Paul Glossop - Buyers Agent Reviews

Hi Everyone,

I'm looking into using a buyers agent and have come across Paul Glossop from Pure Property Investment. Just wondering if anyone can offer any reviews/experiences with either Paul or Pure Property Investment?

Thanks

 

I misread it as Paul Gossip!!!!

 

... or Poor Gossip.

 

Why not ask Paul Glossop for some referees? It's pretty standard practice.

 

Definitely Paul Glossop & he is actually my BA. I did a bit of research to find him last year and found him to be the right fit for me. I am super time poor so have spent my time understanding as much as I can & then working with Paul to buy a couple of IPs. I've found him to be thorough with no BS. Not enough water under the bridge yet to see how the purchases have gone but the drivers all seem to point in the right direction. He is very approachable and he and his team will support you as much as you require through the whole process. Just remember that the only stupid question is the one that you DONT ask and you really can ask Paul anything you are unsure of. I hope this has helped and I wish you well with the process

 

@Tony wondering where you bought, did you locate the area or was it Pauls suggestions?

 

Bought up in Queensland as I had not bought there before and not really the right time to be buying in Sydney or Melbourne. Paul did the research based on what I thought I wanted and after a few refinements he presented some options and the reason why they presented as good investments. Ultimately up to me as to where I bought but it was guided and supported

 

I'm looking at working with Paul too. It suits me that he claims to buy below market and his purchases for clients on facebook are older style properties with land. Being time poor, I can't buy interstate that well right now.

@Tony would you mind sharing how long it took, whether you could direct on areas of interest and whether you first talked to any referees? Was Paul the only one you spoke to as a BA or did you get support and direction on getting a mortgage broker etc as well from him? Do you also get any support from him once you have bought the property and how long would that support last?
What was the final cost of the services?

Apologies if that's too many Questions!

 

Not too many questions, happy to share my experience.

• How long it took? Not too long. After discussion with Paul about my goals, we decided to look at a couple of areas in Brisbane. I think the search took about 4 weeks, once the parameters were established
  
  
• Direction on Search Area? Yep, you can direct this as much as you want. I needed a bit of guidance so I asked Paul about the Pros and Cons on a few areas and together we decided where to focus our attention
  
  
• Referees? I spoke to two past clients of Pauls, each said they were happy with the process and would recommend him
  
  
• Paul the only BA I spoke to? No. In fact I looked at perhaps eight others and spoke to most of them. They all offer something different and I may have been happy with most of them, but Paul seemed to be the right fit for me, my strategy and circumstances at the moment.
  
  
• Mortgage broker? I needed a mortgage broker to help set up my journey and I really had no idea who I wanted to go with. I actually asked Paul if he could refer someone and I am more than happy with the person he put me in touch with (Paul doesn’t get a referral fee for this and you can use whoever you like).
  
  
• Ongoing Support? There is as much or as little ongoing support as you need from Paul and his team. Every property purchase is different and some will go smoothly, whilst others will need more attention and follow up. Paul and his team will help along every step of the way from purchase, Building and Pest, discussion on the items in the Building and Pest and further negotiation of the purchase price if necessary, liaison with conveyancer and real estate agents, assistance with letting the property and probably a few more services that I have yet discovered. I’d imagine that the support is ongoing and I would have no problem going back to them for assistance on any matter for a property that I bought months ago that is now tenanted and under property management.
  
  
• Final Cost? Perhaps a question for Paul but make an allowance of approximately $10k and you wont be far wrong.
  

 

Perfectly detailed Tony! Thank you very much for the information

 

Kristymckee12 - how did you get on with Pure Property

 

Hi Guys,

Just wondering if anyone had used Paul's services in the last few months?

Have spoken with him recently and am looking to go ahead with Pure Property Investment.

Just after some more feedback.



Cheers,

 

I used Paul Glossop twice.

He is very efficient getting you a house, it certainly make the daunting job much easier for the time poor investor.

However a couple things to be weary of:

He doesn't seem to know or care about your personal tax position. If this is your first investment property then it doesn't matter too much. However if you have a company setup up in Queensland the LAND tax threshold is only 450,000! It is very penalising if you go over this amount. My third property would have cost an extra $14,000 per year!!! Be sure to know if you want it in your name or a company name. He will not help you. Every state has a different land tax law.

I would have bought a third house with him but my sister went to inspect the property. Turns out there is dump at one end of the street and a power station at the other end. It seemed to be "the best house on the worst street"... I didn't think this would be very good for long term capital gains. The fact it wasn't reported to me by Paul left a very sour taste in my mouth, however to his credit he got the contract cancelled quickly without any penalty. I still haven't been to the first two houses...

Also be ready for quick decisions. A house will be offered by Paul and you have to say yes fast before someone else jumps in. My advice would be to ask if the contract has a cooling off period, or cancel without penalty period, then sign. This way you can quickly do a trip for a personal inspection. After my experience I'm not sure I would ever trust a buyers agent again, without at least looking for myself.

I think a buyers agent is still useful. It saves you looking at 100s of properties. You can just inspect the one if your offer is accepted. Or perhaps a few... depending on your agent. ;o)

 

Re above

1) A BA cannot give you taxation or structure advice unless they are qualified to do so. The entity you buy in is really up to the client to obtain specific advice on from the correct professional.

2) Power substations, power lines, industrial property and rubbish dumps etc should always be avoided unless specific reason why the search would not encapsulate (eg convert house on large block to office + hardstand/shed). So presenting this on a resi investment search is not something thats normal.

3) A good BA should not have multiple clients with the same criteria running simultaneously, with a "whoever says yes first gets it" approach unless this is something which is specifically discussed upfront. Some churn shops will do this - find a property, broadcast it out to 5-10 clients and see who wants it. A search should have no conflict with other clients and be bespoke for that client. A waiting list method can be better though it doesnt lower overall BA fee revenue. I do a mix where if I find a property which suits the active client, and if they pass on it but it suits a waiting list client, I will present it to them only after its had a no from the active. Its a fair way to do it.

 

1). Fair call I did not know that. It's good warning though, for anyone out there like me.
However some states put in land tax with no threshold. This should be built into the structure? I don't think it's tax advice if he just asked how many properties do you have and said "Ok so perhaps buying in Queensland is not a good idea, why don't you talk to your accountant?" Surely there's some level he can go to without compromising his legal standing? Land tax is ridiculously important how can a buyers agent not mention something???

2). So you're saying a buyers agent should have picked that up? I agree. Totally not cool that he missed that.

3). I'm not sure if he had multiple clients. I am more inclined to believe that the property is on the open market. Good value. Therefore another buyer was usually quick to pounce. And yes I believe he had the same approach as you.