Wise Guru Property Co... Your Thoughts?

Hi All

I recently attended a seminar run by a property company named “Wise Guru”.

Before going I did a brief bit of digging online to see if there were any reviews – there weren’t any. I thought I would put this up in case anyone else tries to do a similar search, to put in my 2 cents, and to get some PCers thoughts on it.

Wise Guru itself purports to be a property sourcer for Aussie expats. They will do a financial assessment, find you a property, act as mortgage broker and recommend solicitors. You pay a flat fee of $4,995 for this.

Some parts of the seminar made a lot of sense. Buy homes with owner occupier appeal in major centres, and not apartments in large complexes. There was a big plug for Brisbane/SE Queensland, and a lot of data to back it up. So far so good.

The rub came when they showed some properties they currently recommend. They were all shiny new builds by a developer called Mosaic. I asked the presenter why they were all by the same developer – he said that the developer was good, and they wanted good properties for their clients. I also asked if they also took a commission on the sale in addition to the sourcing fee (above). He said yes, of course, they are a real estate agent after all.

I didn’t sign up, although some people seemed rather keen.

I would be interested to get the group’s thoughts on the above.

Cheers

 

The broker and conveyancer they recommend will probably not work in your best interests.

 

@Prothonotary, unfortunately, the group has heard this kind of story hundreds of times before. This company sound like they are spruiking property, taking commissions from both sides of the transaction which is like a lawyer representing both sides in a court case! You should be very very wary.

 

Surely even the name of the company would give you a clue? Wise Guru??? They're on selling an undesired product at an inflated price to expats. You've answered your own questions.

 

Good effort - but no reviews should be ringing alarm bells for you.

One stop shops like this, where every one in the chain is reliant on each other recommending the same product is open to being called a "stitch up". Better in my opinion, would be for each set of eyes in the various steps to be totally independent of each other and looking out for YOUR best interests.

Realistically that is not enough money for an independent Buyers Agent to do a good job for you. This works if the BA they have in their one stop shop only needs to recommend one or other product from the same developer. Doh!

No! not really.

Taking a double commission as @BuyersAgent said is not only something to be seen as a complete conflict of interest but is an illegal practice under the OFT rules & regs.

Run, do not walk, away!! Please.

 

If necessary call a cab or an uber and get away fast.

 

Even hitching a ride with @Gockie on her unicycle would be better than lingering with this mob.

 

Find an independent buyers agent that will work in your best interest.

Shouldn't (always) judge a book by it's cover, but I'd already made up my mind when I saw the name of the company in the subject line

 

Yes, there are plenty of independent BA's in Qld who are REBAA members: Members | Real Estate Buyers Agents Association of Australia (REBAA) Inc.

 

@Propertunity - @Gockie has put down a deposit on her new unicycle just for this situation:

Spoiler: Ubercycle

 

Hi all,
I would sign up* except I committed my last $4995 for a unicycling trip overseas. So I cannot afford it

Btw. I'd say i've ridden over 400km so far in Denmark. A fabulous country to ride in. And so many old cars and buildings!

Spoiler

Actually no, I wouldn't sign up even if I hadn't gone overseas for a holiday. For reasons the same as all the other posters on this thread.

 

Run away fast.

Keep running.

Dont look back.

Unless the guru is a Victoria Secret rep..

 

Thanks all - I have run away. The Guru wasn't a Victoria Secret rep so I didn't look back.

Hope someone else reads this thread before they sign up.

Love the unicycle BTW.

 

“Wise Guru”???

With a shonky name like that you just have to be suspicious.