Dodgy Estate Agents
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Last week my business partner and I were looking at warehouses and we settled on one and signed the papers only to find out the warehouse had been taken by someone else a few hours before us. A bit of a downer as it was perfect. Yesterday working with another agent I was shown the same warehouse.
I didn't even walk inside and said I would have it. The price was cheaper than last week,plus one months free rent. I thought about this and came to one conclusion which has to be right. The agent last week was trying to inflate his commission and score the extra months rent as a bonus.
Agents work on a 10 percent commission normally regarding business premises and last weeks price was 10 percent higher. I would say his company was looking for 20 percent commission ,plus the extra months rent which wasn't offered and is in fact part of the deal.
I noticed a change in the agent last week when we tried to negotiate the price down to what the rent turned out to be anyway. They wanted R 55 a square meter and we offered R 50 a square meter. It turned out the price the land lord wants is in fact R 50 a square meter,so we were bang on the money.
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I just can't believe how stupid and greedy they are as they have lost out on 10 percent monthly income for a guaranteed year to another agent.Did they think you will never find out and just stick with them no matter what? I am glad it happened as it all turned out well and we have the warehouse we want at the price we were willing to pay.
Short sightedness and greed seems to be everywhere and it is all about maximizing whatever you can get your hands on. I don't like what I am seeing in the business world as it is a bloody minefield today and it looks like it is coming from my generation and younger. Where did they learn their scruples and business acumen as they have none. I am speaking to the landlord as soon as the papers are through to get them removed form the listings as that is not good business and is costing the landlord and ourselves time and money. We could have been moving in this week instead of trying to find new premises.
10% commission... seriously that is so much higher than agents get in Australia
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Ugh, as Depeche Mode once sang... "the grabbing hands, grab all they can.."!
So short sighted and unnecessary. Gotta play the long game. Then everyone's a winner.
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Wow, that is crazy. It is too bad that they are doing that kind of thing. I don't understand how they can tell you it is not available once you signed the papers. That seems pretty legally binding to me. I guess in the end it all worked out for you, but it still stinks that they are so dishonest like that.
Love happy endings. Is there more greed? What causes the law of natural distribution to be or seem to be uneven?
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