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The first thing most people do when they decide to buy property is start searching the internet.
While your clients may be tempted to jump in and start doing the easy stuff, property investing is far more complex than selling agents, property spruikers and project marketers would have them believe, so it's imperative they seek out and engage a number of experts along the way.
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Those experts will enable your clients to eliminate as much risk as possible when buying property, potentially saving them hundreds of thousands of dollars in the process.
The key is to think of property investing as a property business: these experts all form part of the success of that business. Independently, they help to maximise the investment opportunity and minimise risk, while collectively they combine to increase success multi-fold.
If you were building a house, the expert advice referred to below is equal in importance to the concrete, frame, bricks and mortar. There could be significant financial consequences if you discovered the concrete was too thin and the mortar too weak after the house had been built!
The same applies with engaging experts to help in the property investing process. Once the property has been purchased, it's often too late for these experts to be able to help (with the exception of the quantity surveyor).
There are usually nine professions that touch a property purchasing transaction: mortgage broker, accountant, buyer's agent, conveyancer, insurance broker, property manager, building inspector, pest inspector and quantity surveyor. All of these professionals provide a very important role.
Like all industries, your clients need to be able to source the best, choosing experts that specialise in working with property investors who are building a portfolio over time.
Why? Because the experts need to step into the future with your clients and consider the implications of how big they want to build your portfolio, what type of properties they will buy, which strategies they will use, who will benefit financially and when. This information empowers them to provide the correct advice, planning and structuring in advance.
Why in advance? Because getting into a bad property investment is much easier than getting out of one!
Next month, I will address the fifth step towards property prosperity, which is doing independent research. Until then, go forth and prosper!
Some of the article content is extracted from the book Property Prosperity – 7 Steps to Buying Like an Expert by Miriam Sandkuhler © 2013, with the author's permission
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