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MRI agency - any comments?

Last post 18 Jun 2009, 7:50 PM by RogerD. 36 replies.
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  •  20 Dec 2007, 5:19 PM 402008

    MRI agency - any comments?

    Hello, everybody!

    I am going to invest with MRI in Romania. Can anybody share opinions about MRI agency, either positive or negative?

    I'm looking for people who have dealt with MRI and what their experiences have been.  Either positive or negative, and what swayed you for or against making an investment with them.

    Thanks all!

  •  

     

  •  20 Dec 2007, 9:15 PM 402119 in reply to 402008

    Re: MRI agency - any comments?

    GOl,

     

    I think you will find that discussion of MRI is banned on most forums; apparently they have a 'forceful' legal team. A recent BBC programme inferred that they were economical with the truth and their agents (paid on commission - 15%) would say whatever was neccesary to get the sale. A Sunday Times article came to the same conclusions - this is all in the public domain so not affected by legal threats; you can view the BBC report on .you tube'. However, all this is irrelevant as you have stated that you have already decided "to invest with MRI". Caveat Emptor and don't expect any sympathy on here or any other forum. Also, expect this thread to be deleted before dawn !.

  •  21 Dec 2007, 12:37 AM 402214 in reply to 402119

    Re: MRI agency - any comments?

    I have heard brilliant comments about McCanthonyRealtyInternational.

    This is from the point of view of people who invest for part pleasure- part investment.

    As a lifestyle investment, I am sure they are very good.

    As a profit or income investment, there are clearly cheaper and more profitable developments if you shop around.

    Not heard any terrible horror stories about MRI like other comparables companies though.

    Phil

     

     


    Phil Martin
    Singing Pig Caretaker phil@singingpig.co.uk
    www.RapidPropertyInvestment.com
    www.MortgageRescueNetwork.com
    SARB "An ideal Answer" in print http://propertyclub.telegraph.co.uk/Page/View/282/1
  •  21 Dec 2007, 12:59 PM 402491 in reply to 402008

    Re: MRI agency - any comments?

    Hi Gol,

    If you search on this forum you'll see previous postings about MRI, you'll notice that Phil's comment about hearing 'brilliant' feedback is an exception.

    We went on a viewing trip and were offered a flat which was actually on sale at a local estate agent for 15% less.  If you find my previous posting, you can read the whole story.  The selling was highly aggressive and we were kept waiting for over an hour by the local manager when we went to visit their local office in Portugal.  This is my experience of MRI, for anyone else reading this, if this kind of behaviour appeals to you then I'm sure you'll get on very well with them.  Sorry Gol, if you can get out now, I would.  I wouldn't trust them as far as I can throw them.

    Notion 

  •  21 Dec 2007, 8:48 PM 402856 in reply to 402008

    Re: MRI agency - any comments?

    I found their tactics to be quite unprofessional.  They are more worried about getting you on the viewing trip than they are in actually telling you about the property itself.  I wouldn't invest with them.
  •  22 Dec 2007, 4:23 PM 403415 in reply to 402856

    Re: MRI agency - any comments?

    Thanks everybody for the opinions!

    Can anybody advise some really good agency to invest overseas with?

  •  22 Dec 2007, 4:53 PM 403432 in reply to 403415

    Re: MRI agency - any comments?

    GOL,

     

    You are approaching this from the wrong angle. Do some economic research to decide which country/area you think meets your needs. Visit the area (under your own steam, never on an agent's inspection trip), check with local agents about price trends, rental demands etc. Double check this with your own research. Look ar resales - you could find a 'bargain' distressed sale; equally, a flat resale market, with a glut of property, could be a negative sign.

     

    If new build, check out all developments in the area and see what deals are available from the builder/developer.

     

    Your choice of agent, should you choose to go that route is the last consideration.

     

    Money spent on research - of any investment - is never wasted.

  •  10 Jan 2008, 10:46 AM 409953 in reply to 403415

    Re: MRI agency - any comments?

    There is also a line of arguement that suggests that if you are starting from a position of not knowing much about a market or buying somewhere for the first time a good agent can be very helpful indeed and not a bad place to start at all.

    There are many so factors about abuying abroad for the first time that i would never advise someone to do it on their own 

    I personally would not pay any sort of deposit straight away and see what sort of information i was provided with, what service levels i was given, and if i liked and trusted them to decide if i was happy to continue the relationship with an agent. I would also undertake a level of research myself that i thought was appropriate.

    Of course an agent will be paid on comission and you can never go away from that, but a good one will offer solid information and are industry experts. They also can have really good contacts and offers that the man in the street will often never hear of.

    I totally agree that money spent on research is never wasted and it is sound to have some idea what you want before you do anything, but what if you have not got the time or inclanation to undertake indepth research and local travel? does this mean you cannot sucessfully buy overseas?

    When looking for "good" agents there is an organisation recently set up called the association of international property professionals that has self regulating industry guidelines.

    Their memebers have to adhere to their guidelines and represent thier clients best intrests at all times. They can provide you with the details of lots of agents within their organisation selling all over the world and can also help you in many ways as well.  www.aipp.org.uk

     

    It is unfortunate that there are "bad agents"  out there and stories like the ones listed earlier about misrepresentation etc etc, but there are also some really professional, diligent, and shrewd business people  willing to ease your purchase of really competitive overseas property that desreve your trust.

    Mark

     

     

     

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