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Thinking of buying for rentals?

Discussion in 'Buying Overseas Property' started by BYH, Oct 31, 2008.

  1. BYH

    BYH New Member

    I have just joined this forum as I am interested to know the experiences of owners renting properties via the internet. Which are the most and least successful sites for owners? Do owners prefer fixed advertising cost or commission payments on successful bookings? And what the reasons for success or failure might be?

    Another thing I have been wondering about - out of curiosity, is given the current financial climate and all the doom and gloom - which appears pretty much global - are those owners who might have previously kept their second properties for personal use becoming more likely to help finance the properties through holiday lets?
     
  2. BYH

    BYH New Member

    Sorry to hear of your experiences - I'm not looking at Dubai so wouldn't be likely to come into contact with who you mention.

    My interest is two fold - as a web designer I'm working on a project at the moment and looking to expand my understanding of the market and learn from the experiences of owners.

    And, on a personal level I'm looking to purchase a rental property at the moment. Seems like very much a buyers market here in the Canaries at the moment...
     
  3. stephenkurti

    stephenkurti New Member

    Hi pista2001au
    I have just sent you an email about RERA, it is a goverment body in Dubai that has an established a website and links to deal with matters like yours.
    Hope you can make a good use of it!
     
  4. mickthepropertyguru

    mickthepropertyguru New Member

    Hello, yes Piippin is correct. Unfortunatly on media such as the internet, papers etc..freespeech is well and truly dead.
    Companies such as the unscrupolous ones people are referring to can and do sue for libel and have shut down many website in the past. But with a bit of thought, people can get the message across without naming names.
     
  5. willowtree1

    willowtree1 New Member

    rental guarantees

    it is intersesting to see that industry governing bodies are now enforcing there rules and regulations and indeed ethics which in my view can only be only a good thing as i believe it will lead to a graeter confidence and protection of the indusrry as a whole.I am intersted on whether people agree with this and will this help provide a basis for graeter protection on matters such as rental guarantees and other areas.







    Quote:
    The Tribunal were appalled to hear of the Company’s misleading business practices, including unfulfilled promises of guaranteed rental returns and misleading descriptions of the facilities that would be available to owners. The Company accepted deposits for unbuilt and unidentified properties. In some cases a purchase price was not included in the documentation provided to buyers. These problems were compounded by the Company’s poor service, including their reluctance to resolve grievances after sales had been agreed.
    Despite these omissions, the Company’s position is that there is no right of cancellation by buyers, and therefore their deposits have not been returned to them. As a result members of the public have lost considerable sums of money resulting from false and enticing statements made by the Company.



