It doesn’t matter if you’re new to the investment game or you’re buying or building your third property, having the right people in your corner will help you get the most out of your investments.
Investing in property is a smart way to build your wealth — it’s relatively straightforward with long term payoffs that can secure your financial future. The pros are many; however, it’s not without its own brand of work.
In order to reap the full reward of the property market you must do your research and make smart investment decisions. This is often easier said than done. Even the most astute amateur investor can be led astray.
Luckily there are steps you can take to help ensure you’re headed down the right path, starting with building a network of trusted property professionals. If you’re not quite sure where to start, don’t worry, we’ve got you covered.
Read on to find out who to go to for guidance and support through all aspects of property investment.
Coaches and advisors
If you’re totally new to the property investment game, you may be on the lookout for a trusted source of general information — someone to give you the rundown on how to get started along with some helpful tips to help you find success.
Investment coaches and advisors are a great source for general knowledge. They also happen to be a dime a dozen, so you want to tread cautiously here. It’s important to find someone that you like and trust, but more importantly, you want to find someone that actually knows what they’re talking about!
How to choose the right investment advisor
While you’re vetting possible candidates, you should:
- Look for someone who is actually an investor themselves.
- Research how they get paid — ask them directly if they work on commission and consider how this might affect the advice they give you.
- Check out their qualifications and what they cover.
- Ask them basic questions about property investment and strategies — if they know their stuff, they should have no trouble providing answers.
Not sure what a buyer’s agent is? It’s exactly as it sounds — an agent for the buyer. These fine folks are dedicated to helping you (as a buyer) find a property that suits your investment needs. They can also provide expert insight, cut out the stress of searching the market, offer objective guidance and negotiate the sale on your behalf.
You can employ a buyer’s agent for a full property search, which provides guidance and support through every step of searching and buying a property. Alternatively, you can employ an agent for auction bidding only. Your agent will bid on your behalf at the auction of a property that you have found yourself. This is a great option if you’re looking at properties interstate or overseas.
How to choose the right buyer’s agent
When you’re looking for a buyer’s agent, you should:
- Do your research — don’t just go with the first name on Google.
- Discuss your property needs and goals thoroughly with them and let them demonstrate their skills.
- Ask them about their professional history and local experience.
- Check their qualifications — are they a member of Real Estate Buyers Agents Association of Australia?
- Review their fee structure and compare it to the industry standard.
If you’re looking to cut the work out of finding the right home loan, you’ll need a mortgage broker on your bench. These property professionals know their stuff when it comes to the financial side of property buying.
When you work with a mortgage broker, they will take the time to understand your personal financial situation, your investment goals and your budget. They will then use their skills and contacts to find you the best possible home loan, with the best terms at a price that you’ll be able to afford.
How to choose the right mortgage broker
- When you’re searching for a mortgage broker, you should:
- Check if they are accredited by the Australian Securities and Investments Commissions.
- Make sure they have an Australian Credit Licence.
- Look into their professional history and local experience.
- Ask them about their commission structure and think about how this might affect their advice.
- If they charge a fee, review their fee structure to make sure you’re happy with it.
Conveyancers don’t provide investment advice, but they do help you navigate the complexities of the settlement process. Their role focuses on the transfer of ownership of a legal land title from one person to another, and it’s highly recommended you have a conveyancer in your corner on any property transaction.
They will oversee the settlement process for you. This includes handling all documentation, calculating rates and taxes, keeping your deposit in a trust account, acting on your behalf in the settlement of the property, and representing you in all dealings with the seller. They provide the peace of mind that your purchase is handled correctly so you don’t lose out on your investment due to an incorrect form or unforseen legal hiccup.
How to choose the right conveyancer
Take some time when choosing your conveyancer. You should:
- Choose someone that is accredited, qualified and registered in their respective jurisdiction.
- Check that they are a member of the Australian Institute of Conveyancers.
- Review their fee structure — fees will generally depend on the complexity of the sale, so make sure you understand and are happy with their rates.
If you’re looking to get serious about investing, the right accountant can really help you maximise your property portfolio. You just need to make sure you choose one that specialises in property and investing. They will be able to provide guidance and advice when it comes to taxes, asset protection, estate planning and more.
Your accountant should be a trusted advisor. You should feel comfortable with them and trust that they have your best interests in mind every time you deal with them. It’s important to take some time to research the right candidate here to ensure you get the most out of their services.
How to find the right accountant
When finding the right accountant, you sould:
- Ask them about their qualifications, experience and any professional memberships they have.
- Review how many clients they work with and how big they are.
- Find out who will be providing advice and who will be working on your account.
- Review their fee structure and find out if they are willing to work with you to suit the individual circumstances that come with your portfolio.
- Ask them lots of questions — you want to make sure they know their stuff. Even if it’s more complex than you’ll ever need, you want to make sure they can help you through any situation.