In that they offer a similar service, Property Advisors can be compared to Buyer Agents. Both provide expert advice to clients in order to grow their wealth using property as an investment vehicle. They are the difference between purchasing property and investing strategically in it.
Both will conduct a feasibility study, do market research, create a strategy, support transactions, and provide an annual portfolio analysis. However, there is one important difference: a Property Advisor usually provides these services for no charge. Property Advisors are paid by the vendor, just like a real estate agent. How do you select the right Property Advisor? These are five things to think about when choosing a Property Advisor.
1. Is your Property Advisor a source for Information?
Property advisors are not just property experts. They are market experts with a deep understanding of the markets and have access to a wide range of data resources. They can advise you on how to access government incentives and grants, and they will let you know if there have been any changes. To ensure smooth operations, they can introduce you to a range of professionals such as Financial Planners Mortgage Brokers and Property Managers.
These tools will allow your advisor to pinpoint the best locations for your strategy. Your Property Advisor will not just show you property options at your first meeting. Your advisor will take the time to understand your financial situation, your goals, and your needs before presenting options that will help you reach them.
A good Property Advisor will also be a successful Property Investor. Many good Property Advisors will have a multi-million-dollar portfolio. They are also motivated to help others achieve their goals by using proven strategies that work. They apply the same principles they used to build their portfolios for clients.
2. Which market is your Property Advisor familiar with?
Property Advisors may have one focus or a partnership with one Builder or Mortgage broker, or one Conveyancer. You need someone who can help you find properties in multiple locations, or will source properties in the areas you are most interested in. Partner with someone who has access to many states, various build options, and a wide range of professionals to suit your needs.
An experienced Property Advisor can help you find multiple options that meet your needs. They will also have access to a network of professionals who will open your doors to potential investment opportunities. You can also check for House and land packages, if they are offering any.
3. Is your Property Advisor clear about the process of selecting properties?
A great Property Advisor will communicate clearly and efficiently. There will be no sales during the initial meeting. They will first get to know you and your goals. They will create a strategy that meets your goals based on the conversation. They will not offer a cookie-cutter approach to property investment. Finally, after thorough research and analysis of the market, you will receive a shortlist that closely matches your strategy.
Three things should be included in your individual strategy:
- Describe Your Needs
- Describe the affordability of your investment.
- Make sure the investment is in line with your goals.
4. Is there a post-settlement process in place for your property advisor?
Many Property Advisors believe that once the transaction has been completed, the investor is responsible for all aspects of the deal. A great Property Advisory company will have a designated point of contact to ensure all activities following the sale are completed in a timely manner.
This ensures that any questions can be answered and communication is consistent with all third party suppliers, including builders, conveyancers, mortgage brokers, and property managers.
5. Does your Property Advisor deliver?
A great Property Advisor can provide you with case studies, client reviews, and references to help you feel at ease. They will often be able send you dashboards or analytics to show a track record of success.
Many will say they have a great process. But, one question will help you distinguish the great from the bad. The question will ask how much of your business is generated. This will show how client-centric they truly are. Partnering with someone who believes in your success is important to you. These businesses are not only looking for new leads, but repeat clients and referrals. The only way to achieve those is to deliver.
The purchase of a property to invest in should not be emotional. Partnering with an expert who can help you understand the numbers is the best way to do this. You can avoid costly mistakes in the property industry by working with an expert who has specific knowledge and expertise.