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Property finders nothing new: Newland

People using property finders to purchase homes and rental properties should be careful of situations where the finder gets a secret commission from both the buyer and the seller, says property commentator Olly Newland.

Property finders have been back in the news this week with reports that time-poor househunters, particularly in Auckland, are enlisting their services in increasing numbers.

A buyer’s agent is usually paid by the buyer.

One Auckland-based finder, Erskine+Owen, told the NZ Herald that its client base had doubled within the last year as people had to compete to buy houses. Half were overseas investors.

Newland said property finders were nothing new and had been around for decades. “Sometimes simply being real estate agents doing their job, and sometimes individuals or companies who specialise in ‘finding’ properties.”

But he warned that people should be wary of those “double-dipping” on commissions. “This is a serious no-no.”

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