    THE NATIONAL FEDERATION OF PROPERTY PROFESSIONALS
    The Determination by the Disciplinary Sub-Committee of Case No. 52346
    The Determination is dated: 2 September 2008
    The Respondent: The Complainants:
    Mr D **********
    ********** Realty International
    C/Jancito Benavente S/N
    Marbella
    Malaga
    Costa del Sol
    Spain
    The Hearing
    1.1 The NFOPP Disciplinary Sub-Committee sitting as a Tribunal met at Arbon House on Wednesday 20 August 2008.
    1.2 The Tribunal was chaired by Mr J F Atkins assisted by Mr I Lumbard and Mr M Hayward.
    1.3 In attendance were Mr M D K Jones, the Business Practices Officer, Mr D Oliver, the Compliance Officer and Mr P Bolton King, the Federation’s Chief Executive.
    1.4 The Complainant was in attendance at the hearing.
    2. The Business Practices Officer alleged the following, breaches:
    Rule 2(2) No member shall do any act (whether in the business of estate agency or otherwise) which:
    - (h) involves unprofessional practice or practice that is unfair to members of the public.
    Rule 2(3) A member who is a principal shall be responsible for the proper supervision of his partners, fellow directors and staff in the conduct of his business and shall be liable under these Rules of Conduct for any breaches as if such breaches had been committed by him.
    Rule 6 Duty to abide by the aims and rules of the Association.
    Rule 7(1) A member shall not seek business by methods which arc oppressive or involve dishonesty, deceit, or misrepresentation. Members shall not use any business term, name or initials which could cause contusion between their own business term, name or initials which could cause confusion between their own business and that of the Association. In pat Ocular, the word ‘HomeLink’ or the initials `NASA’ may only be used in their correct context with reference to the Association.
    Rule 12 Duty to applicants and others.
    The Federation’s Chief Executive entered a plea of not guilty on behalf of the Respondent.
    The Tribunal’s Decision
    After hearing the evidence and after deliberation the Tribunal’s findings were:
    Rule 2(2)(b) - Proven
    Rule 2(3) - Proven
    Rule 6 - Proven
    Rule 7(1) - Proven
    Rule 12 Proven
    The Business Practices Officer advised that the member had no previous disciplinary record prior to the date of the hearing.
    The Federation’s Chief Executive advised that no plea in mitigation had been received from the member, however; he did refer the Tribunal to previous correspondence received from the member and his legal representatives.
    Penalties
    Rule 2(2)(b) - £1000
    Rule 2(3) - £1000
    Rule 6 - £1000
    Rule 7(1) - £1000
    Rule 12 - £1000
    Costs - £163
    The Tribunal made the following statement:
    “We have today heard a number of complaints concerning the practices arid service of *** International (the Company). Mr D ********** is Chairman of the Company and he was a member of the National Association of Estate Agents (NAEA) when the relevant breaches occurred. Rule 2(3) of the NAEA’s Rules of Conduct confirms that members are responsible for the conduct of their staff.
    A number of the complainants attended the hearings to represent their cases and were questioned by the Disciplinary Sub-Committee (the Tribunal). The Tribunal were disappointed that despite a previous adjournment of the hearings at Mr **********’s request, neither Mr **********, nor a representative from the Company, nor a legal representative of the Company, were present at the hearings.
    The Tribunal were appalled to hear of the Company’s misleading business practices, including unfulfilled promises of guaranteed rental returns and misleading descriptions of the facilities that would be available to owners. The Company accepted deposits for unbuilt and unidentified properties. In some cases a purchase price was not included in the documentation provided to buyers. These problems were compounded by the Company’s poor service, including their reluctance to resolve grievances after sales had been agreed.
    Despite these omissions, the Company’s position is that there is no right of cancellation by buyers, and therefore their deposits have not been returned to them. As a result members of the public have lost considerable sums of money resulting from false and enticing statements made by the Company.
    In all of the cases considered by the Tribunal the complainants were represented by Legal Independence/Martin Echevarria, who were recommended by the Company. Although the Tribunal’s considerations related to the Company and not the professional conduct of Legal Independence/Martin Echevarria, the Tribunal cannot emphasize too strongly the particular importance of independent legal advice when purchasers are considering purchasing overseas properties. The Tribunal is currently considering whether to take this matter further with the Law Societies /Bar Associations in the relevant countries
    The complaints heard today were a sample of many more complaints received by the NAEA about the Company.
    The irresponsible practices brought to light by these cases risk damaging consumer confidence and the reputation of estate agents working in the UK and overseas. The NAEA expects the highest standards of practice and ethics from its members. The level of the fines imposed reflect the seriousness with which the Tribunal views the behaviour of the Company, and therefore of Mr **********.
    The NAEA has received a resignation of membership from the Company. As membership is individual and personal, the Tribunal understands the NAEA has presumed that Mr D ********** has resigned. The Tribunal welcomes this development as they would have had no hesitation in terminating his membership in addition to the financial penalties imposed.”
    Signed
    Mr. J F Atkins FNAEA (Honoured)
    Chairman - Disciplinary Sub-Committee
     
    Last edited by a moderator: Nov 2, 2008
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