The importance of having a solid team around you on your property journey.
Having a great team of experts around you can make or break your property investment success. Attempting to do it all on your own will more often than not lead to more mistakes, wasted money, and considerable setbacks. Having an expert team of professionals by your side will ultimately save you time, money and stress that puts you in the best position to prosper on your journey to create financial freedom for you and your loved ones.
Mortgage Broker
Finance is crucial when it comes to building out a property portfolio. A mortgage broker plays a pivotal role in the process by being able to secure a home loan or mortgage for you to purchase a property. They are licensed professionals who act as the ‘middle man or woman’ between borrowers (property buyers) and lenders (banks). Their primary objective is to help you find the most suitable mortgage option that aligns with your financial situation and goals. Every lender has different policies and procedures, so aligning yourself with an investment savvy mortgage broker can be a game changer when looking to build out a solid portfolio.
Accountant
One of the benefits of being a property investor is the tax deductions you can take advantage of each and every year that you hold a property. Such deductions can lead to increasing your cashflow along with increasing the performance of your investment over time. It is therefore a crucial step to speak with an investment savvy accountant who can advise you on the best form of ownership to take full advantage of to ensure that your tax structure is the most advantageous for your personal position and requirements into the future.
Conveyancer/Solicitor
A conveyancer or solicitor is crucial in advising you on the legal aspects to buying a property. The rules and legislation are different in each state of Australia meaning you need to ensure that your representative is familiar with such regulations and is qualified to act on your behalf in the state you intend to purchase in.
Building & Pest Inspector
A building & pest inspector is a licenced professional who specialises in assessing the condition of the property you are about to purchase. A fully detailed report is collated for you detailing the property, it’s condition and any particular items that need attention or that you should aware of before executing on your contract. Their expertise helps you make informed decisions, avoid costly mistakes and gives you overall peace of mind on the property you are intending to purchase.
Property Manager
Property managers play a crucial role in representing you the landlord in your journey as a property investor. A property manager’s role is to work on your behalf to ensure your investment is being well maintained, screen tenants, collect rent and attend to any maintenance requests so you don’t have to.
A good property manager will regularly inspect your property to ensure your tenants are keeping it in good working order and advise you on any items that may need maintenance. They will also keep a close eye on the rental market in the area to determine whether you can look to increase the rent you charge to increase your cashflow and performance of your investment when the current tenants lease has come to an end or is to be extended.
It is also a good idea to liaise with a property manager in the area you purchase to get a rental appraisal done to give you added peace of mind of the typical rent you could achieve for your investment before you purchase it.
Insurance Agent
As with any investment, there is risk involved. As an investor, we want to insure that our exposure to risk is minimised at all costs. This is where insurance comes in. You want to ensure you have adequate insurance in place for your investment in the unlikely event that something unforeseen happens to your property. Typical insurance investors take out include Landlord Insurance and Building & Contents Insurance. Speaking to investment insurance agents is best placed to advise you on what insurance is recommended for your particular property.
Quantity Surveyor
A specialist quantity surveyor documents each asset in a property and calculates the depreciable value to ensure that the investor maximises their deductions. This includes measuring rooms using a laser measurer, recording an asset’s brand or model number and photographing improvements at the property. This information is used to prepare a tax depreciation schedule which outlines the depreciation deductions that can be claimed every year at tax time.
Having an inner circle of experts plays a significant part when succeeding in property investment. Each qualified specialist is employed to assist you when making one of the most significant transactions of your life and their guidance & expertise will save you time, money and ensure you are best placed to reach your goals through property investment.