- Date published:
11:06 am, May 6th, 2017 - 30 comments
Categories: capitalism, class war, housing - Tags: greed, house prices, housing, housing crisis, property investors, rotten apples
Good work by Lane Nichols in The Herald, a window into the minds of what we must hope is small subset of “property investors”:
Auckland property investors urged to target deceased estates, ‘dummies’ and ‘divorcees’
Property investors are being encouraged in a tutorial video to exploit the “seven Ds” – which include targeting “deceased estates”, “divorcees” and “dummies” who don’t know the real value of their home.
The advice has “appalled” the country’s largest bank which is now reviewing its sponsorship of the organisation that distributed the video, Auckland Property Investors Association (APIA), and its national body.
The video by Auckland property tycoon Ron Hoy Fong titled How to make massive profit in today’s property market says “desperate” homeowners forced to sell cheaply before banks step in are also prime targets.
So are cash-strapped families who’ve lost their homes in mortgagee sales, developers on the brink of bankruptcy and motivated sellers under pressure from looming “deadlines”. …
Read on for plenty more if you have a strong stomach.
They work in league with the agents to put in multiple offers under different names- the phrase they use in the sales contract where the name goes is ..
Ron Hoy or nominee ,Ron Fong or nominee
I’ve always wondered, does this use of nominees allow them to flip the property without ever having their names on the title?
I mean, can they quickly onsell during the settlement process and replace the name on the contract with that of the buyer?
Oh he’s a JP too. Pillar of the community. Probably gives generously to charity (and the National Party).
I cannot believe this example of pure capitalism has appalled NZ’s largest bank. Banks love it. They will be secretly rolling around in such abhorrent behaviour likes pigs in shit, chinking the champagne glasses together and calculating their next bonus.
I think they mistakenly believe that we as a country still have morals and so want to look like they are doing the right thing. We don’t or National would have been history a long time ago.
Please note that Auckland Property Investors Association (APIA) and its national body,
has nothing to do with bees (genus Apis of which its colonies or hives are called an Apiary). These are sometimes sold but not by members of APIA, who may be addressed however by many names starting with ‘B’. /sarc
Presumably it has nothing to do with Samoa either?
Just parasites bottom feeding on the Auckland Housing Ponzi Scheme ?
Wow, serendipity! Just this morning I was driving down our street when I noticed a guy in a shirt and tie standing on the road talking to the very elderly fellow who lives a few doors up. I didn’t like the body language so I wound down the window and asked the old fella if he was OK and he told me the guy wouldn’t leave him alone and go away. I was disgusted, and told the guy to leave. At first I thought he was going to make an issue of it, then he just got in his real-estate company marked car and drove off.
Fucking ghouls and parasites!
Good work sanctuary
Name the company
Agreed name and shame.
I am thinking about it, but really it is my neighbours business.
Good point and fair enough.
They do the same when they have an exclusive agency and a buyer lined up for a vendor who thinks the price is too low.
Brow beat them into signing the deal, even if it takes hours. They do this sort of thing ( negotiation !)for a living while many people have had the same house for 15 years or more.
I read the first bit and thought it must’ve been David Seymour. Then I got to ‘real-estate company marked car’ and thought that it wouldn’t be him.
This shouldn’t surprise anyone. It’s the reality behind the slick facade that is the property market. Whenever I read advertising copy from real estate agents claiming they’re “motivated to find the absolute best price for our vendors”, I just roll my eyes. You’re motivated by your fat commission, and lying about it just makes you seem all the more obnoxious, especially when the same agent ends up on-selling it on behalf of the new owners. Given the number of cases before the REAA disciplinary tribunal in recent years, behaving like a greasy, smirking ethical wasteland is par for the course.
And if a complaint does ever make it to the REAA, and the agent is found guilty, they always get told “Gosh, you’ve been a naughty boy or girl! Don’t do it again.” They’re then let off with $500 fine which makes a huge dent in the $30,000 commission they’ve just earned from their fraudulent behaviour.
Forget any justice. The REAA is full of people like Aaron Bhavnagar, devoted Natz cronies. Like everything else the Natz have their fingers in these groups to make sure it’s dysfunctional and just a front for a pretend complaints procedure.
Years ago my partner and I got invited to a dinner party full of real estate agents. Rarely does ones prejudices about a whole profession get so amply and memorably fulfilled.
Reel estate –
Glengarry Glen Ross excerpt real estate film from 1992.
Has anyone else twigged , whilst many are surviving on minimal pay increases of 0-2%, what pay increase have realestate agents received ?
when Auckland house prices have increased 10-20% pa over the last few years
Even if future prices increase “only” 5% many agents are doing better than those working within the productive sector, and there’s is no increase to GDP, yet many of us are helping in out GDP growth for minimal recognition. 🙁
We are invaded every week by Realtors – there isn’t a week where we don’t have three homes at least on sale in our small enclave of streets – its harassment and an invasion of privacy. Because we are close to private schools and a university the immigrants just love the area. We are down to three families of the original who moved into the area twenty years ago.
I agree that the elderly are vulnerable and I think there should be a code of ethics for the Real Estate Industry. They remind me of vultures circling just waiting for a partner to pop their clogs and then move in for the kill. I tell them if they can get me twenty million I might think about it and to shove off. A persons home is not safe from these predators. I will give them one thing – they are bloody persistent to the extent they can’t take the hint and have thick skins. It’s getting worse every week we live here.
The Real Estate Industry are a plague upon our houses. They just never give up and invade our privacy on a daily basis. Our area is always busy with houses being sold and then flicked on – we live in a transient society these days. Gone are the days of a neighbourhood where people knew one another. Being close to private schools and a university the area is known for being popular with new immigrants. They (the realtors) remind me of vultures circling just waiting for an unfortunate situation to arise or for a spouse to pop their clogs and then they will go in for the kill.
I would have thought if one wanted to sell their home then they would get in touch with a Realtor – not so these days, these real estate agents push their noses into our lives and positively make us feel like we are not wanted in the neighbourhood and that we should bugger off. I have told them time and time again if they are prepared to give me twenty million I might think about it – they think I am joking unfortunately, but I am not. Can a citizen get a trespass order out on them I wonder. The letterbox is stuffed with their junk and they hover around like a bad smell.
Shouldn’t there be a code of ethics for these pests – there needs to be.
Our system rewards these behaviors financially, why are we surprised?
This is the dirty side of your Auckland house prices ticking up.
Nobody spook the horses.
There’s nothing new in all of this – this was normal thinking for real estate agents from my memory of associating with a group of them in the 80s
Well. When you have a Government which targets the poor, the homeless and the ill.
To benefit the wealthy and the greedy.
Real Estate agents are just following the example from the top.
Why “hope it’s a small subset”? This is the kind of behaviour capitalism rewards. The guy’s only crime is he ssaid it more openly than the rest of his crew. Owning a rental property isn’t a bad thing, but as soon as you thhink of yourself as ‘a property investor’ you’re well onthe slippery slope to slumlord status.
So, what’s new? This has been going on almost as long as there’ve been real estate companies. Just now, there are more of them and it’s become more blatant. The number of “Realtors” on the North Shore who made fortunes doing this scullduggery back in the 70’s – 90’s (as long as I was there, before I headed for the bush, far away) are many….browbeat, recommend a deflated price, bought up by a mate who was often another agent (he’d do the same for you), then flick it on at top dollar……easy money. Ethical? Moral? No – but that’s the way it often works. They have to pay for their Mercs and beach homes somehow………