Real estate agents use bank, divorce lawyer info to target homeowners

Tip off from banks and divorce lawyers are used to fuel estate agents’ drive to secure lucrative commissions on off-market sales in Sydney’s most profitable suburbs.

Ruthless real estate agents are targeting homeowners in high-end Sydney suburbs to secure massive commissions using a tactic called “the four Ds” — divorce, death, debt and dummies.

Consumer advocate and former estate agent Neil Jenman said the behaviour of some agents amounted to “stalking” as they try to convince owners to sell their home. “They call it the four Ds — divorce, death, debt and dummies. You target people in those categories to sell their homes, I used to hate it,” Mr Jenman said.

‘”It’s not about unethical behaviour, it’s stalking, they email you, knock on your door, present increasing cash offers from buyers —they have an attitude that everyone can be bought. The Sydney market is cut throat.”

Vanessa Fennell forked out $5,000 on legal letters to warn Double Bay McGrath agent Simon Exleton she will serve him an AVO if he continues to “threaten”and “harass” her into selling the family mansion. Picture: Supplied

Exleton was threatened with an AVO by homeowner Vanessa Fennell when he persisted with cash offers. Picture: McGrath website

The Daily Telegraph can reveal agents are encouraged to establish contacts with bankers dealing with repossessions and family solicitors handling divorce settlements in order to provide offers to the owners of exclusive homes.

Some estate agents work off sophisticated customer relationship management databases that store intelligence on owners of multimillion-dollar homes. Notes read, “about to die/enter nursing home, speak to son next week,” or, “likely split – spoke with wife, waiting for instructions from solicitor.”

Yesterday, The Daily Telegraph revealed divorcing mother of two Vanessa Fennell was forced to resort to threatening McGrath real estate agent Simon Exleton with an apprehended violence order after he persistently campaigned for her to sell her $12.5 million home at Tamarama.

Vanessa Fennell has lived in the family home for eight years with her two children and ex husband. Picture: Gaye Gerard

A Roy Morgan 2021 survey revealed 95 per cent of the public does not trust real estate agents. One North Shore agency owner said: “If the vendor doesn’t have to shell out to market the home or put up with hoards of people traipsing through their home, it’s less work for the agent for a big commission.

“On a $12.5 million home, the agent gets 1.5 per cent commission, around $187,500. It’s a win-win for everybody.”

One woman told how an estate agent from Coogee used a drone to get floor plans of her neighbour’s home before making “a ridiculous offer”.

Originally published as Real estate agents use bank, divorce lawyer info to target homeowners