Do you need a property consultant?

Essentially, through their knowledge and expertise, you can create a seamless investment process and fasttrack your way towards the realisation of your financial goals.

As good as it sounds, can’t you just read through free resources or talk to other investors for advice?

Well, you can, but you must remember that no two investment journeys are exactly alike.

What worked for others may be a pitfall for you, or vice versa, but these public resources, while running on good intentions, may not have taken all possible circumstances into consideration as they were writing down their piece of advice.

Being backed by a personal property consultant ensures that the advice you get is tailored to your personal financial situation, your own goals, capabilities and limitations.

Services

If you decide to hire a property consultant at the beginning of your journey, they can easily help you lay out an investment plan, whether long-term or short-term.

Pre-purchase, they can identify opportunities and risks—from what type of property to buy, when and where, and how to buy it— and even get you in touch with other professionals who can assist you in your journey, including pest and building inspectors, builders and developers, lenders, agents, property managers, valuers and quantity surveyors.

Upon purchase of the property, these professionals can aid you in understanding how best to grow your investment. Should you focus on cash flow or capital growth or have a bit of both? How much yield is a good yield?

They can also assist in choosing the right home loan and lender and assessing interest rates, insurance and other associated costs.

After purchase, property consultants may get involved in the management of your asset and, eventually, the growth of your portfolio.

Don’t hesitate to discuss fees and charges with them depending on the services you will require so you can plan your budget accordingly.

Benefits of having a property consultant

Aside from attending to your needs and providing education through sound advice, property consultants can also help you get ahead of the investment game.

Since it is their job to stay on top of current market trends and movements, they will most likely know the best suburb to invest in way before it’s tagged as a ‘hostpot’.

Their knowledge will also come in handy when identifying and negotiating for a good investment.

Having a good understanding of the process of renting, buying and selling a real estate asset can ultimately help you maximise your profit.

Picking the right property consultant

Above all other requirements, including certifications and other credentials, the right property consultant for you is the one who’s dedicated to work for your best interests.

How do you find out if they have no vested interest? Be upfront about your expectations and ask about how they are going to get paid.

According to Momentum Wealth, a consultant that does not charge you any fees may be getting commissions from developers and sales agents—meaning, the advice you’re getting may not be for your own good.

Moreover, they should be particular about assessing your personal circumstance.

For one, as they map out an investment strategy for you, they should be well aware of your risk profile, financial capacity, current and possible situations, and your personal and financial goals.

Secondly, their property recommendations must be sourced from the open market through thorough research based on your personal investor profile, instead of coming from a stock list of ready-to-buy properties.

Aside from that, you are also encouraged to make sure that you’re comfortable with their process.

Take time to study their recent purchases and ask questions about how they arrive at decisions with their former clients. These insights can help you determine whether the professional will fit into your team just right.

Every property consultant has a different standard for customer service, so you should know exactly how they work before you get them onboard.

This information has been sourced from the Property Investment Professionals of Australia, Lease Link Property Consultants, Australian Property Investor Centre and the Smart Property Investment website.

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