Property Advisors are like Buyer Agents in that the service they provide is remarkably similar. They both provide expertise to help clients grow their wealth, using property as a vehicle for investment. In short, they’re the difference between buying property and strategically investing in it.
They will both conduct a feasibility analysis, complete all the due diligence, market research, develop a strategy, support transactions and offer an annual portfolio analysis – but there is one major difference – a Property Advisor generally provides services free of charge. Just like a Real Estate Agent, Property Advisors will be paid by the Vendor. But how do you choose which Property Advisor to partner with? Here are 5 things to consider when selecting a Property Advisor.
1. Does your Property Advisor act as a source of Information?
Property Advisors are more than just property experts. They have a solid understanding of the markets, and they have a vast array of data resources at their disposal. They will know any changes to government incentive programs and grants and will give you advice on how to access them. They can also introduce you to a suite of professionals to help you such as Financial Planners, Mortgage Brokers and Property Managers to ensure a smooth process.
With these tools, your advisor can pinpoint the locations that are best suited to your individual strategy. Your Property Advisor won’t just present you with property options in your first meeting. They will seek to get an understanding of your financial situation, your needs, your goals, and then present options that will help you achieve them.
Generally speaking, a good Property Advisor will be a successful Property Investor themselves. Many of the good ones will have a large multi-million-dollar portfolio and genuinely just want to help other people achieve the same goals using proven strategies they know work. They take the same principals they have applied themselves and they apply it to their client’s portfolio.
2. What market does your Property Advisor have experience in?
Often, Property Advisors will have a focus in one location or have a partnership with one Builder, one Mortgage broker or one Conveyancer. What you need is someone that can give you access to properties across multiple locations or is willing to source properties for you in locations you are interested in. You should partner with someone that has access to multiple states, different build options and a vast number of professionals for you to choose from depending on your needs and circumstances. A skilled Property Advisor will source you multiple options based on your goals and ensuring they have a good network will open up your investment options.
3. Does your Property Advisor have a clearly defined Property Selection process?
A good Property Advisor can articulate, communicate and execute a smooth process. The initial meeting will not involve any sales at all. Their priority is to get an understanding of your situation and what it is you want to achieve. From this conversation, they will then develop a unique strategy to reach those goals. They won’t offer you a ‘cookie cutter’ approach to property investing. And finally, following in-depth research and market analysis, you will be provided with a shortlist of options that closely align to your strategy.
Your individual strategy should do three things:
- Articulate Your Requirements
- Articulate the Affordability of Your Investment.
- Ensure the investment aligns with your goals.
4. Does your property Advisor have a Post-settlement Process?
Many Property Advisors believe once the transaction is executed, the onus of responsibility is on the investor. But a great Property Advisory business will have a defined point of contact to ensure that all the activities yet to be carried out following the sale are executed in a timely and efficient manner.
This also ensures any queries can be answered, communication remains consistent and stakeholder engagement remains strong with all 3rd party suppliers including but not limited to mortgage brokers, conveyancers, builders and property managers.
5. Does your Property Advisor deliver?
A good Property Advisor will be able to provide case studies, show you client reviews and give you references to put your mind at ease. In most instances, they will even be able to send you analytics or a dashboard to prove a successful track record.
Most will claim to have a good process – but one key question that will separate the good from the great is “How is most of your business generated?” The answer will demonstrate how client-centric they are. You want to partner with someone that believes your success, is their success. These types of businesses will not just rely on new leads but repeat clients and referrals – and the only way for them to get those is to deliver.
In conclusion, purchasing a property for investment should be non-emotional. The best way to ensure this is to partner with an expert that can show you the numbers. The property sector is dynamic so by partnering with a professional with specific knowledge and expertise you will avoid making mistakes that will cost you thousands.