Knowing how to find a good property advisor in Australia can be a daunting task, but it’s important to take the time to do it right.
A good property advisor can help you make informed decisions about buying or selling property, and can save you a lot of money, time and stress in the long run.
Whether it’s for your first home or an investment property, a qualified property investment advisor will help you assess the market, and acts in your best interests.
So, where do you start? Here are some tips for finding a trusted advisor in Australia:
Assess your own financial goals
Before you begin seeking property advice, it’s important to understand your own cash flow situation and financial incentives around this real estate purchase so they can find the right property for you.
If you’re acquiring your first investment property, this is probably to obtain some rental income. If this is simply a property investment, perhaps your goal is to obtain financial freedom. But if you plan on eventually moving into this home, this might also pull in your retirement planning.
And for the experienced investor, this may be about building your property portfolio and increasing capital growth. Property investment advisors will recommend property managers, mortgage brokers, and proven strategies on how to build wealth.
Buyer’s agents and selling agents are often seen as experts on the property market. Like some experienced real estate agents, buyers agents are like financial advisers to help those seeking advice to buy suitable properties based on their personal circumstances.
How to find the best property advisor
1. Look for someone with experience and expertise
A potential advisor should have a deep understanding of the Australian property market, and should be able to provide you with advice based on their knowledge and experience.
Look for someone who has been working in the industry for a while, and who has a proven track record of helping clients successfully buy or sell property. For example, if you’re moving from NSW to QLD, your advisor should be able to tell you everything from the best time to visit Queensland to the limitations on building backyard pods.
2. How to find a good property advisor through your contacts
Talk to friends, family, and colleagues who have worked with property advisors in the past, and ask for recommendations. They may be able to introduce you to someone who they found to be knowledgeable, helpful, and easy to work with.
3. Check their credentials
Property advisors in Australia are required to be licensed, so make sure to check that the person you are considering working with has the appropriate licenses and qualifications. You can check the licenses of property advisors on the Australian Property Institute (API) website.
4. Meet with them in person
Before you decide to work with a property advisor, it’s important to meet with them in person to get a sense of their personality and their approach to working with clients. During the meeting, make a list of questions for them.
Ask them about their experience, their expertise, and how they plan to help you achieve your property goals. A qualified property investment advisor will offer in-depth research-based investment advice, and wealth creation strategies skewed to your individual circumstances, almost like a financial planner.
5. Ask about their fees
Property advisors typically charge a fee for their services, so it’s important to ask about this upfront. Find out how they charge (for example, by the hour or as a percentage of the property’s value), and make sure you understand exactly what their fee includes.
On average, property advisors can charge anywhere between 1.8-2.8% of the property price or a fixed fee of around 12,000, depending on what kinds of properties you’re after. This, of course, depends on where you live as well.
For example, if you’re looking for an investment property to put up for rent in Gold Coast, the sign-on fee can be upwards of $1,400.
6. Ask for references
If you’ve found an advisor online, you should feel free to ask for references from past clients. They might even show you a dashboard with a track record of their previous successes. By seeing reviews, you’ll understand better if this is the right person for you to be working with.
Often, a simple but effective question is,”how is most of your business generated?” This demonstrates how closely the advisor orients their goals with yours. If their answer is “through repeat clients” or “word-of-mouth”, this shows their clients are happy with the outcome enough to go back or spread the word.
7. Look out for their communication skills
A property advisor should be able to effectively communicate with you and explain things in a way that is easy to understand. They should be approachable and responsive, and able to answer any questions you may have.
8. See how flexible they are
A good property investment advisor should be flexible and willing to adapt to your needs. They should be able to provide advice and support that is tailored to your unique situation, rather than taking a one-size-fits all approach.
9. Ask about their support network
Often, advisors and buyers agent work with a suite of support partners like a mortgage broker, financial adviser, or property management company.
You can leverage their network of partners to make sound decisions on your financial investment property.