Do you know why the coach is often the first one fired from an unsuccessful sporting team?
It’s often because they were struggling to turn the team into champions, united as one to achieve sporting success.
The same goes with much in life and especially in property investment today.
You see, gone are the days when investors can blindly buy a property in any old place and hoped to be successful.
Today property investment is far more researched and wide-reaching than that, with many investors recognising they benefits of borderless investing or buying outside of your own back yard.
The reason why is that savvy investors have recognised that, “There’s gold in them thar hills”.
And those metaphorical hills might be hundreds or thousands of kilometres away in a different State or Territory.
However, such a strategy is not for the uninitiated, which is why smart investors always work with a real estate team for each purchase.
Here are the four core members of any successful real estate team.
1. Property strategist
A professional property investment adviser will offer independent advice for a fee, just like any other professional service would.
They also never have properties to sell themselves but will have access to investment grade opportunities around the nation.
They can do that because they work with local area experts, their own team of on the ground (not fly in fly out) buyers’ agents, in a multitude of property markets who can complete all the on-the-ground research.
Faux advisers will simply suggest something that they have seen online, or perhaps which they are receiving a selling commission to “recommend” to you.
They are not experts in any market but are only interested in lining their own pockets with your hard-earned cash.
2. Finance strategist
Many novice investors don’t understand that property investment is a game of finance with real estate thrown in the middle.
And the right finance strategy is much more than a low interest rate, it’s setting you up so you can buy the next property and the next.
And today, more than ever, a proficient finance broker is a critical part of the team – one who is an experts in property investment and understands how to secure finance for investors, even those ones who are self-employed or have a paucity of the types of paperwork that lenders require.
They also know which lenders are the best fit for investors generally as well as personally.
3. Property manager
One of the biggest mistakes that new investors make is trying to manage their properties themselves.
They naively think this will save them money, when the opposite is true.
What usually happens is that they fall foul of legislation or they try to rent their property for more than the market is prepared to pay and it sits empty for weeks and weeks.
Professional property managers, on the other hand, understand market conditions and can advise investors on current market rents as well as new regulations that must be adhered to.
Now when I say accountant, I don’t mean any old accountant.
I mean one who is also a property investment expert.
One of the main reasons why this is vital is so investors can receive the very best advice from the very beginning of their journeys.
This includes advice on the right ownership structures, asset protection and legal tax minimisation.
I know it’s a cliché but…
There is no “i” in team, whether it’s on the sports field or in wealth creation.
I’ve often said that if you’re smartest person on your team then you’re in trouble.
And when it comes to property investment, that trouble could cost you your life savings.
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