A good buyers advocate doesn’t just consider the value of a property now – but looks carefully at the data around what it could be worth in the future
A professional buyers advocate keeps tabs on the market, subscribes to key industry groups and knows where the credible data on the property market is found. They also have strategic relationships with industry professionals such as real estate agents, property accountants, property focused lawyers, and other industry professionals.
This is a relatively new profession, and only a small percentage of buyers are currently using a professional and accredited buyers advocate – but this is a industry growing very quickly as buyers realise the significant value and gains to be made from seeking advice from this kind of industry specialist – and the significant potential upside when considering such significant investments.
First you need to work out what kind of service you need
A buyers advocate can be as involved as you need – with the ultimate goal of saving you time and stress, and of course maximising the potential and upside of your property investments by using a thorough and professional approach.
So what tasks can a professional buyers advocate do for you?
Here are just some of the jobs you can have them take on. They can:
- Look at your particular set of circumstances and risk profile
- Provide educational resources to learn how to do more yourself
- Build a property investment plan that suits your goals
- Formulate a detailed property investment strategy
- Recommend specialists for your property investment team
- Identify a short list of relevant suburbs of interest
- Share key insights to help you locate the right property
- Visit open houses and report back
- Organise and attend property inspections
- Negotiate the price of sale
- Bid at auctions
- Manage all of the paperwork and documentation around a sale
- Oversee the settlement of any purchase
Overall, the work of a good buyers advocate is usually around clearly determining what the client needs, and where their services can provide the best value to the client
At Adviseable we do this by talking one on one with all of our clients, asking a particular set of questions designed to drill down into examining where the client is at, and discovering exactly what they need. Being flexible enough to help where that support is most useful, and to work as closely as required or as independently with the client based on their circumstances is what really makes the difference. Ultimately investors can choose how much or how little guidance they need.
So by analysing the client’s goals, their current status, circumstances, risk profile, and their desired capital and rental returns, allows a good buyers advocate the information necessary to find the most appropriate investments for that client
A great buyers advocate should absolutely offer educational resources, so that a client can choose to learn to do more of these things themselves if they choose to. If the client has a better idea of the market and the industry, and can do targeted research themselves, it really helps give them reassurance, understanding and confidence around their investment. So providing key resources and information to help clients to see exactly what is being done and why, can make a big difference.
Finding a good buyers advocate is a skill unto itself
There are many property spruikers out there who are trying to sell particular properties – they are salespeople and not advisers – and can be very convincing about their services, and the investment value of the particular property they are trying to sell. This is a huge risk for investors, as they are massively limiting their options and vision – and investors short on time or experience can fall into the trap of going along with the salesperson and buying into a particular property group, as opposed to having an industry professional look at ALL of the potential investments for them, to make sure they get the best one, and the best deal for them.
The real risk in this industry is that it is largely unregulated – so you have to be very careful when looking for the right buyers advocate to work with
Check out our article on what to look for when looking for the right property buyer or adviser. Make sure you are dealing with an industry professional who is licenced, experienced and knows the market. They should be engaged in the market themselves, and have a lot of relevant experience including in the areas you are looking into. Be sure they have a number of credible testimonials and past clients that you can directly contact.
This may be the most significant investment of your life. Finding the right buyers advocate and adviser who works as a professional in the industry, and who’s vested interest is in YOUR success, rather than selling you a particular property, is what is most important for you.