Selling or Investing in Real Estate?
Neil Jenman shows you how real estate consumers collectively lose millions of dollars each year. This seminar is essential viewing for home owners, home buyers, and property investors.
If you’d like a copy of the DVD (which includes part 2 – session on investing) please call us on (02) 6231 3100. We’ll happily post you one.
Don’t Sign Anything!
Good evening. My name is Neil Jenman for those of you who didn’t know. And tonight’s presentation is called The Inside Secrets of Real Estate. I’m aware that when you come up with a title like “inside secrets” that it’s a title that could perhaps lead to disappointment, people say well yes I know that already.
In fact, when I’m writing I have a little sign in front of me that my wife told me, she gave me a message one time and it meant so much to me that I keep it stuck in front of me and it says, tell them something they don’t know.
And I think when you speak to people in real estate today most of the time (particularly when buying or selling a family home) they give you the standard clichés “its always a good time to buy real estate” “real estate always goes up” and I think there could be a mediator headed for your suburb sort of like the movie Armageddon and real estate agents will still generally tell you you should be buying quickly.
Now I’m not going to tell you that, what I am going to tell you is what goes on behind the scenes in real estate.
I’m also going to show you that you needn’t be as worried and concerned about real estate as a lot of people might be. It really is quite a simple process but generally it’s only the tricks and traps that are complicated – and once you can see your way through those you will be perfectly ok.
This evening’s session is kind of like in two parts. The first part is to do with buying and selling a family home and the second part is to do with investing in real estate. You are not probably going to remember every single thing that I say this evening, if there are just three words that you would remember that I would say if I had my choice about which three you would remember they would be those words “don’t sign anything” that have been playing on the screen for the last half hour or so. I’ve put them in so many different languages because I don’t want anybody to forget them.
When I started in real estate so much of what I did was done on a handshake, so many of the people that you use to meet you would shake hands and I have to say that the handshakes that we use to have meant a lot more today than some of the things that we sign. Today it doesn’t seem to matter what get said, it’s what you sign that is important.
I’ll be a little firm about some points and the reason for that is people have actually been to this presentation and gone out, left here and gone out and got themselves ripped off only because they signed something. So there is nothing tonight for you to sign, there is no money for you to pay, there is going to be no slides going on the screen showing you how you better hurry up and buy and sell in Queensland before the boom finishes. None of that.
I also think it’s important that I tell you that I’m not the world’s most perfect person. I have lots of flaws and lots of faults like I think probably all of us do and sometimes I think have more than others. I’m not out to say that every real estate agent in Australia is crooked. Some of the worst real estate agents I’ve ever met in my life have been those that have claimed to be associated with me.
I had my own real estate office in the western of Sydney for about ten years and I went to the training courses and I wanted to learn what to do. I didn’t like what I was being told and I didn’t like a lot of what I was being taught. So I questioned it and pretty well I found myself isolated, shutout so I used just two principals and that is look after your customers and work hard and I did pretty well and it lead me to teaching other real estates and going around Australia.
That’s my only source of income today is actually teaching real estate agents but because of my outspoken views I’ve lost a lot of real estates agents as clients, I’m not probably real estate’s most popular person. I still have never lost faith in the fact that if you look after your customers, the moms and dads, the people who own the homes, and real estate is the biggest business in this country today, if you look after those in the end everything is going to be ok. About five years after I started teaching real estate agents I got so upset at some of the stuff I saw that I made a public comment.
I said that I believed that fifty percent of real estate agents were crooks. And one of the things that you are not allowed to do in the real estate industry, it’s a big ‘no-no’ and that is criticise the real estate industry, particularly publically. So I was asked to apologize and before I do anything on a grand scale or make any big statement I think about it. I thought for a couple days about what I was going to do because they weren’t going to come to my courses anymore and I might lose my income so therefore my livelihood depended upon it. (I remember a line I heard a long time ago, its ok to get paid but then let people buy you and I thought maybe I’m being bought if think like that).
So I released another statement, I said ok I believe that fifty percent of the real estate agents in Australia are not crooks. From that point onwards there was kind of no turning back and I have been a student of literature all my life, I love literature and philosophy and Jerome Weidman who was an author, an American Author who was an acquaintance of Somerset Maugham once said, you know if you are going to rock the boat, ruffle some feathers, rock the apple cart, no point going half way, you may as well go all the way, so I decided I would go all the way…