to everyone to basically do their own homework. I read another post where @Xenia mentioned some people don't want a mentor, they want to be saved... so true.



MTR

 

These are my thoughts to, mentors I feel are best when they do it from the kindness of their hearts and yes I say thanks my long time mentor is my father who would not accept gifts if I gave him one but I would of done it if it was someone else.

People who are charging clients $10,000 to me are not the successful ones as why do you need to charge such fees if you were successful? To me they charge the fees as they want the extra income to help with their servicing and really should be educators.

 

Yeah, it does seem there is some laziness there.
Expensive hand holding.

 

hi there great post !!!

I have found out first hand what a spruiker is and it is in my opinion someone or a company who on sells a property for a developer in a glossy magazine for a inflated price and everyone one is making money on the deal before you even settle on the deal not all company's sell bad properties , I think buying brand new investment properties there would be more spruikers but iam sure there would be guys selling rubbish established also..

I think if you are looking for a good educator you need to look for education find someone who can mentor you in the field you want to invest in and with proven success and you can work with one on one really helps . I also think a mentor should be a person who can explain and guide you through a deal but you must do the work your self its the only way you will learn a mentor will help you from making costly mistakes like buying a property from a spruiker . there is lots of great education out there its finding out what is for you I know if I got educated first I wouldn't have bought a dud and lost a lot of money and time out of the market so taking a step back can catapult you further so long as you Y is big enough in the first place

best of luck

 

Yes, expensive exercise

I have come to the conclusion that spruikers and mentors are the same really, they are both selling something, its up to us to work out the good from the bad.


MTR