In order to build a great Property Investment Team, you really need to think about the kind of qualities you want from the particular specialist.
When investing our life savings, or at least making a major investment, it is of course important that we use exceptional service providers as we want the process to be stress free and as efficient as possible – minimising any problems that could come up later on. You need the right Property Investment Team if you are serious about investing in property.
We also want our dealings to be as effective and predictable as possible, to minimise our time spent, and maximise our peace of mind. For property investment success, every investor needs a trusted team of service providers around them.
So who do we need in our Property Investment Team?
A property adviser and mentor
If you are a new or seasoned investor, and unless you want to do all of the work yourself, you will need someone who can keep an eye on your investment, your goals, and help you keep your strategy and plan up to date.
A mortgage broker
Independent mortgage brokers are getting more and more of the market share because they have access to a wider range of loans. It isn’t necessarily your bank that’s going to have the best deal for you anymore. Like using an independent property adviser, using an independent mortgage broker is a good idea when you’re investing. Your adviser can help recommend you to a good broker. Getting the right broker can save you a lot of money in the short, medium and long term, as they can access more loans with a wide panel of lenders.
Conveyancer or lawyer for contract advice
Having a trusted legal person to guide you through your contracts and look after your interests is really important. You’re better off getting somebody widely experienced and recommended than to shop around for the cheapest price. Come settlement time you don’t want any unexpected contract issues or losses.
Accountants and financial planners
Talking to your accountant before you make any property decisions is most important. Accountants will help you set up the correct tax structure dependent on your particular circumstances. This is critical as having the right structure can help you minimise your taxes, maximise opportunities such as negative gearing, and put you in the best position to be able to accumulate wealth.
Real estate agents and buyers agents
As a property investor, you will usually have to deal with real estate agents, and many others trying to sell you property. Any agent commissions should be transparent. Usually, the vendor of a property pays the commission to real estate agents on the sale of that property. The buyer should only pay a fee to a property buyer if they’re engaged to find a property for them. You want to look for independent, qualified, experienced and recommended advisers here, who can deal with the right Real Estate Agents for you. There’s a minefield of agents and spruikers out there trying to sell property, so an experienced buyer who knows the lay of the land, is worth their weight in gold.
Experienced property managers are an essential service provider for any property investor. They look after the day today rental issues, such as the managing of tenants, and your properties. We have written another article on what’s involved in being a property manager – it’s a very serious job, and it’s very important to get it right to maximise your returns.
Valuers & building inspectors
Pest and building inspectors ensure that there are no nasty surprises in the building for any property that you’re looking to buy. You need these experts to be assured that the property is in good shape and is being well maintained.
When looking for the right service providers you should start with a property adviser who can help direct you towards appropriate experts.
You should always be sure that this adviser is not being paid to make these recommendations.
Qualities to look for when choosing a Property Investment Team to work with:
• They are available and open and have ethics that match yours
• A personality you respect and can get along with
• You can easily get various personal recommendations of their work
• You can check to see if they have won industry awards
• They are an expert in their field with the necessary qualifications, experience, track record and exceptional service you need
Getting the right Property Investment Team together for your most significant investment of course is essential to your success.
Knowing which kind of professionals you will be dealing with in regards to property investment is one thing – finding the best ones and working with them efficiently and effectively is another.