Have you ever wondered how people successfully invest in property?
One of the main factors is that they have the right professionals in their corner, guiding them throughout the process to ensure they are making the right decisions.
We spoke with Warren Jacobs, Senior Property Investment Consultant at Sydney-based Property Investment Consultancy Meridian Australia, about the 6 experts every investor should be working with along their property investment journey.
Q: Warren, why do property investors need experts to assist them through the acquisition and purchasing process?
A: Great question, well property investing can be a very complex process for some. Those who enter the journey alone without help from appropriately qualified professionals to guide and assist them through the process may find it very challenging.
At Meridian Australia, we guide our clients through the entire process, ensuring they are well connected with the correct professionals to make the property investment process seamless.
The 6 experts
1: Financial Planner
One of the most crucial stages of the property investment process is to get clear on your goals and strategy. That can start with receiving assistance from an appropriately qualified financial planner.
Financial planners will work with you to develop a personalised strategy based on your individual needs and financial circumstances [1].
Financial planners can assist property investors with the following processes:
- Saving for the deposit
- Budgeting advice
- Cash flow management strategies
- Superannuation advice
- Retirement planning
- Asset and income insurance
To find yourself an appropriately qualified Financial Planner visit the Financial Planning Association Of Australia (FPA) here.
2: Accountant
Accountants provide services relating to financial reporting, taxation, auditing, cost management, and more [2].
Accountants can assist property investors with the following processes:
- Tax return preparation
- Assessing capital gains tax upon lodgement of tax return
- Introduction of accounting systems
- Examining operating income and expenses from the property
To find yourself an appropriately qualified Accountant visit Certified Practising Accountant (CPA) Australia here.
3: Mortgage Broker
An expert mortgage broker can identify through all the available offers which lender is best for you when you come to financing your investment property. A good mortgage broker can save you a fortune in interest payments, charges, and of course your valuable time.
To find yourself an appropriately qualified Mortgage Broker visit the Mortgage and Finance Association of Australia (MFAA) here.
4: Solicitor
As property is such a significant asset it requires detailed documentation and contracts. Having an experienced solicitor, who specialises in property is crucial.
Contracts are very complicated and time-consuming. One wants to ensure there are no hidden nasties such as illegal building works, unclear plans, unresolved disputes, strata issues, or any unpaid requirements such as rates and land tax.
One would only ever proceed in the property transaction is the selected solicitor has carefully reviewed the contract with a fine-tooth comb and advise you that it is suitable to proceed with.
To find yourself an appropriately qualified Solicitor visit the Law Society here.
5: Property Investment Consultant
The due diligence involved in locating and acquiring a sound investment property is detailed and lengthy. The average person would not have the time, nor experience to carry out the extensive research required.
Leaning on a property investment consultant who has had experience
The macro fundamentals that are included in the due diligence process include:
- Economy
- Population growth
- Infrastructure
- Rental yields
- Supply and demand
- Availability of credit
- Affordability measures
The micro fundamentals that are included in the due diligence process include:
- Type
- Value for money
To find yourself an appropriately qualified Property Investment Consultant and to learn more about our service at Meridian Australia view here.
6: Property Manager
The last expert you should have in your corner is a highly experienced property manager. They will ensure that you get the right type of tenant for your investment property.
A property manager is hired to look after one of your most important assets, your investment property, and should ensure their processes bring the best tenants forward. Having said that, they must be able to communicate well on behalf of both the investor and the tenants. Getting the balance right is difficult so using an excellent property manager is vital for all concerned parties.
To find yourself an experienced Property Manager consult with your Property Investment Consultant.
Learn More
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Are you looking to get started on your property investment path, or looking to develop your property portfolio? We?d love to hear from you.
Simply click here to book in for your Property Investment Strategy Call with a Meridian Australia Property Investment Consultant.
Warren Jacobs
Senior Property Investment Consultant at Meridian Australia
Phone: 9939 3249
Email: warren@meridianaustralia.com.au
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*Disclaimer: When considering purchasing property, it is always prudent to seek the advice of an appropriately qualified professional to determine which strategy is most appropriate for your circumstance.
References:
[1] Money Smart – Choosing A Financial Adviser
[2] Australian Government Job Outlook – Accountants